Posted on 08/10/2020 3:47:30 AM PDT by Libloather
On Wednesday, Sen. Elizabeth Warren (D-Mass), Rep. Maxine Waters (D-Calif.) and Sen. Kirsten Gillibrand (D-NY) introduced a new bill that would require the Federal Reserve to make reducing racial employment and wage gaps a central part of its mission moving forward.
The bill, which is co-sponsored by 18 other Democrats including Sen. Edward J. Markey (D-Mass.), Sen. Bernie Sanders (D-Vt.), Sen. Cory Booker (D-NJ) and Rep. Ayanna Pressley (D-Mass.), would require the Federal Reserve to have a Racial and Economic Equity Act that “minimizes and eliminates racial disparities in employment, wages, wealth, and access to affordable credit,” the proposed bill says. The legislation also requires the Federal Reserve Chair to clearly identify in his or her semiannual testimony before Congress what the existing disparities are in employment, income and wealth across different racial and ethnic groups and how the Federal Reserve is using its authority to reduce these inequalities. Additionally, the bill requires the Federal Reserve to include in its Semiannual Monetary Policy Report details about recent labor force trends with “a comparison among different demographic groups, including race, gender, and educational attainment.”
“The Fed can use its existing authorities to reverse the serious racial gaps in our economy, including in our current recovery from the COVID-19 crisis - and our bill will require the Fed to do so,” Sen. Warren, who is a member of the Senate Banking, Housing, and Urban Affairs Committee on Financial Institutions and Consumer Protection, said in a statement. “Systemic racism and inequality is not something that happens on its own. It is a result of specific policy choices and the Fed must take deliberate action to fix it.”
(Excerpt) Read more at cnbc.com ...
“Systemic racism” is a meaningless term. They just toss out the phrase to justify any proposal that supports a Socialist utopia.
How about firing all of the white people?
This reminds me of the practice, in the 80’s, of home loans to people who didn’t have adequate income or credit because Clinton forced them to do it.
It led to the housing market crash, IIRC. “The Big Short.”
I sure hope so. I want to be paid as much as NFL, NBA and Oprah.
They can introduce all the bills they want but they have little chance of passing and no chance of Trump signing.
Virtually every policy choice in the United States is already bent towards closing racial and gender gaps. I can think of one major exception, that being the policy choice to keep low income kids trapped in dysfunctional public schools. But I don't think vouchering the schools is what the commissar has in mind.
IDIOTS, not all have equal skills or intelligence!
DO OR DIE JOHN VOIGHT https://www.facebook.com/watch/?v=626330851342537
These morons continue to see race as a qualification for everyhing.
You get a job, by being the best at what you do.
You buy a house by being good at your job.
You are extended credit, by being financially responsible, and having a track record of said responsibility.
Race has not one thing to do with any of this. It’s a big scam to redistribute wealth. Nothing more.
The only people discriminated against are white male conservatives.
John Voight the dentist?
I would vote to anything sponsored by these creatures. I would not have to read it to know it would be bad.
Trump supporter, actor, Patriot.
And the genie asked “just how many lanes did you want on that bridge to Africa”?
The Fed’s broad-based macro-economic tools, and the broad-based macro-economic way it attempts to interfere in the economy, cannot direct such policies, even if it was a good idea, which it isn’t.
How long will this policy remain once minorities make more than Whites?
Does anyone believe that slavery would have ended if Blacks owned whites?
Didn’t they do that with affirmative action, which years later was deemed to be discriminatory?
If the “racially deprived” choose to improve themselves they will close the employment and wage gaps all by themselves.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.