Federal Reserve Racial and Economic Equity Act

Floor Speech

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Mr. STEIL. Mr. Speaker, we are here at a point in time when prices are out of control. The American people are getting punched in the face by higher prices every day.

Gas is over $5 a gallon. The American people are paying hundreds of dollars more per month because prices are out of control. The Federal Reserve has a mandate to maintain price stability. The Federal Reserve is failing in that mandate. My colleagues across the aisle--the outgoing majority--continue to try to add another mandate to the Federal Reserve.

The Federal Reserve is failing on step one--price stability. Let's address price stability so people aren't getting clobbered every day by higher prices; so people aren't getting clobbered when they go to fill up their car with gas; clobbered when they go to the gas station; clobbered when they go to the grocery store to get groceries.

The outgoing majority wants to add another mandate to the Federal Reserve at a period of time when the Federal Reserve is failing in their current mandate. Nothing could be more illogical. We need to get prices under control.

We can do that by unleashing American energy and we can do that by controlling wasteful spending in Washington, D.C. This bill is misplaced. This bill moves us in another direction. Instead, we should be focusing on actually controlling costs.

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