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Politico: Biden’s new favorite to be Fed bank cop

Politico, April 11, 2022, Biden’s new favorite to be Fed bank cop

Former Treasury Department official Michael Barr has emerged as the frontrunner for the top job overseeing banks at the Federal Reserve, according to people familiar with the matter, after President Joe Biden’s last pick faced opposition from Sen. Joe Manchin (D-W.Va.).

Barr, now dean of the University of Michigan’s public policy school, played a major role in the crafting of financial safeguards in the wake of the 2008 Wall Street meltdown and has been a longtime consumer advocate.

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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