President Joe Biden has endorsed a bill that was passed in the United States House that would add racial equity to the Federal Reserve’s dual mandate of maintaining price stability and full employment.

The bill in question, H.R. 2543, the Financial Services Racial Equity, Inclusion, and Economic Justice Act,  was passed by a vote of 215-207 on June 15, 2022. This legislation is designed to promote racial and economic justice in borrowing, housing, and lending.

This bill would have the Federal Reserve execute monetary policy and other functions in a way that reduces ethnic and racial inequities.

The Wall Street Journal’s editorial board noted that this bill is in line with the Fed’s recent move to become more woke. Several members of the Federal Open Market Committee (FOMC) have already pushed for “inclusive” employment.

In effect, the passage of this law would make racial equity an integral part of the Fed’s mandate. Under this bill, the Board of Governors and FOMC are instructed to “exercise all duties and functions in a manner that fosters the elimination of disparities across racial and ethnic groups with respect to employment, income, wealth, and access to affordable credit.”