Coming Soon: A Race-Based System Run By The Fed
An interesting bill sponsored by Maxine Waters (no surprise) recently passed the house a couple of weeks back with little news coverage:
H.R.2543 – Federal Reserve Racial and Economic Equity Act
This bill address access to financial services, diversity in various financial institutions and establishments, and other related issues.
Access to credit, mortgages, and banking services are expanded, including by
-prohibiting discrimination with respect to credit transactions on the basis of an applicant’s sexual orientation, gender identity, or location based on zip code or census tract;
-establishing language translation requirements for residential mortgage applications; and
-providing funding set-asides for minority lending institutions.
The bill expands the support of, and access to, minority depository institutions and community development financial institutions and establishes an impact bank designation for small institutions that predominately lend to low-income borrowers.
Further, the Federal Reserve Board must carry out its duties in a manner that supports the elimination of racial and ethnic disparities in employment, income, wealth, and access to affordable credit.
Additionally, the bill requires financial institutions to report information relating to diversity policies and lending practices.
This bill seems poised to pass the Senate. If it does, it will effectively end the dual mandate of the Federal Reserve. Previously, The Fed’s goals were to foster economic conditions that achieve both stable prices and maximum sustainable employment. IE: The two tasks the Fed supposedly has.
Now, that may soon be changing. It will be become a plural mandate by adding in the mandate for racial equity introduced by this bill.
Big League covered it eloquently:
This bill would have the Federal Reserve execute monetary policy and other functions in a way that reduces ethnic and racial inequities.
The Wall Street Journal’s editorial board noted that this bill is in line with the Fed’s recent move to become more woke. Several members of the Federal Open Market Committee (FOMC) have already pushed for “inclusive” employment.
In effect, the passage of this law would make racial equity an integral part of the Fed’s mandate. Under this bill, the Board of Governors and FOMC are instructed to “exercise all duties and functions in a manner that fosters the elimination of disparities across racial and ethnic groups with respect to employment, income, wealth, and access to affordable credit.”
In addition, the bill instructs the Fed to incorporate in monetary policy, payment operations, and the supervision of banking and non-banking entities that the Financial Stability Oversight Council considers to be important.
The Fed’s woke pivot could open the floodgates to all sorts of wacky policy. For one, it will likely encourage questionable lending practices like those of the early 2000s, where people with questionable credit history and financial history could receive loans and mortgages that they could never pay off.
Adding the Fed’s easy monetary policy into the mix, and you have a recipe for all sorts of economic chaos.
To be honest, I’m surprised we lasted this long without racial equity in the Federal Reserve. Given clown world and all.
But if this passes, which it definitely seems like it will, prepare yourself for a two-tier monetary system. Racial and ethnic “minorities” will soon get a lot more than old heritage whitey. It won’t be long and you’ll have to show your black card to get a loan at a decent interest rate.
Jot this one down as yet another notch in our eventual multicultural downfall.
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