 Here's a picture of one of the most important buildings in Washington, D.C. Although it's not on any Washington tour, it's called the Federal Reserve. And here's a picture of the most important economic official in government. Her name is Jana Yellen, and she chairs the Federal Reserve Board's Open Market Committee. Ever hear of this committee? You should know it's members. Here they are. They have a big say in whether you have a job and what happens to your pay. That's because they essentially decide how high interest rates are going to be. Here's the way it works. The lower the rate, the easier it is to borrow. The easier it is to borrow, the more active the economy becomes. That's because when interest rates are low, we're paying less to the banks and more for the things we need, which increases demand. That, in turn, increases demand for labor, which leads to more jobs. Lots of jobs and employers have to pay higher wages and offer better working conditions to attract the workers they need. And this is good for everyone, especially those at the bottom end of the jobs and wage ladder. In the late 1990s, when the economy was moving at a fast clip, unemployment got down to 4%, and even people at the bottom got a raise. On the other hand, when the Fed raises rates, borrowing becomes harder and more costly. We're spending more on our debts and less on the things we need. So fewer jobs are created and there's little or no pressure to raise wages. Now, if this were the whole story, the Fed would obviously keep interest rates at or near zero, where they've been since the Great Recession. But the Fed is also supposed to prevent inflation. The price increases that get out of control. When too much demand chases too few products. That's what the Fed weighs, whether to push for more jobs and higher wages or whether to prevent inflation, regardless of the cost to working families. This committee is going to be making that decision pretty soon. And some members are worried about inflation, so they're pushing to raise rates. But this would be a big mistake for three big reasons. First, unemployment remains high. When you consider the millions of Americans who are still working part-time, they'd rather be working full-time. And the millions of others who have stopped looking for work altogether because they haven't found any for years. These people aren't even counted as unemployed. The percent of working-age Americans who have jobs is just about the lowest it's been in 35 years. If the Fed raises rates now, all this would get worse. Second, wages are still stuck in the mud. Median household income is 6% below what it was before the Great Recession. If the Fed raises rates, there's no chance for most people of getting a wage increase. These trends hurt people of color and women the most. In 2014, the unemployment rate for blacks was 11.3%, more than double white unemployment. And of course, women continue to make less than men for doing the same work. When the economy is booming and employers are looking to hire more workers, it's harder for them to discriminate against black people and women. So those racial and gender gaps have the chance to shrink. But if the Fed raises rates, it's allowing these disparities to get worse. Third, there's no sign of inflation anywhere. Overall prices are tame. And whether or not, as with airlines and internet services, it's because companies don't have enough competition and can raise prices without fear that consumers will go elsewhere, not because demand is getting out of control. Besides, inflation isn't like a genie that gets out of a bottle. If and when inflation breaks out, it can be contained by raising interest rates then. Some members of the Fed's Open Market Committee nonetheless worry that wages will soon show signs of increasing. And they see this as an early warning of inflation. But they're wrong. Wage increases are good. Wage stagnation has been a central problem of the economy for years. As long as markets are competitive, wage increases don't automatically lead to price increases. Add these up and it's a no-brainer. The Fed should keep interest rates low. The Fed's Open Market Committee must make jobs and wages its priority. And understand both are still feeble. More jobs and better wages are more important than theoretical worries about accelerating inflation. You can do something about this. Click on the link to sign the petition. So the Fed hears from everyday people like you.