August 05, 2020

The Hill: Bill from Warren, Gillibrand and Waters would make Fed fight economic racial inequalities

A bill introduced by three Democratic lawmakers Wednesday would require the Federal Reserve to actively work to narrow racial gaps in wealth, income and employment in the U.S.

Called the “Federal Reserve Racial and Economic Equity Act,” the bill, spearheaded by Rep. Maxine Waters (D-Calif.) and Sens. Elizabeth Warren (D-Mass.) and Kirsten Gillibrand (D-N.Y.), would make reducing racial economic inequality a core part of the central bank’s broader mission of maximizing employment and keeping prices stable.

"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," Warren said in a statement.

Read the full article on the Hill website here

By:  Sylvan Lane
Source: The Hill