I 

115TH CONGRESS 

1ST SESSION H. R. 485 

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 

JANUARY 12, 2017 

Mrs. BEATTY (for herself, Ms. MAXINE WATERS of California, Mr. CONYERS, 

Mr. DAVID SCOTT of Georgia, and Mr. ELLISON) 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 2017’’. 

6 SEC. 2. CONGRESSIONAL FINDINGS. 

7 The Congress finds that— 


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1 (1) while significant progress has occurred due 

2 to the antidiscrimination amendments to the Federal 

3 Reserve Act, barriers continue to pose significant ob4 stacles for candidates reflective of gender diversity 

5 and racial or ethnic diversity for Federal Reserve 

6 bank president positions in the Federal Reserve Sys7 tem; 

8 (2) the continuing barriers described in para9 graph (1) merit the following amendment; 

10 (3) Congress has received and reviewed testi11 mony and documentation of the historical lack of 

12 gender, racial, and ethnic diversity from numerous 

13 sources, including congressional hearings, scientific 

14 reports, reports issued by public and private agen15 cies, news stories, and reports of related barriers by 

16 organizations and individuals, which show that 

17 race-, ethnicity-, and gender-neutral efforts alone 

18 are insufficient to address the problem; 

19 (4) the testimony and documentation described 

20 in paragraph (3) demonstrate that barriers across 

21 the United States prove problematic for full and fair 

22 participation in developing monetary policy by indi23 viduals reflective of gender diversity and racial or 

24 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 The provision designated ‘‘fifth’’ of the fourth undes10 ignated paragraph of section 4 of the Federal Reserve Act 

11 (12 U.S.C. 341) is amended by inserting after ‘‘employ12 ees.’’ the following: ‘‘In making the appointment of a 

13 president, the bank shall interview at least one individual 

14 reflective of gender diversity and one individual reflective 

15 of racial or ethnic diversity.’’. 

16 SEC. 4. TECHNICAL ADJUSTMENTS. 

17 (a) AMERICAN COMPETITIVENESS AND WORKFORCE

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

19 American Competitiveness and Workforce Improvement 

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

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

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

23 (b) BRETTON WOODS AGREEMENTS ACT.—The 

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

25 is amended— 


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

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

3 Board of Governors’’; and 

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

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

6 the Board of Governors’’. 

7 (c) DODD-FRANK WALL STREET REFORM AND CON8 SUMER PROTECTION ACT.—The Dodd-Frank Wall Street 

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

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

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

12 Board’’. 

13 (d) EMERGENCY ECONOMIC STABILIZATION ACT OF

14 2008.—The Emergency Economic Stabilization Act of 

15 2008 (12 U.S.C. 5201 et seq.) is amended by striking 

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

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

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

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

20 is amended by striking ‘‘Chairman of the Board of Gov21 ernors’’ and inserting ‘‘Chair of the Board of Governors’’. 

22 (f) EMERGENCY STEEL LOAN GUARANTEE AND

23 EMERGENCY OIL AND GAS ACT OF 1999.—The Emer24 gency Steel Loan Guarantee and Emergency Oil and Gas 

25 Act of 1999 (15 U.S.C. 1841 note) is amended— 


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1 (1) in section 101(e)(2)— 

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

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

4 of Governors’’; and 

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

6 ‘‘Chair,’’; and 

7 (2) in section 201(d)(2)(B)— 

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

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

10 of Governors’’; and 

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

12 ‘‘Chair,’’. 

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

14 4.9(d)(1)(C) of the Farm Credit Act of 1971 (12 U.S.C. 

15 2160(d)(1)(C)) is amended by striking ‘‘Chairman of the 

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

17 of Governors’’. 

18 (h) FEDERAL DEPOSIT INSURANCE ACT.—The Fed19 eral Deposit Insurance Act (12 U.S.C. 1811 et seq.) is 

20 amended by striking ‘‘Chairman of the Board of Gov21 ernors’’ each place such term appears and inserting 

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

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

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


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

2 term appears and inserting ‘‘chair’’; 

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

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

5 inserting ‘‘Chair’’; 

6 (3) in section 2, in the sixth undesignated para7 graph— 

8 (A) in the second sentence, by striking 

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

10 Currency’s’’; and 

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

12 and inserting ‘‘the director’s’’; 

13 (4) in section 4— 

14 (A) in the third undesignated paragraph, 

15 by striking ‘‘his office’’ and inserting ‘‘the Of16 fice of the Comptroller of the Currency’’; 

17 (B) in the fourth undesignated paragraph, 

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

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

20 (C) in the eighth undesignated paragraph, 

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

22 (D) in the seventeenth undesignated para23 graph— 

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

25 ‘‘the officer’s’’; and 


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

2 ‘‘the individual’’; 

3 (E) in the twentieth undesignated para4 graph— 

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

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

7 (ii) in the third sentence— 

8 (I) by striking ‘‘his’’ and insert9 ing ‘‘the’’; and 

10 (II) by striking ‘‘he’’ and insert11 ing a comma; and 

12 (iii) in the fifth sentence, by striking 

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

14 (F) in the twenty-first undesignated para15 graph, by striking ‘‘his’’ each place such term 

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

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

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

19 Comptroller of the Currency’’; 

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

21 inserting ‘‘the participant’’; 

22 (7) in section 10— 

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

24 appears and inserting ‘‘the member’’; 


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1 (B) in the second undesignated paragraph. 

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

3 and 

4 (C) in the fourth undesignated para5 graph— 

6 (i) in the second sentence, by striking 

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

8 (ii) in the fifth sentence, by striking 

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

10 (iii) in the sixth sentence, by striking 

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

12 (8) in section 12, by striking ‘‘his’’ and insert13 ing ‘‘the member’s’’; 

14 (9) in section 13, in the eleventh undesignated 

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

16 assured’s’’; 

17 (10) in section 16— 

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

19 appears and inserting ‘‘the agent’’; 

20 (B) in the seventh undesignated para21 graph— 

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

23 ‘‘the agent’s’’; and 

24 (ii) by striking ‘‘himself’’ and insert25 ing ‘‘the agent’’; 


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1 (C) in the tenth undesignated paragraph, 

2 by striking ‘‘his’’ and inserting ‘‘the Sec3 retary’s’’; and 

4 (D) in the fifteenth undesignated para5 graph, by striking ‘‘his’’ and inserting ‘‘the 

6 agent’s’’; 

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

8 paragraph, by striking ‘‘he’’ and inserting ‘‘the Sec9 retary of the Treasury’’; 

10 (12) in section 22— 

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

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

13 (B) in subsection (g)— 

14 (i) in paragraph (1)(D)— 

15 (I) by striking ‘‘him’’ and insert16 ing ‘‘the officer’’; and 

17 (II) by striking ‘‘he’’ and insert18 ing ‘‘the officer’’; and 

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

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

21 the officer’s’’; and 

22 (13) in section 25A— 

23 (A) in the twelfth undesignated para24 graph— 


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

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

3 and 

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

5 ‘‘the member’s’’; 

6 (B) in the fourteenth undesignated para7 graph, by striking ‘‘his’’ and inserting ‘‘the di8 rector’s or officer’s’’; and 

9 (C) in the twenty-second undesignated 

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

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

12 (j) FEDERAL RESERVE REFORM ACT OF 1977.—Sec13 tion 204(b) of the Federal Reserve Reform Act of 1977 

14 (12 U.S.C. 242 note) is amended by striking ‘‘Chairman 

15 or Vice Chairman of the Board of Governors’’ and insert16 ing ‘‘Chair or Vice Chair of the Board of Governors’’. 

17 (k) FINANCIAL INSTITUTIONS REFORM, RECOVERY, 

18 AND ENFORCEMENT ACT OF 1989.—The Financial Insti19 tutions Reform, Recovery, and Enforcement Act of 1989 

20 is amended— 

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

22 (A) in subsection (a), by striking ‘‘Chair23 man of the Board of Governors’’ and inserting 

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


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1 (B) in subsection (c), by striking ‘‘Chair2 man of the Board of Governors’’ and inserting 

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

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

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

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

7 and 

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

9 note)— 

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

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

12 of Governors’’; and 

13 (B) by striking ‘‘Chairman’s’’ and insert14 ing ‘‘Chair’s’’. 

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

16 2008.—Section 13106(a) of the Food, Conservation, and 

17 Energy Act of 2008 (7 U.S.C. 2 note) is amended by strik18 ing ‘‘Chairman of the Board of Governors’’ and inserting 

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

20 (m) HOUSING AND COMMUNITY DEVELOPMENT ACT

21 OF 1992.—Section 1313(a)(3) of the Housing and Com22 munity Development Act of 1992 (12 U.S.C. 4513(a)(3)) 

23 is amended— 

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

25 and inserting ‘‘CHAIR’’; 


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1 (2) by striking ‘‘Chairman of the Board of Gov2 ernors’’ each place such term appears and inserting 

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

4 (3) by striking ‘‘Chairman regarding’’ and in5 serting ‘‘Chair regarding’’. 

6 (n) INSPECTOR GENERAL ACT OF 1978.—Section 8G 

7 of the Inspector General Act of 1978 is amended by strik8 ing ‘‘Chairman of the Board of Governors’’ each place 

9 such term appears and inserting ‘‘Chair of the Board of 

10 Governors’’. 

11 (o) INTERNATIONAL LENDING SUPERVISION ACT OF

12 1983.—Section 908(b)(3)(C) of the International Lending 

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

14 amended by striking ‘‘Chairman of the Board of Gov15 ernors’’ and inserting ‘‘Chair of the Board of Governors’’. 

16 (p) NEIGHBORHOOD REINVESTMENT CORPORATION

17 ACT.—Section 604(a)(3) of the Neighborhood Reinvest18 ment Corporation Act (42 U.S.C. 8103(a)(3)) is amended 

19 by striking ‘‘Chairman’’ each place it appears and insert20 ing ‘‘Chair’’. 

21 (q) PUBLIC LAW 93–495.—Section 202(a)(1) of Pub22 lic Law 93–495 (12 U.S.C. 2402(a)(1)) is amended— 

23 (1) by striking ‘‘Chairman of the Board of Gov24 ernors’’ and inserting ‘‘Chair of the Board of Gov25 ernors’’; and 


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

2 Chair’s’’. 

3 (r) SARBANES-OXLEY ACT OF 2002.—Section 

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

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

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

7 Board of Governors’’. 

8 (s) SECURITIES EXCHANGE ACT OF 1934.—Section 

9 17A(f)(4)(C) of the Securities Exchange Act of 1934 (15 

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

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

12 Board of Governors’’. 

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

14 amended— 

15 (1) in section 1344(b)(7), by striking ‘‘Chair16 man of the Board of Governors’’ and inserting 

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

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

19 the Board of Governors’’ each place such term ap20 pears and inserting ‘‘Chair of the Board of Gov21 ernors’’. 

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

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

24 striking ‘‘Chairman of the Board of Governors’’ and in25 serting ‘‘Chair of the Board of Governors’’. 


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

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

3 States to the Chairman of the Board of Governors of the 

4 Federal Reserve System shall be deemed to be a reference 

5 to the Chair of the Board of Governors of the Federal 

6 Reserve System. 

Æ 


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