[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 5420 Introduced in Senate (IS)]
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118th CONGRESS
2d Session
S. 5420
To amend the Congressional Budget and Impoundment Control Act of 1974
by requiring a distribution analysis of a bill or resolution under
certain circumstances, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
December 4, 2024
Ms. Warren introduced the following bill; which was read twice and
referred to the Committee on the Budget
_______________________________________________________________________
A BILL
To amend the Congressional Budget and Impoundment Control Act of 1974
by requiring a distribution analysis of a bill or resolution under
certain circumstances, 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 ``Fiscal Analysis by Income and Race
Scoring Act'' or the ``FAIR Act''.
SEC. 2. FINDINGS.
Congress finds the following:
(1) Wealth inequality is steadily rising in the United
States, and, as the disparities between the richest Americans
and the poorest Americans widen, White Americans have grown
disproportionately wealthier, while the median wealth of Black
Americans has stagnated.
(2) In 1968, and with the amounts adjusted for inflation,
the median middle-class Black household had $6,674 in wealth,
while the median middle-class White household had $70,786 in
wealth, and in 2016, the median middle-class Black household
had $13,024 in wealth compared to $149,703 for the median White
household.
(3) As of 2019, the typical White family has 8 times the
wealth of the typical Black family and 5 times the wealth of
the typical Hispanic family.
(4) As of 2019, White families have the highest level of
both median and mean wealth at $188,200 and $983,400,
respectively, while Black and Hispanic families have
considerably less wealth than White families, with Black
families having a median and mean wealth of less than 15
percent of the median and mean wealth of White families, at
$24,100 and $142,500, respectively, and Hispanic families
having a median and mean wealth of $36,100 and $165,500,
respectively.
(5) In 2023, the median annual income for households led by
Asian Americans was $112,200, compared with $89,050 for non-
Hispanic White-led households, $56,490 for Black-led
households, and $65,540 for Hispanic-led households.
(6) As of the second quarter of 2024, the median usual
weekly earnings for full-time wage and salary workers for White
workers were roughly 24 percent more than for Black workers and
roughly 29 percent more than for Hispanic workers.
(7) As of the second quarter of 2024, women earned roughly
81 cents for every dollar paid to men, as measured by median
usual weekly earnings for full time wage and salary workers,
and for every dollar paid to White men, Black women earned
roughly 71 cents, and Hispanic women earned roughly 65 cents.
(8) Different groups within the Asian American and Pacific
Islander community have unique experiences with economic
discrimination. For example, between 2015 and 2019, Hmong women
earned 60 cents for every dollar paid to White men.
(9) Disparities in wealth between genders are even more
stark. As of 2022, the median net worth for female-led
households was $58,080, whereas male-led households had a
median net worth of $82,200, and a study from 2013 showed that
single Black women and single Hispanic women had a median
wealth averaging less than a penny for every dollar of wealth
owned by single White non-Hispanic men.
(10) Informed and well-designed policies are needed to curb
the growing inequality between Americans of different races and
income levels, and in order to meet this need, Congress needs
access to standardized, reliable information about the
socioeconomic consequences of the legislation it enacts.
SEC. 3. DISTRIBUTION ANALYSIS BY INCOME AND RACE.
(a) CBO Estimates.--Section 402 of the Congressional Budget and
Impoundment Control Act of 1974 (2 U.S.C. 653) is amended--
(1) in paragraph (2), by striking ``and'' at the end;
(2) in paragraph (3), by striking the period at the end and
inserting ``; and'';
(3) by inserting after paragraph (3), and before the flush
text, the following:
``(4) for a bill or joint resolution that has a gross
budgetary effect of at least 0.1 percent of the gross domestic
product of the United States in any fiscal year within the
budget window--
``(A) a distribution analysis by income showing the
transfers that would result in dollars and as a percent
change in after-tax-and-transfer income for as many
years in the budget as is necessary to illustrate the
anticipated effects; and
``(B) a distribution analysis by race showing the
transfers that would result in dollars and as a percent
change in after-tax-and-transfer income for as many
years in the budget as is necessary to illustrate the
anticipated effects.''; and
(4) in the flush text following paragraph (4), as added by
paragraph (3) of this subsection, by striking ``and
description'' and inserting ``description, and analyses''.
(b) JCT Estimates.--Section 201(f) of the Congressional Budget and
Impoundment Control Act of 1974 (2 U.S.C. 601(f)) is amended--
(1) by inserting ``and distribution analyses'' after
``revenue estimates'' each place the term appears; and
(2) in the last sentence, by striking ``The Budget
Committees of the Senate and the House'' and inserting ``The
Committee on the Budget of the Senate and the Committee on the
Budget of the House of Representatives''.
SEC. 4. REPORT ON DISTRIBUTION ANALYSIS BY GENDER.
Not later than 1 year after the date of enactment of this Act, the
Director of the Congressional Budget Office shall--
(1) prepare a report describing methods appropriate for
conducting distribution analyses by gender for major
legislation, including strengths and weaknesses of different
approaches; and
(2) submit such report to the chairs and ranking members of
the Committee on Finance of the Senate and the Committee on
Ways and Means of the House of Representatives.
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