II 

116TH CONGRESS 

2D SESSION S. 4464 

To amend the Federal Reserve Act to add additional demographic reporting 

requirements, to modify the goals of the Federal Reserve System, and 

for other purposes. 

IN THE SENATE OF THE UNITED STATES 

AUGUST 6, 2020 

Ms. WARREN (for herself, Mrs. GILLIBRAND, Mr. MARKEY, Mr. SANDERS, 

Mrs. FEINSTEIN, Mr. BOOKER, Mr. VAN HOLLEN, Mr. BLUMENTHAL, 

Mr. BROWN, and Mr. REED) introduced the following bill; which was read 

twice and referred to the Committee on Banking, Housing, and Urban 

Affairs 

A BILL 

To amend the Federal Reserve Act to add additional demographic reporting requirements, to modify the goals of 

the Federal Reserve System, 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 ‘‘Federal Reserve Racial 

5 and Economic Equity Act’’. 


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•S 4464 IS

1 SEC. 2. DUTY TO MINIMIZE AND ELIMINATE RACIAL DIS2 PARITIES. 

3 The Federal Reserve Act (12 U.S.C. 221 et seq.) is 

4 amended by inserting after section 2B the following: 

5 ‘‘SEC. 2C. DUTY TO MINIMIZE AND ELIMINATE RACIAL DIS6 PARITIES. 

7 ‘‘The Board of Governors of the Federal Reserve Sys8 tem and the Federal Open Market Committee shall exer9 cise all duties and functions in a manner that fosters the 

10 elimination of disparities across racial and ethnic groups 

11 with respect to employment, income, wealth, and access 

12 to affordable credit, including actions in carrying out— 

13 ‘‘(1) monetary policy; 

14 ‘‘(2) regulation and supervision of banks, 

15 thrifts, bank holding companies, savings and loan 

16 holding companies, and nonbank financial companies 

17 and systemically important financial market utilities 

18 designated by the Financial Stability Oversight 

19 Council; 

20 ‘‘(3) operation of payment systems; 

21 ‘‘(4) implementation of the Community Rein22 vestment Act of 1977; 

23 ‘‘(5) enforcement of fair lending laws; and 

24 ‘‘(6) community development functions.’’. 


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•S 4464 IS

1 SEC. 3. APPEARANCES BEFORE AND REPORTS TO THE CON2 GRESS. 

3 Section 2B of the Federal Reserve Act (12 U.S.C. 

4 225b) is amended— 

5 (1) in subsection (a)(1)— 

6 (A) in subparagraph (A), by striking 

7 ‘‘and’’ at the end; and 

8 (B) by striking subparagraph (B) and in9 serting the following: 

10 ‘‘(B) economic developments and prospects 

11 for the future described in the report required 

12 in subsection (b), including a discussion of dis13 parities in employment, income, and wealth 

14 across racial and ethnic groups as well as other 

15 specific segments of the population; and 

16 ‘‘(C) plans, activities, and actions of the 

17 Board and the Federal Open Market Committee 

18 to minimize and eliminate racial disparities in 

19 employment, wages, wealth, and access to af20 fordable credit pursuant to section 2C.’’; and 

21 (2) in subsection (b)— 

22 (A) by striking ‘‘The Board’’ and inserting 

23 the following: 

24 ‘‘(1) IN GENERAL.—The Board’’; and 

25 (B) by adding at the end the following: 

26 ‘‘(2) TREND INFORMATION.— 


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•S 4464 IS

1 ‘‘(A) IN GENERAL.—Each report required 

2 under paragraph (1) shall include recent trends 

3 in the unemployment rate, labor force participa4 tion rate, employment to population ratio, me5 dian household income, and change in real 

6 earnings. 

7 ‘‘(B) DEMOGRAPHIC INFORMATION.—The 

8 trends required to be reported under subpara9 graph (A) shall include a comparison among 

10 different demographic groups, including race 

11 (White, African-American, Latino, Native 

12 American, and Asian populations), ethnicity, 

13 gender, and educational attainment.’’. 

Æ 


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