The Federal Reserve's new mandate: Racial and Economic Equity

OfTheCross

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Federal Reserve Racial and Economic Equity Act​



This bill requires the Federal Reserve Board to 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. The board must report on disparities in labor force trends as well as on plans and activities of the board to minimize and eliminate these disparities.


No Republicans supported this, unsurprisingly.
 

Secure Da Bag

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Federal Reserve Racial and Economic Equity Act​



This bill requires the Federal Reserve Board to 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. The board must report on disparities in labor force trends as well as on plans and activities of the board to minimize and eliminate these disparities.


No Republicans supported this, unsurprisingly.

I wouldn't either. Report on disparities, fine. But plans and activities on stopping it. If it's among employee of the Fed, then ok. But in the country, that's not their job. I don't even know if they're qualified to do so.
 

Voice of Reason

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Nah don't do me like that. Im black. I just feel that this should have been a bill targeting banks not the federal reserve. I just don't know the unintended consequences of giving the fed a racial equity mandate

Shut your punk ass up the government created these disparities through policy so they could fix. Investing in ADOS communities would be better for the economy than more wealth accumulating at the very top.
 

Rayg1919

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All this means nothong if they don't have 60 votes in the Senate. Democrats should get rid of the filibuster to pass this. But Democrats from West Virginia and Arizona would probalby stand in the way. So this bill will never become law.
 

Voice of Reason

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All this means nothong if they don't have 60 votes in the Senate. Democrats should get rid of the filibuster to pass this. But Democrats from West Virginia and Arizona would probalby stand in the way. So this bill will never become law.



Imagine if Black folks controlled 6 senate seats across 3 states in the south where the government was beholden to us? That's why us migrating back to the south is the best near term solution to our problems.
 
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Amo Husserl

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Shut your punk ass up the government created these disparities through policy so they could fix. Investing in ADOS communities would be better for the economy than more wealth accumulating at the very top.
True as that is, the ADOS plight has been too comingled with these other groups who feel entitled to the benefits. The significance of the ongoing struggle for ADOS was used as the template for domestic policy in how to handle other groups, so not only are we the blueprint to the passes they got but we're also the least compensated. There would have to be a grassroots organization strictly based around ADOS community development and group economics. There's no way around that, we need to control our dollar and we need to control some of these city, county and federal positions.

How would the federal reserve handle this situation on the ground? Will there be a watchdog committee to make sure this is properly carried out in every city? Employment disparities, specifically preferential hiring, have already had mixed results, affirmative action. Occupational crowding is another problem. Seems like we always get caught up in what the government is doing for us that we don't do immediately for each other. If there were more black people on code in positions to hire other black people and maintain quota we'd be a lot further along than we presently are.

When big government puts these mandates in order, as usual, there's a catch with someone either slacking on the job or getting their hands dirty and backdooring other minorities into the situation. This looks like a good idea up front, but there's always been a catch in how they deal with us on any level.
 
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