OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Federal Reserve Racial and Economic Equity Act

Floor Speech

Date: June 15, 2022
Location: Washington, DC

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Ms. VELAZQUEZ. Mr. Speaker, I rise in strong support of the en bloc amendment.

The COVID-19 pandemic exacerbated the wealth and economic inequalities faced by many individuals, families, and small business owners in our Nation's LMI and communities of color.

As chair of the House Small Business Committee, I fought to ensure our Nation's women-, LGBTQ-, and minority-owned small businesses had access to Federal recovery programs and mainstream sources of credit to the same degree as White-owned firms or those with preestablished relationships with the big banks. Unfortunately, structural barriers and historical inequities in our society continue to cause women and small business owners of color to face ongoing challenges when applying for affordable and timely credit.

This bill will help break down these structural barriers, root out discrimination where it exists, and promote entrepreneurship and other wealth-building opportunities for women, LGBTQ individuals, and people of color. By addressing these disparities, we can create a more resilient economy and one that works for everyone.

Mr. Speaker, I urge a ``yes'' vote on this bill.

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