Progressives ’ Financial Inclusion Agenda Is Likely to Backfire

In a recentop-ed for CNN, Rep. Rashida Tlaib (D-MI) suggests a plan for improving the financial inclusion of minority households. She believes that reversing the Trump administration ’s recent regulatory initiatives on credit discrimination and mortgage reporting legislation would improve matters.While Rep. Tlaib is right to point out thedisproportionate numbers of blacks among those lacking access to financial services, their financial exclusion goes back, not years or months, but decades. Moreover, her recommendations would mainly double down on existing regulations that seem to perpetuate rather than mitigate financial exclusion.Rep. Tlaib begins with the striking finding that, ostensibly, the black homeownership rate in the second quarter of 2019 was lower than at any timesince 1970. At40.6 percent, it came in six percentage points below the Hispanic homeownership rate and almost a third below that of whites. Tlaib worries that, because black Americans are so much less likely than other racial groups to own their home, they will have a harder time achieving economic stability.While homeownership is indeed a popular form of wealth accumulation, the share of Americans who own their homes is hardly a straightforward measure of financial security. For example, the homeownership rate among all households hit anall-time high of 69.1 percent at the start of 2005, a time ofexceptionally high home prices and extremely loose credit standards. The financial crisis that followe...
Source: Cato-at-liberty - Category: American Health Authors: Source Type: blogs

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