WASHINGTON, D.C. — The House of Representatives passed the Financial Services Racial Equity, Inclusion, and Economic Justice Act (H.R. 2543). This bill would direct the Federal Reserve to “exercise all duties and functions in a manner that fosters the elimination of disparities across racial and ethnic groups,” and distract from its dual mandate of monetary policy and maximizing employment.
After voting against this bill, Rep. Davidson (R-OH) made the following statement:
“Over the years, the Federal Reserve’s scope has taken on new roles expanding far beyond monetary policy,” said Rep. Davidson. “Today, Democrats voted to grant substantially more power to the Fed at the worst possible time.
“We should all agree that leveraging the Fed as a political weapon does nothing to help the agency uphold its responsibilities. Radically changing its goal by directing the Fed to invest in ‘equity’ is nothing more than an attempt to discriminate and divide Americans.
“As our country faces crippling inflation rates and teeters on the brink of recession, now is not the time for political games. The Fed must stay focused on its dual mandate of stable prices and maximum employment and address the economic factors currently burdening ALL Americans.
We must ensure our central bank can combat inflation without becoming distracted by a purely political agenda. Americans deserve a central bank dedicated to tackling inflation, not one distracted by politics and aimed at further dividing Americans. Now is the time to protect and preserve the American dollar and return to Sound Money.”