RUSH: Hey, folks, this is a teachable moment. Democrats just introduced a new bill that tells you everything you need to know about them.
The Democrats’ “Racial and Economic Equity Act” would require the Federal Reserve to enforce quotas throughout the entire U.S. economy. Under this Act, the Fed would have to devise policies to “minimize and eliminate” racial disparities in employment, wages, and wealth. The Fed would also have to prevent disparities in “access to affordable credit.”
The Senate sponsors of this raced-based monstrosity are Elizabeth Warren Fauxocahontas and Kirsten Gillibrand; in the House, the bill is sponsored by Maxine Waters.
Instead of dealing with the nation’s money supply, keeping watch on inflation and interest rates the Federal Reserve would be transformed into an all-powerful social-justice enforcement agency. Using racial fairness as a cover, Democrats want to give the Fed a new mission: force banks and financial markets to adopt the radical left’s socialist agenda. They want centralized control over the economy without checks and balances from Congress or the Executive branch.
Right now, the bill won’t get past the Republican Senate or President Trump. But if Democrats regain power, the enactment of this thing could be a virtual certainty.
This is all out-and-out Marxism. It’s anti-free-markets, and it would mean the end of American prosperity. That’s why Democrats love it, that’s why they want it.