The legislation is full of virtue-signaling phrases like: “minimize and eliminate racial disparities in employment, wages, wealth."
And. . .
Expanding "access to affordable credit.”
But there's no mistaking what the top Democrats behind this monstrosity want -- the Federal Reserve enforcing race-based quotas on the entire U.S. economy.
That's exactly what the so-called "Federal Reserve Racial and Economic Equity Act" (S.4464/H.R.7946) introduced by Sen. Elizabeth Warren (D-MA) and Rep. Maxine Waters (D-CA) would do.
You can be sure it's all designed to usher in the socialist "Utopia" the Left has been dreaming of for decades.
Their dream will be a flat-out nightmare for you and me.
Then, share this link with your friends, family, and business associates.
Ask them to sign the petition as soon as possible to help stop this nightmare.
Not surprisingly, Joe Biden is fully on board with Warren and Waters and the nearly two-dozen cosponsors who have joined their scheme since it was introduced two weeks ago.
I'm worried this reality could be staring you and me in the face in just a matter of months. Then things will really get out of hand if we don't get ahead of this scheme that is now being referred to as the so-called "Third Fed Mandate" right away!
After all, the final plank in the Biden economic plan includes this "Third Fed Mandate." "The Fed should aggressively enhance its surveillance and targeting of persistent racial gaps in jobs, wages, and wealth."
And I'm afraid it only gets worse.
Look what The Washington Post reported after Biden's speech announcing the inclusion of this scheme in his platform:
Make no mistake, this is not about making sure people are paid money for services rendered, but a flat-out expansion of the welfare state.
Liberty-loving Americans must make clear in no uncertain terms that S.4464/H.R.7946 and any other such schemes pushing race-based economic policies is 100% unacceptable.
Government has no business picking winners and losers on any basis -- PERIOD.
Whether it's the central-planners at the Federal Reserve or the politicians on Capitol Hill, such Big Government meddling with our economy has led to economic crisis after economic crisis.
It was these same bureaucrats and politicians who practically created the subprime mortgage meltdown that triggered the 2008 financial crisis. . .
The Fed's cheap money combined with the policies pushed by the pet politicians of government-sponsored loan giants Fannie Mae and Freddie Mac resulted in zero-down (no qualification) loans for millions who had no business getting them.
And what happened when those borrowers couldn't pay? The entire economy nearly imploded.
Even The New York Times admitted as much ahead of the 2008 housing crisis when it reported in August 2007, "The mortgage often is the financial culprit these days. That is particularly true of lending in the subprime market of zero-down loans."
Now, the Left and Democrat Party are determined to repeat these same mistakes and worse with a plan that is poisonous not just to our economy but also our culture.
Of course, the economic destruction it will bring ultimately harms everyone -- even those Sen. Warren, Joe Biden, Rep. Waters, and their cohorts claim will benefit.
And if they RAM this scheme through, you can be sure the Left's fervor for race-based politics will explode -- perhaps beyond anything we've seen in our lifetimes.
To top it all off, it's exactly the kind of backwards policy that sent our economy spiraling in the Great Recession -- and likely will again if we don't stop it.
Elected officials must realize what we need is a freer economy with less government intervention, meddling, and zero race-based policies.
But instead, they want to turn the Fed into an enforcement squad for race-based quotas on the entire U.S. economy.
We must do all we can to stop this scheme in its tracks.
Tags: Federal Reserve