Congresswoman Beatty Emphasizes Importance of Community Reinvestment Act, Entrepreneurship, and Climate Change Effects on Economy
This week, the U.S. Joint Economic Committee held a hearing to discuss the economic outlook with Federal Reserve Chairman Jerome Powell. Unfortunately, recent data on manufacturing from the U.S. Department of Labor has stoked fears that our economy may slide into a recession in the future. As a result, U.S. Congresswoman Joyce Beatty (OH-03) focused her questioning of Powell on programs that would be most impacted by an economic downturn as well as on the issues that could further exacerbate such a recession.
During the hearing, Beatty said, “As Vice Chair of the Congressional Black Caucus, the Community Reinvestment Act is very important to me, and I am particularly interested in the Fed, Office of Comptroller of the Currency, and FDIC’s proposal to reform the Community Reinvestment Act. That is why I want to ensure the essence and purpose of the landmark law remains at the heart of any reform proposal—because that is how we can best uplift neighborhoods and provide greater opportunities for hardworking families in Central Ohio and beyond.” Beatty then asked, “I also want to hear from you about the importance of climate change on our economy and monetary policy. Put simply: what does the Fed plan to do in the future regarding risks that climate change poses to our country?”
In Congress, Beatty has authored several pieces of legislation and supported many bills to expand funding for the Small Business Administration, to provide economic certainty for current and hopeful small business owners, and to strengthen communities. Moreover, she is working with the authors of the Green New Deal to take meaningful steps to address the climate change crisis.
To watch an archived recording of Beatty at the November 13th Joint Economic Committee hearing, please visit her YouTube.