Democrats Propose Requiring Fed to Reduce Inequality in U.S.
- Bill would require Fed to try to narrow jobs, wealth gaps
- Legislation adds to calls for Fed to target disparities
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Democrats in Congress have introduced a bill that would cement the Federal Reserve’s role in fighting economic inequality.
The Federal Reserve Racial and Economic Equity Act would amend the Federal Reserve Act and mandate that the U.S. central bank specifically work to decrease and eliminate gaps in employment, wages, wealth and access to credit. It would also require the central bank to report on racial disparities and how it’s working to decrease them in its biannual reports to Congress and in the Fed chair’s accompanying testimony.