I 

114TH CONGRESS 

2D SESSION H. R. 6225 

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 

SEPTEMBER 28, 2016 

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

Mr. DAVID SCOTT of Georgia, and Mr. MURPHY of Florida) 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 at the Federal Reserve Act of 2016’’. 


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1 SEC. 2. CONGRESSIONAL FINDINGS. 

2 The Congress finds that— 

3 (1) while significant progress has occurred due 

4 to the antidiscrimination amendments to the Federal 

5 Reserve Act, barriers continue to pose significant ob6 stacles for candidates reflective of gender diversity 

7 and racial or ethnic diversity for Federal Reserve 

8 bank president positions in the Federal Reserve Sys9 tem; 

10 (2) the continuing barriers described in para11 graph (1) merit the following amendment; 

12 (3) Congress has received and reviewed testi13 mony and documentation of the historical lack of 

14 gender, racial, and ethnic diversity from numerous 

15 sources, including congressional hearings, scientific 

16 reports, reports issued by public and private agen17 cies, news stories, and reports of related barriers by 

18 organizations and individuals, which show that 

19 race-, ethnicity-, and gender-neutral efforts alone are 

20 insufficient to address the problem; 

21 (4) the testimony and documentation described 

22 in paragraph (3) demonstrate that barriers across 

23 the United States prove problematic for full and fair 

24 participation in developing monetary policy by indi25 viduals reflective of gender diversity and racial or 

26 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) BRETTON WOODS AGREEMENTS ACT.—The 

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

19 is amended— 

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

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

22 Board of Governors’’; and 

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

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

25 the Board of Governors’’. 


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1 (b) DODD-FRANK WALL STREET REFORM AND CON2 SUMER PROTECTION ACT.—The Dodd-Frank Wall Street 

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

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

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

6 Board’’. 

7 (c) EMERGENCY ECONOMIC STABILIZATION ACT OF

8 2008.—The Emergency Economic Stabilization Act of 

9 2008 (12 U.S.C. 5201 et seq.) is amended by striking 

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

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

12 (d) EMERGENCY LOAN GUARANTEE ACT.—Section 2 

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

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

16 (e) FARM CREDIT ACT OF 1971.—Section 

17 4.9(d)(1)(C) of the Farm Credit Act of 1971 (12 U.S.C. 

18 2160(d)(1)(C)) is amended by striking ‘‘Chairman of the 

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

20 of Governors’’. 

21 (f) FEDERAL DEPOSIT INSURANCE ACT.—The Fed22 eral Deposit Insurance Act (12 U.S.C. 1811 et seq.) is 

23 amended by striking ‘‘Chairman of the Board of Gov24 ernors’’ each place such term appears and inserting 

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


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1 (g) FEDERAL RESERVE ACT.—The Federal Reserve 

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

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

4 term appears and inserting ‘‘chair’’; 

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

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

7 inserting ‘‘Chair’’; 

8 (3) in section 2, in the sixth undesignated para9 graph— 

10 (A) in the second sentence, by striking 

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

12 Currency’s’’; and 

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

14 and inserting ‘‘the director’s’’; 

15 (4) in section 4— 

16 (A) in the third undesignated paragraph, 

17 by striking ‘‘his office’’ and inserting ‘‘the Of18 fice of the Comptroller of the Currency’’; 

19 (B) in the fourth undesignated paragraph, 

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

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

22 (C) in the eighth undesignated paragraph, 

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

24 (D) in the seventeenth undesignated para25 graph— 


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

2 ‘‘the officer’s’’; and 

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

4 ‘‘the individual’’; 

5 (E) in the twentieth undesignated para6 graph— 

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

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

9 (ii) in the third sentence— 

10 (I) by striking ‘‘his’’ and insert11 ing ‘‘the’’; and 

12 (II) by striking ‘‘he’’ and insert13 ing a comma; and 

14 (iii) in the fifth sentence, by striking 

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

16 (F) in the twenty-first undesignated para17 graph, by striking ‘‘his’’ each place such term 

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

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

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

21 Comptroller of the Currency’’; 

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

23 inserting ‘‘the participant’’; 

24 (7) in section 10— 


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

2 appears and inserting ‘‘the member’’; 

3 (B) in the second undesignated paragraph. 

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

5 and 

6 (C) in the fourth undesignated para7 graph— 

8 (i) in the second sentence, by striking 

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

10 (ii) in the fifth sentence, by striking 

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

12 (iii) in the sixth sentence, by striking 

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

14 (8) in section 12, by striking ‘‘his’’ and insert15 ing ‘‘the member’s’’; 

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

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

18 assured’s’’; 

19 (10) in section 16— 

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

21 appears and inserting ‘‘the agent’’; 

22 (B) in the seventh undesignated para23 graph— 

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

25 ‘‘the agent’s’’; and 


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1 (ii) by striking ‘‘himself’’ and insert2 ing ‘‘the agent’’; 

3 (C) in the tenth undesignated paragraph, 

4 by striking ‘‘his’’ and inserting ‘‘the Sec5 retary’s’’; and 

6 (D) in the fifteenth undesignated para7 graph, by striking ‘‘his’’ and inserting ‘‘the 

8 agent’s’’; 

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

10 paragraph, by striking ‘‘he’’ and inserting ‘‘the Sec11 retary of the Treasury’’; 

12 (12) in section 22— 

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

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

15 (B) in subsection (g)— 

16 (i) in paragraph (1)(D)— 

17 (I) by striking ‘‘him’’ and insert18 ing ‘‘the officer’’; and 

19 (II) by striking ‘‘he’’ and insert20 ing ‘‘the officer’’; and 

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

22 ‘‘him as his’’ and inserting ‘‘the officers as 

23 the officer’s’’; and 

24 (13) in section 25A— 


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1 (A) in the twelfth undesignated para2 graph— 

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

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

5 and 

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

7 ‘‘the member’s’’; 

8 (B) in the fourteenth undesignated para9 graph, by striking ‘‘his’’ and inserting ‘‘the di10 rector’s or officer’s’’; and 

11 (C) in the twenty-second undesignated 

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

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

14 (h) HOUSING AND COMMUNITY DEVELOPMENT ACT

15 OF 1992.—Section 1313(a)(3) of the Housing and Com16 munity Development Act of 1992 (12 U.S.C. 4513(a)(3)) 

17 is amended— 

18 (1) by striking ‘‘Chairman of the Board of Gov19 ernors’’ each place such term appears and inserting 

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

21 (2) by striking ‘‘Chairman regarding’’ and in22 serting ‘‘Chair regarding’’. 

23 (i) INSPECTOR GENERAL ACT OF 1978.—Section 8G 

24 of the Inspector General Act of 1978 is amended by strik25 ing ‘‘Chairman of the Board of Governors’’ each place 


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

2 Governors’’. 

3 (j) INTERNATIONAL LENDING SUPERVISION ACT OF

4 1983.—Section 908(b)(3)(C) of the International Lending 

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

6 amended by striking ‘‘Chairman of the Board of Gov7 ernors’’ and inserting ‘‘Chair of the Board of Governors’’. 

8 (k) NEIGHBORHOOD REINVESTMENT CORPORATION

9 ACT.—Section 604(a)(3) of the Neighborhood Reinvest10 ment Corporation Act (42 U.S.C. 8103(a)(3)) is amended 

11 by striking ‘‘Chairman of the Board of Governors’’ and 

12 inserting ‘‘Chair of the Board of Governors’’. 

13 (l) PUBLIC LAW 93–495.—Section 202(a)(1) of Pub14 lic Law 93–495 (12 U.S.C. 2402(a)(1)) is amended by 

15 striking ‘‘Chairman of the Board of Governors’’ and in16 serting ‘‘Chair of the Board of Governors’’. 

17 (m) SARBANES-OXLEY ACT OF 2002.—Section 

18 101(e)(4)(A) of the Sarbanes-Oxley Act of 2002 (15 

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

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

21 Board of Governors’’. 

22 (n) SECURITIES EXCHANGE ACT OF 1934.—Section 

23 17A(f)(4)(C) of the Securities Exchange Act of 1934 (15 

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


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

2 Board of Governors’’. 

3 (o) TITLE 31.—Title 31, United States Code, is 

4 amended— 

5 (1) in section 1344(b)(7), by striking ‘‘Chair6 man of the Board of Governors’’ and inserting 

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

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

9 the Board of Governors’’ each place such term ap10 pears and inserting ‘‘Chair of the Board of Gov11 ernors’’. 

12 (p) TRADE ACT OF 1974.—Section 163(b)(3) of the 

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

14 striking ‘‘Chairman of the Board of Governors’’ and in15 serting ‘‘Chair of the Board of Governors’’. 

16 (q) DEEMING OF NAME.—Any reference in a law, 

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

18 States to the Chairman of the Board of Governors of the 

19 Federal Reserve System shall be deemed a reference to 

20 the Chair of the Board of Governors of the Federal Re21 serve System. 

Æ 


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