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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Mr. LUCAS. Mr. Speaker, I rise in opposition to H.R. 2543. The U.S. economy faces tremendous challenges. We have 40-year high inflation, persistent supply chain disruptions, and tight labor markets.

The American people are grappling with increased costs across every aspect of their life. Food is more expensive, energy and gasoline prices have skyrocketed, and the cost of housing is surging.

In 1977, when I first started out as a young farmer, we slid into the inflationary period of the Carter years, and went through Chairman Volker's dramatic tightening of the money supply. This period was devastating to my neighbors and the entire U.S. economy, and left a profound impact on how I view fiscal and monetary policy.

Now is not the time to take the Federal Reserve's eyes off the ball. Congress should be focused on the issues that currently weigh on the economy and aim to strengthen the financial well-being of the American people.

Mr. Speaker, I oppose H.R. 2543.

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