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Murphy Statement on Her Vote Against the Financial Services Racial Equity, Inclusion, and Economic Justice Act

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Washington, June 15, 2022 | comments

WASHINGTON—U.S. Congresswoman Stephanie Murphy of Winter Park, Fla., issued the following statement after voting against H.R. 2543, the Financial Services Racial Equity, Inclusion, and Economic Justice Act, which—among other things—gives the Federal Reserve a new mandate to conduct monetary policy “in a manner that fosters the elimination of disparities across racial and ethnic groups”:  

“The Federal Reserve’s dual mandate for monetary policy is to pursue price stability and maximum employment. At a time when Americans are facing the highest rate of inflation in four decades, the Federal Reserve’s priority should be to combat inflation without causing undue harm to economic growth and employment. By giving the Fed a new mandate, the bill could divert the Fed from its main mission and therefore cause harm to the very people it seeks to help. Those who stand to benefit the most from successful Federal Reserve action—and to lose the most from unsuccessful Fed action—are working families, including communities of color, struggling to afford gas, groceries, and other necessities.” 



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