The Treasury Department has picked Janis Bowdler, a former JPMorgan Chase executive, to be the department’s head for racial equity, according to the Associated Press. Her role will be to lead a government program designed to tackle racial inequalities in banking and other financial services. 

This announcement is part of a multi-faceted plan by President Joe Biden’s administration to confront systemic racism in numerous parts of the economy. 

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Racial inequality has been an issue in the banking and finance industries. For example, there has been a lack of representation of minorities at the highest levels of companies and getting equal access to services among non-white borrowers, according to the Associated Press. 

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“The pandemic threw a spotlight on this inequity; people of color were often the first to lose their jobs and businesses. Treasury must play a central role in ensuring that as our economy recovers from the pandemic, it recovers in a way that addresses the inequalities that existed long before anyone was infected with COVID-19,” said Secretary Janet L. Yellen in a press release.  

According to the Center for Economic Inclusion, Janis Bowdler has spent a good portion of her career to advance economic opportunities for minority communities throughout the world. 

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“I could not be more humbled by the historic opportunity to serve as the U.S. Department of the Treasury’s first Counselor for Racial Equity,” Bowdler said in a press release. “I have spent my entire career working in solidarity with Black, Latinx, AAPI, Native communities, and other communities of color to dismantle the structural and institutional racism that perpetuates the racial wealth divide. Addressing racial and gender disparities and giving underserved communities greater access to opportunities creates more broadly shared prosperity for all.”