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[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.
                                 <all>
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