LETTER: Star Parker & Marty Dannenfelser Urge House to Reject H.R. 2543
For immediate release: June 14, 2022
The House is soon scheduled to consider H.R. 2543, “Federal Reserve Racial and Economic Equity Act.” This bill promotes racial discrimination and seeks to impose a partisan agenda on the Federal Reserve, an independent agency that is charged with seeking maximum sustainable employment and price stability. We urge you to reject this ill-advised legislation.
The Civil Rights Act of 1964 prevents discrimination by programs and activities that receive federal funds. That landmark legislation declares it to be the policy of the United States that discrimination on the basis of race, color, or national origin is prohibited in all manner of federal programs. Numerous federal departments and agencies are directed to effectuate this principle, including the Department of Justice and the Equal Employment Opportunity Commission. H.R. 2543 conflicts with the clear meaning of the Civil Rights Act and the statutory mission of the Federal Reserve.
U.S. Census Bureau data indicates that in 2019 income reached a record high and poverty reached an all-time low. Improvements in income and poverty were the largest in more than 50 years. Minority groups – including Black, Hispanic and Asian Americans – experienced the largest gains.
Real median household income increased by 6.8 percent in 2019 – 7.9 percent for Black Americans, 7.1 percent for Hispanic Americans, and 10.6 percent for Asian Americans.
The national poverty rate fell to a low of 10.5 percent, a reduction of 1.3 percentage points. Black poverty fell by 2.0 percentage points, Hispanic poverty by 1.8 points and Asian poverty 2.8 points.
The COVID-19 pandemic disrupted this historic progress in 2020 and rising inflation is now causing particular hardship for low- and middle-income families. The national average price of gas has surpassed $5 per gallon, which threatens to cause even greater pain for those who can least afford it.
Rather than promoting legislation that will cause further racial division and do nothing to increase the purchasing power of minority Americans, Congress should focus on reducing burdensome regulations, curtailing inflationary spending, reforming entitlement programs, and increasing American energy production.
Star Parker – President
Marty Dannenfelser – Vice President, Government Relations and Coalitions