Ensuring Diverse Leadership at the Federal Reserve Act of 2016

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. Short title This Act may be cited as the Ensuring Diverse Leadership at the Federal Reserve Act of 2016 2. Congressional Findings The Congress finds that— (1) while significant progress has occurred due to the antidiscrimination amendments to the Federal Reserve Act, barriers continue to pose significant obstacles for candidates reflective of gender diversity and racial or ethnic diversity for Federal Reserve bank president positions in the Federal Reserve System; (2) the continuing barriers described in paragraph (1) merit the following amendment; (3) Congress has received and reviewed testimony and documentation of the historical lack of gender, racial, and ethnic diversity from numerous sources, including congressional hearings, scientific reports, reports issued by public and private agencies, news stories, and reports of related barriers by organizations and individuals, which show that (4) the testimony and documentation described in paragraph (3) demonstrate that barriers across the United States prove problematic for full and fair participation in developing monetary policy by individuals reflective of gender diversity and racial or ethnic diversity; and (5) the testimony and documentation described in paragraph (3) provide a strong basis that there is a compelling need for the below amendment to address the historical lack of gender, racial, and ethnic diversity in the Federal Reserve regional bank presidents selection process in the Federal Reserve System. 3. Federal reserve bank presidents The provision designated fifth 12 U.S.C. 341 employees. In making the appointment of a president, the bank shall interview at least one individual reflective of gender diversity and one individual reflective of racial or ethnic diversity. 4. Technical adjustments (a) Bretton Woods Agreements Act The Bretton Woods Agreements Act ( 22 U.S.C. 286 et seq. (1) in section 4(a), by striking Chairman of the Board of Governors Chair of the Board of Governors (2) in section 45(a)(1), by striking chairman of the board of Governors Chair of the Board of Governors (b) Dodd-Frank Wall Street Reform and Consumer Protection Act The Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5301 et seq. Chairman of the Board Chair of the Board (c) Emergency Economic Stabilization Act of 2008 The Emergency Economic Stabilization Act of 2008 ( 12 U.S.C. 5201 et seq. Chairman of the Board Chair of the Board (d) Emergency Loan Guarantee Act Section 2 of the Emergency Loan Guarantee Act ( 15 U.S.C. 1841 Chairman of the Board of Governors Chair of the Board of Governors (e) Farm Credit Act of 1971 Section 4.9(d)(1)(C) of the Farm Credit Act of 1971 ( 12 U.S.C. 2160(d)(1)(C) Chairman of the Board of Governors Chair of the Board of Governors (f) Federal Deposit Insurance Act The Federal Deposit Insurance Act ( 12 U.S.C. 1811 et seq. Chairman of the Board of Governors Chair of the Board of Governors (g) Federal Reserve Act The Federal Reserve Act ( 12 U.S.C. 226 et seq. (1) by striking chairman chair (2) by striking Chairman Chair (3) in section 2, in the sixth undesignated paragraph— (A) in the second sentence, by striking his the Comptroller of the Currency’s (B) in the third sentence, by striking his the director’s (4) in section 4— (A) in the third undesignated paragraph, by striking his office the Office of the Comptroller of the Currency (B) in the fourth undesignated paragraph, in the provision designated fifth his the person’s (C) in the eighth undesignated paragraph, by striking his the chair’s (D) in the seventeenth undesignated paragraph— (i) by striking his the officer’s (ii) by striking he the individual (E) in the twentieth undesignated paragraph— (i) by striking He The chair (ii) in the third sentence— (I) by striking his the (II) by striking he (iii) in the fifth sentence, by striking he the chair (F) in the twenty-first undesignated paragraph, by striking his the agent’s (5) in section 6, in the second undesignated paragraph, by striking he the Comptroller of the Currency (6) in section 9A(c)(2)(C), by striking he the participant (7) in section 10— (A) by striking he the member (B) in the second undesignated paragraph. by striking his the member’s (C) in the fourth undesignated paragraph— (i) in the second sentence, by striking his the chair’s (ii) in the fifth sentence, by striking his the member’s (iii) in the sixth sentence, by striking his the member’s (8) in section 12, by striking his the member’s (9) in section 13, in the eleventh undesignated paragraph, by striking his the assured’s (10) in section 16— (A) by striking he the agent (B) in the seventh undesignated paragraph— (i) by striking his the agent’s (ii) by striking himself the agent (C) in the tenth undesignated paragraph, by striking his the Secretary’s (D) in the fifteenth undesignated paragraph, by striking his the agent’s (11) in section 18, in the eighth undesignated paragraph, by striking he the Secretary of the Treasury (12) in section 22— (A) in subsection (f), by striking his the director’s or officer’s (B) in subsection (g)— (i) in paragraph (1)(D)— (I) by striking him the officer (II) by striking he the officer (ii) in paragraph (2)(A), by striking him as his the officers as the officer’s (13) in section 25A— (A) in the twelfth undesignated paragraph— (i) by striking he the member (ii) by striking his the member’s (B) in the fourteenth undesignated paragraph, by striking his the director’s or officer’s (C) in the twenty-second undesignated paragraph, by striking his such individual’s (h) Housing and Community Development Act of 1992 Section 1313(a)(3) of the Housing and Community Development Act of 1992 ( 12 U.S.C. 4513(a)(3) (1) by striking Chairman of the Board of Governors Chair of the Board of Governors (2) by striking Chairman regarding Chair regarding (i) Inspector General Act of 1978 Section 8G of the Inspector General Act of 1978 is amended by striking Chairman of the Board of Governors Chair of the Board of Governors (j) International Lending Supervision Act of 1983 Section 908(b)(3)(C) of the International Lending Supervision Act of 1983 ( 12 U.S.C. 3907(b)(3)(C) Chairman of the Board of Governors Chair of the Board of Governors (k) Neighborhood Reinvestment Corporation Act Section 604(a)(3) of the Neighborhood Reinvestment Corporation Act ( 42 U.S.C. 8103(a)(3) Chairman of the Board of Governors Chair of the Board of Governors (l) Public Law 93–495 Section 202(a)(1) of Public Law 93–495 12 U.S.C. 2402(a)(1) Chairman of the Board of Governors Chair of the Board of Governors (m) Sarbanes-Oxley Act of 2002 Section 101(e)(4)(A) of the Sarbanes-Oxley Act of 2002 ( 15 U.S.C. 7211(e)(4)(A) Chairman of the Board of Governors Chair of the Board of Governors (n) Securities Exchange Act of 1934 Section 17A(f)(4)(C) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78q–1(f)(4)(C) Chairman of the Board of Governors Chair of the Board of Governors (o) Title 31 Title 31, United States Code, is amended— (1) in section 1344(b)(7), by striking Chairman of the Board of Governors Chair of the Board of Governors (2) in section 5318A, by striking Chairman of the Board of Governors Chair of the Board of Governors (p) Trade Act of 1974 Section 163(b)(3) of the Trade Act of 1974 ( 19 U.S.C. 2213(b)(3) Chairman of the Board of Governors Chair of the Board of Governors (q) Deeming of name Any reference in a law, regulation, document, paper, or other record of the United States to the Chairman of the Board of Governors of the Federal Reserve System shall be deemed a reference to the Chair of the Board of Governors of the Federal Reserve System.

Summary: Ensuring Diverse Leadership at the Federal Reserve Act of 2016 This bill amends the Federal Reserve Act to require that in making the appointment of a president, a Federal Reserve Bank must interview at least one individual reflective of gender diversity and one reflective of racial or ethnic diversity. The bill amends numerous banking-, finance-, and trade-related Acts to make references to officials (including those to the Chairman of the Board of Governors of the Federal Reserve System) gender-neutral.