US (AMERICANS FOR FINANCIAL REFORM) : The so-called PRICE STABILITY ACT is a LIE.

 

Friend, Republicans are trying to pass a bill called the Price Stability Act, but the name is a scam. It does nothing to lower grocery bills. It does nothing to bring down rent. It does nothing to stop Trump’s tariffs from raising costs on families and small businesses. It does nothing to confront corporate price gouging, Wall Street speculation, or the real affordability crisis crushing people across the country. This bill is straight out of Project 2025. The so-called Price Stability Act would strip the Federal Reserve of its responsibility to consider workers or pursue maximum employment and force it to focus only on price stability. In plain language, that means the Fed could make decisions about interest rates without even having to consider whether those decisions push people out of work, slow wage growth, or weaken the labor market. That would be a green light for policymakers to treat unemployment as acceptable collateral damage. Interest rate hikes can make mortgages, credit cards, car loans, student loans, and small-business loans more expensive. They can also slow hiring and trigger layoffs. That is exactly why the Fed’s mandate is supposed to include both stable prices and maximum employment. This is a civil rights issue. Civil rights and racial justice activists — including Coretta Scott King — led the fight to include workers in the Fed mandate. Full employment has long been central to the fight for racial and economic justice because unemployment and weak labor markets hit Black, Brown, low-income earning, and marginalized communities first and hardest. Congress should be focused on lowering costs, protecting consumers, and strengthening the economy for working families. Instead, Republicans are pushing a bill that tells the Fed to ignore workers. Tell Congress to oppose the Price Stability Act and reject this anti-worker attack on the Federal Reserve’s maximum employment mandate. SIGN & SEND The Fed’s maximum employment mandate exists for a reason. It requires policymakers to look at the whole economy, not just inflation in isolation. It forces the central bank to consider whether working people can find jobs, whether wages are growing, whether communities are being left behind, and whether economic policy is pushing the country toward unnecessary layoffs. When policymakers decide that joblessness is an acceptable tool for managing the economy, the burden falls on the workers with the least power and the communities already facing the deepest barriers. The so-called Price Stability Act will not make corporations stop overcharging families. It will not lower housing costs. It will not rein in Wall Street. That's why it's a goal of Project 2025. It will not make child care, health care, or groceries more affordable. It simply narrows the Fed’s mission so that workers become invisible in the very decisions that shape whether they can keep their jobs and build a stable life. Congress cannot rewrite the Fed’s mandate to satisfy Wall Street’s obsession with a one-sided, anti-worker version of “price stability.” Lawmakers need to hear that people want an economy built around jobs, wages, affordability, and shared prosperity, not a system where unemployment is ignored until families are already in crisis. Demand Congress protect the Fed’s maximum employment mandate by voting NO on the Price Stability Act. Let’s defend workers and demand an economy that puts people before Wall Street. -Oscar. Oscar Valdés Viera (he/him) Senior Policy Analyst, Private Equity & Capital Markets Americans for Financial Reform. Support the campaign

Americans for Financial Reform