Fed official makes policy as inflation rises

Minneapolis Federal Reserve Bank President Neel Kashkari’s decision to shrug off inflation concerns while embroiling his bank in grossly inappropriate political activism is not looking any better over time. As inflation continues to soar, Senator Pat Toomey (R., Pa.), senior member of the Senate Banking Committee, this week sent a letter to Mr. Kashkari:

I am writing about the Federal Reserve Bank of Minneapolis’ (Minneapolis Fed) active and political lobbying to change the Minnesota Constitution regarding K-12 education policies. These political lobbying efforts by you and other Minneapolis Fed officials, which the Minneapolis Fed Board shockingly endorses, go well beyond the Federal Reserve’s mandate, violate Federal Reserve Bank policies, constitute an abuse of the Fed’s resources of Minneapolis and ultimately undermine the Federal Reserve’s independence and credibility.

For more than two years, you have used your position as President of the Minneapolis Fed and the resources of the Minneapolis Fed to aggressively target Minnesotans to support the Page Amendment, an amendment to the Minnesota Constitution that you helped draft and which would establish a new “foundation” of the right to quality public education.”

This amendment is highly political as it plunges into an ongoing debate about whether state-run school systems are preferable to parental choice in education. It is also controversial because it could be used by liberals to challenge levels of education spending in court and to provide activist judges with reasons to override the ceilings set by the state legislature, chosen by and to voters are accountable.

Almost a year ago this column wrote: Fed official makes policy as inflation rises

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