Raphael Bostic, the President of the Federal Reserve Bank of Atlanta, says there are merits to using reparations to offset some of the consequences of systemic racism in the U.S.
"There are definitely merits to it in the sense that, if people have been harmed by laws, then there should be a discussion about redress," Bostic said in an exclusive interview with CNN Business.
Bostic is the first Black man to lead a regional Federal Reserve bank and one of the most prominent government officials yet to show support for the idea of reparations. Bostic was named president of the bank in 2017.
"The legacies of past racism are still present in our society. We have to think about what things are necessary to offset the impacts of those old systems that still flow through,” he said.
He pointed to redlining as an example of a discriminatory practice that has impacted Black families financially.
"We have African Americans today who have a lot less wealth in part because they have not been able to inherit the wealth that would have accrued had their ancestors been able to accrue that wealth,” said Bostic.
Earlier this month, Evanston, IL became the first city in the U.S. to approve a reparations program for Black residents to finance down payments or home repairs. In order to qualify, residents must have lived in the city between 1919 to 1969 or be a direct descendent of a resident who experienced housing discrimination.
Bostic told CNN Business the program was interesting because it is limited to people who can prove they have been discriminated against.
The White House said in February that President Biden supports studying the impact of a national reparations program.