Pelosi Creates Panel to ‘Combat the Concentration of Wealth in America and Its Role in Triggering Economic Collapse’

By CNSNews.com Staff | December 30, 2020 | 1:09pm EST
Nancy Pelosi at Canton Bazaar in San Francisco's Chinatown, Feb. 24, 2020. (Photo by Justin Sullivan/Getty Images)
Nancy Pelosi at Canton Bazaar in San Francisco's Chinatown, Feb. 24, 2020. (Photo by Justin Sullivan/Getty Images)

(CNSNews.com) - House Speaker Nancy Pelosi (D.-Calif.) announced today that she has created a new congressional committee—inspired by President Franklin D. Roosevelt—that is designed “to study and combat the concentration of wealth in America and its role in triggering economic collapse.”

“As House Speaker, I am proud to announce the creation of the new, bipartisan Select Committee on Economic Disparity and Fairness in Growth, which will be an essential force in Congressional Democrats’ action to combat the crisis of income and wealth disparity in America,” Pelosi said.

“It is molded after the mission of the Temporary National Economic Committee, founded by President Roosevelt and the Congress after the Great Depression to study and combat the concentration of wealth in America and its role in triggering economic collapse,” she said.

“As President Roosevelt said before founding this Committee, ‘The liberty of a democracy is not safe if the people tolerate the growth of private power to a point where it becomes stronger than their democratic state itself… the liberty of a democracy is not safe if its business system does not provide employment and produce and distribute goods in such a way as to sustain an acceptable standard of living,’” she said.

“The past several decades have shown with devastating clarity the marked imbalance between the financial fortunes of CEOs and workers,” Pelosi said.

Here is the full text of Pelosi’s statement about the creation of this new committee:

Nancy Pelosi: “As House Speaker, I am proud to announce the creation of the new, bipartisan Select Committee on Economic Disparity and Fairness in Growth, which will be an essential force in Congressional Democrats’ action to combat the crisis of income and wealth disparity in America.  It is molded after the mission of the Temporary National Economic Committee, founded by President Roosevelt and the Congress after the Great Depression to study and combat the concentration of wealth in America and its role in triggering economic collapse.

“As President Roosevelt said before founding this Committee, ‘The liberty of a democracy is not safe if the people tolerate the growth of private power to a point where it becomes stronger than their democratic state itself… the liberty of a democracy is not safe if its business system does not provide employment and produce and distribute goods in such a way as to sustain an acceptable standard of living.’

“The past several decades have shown with devastating clarity the marked imbalance between the financial fortunes of CEOs and workers.  The reverence of those who amass profits by stagnating wages has seriously undermined the lives and livelihoods of many Americans, while slowing economic growth in our country.  This year, the disturbing, dangerous trend of economic disparity has also been accelerated by the coronavirus economic crisis.

“The devaluing of work has had a negative impact on consumer confidence, job creation and economic growth.  And the situation of families no longer believing that their children will have a brighter future than they is seriously damaging and demoralizing to our society.

“That is why we are creating this Select Committee, which will be a resource to the Congress to make policy related to economic fairness, access to education and workforce development.  Working with the Committees of Jurisdiction, the Select Committee will study and recommend proposals to make our economy work for everyone, powering American economic growth while ensuring that no one is left out or left behind in the 21st Century Economy.”

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