Congress moves to add 'racial and economic justice' to Federal Reserve mandate

A new House bill, H.R. 2543 will extend the U.S Federal Reserve's mandate to encompass “racial and economic justice.” Dubbed the “Financial Services Racial Equity, Inclusion, and Economic Justice Act,” it comes amid the worst inflation the United States has seen in 40 years.

Rather than focus on rebalancing the budget and bringing back confidence in the U.S economy, members of Congress are instead engaging with far-left politics by pushing America’s financial services institutions into social justice activism.

If passed by the Senate and signed by President Joe Biden, the bill will effectively codify woke politics into the mission of the Federal Reserve, and make it even less capable of controlling inflation, the National Review reported.

“The bill requires the Fed’s Open Market Committee to ‘exercise all [its] duties and functions’ to eliminate racial disparities in employment, income, and wealth. That some politicians think, at a time when gas is topping $5 a gallon nationwide, it’s a good idea to redirect monetary policy away from fighting inflation is mind-boggling,” writes the National Review.

As detailed by the publication, the bill's lead sponsor is California Rep. Maxine Waters, who previously attempted to politicize the Fed in 2020 by urging Federal Reserve Chairman Jerome Powell to “protect existing collective bargaining agreements” as well as “require eligible businesses to guarantee…a $15 minimum wage.”

Earlier in June, the Fed announced its “biggest interest rate hike in more than a quarter century,” but the point increase is nowhere close to the 20% rate enacted in the 1980s in response to the recession.

The Biden administration continues to maintain the economy is on course, and that a recession remains unlikely despite disagreements from investment bankers and billionaires, like Elon Musk, who have expressed grave concerns about the state of the economy.

Ian Miles Cheong

Contributor

Ian Miles Cheong is a freelance writer, graphic designer, journalist and videographer. He’s kind of a big deal on Twitter.

https://twitter.com/stillgray

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