Rep. Barry Moore: Democrat bill forces Americans to go woke and go broke

Press Release

Rep. Barry Moore issued the following statement on the Democrats' partisan Financial Services Racial Equity, Inclusion, and Economic Justice Act, a bill which politicizes our financial system at the expense of the Americans it is supposed to help.

"With inflation at historic highs, supply chains broken, and gas prices crippling American families, it is astounding that Democrats' priority is imposing costly new woke requirements on financial institutions that will be passed on to American businesses and families," said Moore. "Instead of rolling out more red tape and policing banks to ensure they use non-offensive gender pronouns, we should be reducing government spending and regulations to unleash the American economy. Washington Democrats are dead set on forcing Americans to go woke and don't care if they go broke as a consequence."

Financial Services Racial Equity, Inclusion, and Economic Justice Act:

In May, inflation increased at the quickest pace since December 1981, rising 8.6 percent over the past year. American families are on the brink of financial crisis as they pay more for every good and service in their daily lives. This runaway inflation is directly traced to Democrats' reckless socialist spending that paid workers to stay home, and spurred manufacturing and supply chain bottlenecks. If House Democrats took this plight seriously, they would advance bipartisan legislation to lower costs, reduce regulatory burdens, and unleash American energy. Instead, House Democrats have chosen to mandate that the Federal Reserve, the primary federal agency responsible for combatting inflation, shift its focus to advance their woke social agenda.

This legislation wrongly expands the Federal Reserve's mandate by tasking the board with addressing socio-economic disparities rather than its intended focus on sustainable employment and price stability.
This new responsibility falls outside the core competency of the Federal Reserve and will only distract Fed officials at a time when they should be solely focused on reducing inflation.
H.R. 2543 would pile regulatory costs on small businesses already struggling with labor shortages and increased costs, by imposing a one-size-fits-all mandate to report diversity and inclusion data.
The bill also expands the authority of the unaccountable and unconstitutional CFPB by creating a new "Office of Fair Lending Testing" within the CFPB that has the authority to make enforcement recommendations to the DOJ for lending discrimination violations based on vaguely defined criteria.
Finally, at a time when potential home buyers face rising mortgage rates, the bill increases regulatory and compliance requirements on loan providers that will only be passed on to home applicants.

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