Just two days after a rousing inaugural speech in which the president laid out his vision for an equal and just America where women are paid fairly, members of Congress have an opportunity to take a significant step to address the gender-based wage discrimination that has plagued our nation for decades. Passage of the Paycheck Fairness Act, which was introduced today, must be a top priority.

The wage gap is a matter of basic fairness and economic well-being for the country’s working families. America’s women are paid just 77 cents for every dollar paid to men, resulting in more than $11,000 in lost income each year. For African American women and Latinas, who are paid just 70 and 60 cents, respectively, for every dollar paid to men, the financial impact of the wage gap is even worse — and the consequences can be devastating.

According to a recent analysis by the National Partnership, eliminating the wage gap would mean that African American women would have enough money for more than two years’ worth of food or more than three years’ worth of family health insurance premiums in a year. Latinas would have enough for nearly two years of rent or an additional 5,743 gallons of gas. Losses of this magnitude are unacceptable.