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 to 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 how it's working to decrease racial disparities in its biannual reports to Congress and in the Fed chair's accompanying testimony.
Although the bill has little chance of passing while the Senate is controlled by Republicans, its introduction shows that momentum is building to get the country's century-old central bank to more specifically focus on creating an economy that is equal for all Americans. A November win that gave Democrats control of the White House and both chambers of Congress could change the calculus.
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