[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7247 Introduced in House (IH)]
<DOC>
118th CONGRESS
2d Session
H. R. 7247
To amend the Federal Reserve Act to require Federal Reserve banks to
interview at least one individual reflective of gender diversity and
one individual reflective of racial or ethnic diversity when appointing
Federal Reserve bank presidents, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 6, 2024
Mrs. Beatty (for herself, Ms. Adams, Mr. Bishop of Georgia, Mr. Carson,
Mr. Cleaver, Mr. Evans, Mrs. Hayes, Mr. Johnson of Georgia, Ms. Kelly
of Illinois, Ms. Lee of California, Mr. Meeks, Ms. Moore of Wisconsin,
Ms. Norton, Mr. Thompson of Mississippi, Mr. Torres of New York, Mr.
Veasey, Ms. Velazquez, and Ms. Williams of Georgia) introduced the
following bill; which was referred to the Committee on Financial
Services
_______________________________________________________________________
A BILL
To amend the Federal Reserve Act to require Federal Reserve banks to
interview at least one individual reflective of gender diversity and
one individual reflective of racial or ethnic diversity when appointing
Federal Reserve bank presidents, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Ensuring Diverse Leadership Act of
2024''.
SEC. 2. CONGRESSIONAL FINDINGS.
The Congress finds that--
(1) while significant progress has occurred due to the
antidiscrimination amendments to the Federal Reserve Act,
barriers continue to pose significant obstacles for candidates
reflective of gender diversity and racial or ethnic diversity
for Federal Reserve bank president positions in the Federal
Reserve System;
(2) the continuing barriers described in paragraph (1)
merit the following amendment;
(3) Congress has received and reviewed testimony and
documentation of the historical lack of gender, racial, and
ethnic diversity from numerous sources, including congressional
hearings, scientific reports, reports issued by public and
private agencies, news stories, and reports of related barriers
by organizations and individuals, which show that race-,
ethnicity-, and gender-neutral efforts alone are insufficient
to address the problem;
(4) the testimony and documentation described in paragraph
(3) demonstrate that barriers across the United States prove
problematic for full and fair participation in developing
monetary policy by individuals reflective of gender diversity
and racial or ethnic diversity; and
(5) the testimony and documentation described in paragraph
(3) provide a strong basis that there is a compelling need for
the below amendment to address the historical lack of gender,
racial, and ethnic diversity in the Federal Reserve regional
bank presidents selection process in the Federal Reserve
System.
SEC. 3. FEDERAL RESERVE BANK PRESIDENTS.
(a) In General.--The provision designated ``fifth'' of the fourth
undesignated paragraph of section 4 of the Federal Reserve Act (12
U.S.C. 341) is amended by inserting after ``employees.'' the following:
``In making the appointment of a president, the bank shall interview at
least one individual reflective of gender diversity and one individual
reflective of racial or ethnic diversity.''.
(b) Report.--Not later than January 1 of each year, each Federal
reserve bank shall submit to the Committee on Banking, Housing, and
Urban Affairs of the Senate, the Committee on Financial Services of the
House of Representatives, and the Office of Inspector General for the
Board of Governors of the Federal Reserve System and the Bureau of
Consumer Financial Protection a report describing the applicant pool
demographic for the position of the president of the Federal reserve
bank for the preceding fiscal year, if applicable.
SEC. 4. TECHNICAL ADJUSTMENTS.
(a) American Competitiveness and Workforce Improvement Act of
1998.--Section 418(b) of the American Competitiveness and Workforce
Improvement Act of 1998 (8 U.S.C. 1184 note) is amended by striking
``Chairman of the Board of Governors'' and inserting ``Chair of the
Board of Governors''.
(b) Bretton Woods Agreements Act.--The Bretton Woods Agreements Act
(22 U.S.C. 286 et seq.) is amended--
(1) in section 4(a), by striking ``Chairman of the Board of
Governors'' and inserting ``Chair of the Board of Governors'';
and
(2) in section 45(a)(1), by striking ``chairman of the
board of Governors'' and inserting ``Chair of the Board of
Governors''.
(c) Dodd-Frank Wall Street Reform and Consumer Protection Act.--The
Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C.
5301 et seq.) is amended by striking ``Chairman of the Board'' each
place such term appears and inserting ``Chair of the Board''.
(d) Emergency Economic Stabilization Act of 2008.--The Emergency
Economic Stabilization Act of 2008 (12 U.S.C. 5201 et seq.) is amended
by striking ``Chairman of the Board'' each place such term appears and
inserting ``Chair of the Board''.
(e) Emergency Loan Guarantee Act.--Section 2 of the Emergency Loan
Guarantee Act (15 U.S.C. 1841) is amended by striking ``Chairman of the
Board of Governors'' and inserting ``Chair of the Board of Governors''.
(f) Emergency Steel Loan Guarantee and Emergency Oil and Gas
Guaranteed Loan Act of 1999.--The Emergency Steel Loan Guarantee and
Emergency Oil and Gas Guaranteed Loan Act of 1999 (15 U.S.C. 1841 note)
is amended--
(1) in section 101(e)(2)--
(A) by striking ``Chairman of the Board of
Governors'' and inserting ``Chair of the Board of
Governors''; and
(B) by striking ``Chairman,'' and inserting
``Chair,''; and
(2) in section 201(d)(2)(B)--
(A) by striking ``Chairman of the Board of
Governors'' and inserting ``Chair of the Board of
Governors''; and
(B) by striking ``Chairman,'' and inserting
``Chair,''.
(g) Farm Credit Act of 1971.--Section 4.9(d)(1)(C) of the Farm
Credit Act of 1971 (12 U.S.C. 2160(d)(1)(C)) is amended by striking
``Chairman of the Board of Governors'' and inserting ``Chair of the
Board of Governors''.
(h) Federal Deposit Insurance Act.--The Federal Deposit Insurance
Act (12 U.S.C. 1811 et seq.) is amended--
(1) in section 7(a)(3), by striking ``Chairman of the Board
of Governors'' and inserting ``Chair of the Board of
Governors''; and
(2) in section 10(k)(5)(B)(ii), by striking ``Chairman of
the Board of Governors'' and inserting ``Chair of the Board of
Governors''.
(i) Federal Reserve Act.--The Federal Reserve Act (12 U.S.C. 226 et
seq.) is amended--
(1) by striking ``chairman'' each place such term appears
and inserting ``chair'';
(2) by striking ``Chairman'' each place such term appears
other than in section 11(r)(2)(B) and inserting ``Chair'';
(3) in section 2, in the sixth undesignated paragraph--
(A) in the second sentence, by striking ``his'' and
inserting ``the Comptroller of the Currency's''; and
(B) in the third sentence, by striking ``his'' and
inserting ``the director's'';
(4) in section 4--
(A) in the third undesignated paragraph, by
striking ``his office'' and inserting ``the Office of
the Comptroller of the Currency'';
(B) in the fourth undesignated paragraph, in the
provision designated ``fifth'', by striking ``his'' and
inserting ``the person's'';
(C) in the eighth undesignated paragraph, by
striking ``his'' and inserting ``the chair's'';
(D) in the seventeenth undesignated paragraph--
(i) by striking ``his'' and inserting ``the
officer's''; and
(ii) by striking ``he'' and inserting ``the
individual'';
(E) in the twentieth undesignated paragraph--
(i) by striking ``He'' each place such term
appears and inserting ``The chair'';
(ii) in the third sentence--
(I) by striking ``his'' and
inserting ``the''; and
(II) by striking ``he'' and
inserting a comma; and
(iii) in the fifth sentence, by striking
``he'' and inserting ``the chair''; and
(F) in the twenty-first undesignated paragraph, by
striking ``his'' each place such term appears and
inserting ``the agent's'';
(5) in section 6, in the second undesignated paragraph, by
striking ``he'' and inserting ``the Comptroller of the
Currency'';
(6) in section 9A(c)(2)(C), by striking ``he'' and
inserting ``the participant'';
(7) in section 10--
(A) by striking ``he'' each place such term appears
and inserting ``the member'';
(B) in the second undesignated paragraph, by
striking ``his'' and inserting ``the member's''; and
(C) in the fourth undesignated paragraph--
(i) in the second sentence, by striking
``his'' and inserting ``the chair's'';
(ii) in the fifth sentence, by striking
``his'' and inserting ``the member's''; and
(iii) in the sixth sentence, by striking
``his'' and inserting ``the member's'';
(8) in section 12, by striking ``his'' and inserting ``the
member's'';
(9) in section 13, in the tenth undesignated paragraph, by
striking ``his'' and inserting ``the assured's'';
(10) in section 16--
(A) by striking ``he'' each place such term appears
and inserting ``the agent'';
(B) in the seventh undesignated paragraph--
(i) by striking ``his'' and inserting ``the
agent's''; and
(ii) by striking ``himself'' and inserting
``the agent'';
(C) in the tenth undesignated paragraph, by
striking ``his'' and inserting ``the Secretary's''; and
(D) in the fifteenth undesignated paragraph, by
striking ``his'' and inserting ``the agent's'';
(11) in section 18, in the eighth undesignated paragraph,
by striking ``he'' and inserting ``the Secretary of the
Treasury'';
(12) in section 22--
(A) in subsection (f), by striking ``his'' and
inserting ``the director's or officer's''; and
(B) in subsection (g)--
(i) in paragraph (1)(D)--
(I) by striking ``him'' and
inserting ``the officer''; and
(II) by striking ``he'' and
inserting ``the officer''; and
(ii) in paragraph (2)(A), by striking ``him
as his'' and inserting ``the officer as the
officer's''; and
(13) in section 25A--
(A) in the twelfth undesignated paragraph--
(i) by striking ``he'' each place such term
appears and inserting ``the member''; and
(ii) by striking ``his'' and inserting
``the member's'';
(B) in the fourteenth undesignated paragraph, by
striking ``his'' and inserting ``the director's or
officer's''; and
(C) in the twenty-second undesignated paragraph, by
striking ``his'' each place such term appears and
inserting ``such individual's''.
(j) Federal Reserve Reform Act of 1977.--Section 204(b) of the
Federal Reserve Reform Act of 1977 (12 U.S.C. 242 note) is amended by
striking ``Chairman or Vice Chairman of the Board of Governors'' and
inserting ``Chair or Vice Chair of the Board of Governors''.
(k) Financial Institutions Reform, Recovery, and Enforcement Act of
1989.--The Financial Institutions Reform, Recovery, and Enforcement Act
of 1989 is amended--
(1) in section 308 (12 U.S.C. 1463 note)--
(A) in subsection (a), by striking ``Chairman of
the Board of Governors'' and inserting ``Chair of the
Board of Governors''; and
(B) in subsection (c), by striking ``Chairman of
the Board of Governors'' and inserting ``Chair of the
Board of Governors'';
(2) in section 1001(a) (12 U.S.C. 1811 note), by striking
``Chairman of the Board of Governors'' and inserting ``Chair of
the Board of Governors''; and
(3) in section 1205(b)(1)(A) (12 U.S.C. 1818 note)--
(A) by striking ``Chairman of the Board of
Governors'' and inserting ``Chair of the Board of
Governors''; and
(B) by striking ``Chairman's'' and inserting
``Chair's''.
(l) Food, Conservation, and Energy Act of 2008.--Section 13106(a)
of the Food, Conservation, and Energy Act of 2008 (7 U.S.C. 2 note) is
amended by striking ``Chairman of the Board of Governors'' and
inserting ``Chair of the Board of Governors''.
(m) Housing and Community Development Act of 1992.--Section
1313(a)(3) of the Housing and Community Development Act of 1992 (12
U.S.C. 4513(a)(3)) is amended--
(1) in the heading, by striking ``chairman'' and inserting
``chair'';
(2) by striking ``Chairman of the Board of Governors'' and
inserting ``Chair of the Board of Governors''; and
(3) by striking ``Chairman regarding'' and inserting
``Chair regarding''.
(n) International Lending Supervision Act of 1983.--Section
908(b)(3)(C) of the International Lending Supervision Act of 1983 (12
U.S.C. 3907(b)(3)(C)) is amended by striking ``Chairman of the Board of
Governors'' and inserting ``Chair of the Board of Governors''.
(o) Neighborhood Reinvestment Corporation Act.--Section 604(a)(3)
of the Neighborhood Reinvestment Corporation Act (42 U.S.C. 8103(a)(3))
is amended by striking ``Chairman'' each place it appears and inserting
``Chair''.
(p) Public Law 93-495.--Section 202(a)(1) of Public Law 93-495 (12
U.S.C. 2402(a)(1)) is amended--
(1) by striking ``Chairman of the Board of Governors'' and
inserting ``Chair of the Board of Governors''; and
(2) by striking ``his'' and inserting ``the Chair's''.
(q) Sarbanes-Oxley Act of 2002.--Section 101(e)(4)(A) of the
Sarbanes-Oxley Act of 2002 (15 U.S.C. 7211(e)(4)(A)) is amended by
striking ``Chairman of the Board of Governors'' and inserting ``Chair
of the Board of Governors''.
(r) Securities Exchange Act of 1934.--Section 17A(f)(4)(C) of the
Securities Exchange Act of 1934 (15 U.S.C. 78q-1(f)(4)(C)) is amended
by striking ``Chairman of the Board of Governors'' and inserting
``Chair of the Board of Governors''.
(s) Title 5.--Section 415 of title 5, United States Code, is
amended by striking ``Chairman of the Board of Governors'' each place
such term appears and inserting ``Chair of the Board of Governors''.
(t) Title 31.--Title 31, United States Code, is amended--
(1) in section 1344(b)(7), by striking ``Chairman of the
Board of Governors'' and inserting ``Chair of the Board of
Governors''; and
(2) in section 5318A, by striking ``Chairman of the Board
of Governors'' each place such term appears and inserting
``Chair of the Board of Governors''.
(u) Trade Act of 1974.--Section 163(b)(3) of the Trade Act of 1974
(19 U.S.C. 2213(b)(3)) is amended by striking ``Chairman of the Board
of Governors'' and inserting ``Chair of the Board of Governors''.
(v) Deeming of Name.--Any reference in a law, regulation, document,
paper, or other record of the United States to the Chairman of the
Board of Governors of the Federal Reserve System shall be deemed to be
a reference to the Chair of the Board of Governors of the Federal
Reserve System.
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