by Ron Paul
Last week, Sen. Elizabeth Warren (D-MA), along with Rep. Maxine Waters (D-CA), introduced the so-called “Federal Reserve Racial and Economic Equity Act” (S.4464/H.R.7946).
According to The Washington Post, the legislation requires Fed Banksters to
“minimize and eliminate racial disparities in employment, wages, wealth, and access to affordable credit.”
That’s right, they want the Fed to enforce race-based quotas on the entire U.S. economy.
It’s right out of the Marxist playbook. And it’s all designed to usher in the socialist “Utopia” (aka a nightmare for you and me).
Without your action today — including your signed petition — I’m worried this reality could be staring you and me in the face in just a matter of months.
You see, Sen. Warren and Rep. Waters aren’t alone in pushing this socialist monstrosity. Their scheme has gained nearly two-dozen cosponsors in just a week’s time.
What’s more, presumed Democrat presidential nominee Joe Biden is fully on board.
In fact, as NPR reported earlier this month the final plank in the Biden economic plan includes this scheme that is now being referred to as the so-called “Third Fed Mandate.”
“The Fed should aggressively enhance its surveillance and targeting of persistent racial gaps in jobs, wages, and wealth,”
That’s directly from Biden’s plan.
And I’m afraid it only gets worse.
In fact, The Washington Post notes, “Biden’s campaign said he also backs the Fed’s previously announced shift toward a real-time payment system, which would make it possible for low-income people to have instant access to the money they are owed.”
It sounds a lot like backdoor reparations if you take the Biden campaign’s words at face value.
Whether that’s the ultimate goal or not, it’s vital every liberty-loving American make clear in no uncertain terms that government picking winners and losers on any basis is 100% unacceptable.
So I hope you’ll sign the Zero Quotas petition I’ve prepared for you to your U.S. Senators and U.S. Representative to put a stop to this dangerous scheme at once.
As you’ll see, your petition insists your members of Congress vote against S.4464/H.R.7946 and any other such scheme pushing race-based economic policies.
With national media elites and the political class convinced the Left has November in the bag, it’s vital you and I go all out to knock the legs out from under this scheme as early as possible.
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 crisis.
Recall that the 2008 financial crisis was triggered in large part by the so-called “subprime mortgage” industry.
That is to say the Fed’s cheap money and policies pushed by the pet politicians of government-sponsored loan giants Fannie Mae and Freddie Mac resulting 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.
Just consider what a 2013 Wall Street Journal headline concluded:
“The Clinton-Era Roots of the Financial Crisis: Affordable-housing goals established in the 1990s led to a massive increase in risky, subprime mortgages.”
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.
The truth is the Left’s fervor for race-based politics will explode if Democrats take complete control in Washington, D.C. in November and RAM this scheme into law.
Worse, the economic destruction it will bring ultimately harms everyone — even those Sen. Warren, Joe Biden and Rep. Waters and their cohorts claim will benefit.
Of course, it will benefit some. . .
A select few — like the politicians I just named and their insider pals — stand to reap a political and economic windfall.
Elected officials must realize what we need is a freer economy with less government intervention, meddling, and zero race-based policies.