Patrick McHenryChairman

Washington, October 19, 2022 -

As inflation crushes American families and the U.S. faces a cruel Biden recession, the Biden Administration is politicizing the Treasury Department with a new far-left advisory committee. In a letter to Treasury Secretary Janet Yellen, the top Republican on the House Financial Services Committee, Rep. Patrick McHenry (R-NC), the top Republican on the House Ways and Means Committee, Rep. Kevin Brady (R-TX), along with Rep. Tom Emmer (R-MN) and Rep. Tom Rice (R-SC), the top Republicans on each Committees’ Oversight Subcommittees, are launching an investigation into the Treasury’s partisan advisory committee—demanding information on its role, goals, and membership criteria.

Read the full letter here. Key excerpts are below:

“We write to express our concern with the membership and formation of the Treasury Advisory Committee on Racial Equity (Advisory Committee). The timing of the Advisory Committee’s formation and the elevation of a radically partisan left-wing voice to lead this initiative are disturbing. The formation of this Advisory Committee will only worsen this Administration’s politicization of the Department of Treasury (Treasury) and distract it from its core responsibilities which include ensuring a level playing field for all Americans.

“In particular, the elevation of Felicia Wong to a leadership role given her past radical and divisive views on issues such as budget cuts to law enforcement deviates from the core trust placed in Treasury to protect the economic well-being of all Americans. At a time when workers’ paychecks are not keeping up with the needs of their families due to record high inflation and Americans of all backgrounds are struggling to make ends meet, Treasury is side-tracked by a misguided agenda that will further entrench inequity by favoring some Americans over others. 

…

“Moreover, the insertion of Advisory Committee members and the Administration’s equity agenda into Treasury’s day-to-day activities is particularly concerning given the radical policy positions held by some members selected to serve on the Advisory Committee. For example, reports indicate that the Vice Chair of the Advisory Committee, Ms. Wong, supports policies such as defunding the police and center all policy on race because ‘no policy, even if facially race-neutral, is race-neutral in practice.’ These assertions are alarming and raise serious concerns that the Advisory Committee will advance radical and divisive views within Treasury and the Administration, particularly in the absence of countervailing views that can ensure a diversity of perspective. …”

Republicans on the House Financial Services Committee—led by Ranking Member Patrick McHenry (NC-10)—also sent a letter to Treasury Secretary Janet Yellen regarding the advisory committee. Republicans are slamming President Biden’s Treasury Department for continuing to prioritize their progressive social agenda, while millions of Americans are struggling to make ends meet under the crushing weight of Democrat-induced inflation.

Read the full letter from Financial Services Committee Republicans here.

Read key excerpts from the letter:

“We write to express our concern with the Department of Treasury’s (Treasury) recent creation of an Advisory Committee on Racial Equity (Advisory Committee). Additionally, the appointment of Felicia Wong as Vice Chair is particularly concerning given her previous radical positions, including a report she co-authored advocating for cuts to police budgets. This decision suggests Treasury is more interested in pursuing a progressive agenda than focusing on its statutory responsibilities and strengthening the economic conditions of all Americans.

…

“Instead of working in a bipartisan way to rebuild our economy, the Biden Administration has once again chosen to put their progressive agenda ahead of helping the American people. We urge you to reconsider the creation of this far-left, so-called Advisory Committee.”

###