Congress Calls for Racial Equity in Lending

Letter to Federal Reserve and Treasury Department calls for racial considerations in emergency lending. 

Late last week, Representative Ayanna Pressley and Congressional Oversight Commissioner Bharat Ramamurti called on the Federal Reserve and the Treasury Department to push for racial equity through emergency lending. The statement asked that both governing bodies would do more to assure that minority-owned businesses would stay afloat during the COVID-19 pandemic. 

In a letter sent to Fed Chairman Jerome Powell and Treasury Secretary Steven Mnuchin, the representative said, “You have both acknowledged that the COVID-19 pandemic has had an outsized impact on Black and Brown communities and women, and yet, your design of these programs appears to be widening racial and gender gaps rather than closing them.”

As the Lord Leads, Pray with Us…

  • For the House of Representatives as it seeks racial equity.
  • That the Fed and Treasury Department would be led by God for the best financial policies to pursue. 
  • For Congress and the Administration to come to terms on the next aid bill. 

Sources: Politico, AP


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