I 

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. VELA ́ZQUEZ, 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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Ensuring Diverse 

5 Leadership Act of 2024’’. 


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1 SEC. 2. CONGRESSIONAL FINDINGS. 

2 The Congress finds that— 

3 (1) while significant progress has occurred due 

4 to the antidiscrimination amendments to the Federal 

5 Reserve Act, barriers continue to pose significant ob6 stacles for candidates reflective of gender diversity 

7 and racial or ethnic diversity for Federal Reserve 

8 bank president positions in the Federal Reserve Sys9 tem; 

10 (2) the continuing barriers described in para11 graph (1) merit the following amendment; 

12 (3) Congress has received and reviewed testi13 mony and documentation of the historical lack of 

14 gender, racial, and ethnic diversity from numerous 

15 sources, including congressional hearings, scientific 

16 reports, reports issued by public and private agen17 cies, news stories, and reports of related barriers by 

18 organizations and individuals, which show that race19 , ethnicity-, and gender-neutral efforts alone are in20 sufficient to address the problem; 

21 (4) the testimony and documentation described 

22 in paragraph (3) demonstrate that barriers across 

23 the United States prove problematic for full and fair 

24 participation in developing monetary policy by indi25 viduals reflective of gender diversity and racial or 

26 ethnic diversity; and 


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1 (5) the testimony and documentation described 

2 in paragraph (3) provide a strong basis that there 

3 is a compelling need for the below amendment to ad4 dress the historical lack of gender, racial, and ethnic 

5 diversity in the Federal Reserve regional bank presi6 dents selection process in the Federal Reserve Sys7 tem. 

8 SEC. 3. FEDERAL RESERVE BANK PRESIDENTS. 

9 (a) IN GENERAL.—The provision designated ‘‘fifth’’ 

10 of the fourth undesignated paragraph of section 4 of the 

11 Federal Reserve Act (12 U.S.C. 341) is amended by in12 serting after ‘‘employees.’’ the following: ‘‘In making the 

13 appointment of a president, the bank shall interview at 

14 least one individual reflective of gender diversity and one 

15 individual reflective of racial or ethnic diversity.’’. 

16 (b) REPORT.—Not later than January 1 of each year, 

17 each Federal reserve bank shall submit to the Committee 

18 on Banking, Housing, and Urban Affairs of the Senate, 

19 the Committee on Financial Services of the House of Rep20 resentatives, and the Office of Inspector General for the 

21 Board of Governors of the Federal Reserve System and 

22 the Bureau of Consumer Financial Protection a report de23 scribing the applicant pool demographic for the position 

24 of the president of the Federal reserve bank for the pre25 ceding fiscal year, if applicable. 


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1 SEC. 4. TECHNICAL ADJUSTMENTS. 

2 (a) AMERICAN COMPETITIVENESS AND WORKFORCE

3 IMPROVEMENT ACT OF 1998.—Section 418(b) of the 

4 American Competitiveness and Workforce Improvement 

5 Act of 1998 (8 U.S.C. 1184 note) is amended by striking 

6 ‘‘Chairman of the Board of Governors’’ and inserting 

7 ‘‘Chair of the Board of Governors’’. 

8 (b) BRETTON WOODS AGREEMENTS ACT.—The 

9 Bretton Woods Agreements Act (22 U.S.C. 286 et seq.) 

10 is amended— 

11 (1) in section 4(a), by striking ‘‘Chairman of 

12 the Board of Governors’’ and inserting ‘‘Chair of the 

13 Board of Governors’’; and 

14 (2) in section 45(a)(1), by striking ‘‘chairman 

15 of the board of Governors’’ and inserting ‘‘Chair of 

16 the Board of Governors’’. 

17 (c) DODD-FRANK WALL STREET REFORM AND CON18 SUMER PROTECTION ACT.—The Dodd-Frank Wall Street 

19 Reform and Consumer Protection Act (12 U.S.C. 5301 

20 et seq.) is amended by striking ‘‘Chairman of the Board’’ 

21 each place such term appears and inserting ‘‘Chair of the 

22 Board’’. 

23 (d) EMERGENCY ECONOMIC STABILIZATION ACT OF

24 2008.—The Emergency Economic Stabilization Act of 

25 2008 (12 U.S.C. 5201 et seq.) is amended by striking 


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1 ‘‘Chairman of the Board’’ each place such term appears 

2 and inserting ‘‘Chair of the Board’’. 

3 (e) EMERGENCY LOAN GUARANTEE ACT.—Section 2 

4 of the Emergency Loan Guarantee Act (15 U.S.C. 1841) 

5 is amended by striking ‘‘Chairman of the Board of Gov6 ernors’’ and inserting ‘‘Chair of the Board of Governors’’. 

7 (f) EMERGENCY STEEL LOAN GUARANTEE AND

8 EMERGENCY OIL AND GAS GUARANTEED LOAN ACT OF

9 1999.—The Emergency Steel Loan Guarantee and Emer10 gency Oil and Gas Guaranteed Loan Act of 1999 (15 

11 U.S.C. 1841 note) is amended— 

12 (1) in section 101(e)(2)— 

13 (A) by striking ‘‘Chairman of the Board of 

14 Governors’’ and inserting ‘‘Chair of the Board 

15 of Governors’’; and 

16 (B) by striking ‘‘Chairman,’’ and inserting 

17 ‘‘Chair,’’; and 

18 (2) in section 201(d)(2)(B)— 

19 (A) by striking ‘‘Chairman of the Board of 

20 Governors’’ and inserting ‘‘Chair of the Board 

21 of Governors’’; and 

22 (B) by striking ‘‘Chairman,’’ and inserting 

23 ‘‘Chair,’’. 

24 (g) FARM CREDIT ACT OF 1971.—Section 

25 4.9(d)(1)(C) of the Farm Credit Act of 1971 (12 U.S.C. 


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1 2160(d)(1)(C)) is amended by striking ‘‘Chairman of the 

2 Board of Governors’’ and inserting ‘‘Chair of the Board 

3 of Governors’’. 

4 (h) FEDERAL DEPOSIT INSURANCE ACT.—The Fed5 eral Deposit Insurance Act (12 U.S.C. 1811 et seq.) is 

6 amended— 

7 (1) in section 7(a)(3), by striking ‘‘Chairman of 

8 the Board of Governors’’ and inserting ‘‘Chair of the 

9 Board of Governors’’; and 

10 (2) in section 10(k)(5)(B)(ii), by striking 

11 ‘‘Chairman of the Board of Governors’’ and insert12 ing ‘‘Chair of the Board of Governors’’. 

13 (i) FEDERAL RESERVE ACT.—The Federal Reserve 

14 Act (12 U.S.C. 226 et seq.) is amended— 

15 (1) by striking ‘‘chairman’’ each place such 

16 term appears and inserting ‘‘chair’’; 

17 (2) by striking ‘‘Chairman’’ each place such 

18 term appears other than in section 11(r)(2)(B) and 

19 inserting ‘‘Chair’’; 

20 (3) in section 2, in the sixth undesignated para21 graph— 

22 (A) in the second sentence, by striking 

23 ‘‘his’’ and inserting ‘‘the Comptroller of the 

24 Currency’s’’; and 


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1 (B) in the third sentence, by striking ‘‘his’’ 

2 and inserting ‘‘the director’s’’; 

3 (4) in section 4— 

4 (A) in the third undesignated paragraph, 

5 by striking ‘‘his office’’ and inserting ‘‘the Of6 fice of the Comptroller of the Currency’’; 

7 (B) in the fourth undesignated paragraph, 

8 in the provision designated ‘‘fifth’’, by striking 

9 ‘‘his’’ and inserting ‘‘the person’s’’; 

10 (C) in the eighth undesignated paragraph, 

11 by striking ‘‘his’’ and inserting ‘‘the chair’s’’; 

12 (D) in the seventeenth undesignated para13 graph— 

14 (i) by striking ‘‘his’’ and inserting 

15 ‘‘the officer’s’’; and 

16 (ii) by striking ‘‘he’’ and inserting 

17 ‘‘the individual’’; 

18 (E) in the twentieth undesignated para19 graph— 

20 (i) by striking ‘‘He’’ each place such 

21 term appears and inserting ‘‘The chair’’; 

22 (ii) in the third sentence— 

23 (I) by striking ‘‘his’’ and insert24 ing ‘‘the’’; and 


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1 (II) by striking ‘‘he’’ and insert2 ing a comma; and 

3 (iii) in the fifth sentence, by striking 

4 ‘‘he’’ and inserting ‘‘the chair’’; and 

5 (F) in the twenty-first undesignated para6 graph, by striking ‘‘his’’ each place such term 

7 appears and inserting ‘‘the agent’s’’; 

8 (5) in section 6, in the second undesignated 

9 paragraph, by striking ‘‘he’’ and inserting ‘‘the 

10 Comptroller of the Currency’’; 

11 (6) in section 9A(c)(2)(C), by striking ‘‘he’’ and 

12 inserting ‘‘the participant’’; 

13 (7) in section 10— 

14 (A) by striking ‘‘he’’ each place such term 

15 appears and inserting ‘‘the member’’; 

16 (B) in the second undesignated paragraph, 

17 by striking ‘‘his’’ and inserting ‘‘the member’s’’; 

18 and 

19 (C) in the fourth undesignated para20 graph— 

21 (i) in the second sentence, by striking 

22 ‘‘his’’ and inserting ‘‘the chair’s’’; 

23 (ii) in the fifth sentence, by striking 

24 ‘‘his’’ and inserting ‘‘the member’s’’; and 


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1 (iii) in the sixth sentence, by striking 

2 ‘‘his’’ and inserting ‘‘the member’s’’; 

3 (8) in section 12, by striking ‘‘his’’ and insert4 ing ‘‘the member’s’’; 

5 (9) in section 13, in the tenth undesignated 

6 paragraph, by striking ‘‘his’’ and inserting ‘‘the 

7 assured’s’’; 

8 (10) in section 16— 

9 (A) by striking ‘‘he’’ each place such term 

10 appears and inserting ‘‘the agent’’; 

11 (B) in the seventh undesignated para12 graph— 

13 (i) by striking ‘‘his’’ and inserting 

14 ‘‘the agent’s’’; and 

15 (ii) by striking ‘‘himself’’ and insert16 ing ‘‘the agent’’; 

17 (C) in the tenth undesignated paragraph, 

18 by striking ‘‘his’’ and inserting ‘‘the Sec19 retary’s’’; and 

20 (D) in the fifteenth undesignated para21 graph, by striking ‘‘his’’ and inserting ‘‘the 

22 agent’s’’; 

23 (11) in section 18, in the eighth undesignated 

24 paragraph, by striking ‘‘he’’ and inserting ‘‘the Sec25 retary of the Treasury’’; 


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1 (12) in section 22— 

2 (A) in subsection (f), by striking ‘‘his’’ and 

3 inserting ‘‘the director’s or officer’s’’; and 

4 (B) in subsection (g)— 

5 (i) in paragraph (1)(D)— 

6 (I) by striking ‘‘him’’ and insert7 ing ‘‘the officer’’; and 

8 (II) by striking ‘‘he’’ and insert9 ing ‘‘the officer’’; and 

10 (ii) in paragraph (2)(A), by striking 

11 ‘‘him as his’’ and inserting ‘‘the officer as 

12 the officer’s’’; and 

13 (13) in section 25A— 

14 (A) in the twelfth undesignated para15 graph— 

16 (i) by striking ‘‘he’’ each place such 

17 term appears and inserting ‘‘the member’’; 

18 and 

19 (ii) by striking ‘‘his’’ and inserting 

20 ‘‘the member’s’’; 

21 (B) in the fourteenth undesignated para22 graph, by striking ‘‘his’’ and inserting ‘‘the di23 rector’s or officer’s’’; and 


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1 (C) in the twenty-second undesignated 

2 paragraph, by striking ‘‘his’’ each place such 

3 term appears and inserting ‘‘such individual’s’’. 

4 (j) FEDERAL RESERVE REFORM ACT OF 1977.—Sec5 tion 204(b) of the Federal Reserve Reform Act of 1977 

6 (12 U.S.C. 242 note) is amended by striking ‘‘Chairman 

7 or Vice Chairman of the Board of Governors’’ and insert8 ing ‘‘Chair or Vice Chair of the Board of Governors’’. 

9 (k) FINANCIAL INSTITUTIONS REFORM, RECOVERY, 

10 AND ENFORCEMENT ACT OF 1989.—The Financial Insti11 tutions Reform, Recovery, and Enforcement Act of 1989 

12 is amended— 

13 (1) in section 308 (12 U.S.C. 1463 note)— 

14 (A) in subsection (a), by striking ‘‘Chair15 man of the Board of Governors’’ and inserting 

16 ‘‘Chair of the Board of Governors’’; and 

17 (B) in subsection (c), by striking ‘‘Chair18 man of the Board of Governors’’ and inserting 

19 ‘‘Chair of the Board of Governors’’; 

20 (2) in section 1001(a) (12 U.S.C. 1811 note), 

21 by striking ‘‘Chairman of the Board of Governors’’ 

22 and inserting ‘‘Chair of the Board of Governors’’; 

23 and 

24 (3) in section 1205(b)(1)(A) (12 U.S.C. 1818 

25 note)— 


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1 (A) by striking ‘‘Chairman of the Board of 

2 Governors’’ and inserting ‘‘Chair of the Board 

3 of Governors’’; and 

4 (B) by striking ‘‘Chairman’s’’ and insert5 ing ‘‘Chair’s’’. 

6 (l) FOOD, CONSERVATION, AND ENERGY ACT OF

7 2008.—Section 13106(a) of the Food, Conservation, and 

8 Energy Act of 2008 (7 U.S.C. 2 note) is amended by strik9 ing ‘‘Chairman of the Board of Governors’’ and inserting 

10 ‘‘Chair of the Board of Governors’’. 

11 (m) HOUSING AND COMMUNITY DEVELOPMENT ACT

12 OF 1992.—Section 1313(a)(3) of the Housing and Com13 munity Development Act of 1992 (12 U.S.C. 4513(a)(3)) 

14 is amended— 

15 (1) in the heading, by striking ‘‘CHAIRMAN’’ 

16 and inserting ‘‘CHAIR’’; 

17 (2) by striking ‘‘Chairman of the Board of Gov18 ernors’’ and inserting ‘‘Chair of the Board of Gov19 ernors’’; and 

20 (3) by striking ‘‘Chairman regarding’’ and in21 serting ‘‘Chair regarding’’. 

22 (n) INTERNATIONAL LENDING SUPERVISION ACT OF

23 1983.—Section 908(b)(3)(C) of the International Lending 

24 Supervision Act of 1983 (12 U.S.C. 3907(b)(3)(C)) is 


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1 amended by striking ‘‘Chairman of the Board of Gov2 ernors’’ and inserting ‘‘Chair of the Board of Governors’’. 

3 (o) NEIGHBORHOOD REINVESTMENT CORPORATION

4 ACT.—Section 604(a)(3) of the Neighborhood Reinvest5 ment Corporation Act (42 U.S.C. 8103(a)(3)) is amended 

6 by striking ‘‘Chairman’’ each place it appears and insert7 ing ‘‘Chair’’. 

8 (p) PUBLIC LAW 93–495.—Section 202(a)(1) of 

9 Public Law 93–495 (12 U.S.C. 2402(a)(1)) is amended— 

10 (1) by striking ‘‘Chairman of the Board of Gov11 ernors’’ and inserting ‘‘Chair of the Board of Gov12 ernors’’; and 

13 (2) by striking ‘‘his’’ and inserting ‘‘the 

14 Chair’s’’. 

15 (q) SARBANES-OXLEY ACT OF 2002.—Section 

16 101(e)(4)(A) of the Sarbanes-Oxley Act of 2002 (15 

17 U.S.C. 7211(e)(4)(A)) is amended by striking ‘‘Chairman 

18 of the Board of Governors’’ and inserting ‘‘Chair of the 

19 Board of Governors’’. 

20 (r) SECURITIES EXCHANGE ACT OF 1934.—Section 

21 17A(f)(4)(C) of the Securities Exchange Act of 1934 (15 

22 U.S.C. 78q–1(f)(4)(C)) is amended by striking ‘‘Chairman 

23 of the Board of Governors’’ and inserting ‘‘Chair of the 

24 Board of Governors’’. 


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1 (s) TITLE 5.—Section 415 of title 5, United States 

2 Code, is amended by striking ‘‘Chairman of the Board of 

3 Governors’’ each place such term appears and inserting 

4 ‘‘Chair of the Board of Governors’’. 

5 (t) TITLE 31.—Title 31, United States Code, is 

6 amended— 

7 (1) in section 1344(b)(7), by striking ‘‘Chair8 man of the Board of Governors’’ and inserting 

9 ‘‘Chair of the Board of Governors’’; and 

10 (2) in section 5318A, by striking ‘‘Chairman of 

11 the Board of Governors’’ each place such term ap12 pears and inserting ‘‘Chair of the Board of Gov13 ernors’’. 

14 (u) TRADE ACT OF 1974.—Section 163(b)(3) of the 

15 Trade Act of 1974 (19 U.S.C. 2213(b)(3)) is amended by 

16 striking ‘‘Chairman of the Board of Governors’’ and in17 serting ‘‘Chair of the Board of Governors’’. 

18 (v) DEEMING OF NAME.—Any reference in a law, 

19 regulation, document, paper, or other record of the United 

20 States to the Chairman of the Board of Governors of the 

21 Federal Reserve System shall be deemed to be a reference 

22 to the Chair of the Board of Governors of the Federal 

23 Reserve System. 

Æ 


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