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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 5420 Introduced in Senate (IS)]

<DOC>

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.
                                 <all>
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