IB 

Union Calendar No. 162 

117TH CONGRESS 

2D SESSION H. R. 2543 

[Report No. 117–228] 

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 HOUSE OF REPRESENTATIVES 

APRIL 14, 2021 

Ms. WATERS (for herself, Mr. GARCI ́A of Illinois, and Mrs. BEATTY) introduced the following bill; which was referred to the Committee on Financial Services 

JANUARY 20, 2022 

Additional sponsors: Mrs. CAROLYN B. MALONEY of New York, Mr. 

SHERMAN, and Ms. WILLIAMS of Georgia 

JANUARY 20, 2022 

Reported with an amendment, committed to the Committee of the Whole 

House on the State of the Union, and ordered to be printed 

[Strike out all after the enacting clause and insert the part printed in italic] 

[For text of introduced bill, see copy of bill as introduced on April 14, 2021] 


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•HR 2543 RH

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. 


kjohnson on DSK79L0C42PROD with BILLS
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•HR 2543 RH

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’’. 

6 SEC. 2. DUTY TO MINIMIZE AND ELIMINATE RACIAL DIS7 PARITIES. 

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

9 amended by inserting after section 2B the following: 

10 ‘‘SEC. 2C. DUTY TO MINIMIZE AND ELIMINATE RACIAL DIS11 PARITIES. 

12 ‘‘The Board of Governors of the Federal Reserve Sys13 tem and the Federal Open Market Committee shall exercise 

14 all duties and functions in a manner that fosters the elimi15 nation of disparities across racial and ethnic groups with 

16 respect to employment, income, wealth, and access to afford17 able credit, including actions in carrying out— 

18 ‘‘(1) monetary policy; 

19 ‘‘(2) regulation and supervision of banks, thrifts, 

20 bank holding companies, savings and loan holding 

21 companies, and nonbank financial companies and 

22 systemically important financial market utilities des23 ignated by the Financial Stability Oversight Council; 

24 ‘‘(3) operation of payment systems; 


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•HR 2543 RH

1 ‘‘(4) implementation of the Community Rein2 vestment Act of 1977; 

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

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

5 SEC. 3. APPEARANCES BEFORE AND REPORTS TO THE CON6 GRESS. 

7 Section 2B of the Federal Reserve Act (12 U.S.C. 225b) 

8 is amended— 

9 (1) in subsection (a)(1)— 

10 (A) in subparagraph (A), by striking ‘‘and’’ 

11 at the end; and 

12 (B) by striking subparagraph (B) and in13 serting the following: 

14 ‘‘(B) economic developments and prospects 

15 for the future described in the report required in 

16 subsection (b), including a discussion of dispari17 ties in employment, income, and wealth across 

18 racial and ethnic groups as well as other specific 

19 segments of the population; and 

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

21 Board and the Federal Open Market Committee 

22 to minimize and eliminate disparities across ra23 cial and ethnic groups with respect to employ24 ment, wages, wealth, and access to affordable 

25 credit pursuant to section 2C.’’; and 


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•HR 2543 RH

1 (2) in subsection (b)— 

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

3 the following: 

4 ‘‘(1) IN GENERAL.—The Board’’; and 

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

6 ‘‘(2) TREND INFORMATION.— 

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

8 under paragraph (1) shall include recent trends 

9 in the unemployment rate, labor force participa10 tion rate, employment to population ratio, me11 dian household income, and change in real earn12 ings. 

13 ‘‘(B) DEMOGRAPHIC INFORMATION.—The 

14 trends required to be reported under subpara15 graph (A) shall include a comparison among dif16 ferent demographic groups, including race 

17 (White, African-American, Latino, Native Amer18 ican, and Asian populations), ethnicity, gender, 

19 and educational attainment.’’. 


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Union Calendar No. 162 

117TH CONGRESS 

2D SESSION H. R. 2543 

[Report No. 117–228] 

A BILL 

To amend the Federal Reserve Act to add addiand for other purposes. modify the goals of the Federal Reserve System, tional demographic reporting requirements, to 

JANUARY 20, 2022 

Reported with an amendment, committed to the Comand ordered to be printed mittee of the Whole House on the State of the Union, 


kjohnson on DSK79L0C42PROD with BILLS