116TH CONGRESS 

1ST SESSION H. R. 281 

AN ACT 

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, 
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1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Ensuring Diverse 

3 Leadership Act of 2019’’. 

4 SEC. 2. CONGRESSIONAL FINDINGS. 

5 The Congress finds that— 

6 (1) while significant progress has occurred due 

7 to the antidiscrimination amendments to the Federal 

8 Reserve Act, barriers continue to pose significant ob9 stacles for candidates reflective of gender diversity 

10 and racial or ethnic diversity for Federal Reserve 

11 bank president positions in the Federal Reserve Sys12 tem; 

13 (2) the continuing barriers described in para14 graph (1) merit the following amendment; 

15 (3) Congress has received and reviewed testi16 mony and documentation of the historical lack of 

17 gender, racial, and ethnic diversity from numerous 

18 sources, including congressional hearings, scientific 

19 reports, reports issued by public and private agen20 cies, news stories, and reports of related barriers by 

21 organizations and individuals, which show that 

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

23 insufficient to address the problem; 

24 (4) the testimony and documentation described 

25 in paragraph (3) demonstrate that barriers across 

26 the United States prove problematic for full and fair 
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1 participation in developing monetary policy by indi2 viduals reflective of gender diversity and racial or 

3 ethnic diversity; and 

4 (5) the testimony and documentation described 

5 in paragraph (3) provide a strong basis that there 

6 is a compelling need for the below amendment to ad7 dress the historical lack of gender, racial, and ethnic 

8 diversity in the Federal Reserve regional bank presi9 dents selection process in the Federal Reserve Sys10 tem. 

11 SEC. 3. FEDERAL RESERVE BANK PRESIDENTS. 

12 (a) IN GENERAL.—The provision designated ‘‘fifth’’ 

13 of the fourth undesignated paragraph of section 4 of the 

14 Federal Reserve Act (12 U.S.C. 341) is amended by in15 serting after ‘‘employees.’’ the following: ‘‘In making the 

16 appointment of a president, the bank shall interview at 

17 least one individual reflective of gender diversity and one 

18 individual reflective of racial or ethnic diversity.’’. 

19 (b) REPORT.—Not later than January 1 of each year, 

20 each Federal reserve bank shall submit to the Committee 

21 on Banking, Housing, and Urban Affairs of the Senate, 

22 the Committee on Financial Services of the House of Rep23 resentatives, and the Office of Inspector General for the 

24 Board of Governors of the Federal Reserve System and 

25 the Bureau of Consumer Financial Protection a report de-
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1 scribing the applicant pool demographic for the position 

2 of the president of the Federal reserve bank for the pre3 ceding fiscal year, if applicable. 

4 SEC. 4. TECHNICAL ADJUSTMENTS. 

5 (a) AMERICAN COMPETITIVENESS AND WORKFORCE

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

7 American Competitiveness and Workforce Improvement 

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

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

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

11 (b) BRETTON WOODS AGREEMENTS ACT.—The 

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

13 is amended— 

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

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

16 Board of Governors’’; and 

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

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

19 the Board of Governors’’. 

20 (c) DODD-FRANK WALL STREET REFORM AND CON21 SUMER PROTECTION ACT.—The Dodd-Frank Wall Street 

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

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

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

25 Board’’. 
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1 (d) EMERGENCY ECONOMIC STABILIZATION ACT OF

2 2008.—The Emergency Economic Stabilization Act of 

3 2008 (12 U.S.C. 5201 et seq.) is amended by striking 

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

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

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

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

8 is amended by striking ‘‘Chairman of the Board of Gov9 ernors’’ and inserting ‘‘Chair of the Board of Governors’’. 

10 (f) EMERGENCY STEEL LOAN GUARANTEE AND

11 EMERGENCY OIL AND GAS GUARANTEED LOAN ACT OF

12 1999.—The Emergency Steel Loan Guarantee and Emer13 gency Oil and Gas Guaranteed Loan Act of 1999 (15 

14 U.S.C. 1841 note) is amended— 

15 (1) in section 101(e)(2)— 

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

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

18 of Governors’’; and 

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

20 ‘‘Chair,’’; and 

21 (2) in section 201(d)(2)(B)— 

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

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

24 of Governors’’; and 
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1 (B) by striking ‘‘Chairman,’’ and inserting 

2 ‘‘Chair,’’. 

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

4 4.9(d)(1)(C) of the Farm Credit Act of 1971 (12 U.S.C. 

5 2160(d)(1)(C)) is amended by striking ‘‘Chairman of the 

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

7 of Governors’’. 

8 (h) FEDERAL DEPOSIT INSURANCE ACT.—The Fed9 eral Deposit Insurance Act (12 U.S.C. 1811 et seq.) is 

10 amended— 

11 (1) in section 7(a)(3), by striking ‘‘Chairman of 

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

13 Board of Governors’’; and 

14 (2) in section 10(k)(5)(B)(ii), by striking 

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

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

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

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

20 term appears and inserting ‘‘chair’’; 

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

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

23 inserting ‘‘Chair’’; 

24 (3) in section 2, in the sixth undesignated para25 graph— 
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1 (A) in the second sentence, by striking 

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

3 Currency’s’’; and 

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

5 and inserting ‘‘the director’s’’; 

6 (4) in section 4— 

7 (A) in the third undesignated paragraph, 

8 by striking ‘‘his office’’ and inserting ‘‘the Of9 fice of the Comptroller of the Currency’’; 

10 (B) in the fourth undesignated paragraph, 

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

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

13 (C) in the eighth undesignated paragraph, 

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

15 (D) in the seventeenth undesignated para16 graph— 

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

18 ‘‘the officer’s’’; and 

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

20 ‘‘the individual’’; 

21 (E) in the twentieth undesignated para22 graph— 

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

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

25 (ii) in the third sentence— 
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1 (I) by striking ‘‘his’’ and insert2 ing ‘‘the’’; and 

3 (II) by striking ‘‘he’’ and insert4 ing a comma; and 

5 (iii) in the fifth sentence, by striking 

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

7 (F) in the twenty-first undesignated para8 graph, by striking ‘‘his’’ each place such term 

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

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

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

12 Comptroller of the Currency’’; 

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

14 inserting ‘‘the participant’’; 

15 (7) in section 10— 

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

17 appears and inserting ‘‘the member’’; 

18 (B) in the second undesignated paragraph, 

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

20 and 

21 (C) in the fourth undesignated para22 graph— 

23 (i) in the second sentence, by striking 

24 ‘‘his’’ and inserting ‘‘the chair’s’’; 
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1 (ii) in the fifth sentence, by striking 

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

3 (iii) in the sixth sentence, by striking 

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

5 (8) in section 12, by striking ‘‘his’’ and insert6 ing ‘‘the member’s’’; 

7 (9) in section 13, in the tenth undesignated 

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

9 assured’s’’; 

10 (10) in section 16— 

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

12 appears and inserting ‘‘the agent’’; 

13 (B) in the seventh undesignated para14 graph— 

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

16 ‘‘the agent’s’’; and 

17 (ii) by striking ‘‘himself’’ and insert18 ing ‘‘the agent’’; 

19 (C) in the tenth undesignated paragraph, 

20 by striking ‘‘his’’ and inserting ‘‘the Sec21 retary’s’’; and 

22 (D) in the fifteenth undesignated para23 graph, by striking ‘‘his’’ and inserting ‘‘the 

24 agent’s’’; 
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1 (11) in section 18, in the eighth undesignated 

2 paragraph, by striking ‘‘he’’ and inserting ‘‘the Sec3 retary of the Treasury’’; 

4 (12) in section 22— 

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

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

7 (B) in subsection (g)— 

8 (i) in paragraph (1)(D)— 

9 (I) by striking ‘‘him’’ and insert10 ing ‘‘the officer’’; and 

11 (II) by striking ‘‘he’’ and insert12 ing ‘‘the officer’’; and 

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

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

15 the officer’s’’; and 

16 (13) in section 25A— 

17 (A) in the twelfth undesignated para18 graph— 

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

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

21 and 

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

23 ‘‘the member’s’’; 
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1 (B) in the fourteenth undesignated para2 graph, by striking ‘‘his’’ and inserting ‘‘the di3 rector’s or officer’s’’; and 

4 (C) in the twenty-second undesignated 

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

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

7 (j) FEDERAL RESERVE REFORM ACT OF 1977.—Sec8 tion 204(b) of the Federal Reserve Reform Act of 1977 

9 (12 U.S.C. 242 note) is amended by striking ‘‘Chairman 

10 or Vice Chairman of the Board of Governors’’ and insert11 ing ‘‘Chair or Vice Chair of the Board of Governors’’. 

12 (k) FINANCIAL INSTITUTIONS REFORM, RECOVERY, 

13 AND ENFORCEMENT ACT OF 1989.—The Financial Insti14 tutions Reform, Recovery, and Enforcement Act of 1989 

15 is amended— 

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

17 (A) in subsection (a), by striking ‘‘Chair18 man of the Board of Governors’’ and inserting 

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

20 (B) in subsection (c), by striking ‘‘Chair21 man of the Board of Governors’’ and inserting 

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

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

24 by striking ‘‘Chairman of the Board of Governors’’ 
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1 and inserting ‘‘Chair of the Board of Governors’’; 

2 and 

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

4 note)— 

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

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

7 of Governors’’; and 

8 (B) by striking ‘‘Chairman’s’’ and insert9 ing ‘‘Chair’s’’. 

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

11 2008.—Section 13106(a) of the Food, Conservation, and 

12 Energy Act of 2008 (7 U.S.C. 2 note) is amended by strik13 ing ‘‘Chairman of the Board of Governors’’ and inserting 

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

15 (m) HOUSING AND COMMUNITY DEVELOPMENT ACT

16 OF 1992.—Section 1313(a)(3) of the Housing and Com17 munity Development Act of 1992 (12 U.S.C. 4513(a)(3)) 

18 is amended— 

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

20 and inserting ‘‘CHAIR’’; 

21 (2) by striking ‘‘Chairman of the Board of Gov22 ernors’’ and inserting ‘‘Chair of the Board of Gov23 ernors’’; and 

24 (3) by striking ‘‘Chairman regarding’’ and in25 serting ‘‘Chair regarding’’. 
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1 (n) INSPECTOR GENERAL ACT OF 1978.—Section 8G 

2 of the Inspector General Act of 1978 is amended by strik3 ing ‘‘Chairman of the Board of Governors’’ each place 

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

5 Governors’’. 

6 (o) INTERNATIONAL LENDING SUPERVISION ACT OF

7 1983.—Section 908(b)(3)(C) of the International Lending 

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

9 amended by striking ‘‘Chairman of the Board of Gov10 ernors’’ and inserting ‘‘Chair of the Board of Governors’’. 

11 (p) NEIGHBORHOOD REINVESTMENT CORPORATION

12 ACT.—Section 604(a)(3) of the Neighborhood Reinvest13 ment Corporation Act (42 U.S.C. 8103(a)(3)) is amended 

14 by striking ‘‘Chairman’’ each place it appears and insert15 ing ‘‘Chair’’. 

16 (q) PUBLIC LAW 93–495.—Section 202(a)(1) of Pub17 lic Law 93–495 (12 U.S.C. 2402(a)(1)) is amended— 

18 (1) by striking ‘‘Chairman of the Board of Gov19 ernors’’ and inserting ‘‘Chair of the Board of Gov20 ernors’’; and 

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

22 Chair’s’’. 

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

24 101(e)(4)(A) of the Sarbanes-Oxley Act of 2002 (15 

25 U.S.C. 7211(e)(4)(A)) 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 (s) SECURITIES EXCHANGE ACT OF 1934.—Section 

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

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

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

7 Board of Governors’’. 

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

9 amended— 

10 (1) in section 1344(b)(7), by striking ‘‘Chair11 man of the Board of Governors’’ and inserting 

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

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

14 the Board of Governors’’ each place such term ap15 pears and inserting ‘‘Chair of the Board of Gov16 ernors’’. 

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

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

19 striking ‘‘Chairman of the Board of Governors’’ and in20 serting ‘‘Chair of the Board of Governors’’. 

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

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

23 States to the Chairman of the Board of Governors of the 

24 Federal Reserve System shall be deemed to be a reference 
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1 to the Chair of the Board of Governors of the Federal 

2 Reserve System. 

Passed the House of Representatives September 10, 

2019. 

Attest: 

Clerk. 
116TH CONGRESS 

1ST SESSION H. R. 281 

AN ACT 

To amend the Federal Reserve Act to require Fedfor other purposes. appointing Federal Reserve bank presidents, and vidual reflective of racial or ethnic diversity when vidual reflective of gender diversity and one indi- eral Reserve banks to interview at least one indi-