IIB 
116TH CONGRESS 
1ST SESSION 
H. R. 281 
IN THE SENATE OF THE UNITED STATES 
SEPTEMBER 11, 2019 
Received; read twice and referred to the Committee on Banking, Housing, and 
Urban Affairs 
AN ACT 
To amend the Federal Reserve Act to require Federal Re-
serve 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. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
VerDate Sep 11 2014 
22:32 Sep 11, 2019
Jkt 089200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H281.RFS
H281
pamtmann on DSKBC07HB2PROD with BILLS
HR 281 RFS
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Ensuring Diverse 
Leadership Act of 2019’’. 
SEC. 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 ob-
stacles for candidates reflective of gender diversity 
and racial or ethnic diversity for Federal Reserve 
bank president positions in the Federal Reserve Sys-
tem; 
(2) the continuing barriers described in para-
graph (1) merit the following amendment; 
(3) Congress has received and reviewed testi-
mony 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 agen-
cies, news stories, and reports of related barriers by 
organizations and individuals, which show that 
race-, ethnicity-, and gender-neutral efforts alone are 
insufficient to address the problem; 
(4) the testimony and documentation described 
in paragraph (3) demonstrate that barriers across 
the United States prove problematic for full and fair 
VerDate Sep 11 2014 
22:32 Sep 11, 2019
Jkt 089200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H281.RFS
H281
pamtmann on DSKBC07HB2PROD with BILLS
HR 281 RFS
participation in developing monetary policy by indi-
viduals 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 ad-
dress the historical lack of gender, racial, and ethnic 
diversity in the Federal Reserve regional bank presi-
dents selection process in the Federal Reserve Sys-
tem. 
SEC. 3. FEDERAL RESERVE BANK PRESIDENTS. 
(a) IN GENERAL.—The provision designated ‘‘fifth’’ 
of the fourth undesignated paragraph of section 4 of the 
Federal Reserve Act (12 U.S.C. 341) is amended by in-
serting after ‘‘employees.’’ the following: ‘‘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.’’. 
(b) REPORT.—Not later than January 1 of each year, 
each Federal reserve bank shall submit to the Committee 
on Banking, Housing, and Urban Affairs of the Senate, 
the Committee on Financial Services of the House of Rep-
resentatives, and the Office of Inspector General for the 
Board of Governors of the Federal Reserve System and 
the Bureau of Consumer Financial Protection a report de-
VerDate Sep 11 2014 
22:32 Sep 11, 2019
Jkt 089200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H281.RFS
H281
pamtmann on DSKBC07HB2PROD with BILLS
HR 281 RFS
scribing the applicant pool demographic for the position 
of the president of the Federal reserve bank for the pre-
ceding fiscal year, if applicable. 
SEC. 4. TECHNICAL ADJUSTMENTS. 
(a) AMERICAN COMPETITIVENESS AND WORKFORCE 
IMPROVEMENT ACT
OF 1998.—Section 418(b) of the 
American Competitiveness and Workforce Improvement 
Act of 1998 (8 U.S.C. 1184 note) is amended by striking 
‘‘Chairman of the Board of Governors’’ and inserting 
‘‘Chair of the Board of Governors’’. 
(b) BRETTON
WOODS
AGREEMENTS
ACT.—The 
Bretton Woods Agreements Act (22 U.S.C. 286 et seq.) 
is amended— 
(1) in section 4(a), by striking ‘‘Chairman of 
the Board of Governors’’ and inserting ‘‘Chair of the 
Board of Governors’’; and 
(2) in section 45(a)(1), by striking ‘‘chairman 
of the board of Governors’’ and inserting ‘‘Chair of 
the Board of Governors’’. 
(c) DODD-FRANK WALL STREET REFORM AND CON-
SUMER PROTECTION ACT.—The Dodd-Frank Wall Street 
Reform and Consumer Protection Act (12 U.S.C. 5301 
et seq.) is amended by striking ‘‘Chairman of the Board’’ 
each place such term appears and inserting ‘‘Chair of the 
Board’’. 
VerDate Sep 11 2014 
22:32 Sep 11, 2019
Jkt 089200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H281.RFS
H281
pamtmann on DSKBC07HB2PROD with BILLS
HR 281 RFS
(d) EMERGENCY ECONOMIC STABILIZATION ACT OF 
2008.—The Emergency Economic Stabilization Act of 
2008 (12 U.S.C. 5201 et seq.) is amended by striking 
‘‘Chairman of the Board’’ each place such term appears 
and inserting ‘‘Chair of the Board’’. 
(e) EMERGENCY LOAN GUARANTEE ACT.—Section 2 
of the Emergency Loan Guarantee Act (15 U.S.C. 1841) 
is amended by striking ‘‘Chairman of the Board of Gov-
ernors’’ and inserting ‘‘Chair of the Board of Governors’’. 
(f) EMERGENCY STEEL LOAN GUARANTEE
AND 
EMERGENCY OIL AND GAS GUARANTEED LOAN ACT OF 
1999.—The Emergency Steel Loan Guarantee and Emer-
gency Oil and Gas Guaranteed Loan Act of 1999 (15 
U.S.C. 1841 note) is amended— 
(1) in section 101(e)(2)— 
(A) by striking ‘‘Chairman of the Board of 
Governors’’ and inserting ‘‘Chair of the Board 
of Governors’’; and 
(B) by striking ‘‘Chairman,’’ and inserting 
‘‘Chair,’’; and 
(2) in section 201(d)(2)(B)— 
(A) by striking ‘‘Chairman of the Board of 
Governors’’ and inserting ‘‘Chair of the Board 
of Governors’’; and 
VerDate Sep 11 2014 
22:32 Sep 11, 2019
Jkt 089200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H281.RFS
H281
pamtmann on DSKBC07HB2PROD with BILLS
HR 281 RFS
(B) by striking ‘‘Chairman,’’ and inserting 
‘‘Chair,’’. 
(g) 
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)) is amended by striking ‘‘Chairman of the 
Board of Governors’’ and inserting ‘‘Chair of the Board 
of Governors’’. 
(h) FEDERAL DEPOSIT INSURANCE ACT.—The Fed-
eral Deposit Insurance Act (12 U.S.C. 1811 et seq.) is 
amended— 
(1) in section 7(a)(3), by striking ‘‘Chairman of 
the Board of Governors’’ and inserting ‘‘Chair of the 
Board of Governors’’; and 
(2) in section 10(k)(5)(B)(ii), by striking 
‘‘Chairman of the Board of Governors’’ and insert-
ing ‘‘Chair of the Board of Governors’’. 
(i) FEDERAL RESERVE ACT.—The Federal Reserve 
Act (12 U.S.C. 226 et seq.) is amended— 
(1) by striking ‘‘chairman’’ each place such 
term appears and inserting ‘‘chair’’; 
(2) by striking ‘‘Chairman’’ each place such 
term appears other than in section 11(r)(2)(B) and 
inserting ‘‘Chair’’; 
(3) in section 2, in the sixth undesignated para-
graph— 
VerDate Sep 11 2014 
22:32 Sep 11, 2019
Jkt 089200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6201
E:\BILLS\H281.RFS
H281
pamtmann on DSKBC07HB2PROD with BILLS
HR 281 RFS
(A) in the second sentence, by striking 
‘‘his’’ and inserting ‘‘the Comptroller of the 
Currency’s’’; and 
(B) in the third sentence, by striking ‘‘his’’ 
and inserting ‘‘the director’s’’; 
(4) in section 4— 
(A) in the third undesignated paragraph, 
by striking ‘‘his office’’ and inserting ‘‘the Of-
fice of the Comptroller of the Currency’’; 
(B) in the fourth undesignated paragraph, 
in the provision designated ‘‘fifth’’, by striking 
‘‘his’’ and inserting ‘‘the person’s’’; 
(C) in the eighth undesignated paragraph, 
by striking ‘‘his’’ and inserting ‘‘the chair’s’’; 
(D) in the seventeenth undesignated para-
graph— 
(i) by striking ‘‘his’’ and inserting 
‘‘the officer’s’’; and 
(ii) by striking ‘‘he’’ and inserting 
‘‘the individual’’; 
(E) in the twentieth undesignated para-
graph— 
(i) by striking ‘‘He’’ each place such 
term appears and inserting ‘‘The chair’’; 
(ii) in the third sentence— 
VerDate Sep 11 2014 
22:32 Sep 11, 2019
Jkt 089200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6201
E:\BILLS\H281.RFS
H281
pamtmann on DSKBC07HB2PROD with BILLS
HR 281 RFS
(I) by striking ‘‘his’’ and insert-
ing ‘‘the’’; and 
(II) by striking ‘‘he’’ and insert-
ing a comma; and 
(iii) in the fifth sentence, by striking 
‘‘he’’ and inserting ‘‘the chair’’; and 
(F) in the twenty-first undesignated para-
graph, by striking ‘‘his’’ each place such term 
appears and inserting ‘‘the agent’s’’; 
(5) in section 6, in the second undesignated 
paragraph, by striking ‘‘he’’ and inserting ‘‘the 
Comptroller of the Currency’’; 
(6) in section 9A(c)(2)(C), by striking ‘‘he’’ and 
inserting ‘‘the participant’’; 
(7) in section 10— 
(A) by striking ‘‘he’’ each place such term 
appears and inserting ‘‘the member’’; 
(B) in the second undesignated paragraph, 
by striking ‘‘his’’ and inserting ‘‘the member’s’’; 
and 
(C) in the fourth undesignated para-
graph— 
(i) in the second sentence, by striking 
‘‘his’’ and inserting ‘‘the chair’s’’; 
VerDate Sep 11 2014 
22:32 Sep 11, 2019
Jkt 089200
PO 00000
Frm 00008
Fmt 6652
Sfmt 6201
E:\BILLS\H281.RFS
H281
pamtmann on DSKBC07HB2PROD with BILLS
HR 281 RFS
(ii) in the fifth sentence, by striking 
‘‘his’’ and inserting ‘‘the member’s’’; and 
(iii) in the sixth sentence, by striking 
‘‘his’’ and inserting ‘‘the member’s’’; 
(8) in section 12, by striking ‘‘his’’ and insert-
ing ‘‘the member’s’’; 
(9) in section 13, in the tenth undesignated 
paragraph, by striking ‘‘his’’ and inserting ‘‘the 
assured’s’’; 
(10) in section 16— 
(A) by striking ‘‘he’’ each place such term 
appears and inserting ‘‘the agent’’; 
(B) in the seventh undesignated para-
graph— 
(i) by striking ‘‘his’’ and inserting 
‘‘the agent’s’’; and 
(ii) by striking ‘‘himself’’ and insert-
ing ‘‘the agent’’; 
(C) in the tenth undesignated paragraph, 
by striking ‘‘his’’ and inserting ‘‘the Sec-
retary’s’’; and 
(D) in the fifteenth undesignated para-
graph, by striking ‘‘his’’ and inserting ‘‘the 
agent’s’’; 
VerDate Sep 11 2014 
22:32 Sep 11, 2019
Jkt 089200
PO 00000
Frm 00009
Fmt 6652
Sfmt 6201
E:\BILLS\H281.RFS
H281
pamtmann on DSKBC07HB2PROD with BILLS
HR 281 RFS
(11) in section 18, in the eighth undesignated 
paragraph, by striking ‘‘he’’ and inserting ‘‘the Sec-
retary of the Treasury’’; 
(12) in section 22— 
(A) in subsection (f), by striking ‘‘his’’ and 
inserting ‘‘the director’s or officer’s’’; and 
(B) in subsection (g)— 
(i) in paragraph (1)(D)— 
(I) by striking ‘‘him’’ and insert-
ing ‘‘the officer’’; and 
(II) by striking ‘‘he’’ and insert-
ing ‘‘the officer’’; and 
(ii) in paragraph (2)(A), by striking 
‘‘him as his’’ and inserting ‘‘the officer as 
the officer’s’’; and 
(13) in section 25A— 
(A) in the twelfth undesignated para-
graph— 
(i) by striking ‘‘he’’ each place such 
term appears and inserting ‘‘the member’’; 
and 
(ii) by striking ‘‘his’’ and inserting 
‘‘the member’s’’; 
VerDate Sep 11 2014 
22:32 Sep 11, 2019
Jkt 089200
PO 00000
Frm 00010
Fmt 6652
Sfmt 6201
E:\BILLS\H281.RFS
H281
pamtmann on DSKBC07HB2PROD with BILLS
HR 281 RFS
(B) in the fourteenth undesignated para-
graph, by striking ‘‘his’’ and inserting ‘‘the di-
rector’s or officer’s’’; and 
(C) in the twenty-second undesignated 
paragraph, by striking ‘‘his’’ each place such 
term appears and inserting ‘‘such individual’s’’. 
(j) FEDERAL RESERVE REFORM ACT OF 1977.—Sec-
tion 204(b) of the Federal Reserve Reform Act of 1977 
(12 U.S.C. 242 note) is amended by striking ‘‘Chairman 
or Vice Chairman of the Board of Governors’’ and insert-
ing ‘‘Chair or Vice Chair of the Board of Governors’’. 
(k) FINANCIAL INSTITUTIONS REFORM, RECOVERY, 
AND ENFORCEMENT ACT OF 1989.—The Financial Insti-
tutions Reform, Recovery, and Enforcement Act of 1989 
is amended— 
(1) in section 308 (12 U.S.C. 1463 note)— 
(A) in subsection (a), by striking ‘‘Chair-
man of the Board of Governors’’ and inserting 
‘‘Chair of the Board of Governors’’; and 
(B) in subsection (c), by striking ‘‘Chair-
man of the Board of Governors’’ and inserting 
‘‘Chair of the Board of Governors’’; 
(2) in section 1001(a) (12 U.S.C. 1811 note), 
by striking ‘‘Chairman of the Board of Governors’’ 
VerDate Sep 11 2014 
22:32 Sep 11, 2019
Jkt 089200
PO 00000
Frm 00011
Fmt 6652
Sfmt 6201
E:\BILLS\H281.RFS
H281
pamtmann on DSKBC07HB2PROD with BILLS
HR 281 RFS
and inserting ‘‘Chair of the Board of Governors’’; 
and 
(3) in section 1205(b)(1)(A) (12 U.S.C. 1818 
note)— 
(A) by striking ‘‘Chairman of the Board of 
Governors’’ and inserting ‘‘Chair of the Board 
of Governors’’; and 
(B) by striking ‘‘Chairman’s’’ and insert-
ing ‘‘Chair’s’’. 
(l) FOOD, CONSERVATION, AND ENERGY ACT
OF 
2008.—Section 13106(a) of the Food, Conservation, and 
Energy Act of 2008 (7 U.S.C. 2 note) is amended by strik-
ing ‘‘Chairman of the Board of Governors’’ and inserting 
‘‘Chair of the Board of Governors’’. 
(m) HOUSING AND COMMUNITY DEVELOPMENT ACT 
OF 1992.—Section 1313(a)(3) of the Housing and Com-
munity Development Act of 1992 (12 U.S.C. 4513(a)(3)) 
is amended— 
(1) in the heading, by striking ‘‘CHAIRMAN’’ 
and inserting ‘‘CHAIR’’; 
(2) by striking ‘‘Chairman of the Board of Gov-
ernors’’ and inserting ‘‘Chair of the Board of Gov-
ernors’’; and 
(3) by striking ‘‘Chairman regarding’’ and in-
serting ‘‘Chair regarding’’. 
VerDate Sep 11 2014 
22:32 Sep 11, 2019
Jkt 089200
PO 00000
Frm 00012
Fmt 6652
Sfmt 6201
E:\BILLS\H281.RFS
H281
pamtmann on DSKBC07HB2PROD with BILLS
HR 281 RFS
(n) INSPECTOR GENERAL ACT OF 1978.—Section 8G 
of the Inspector General Act of 1978 is amended by strik-
ing ‘‘Chairman of the Board of Governors’’ each place 
such term appears and inserting ‘‘Chair of the Board of 
Governors’’. 
(o) 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)) is 
amended by striking ‘‘Chairman of the Board of Gov-
ernors’’ and inserting ‘‘Chair of the Board of Governors’’. 
(p) NEIGHBORHOOD REINVESTMENT CORPORATION 
ACT.—Section 604(a)(3) of the Neighborhood Reinvest-
ment Corporation Act (42 U.S.C. 8103(a)(3)) is amended 
by striking ‘‘Chairman’’ each place it appears and insert-
ing ‘‘Chair’’. 
(q) PUBLIC LAW 93–495.—Section 202(a)(1) of Pub-
lic Law 93–495 (12 U.S.C. 2402(a)(1)) is amended— 
(1) by striking ‘‘Chairman of the Board of Gov-
ernors’’ and inserting ‘‘Chair of the Board of Gov-
ernors’’; and 
(2) by striking ‘‘his’’ and inserting ‘‘the 
Chair’s’’. 
(r) 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)) is amended by striking ‘‘Chairman 
VerDate Sep 11 2014 
22:32 Sep 11, 2019
Jkt 089200
PO 00000
Frm 00013
Fmt 6652
Sfmt 6201
E:\BILLS\H281.RFS
H281
pamtmann on DSKBC07HB2PROD with BILLS
HR 281 RFS
of the Board of Governors’’ and inserting ‘‘Chair of the 
Board of Governors’’. 
(s) 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)) is amended by striking ‘‘Chairman 
of the Board of Governors’’ and inserting ‘‘Chair of the 
Board of Governors’’. 
(t) TITLE 31.—Title 31, United States Code, is 
amended— 
(1) in section 1344(b)(7), by striking ‘‘Chair-
man of the Board of Governors’’ and inserting 
‘‘Chair of the Board of Governors’’; and 
(2) in section 5318A, by striking ‘‘Chairman of 
the Board of Governors’’ each place such term ap-
pears and inserting ‘‘Chair of the Board of Gov-
ernors’’. 
(u) TRADE ACT OF 1974.—Section 163(b)(3) of the 
Trade Act of 1974 (19 U.S.C. 2213(b)(3)) is amended by 
striking ‘‘Chairman of the Board of Governors’’ and in-
serting ‘‘Chair of the Board of Governors’’. 
(v) 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 to be a reference 
VerDate Sep 11 2014 
22:32 Sep 11, 2019
Jkt 089200
PO 00000
Frm 00014
Fmt 6652
Sfmt 6201
E:\BILLS\H281.RFS
H281
pamtmann on DSKBC07HB2PROD with BILLS
HR 281 RFS
to the Chair of the Board of Governors of the Federal 
Reserve System. 
Passed the House of Representatives September 10, 
2019. 
Attest: 
CHERYL L. JOHNSON, 
Clerk. 
VerDate Sep 11 2014 
22:32 Sep 11, 2019
Jkt 089200
PO 00000
Frm 00015
Fmt 6652
Sfmt 6201
E:\BILLS\H281.RFS
H281
pamtmann on DSKBC07HB2PROD with BILLS