By David G. Barry
Carlos
Rangel, chief investment officer of the W.K. Kellogg Foundation (WKKF),
has been named to a first-of-its-kind committee that will advise U.S. Secretary
of Treasury Janet Yellen and Deputy Secretary Wally Adeyemo on
efforts to advance racial equity in the economy.
Rangel is one of the 25 inaugural members of the Treasury Advisory Committee
on Racial Equity, which will be chaired by Michael Nutter, the
former mayor of Philadelphia, who is now a professor at Columbia University. Felicia
Wong, president and CEO of the Roosevelt Institute, will serve as
vice-chair.
Other members of the committee include David Clunie, executive director,
Black Economic Alliance; Gary Cunningham, president and CEO of
Prosperity Now; Nicole Elam, president and CEO, National Bakers
Association; Michael Miebach, CEO, Mastercard; José Quiñonez, founding
CEO, Mission Asset Fund; and John Rogers, founder, chairman & co-CEO,
Ariel Investments. They will serve a two-year term and work alongside Janis
Bowdler, the Treasury’s counselor for racial equity.
The committee will identify, monitor and review aspects of the domestic economy
that have directly and indirectly resulted in unfavorable conditions for
communities of color. It plans to address such topics as financial inclusion,
access to capital, housing stability, federal supplier diversity, and economic
development.
In a statement, Yellen said, “A critical piece of executing on our racial
equity goals is bringing a wide set of outside perspectives and lived
experiences to the decision-making table.” The committee with “wide-ranging
backgrounds and expertise, will provide important insight and advice to
leadership across the department to bolster and inform our equity efforts,” she
added.
Rangel was named CIO of the $8.8 billion Kellogg Foundation in February 2021.
He replaced Joel Wittenberg who retired after 11 years in the role. Rangel
joined WKKF in 2010 as a portfolio manager. Prior to becoming CIO, he was
director of investments and led its Expanding Equity initiative.
The Battle Creek, Mich., foundation was founded in 1930. Guided by the belief
that all children should have an equal opportunity to thrive, WKKF works with
communities to create conditions for vulnerable children so they can realize
their full potential in school, work and life.