WASHINGTON, D.C. — Today, Rep. Byron Donalds (R-FL) issued the following statement slamming Financial Services Chairwoman Maxine Waters (D-CA) and Democrats for their efforts trying to force the Federal Reserve to focus on “racial and economic equity” rather than skyrocketing inflation with H.R 2543, the Federal Reserve Racial and Economic Equity Act. 

“The average American family will pay $5,000 more than last year for everyday goods and services, and the average gas price has surpassed $5.00 a gallon. Instead of tackling these mounting crises, Democrats like Chairwoman Maxine Waters are trying to force the Federal Reserve to focus on virtue signaling rather than the state of the crumbling economy. H.R. 2543 is another page of the progressives’ woke playbook that is deeply out of touch with the insurmountable issues facing the American people. 

“The Fed has one purpose, price stability— no more, no less. For members of Congress to politicize the central banking system of America is a gross overreach of Congressional power and a threat to our financial institutions. To combat these radical liberal policies, I am proud to have co-introduced legislation with Rep. French Hill (R-AR), the Price Stability Act of 2022, that directs the Fed to solely focus on its intended purpose, stabilizing prices. Now, more than ever, we need the Fed to curb the 40-year record high inflation and provide desperately needed relief to working-class families and seniors on fixed incomes.” 

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