WASHINGTON — The White House threw its support behind a House bill that would require the Federal Reserve to promote economic equality across racial and ethnic groups.
In a statement of administration policy released on Monday afternoon, the White House said it would support the passage of
“Too often, consumers and businesses from underserved communities struggle to access capital and credit,” the White House statement said. “This bill recognizes these challenges and takes steps to increase transparency and accountability around small-business lending.”
HR 2543 would add racial and economic equity to its list of mandates, which now are maximum employment and price stability. Since first being introduced in 2021, the bill has taken on a number of additional provisions, including an amendment to the Equal Credit Opportunity Act to expand the law’s protections to cover discrimination on the basis of sexual orientation and gender.
“The administration strongly supports efforts to promote equity for underserved communities and increase access to safe and affordable financial services, wealth and economic opportunity for all Americans,” the White House statement said.
The bill also would expand the ability of credit unions to add members from areas historically underserved by other financial institutions. That measure, also sponsored by Waters, is opposed by the banking industry.
In a
