I 
118TH CONGRESS 
1ST SESSION H. R. 4194 
To amend the Federal Reserve Act to add additional demographic reporting 
requirements, to modify the goals of the Federal Reserve System, and 
for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 15, 2023 
Ms. WATERS introduced the following bill; which was referred to the 
Committee on Financial Services 
A BILL 
To amend the Federal Reserve Act to add additional demo-
graphic reporting requirements, to modify the goals of 
the Federal Reserve System, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Federal Reserve Racial 
and Economic Equity Act’’. 
SEC. 2. DUTY TO MINIMIZE AND ELIMINATE RACIAL DIS-
PARITIES. 
The Federal Reserve Act (12 U.S.C. 221 et seq.) is 
amended by inserting after section 2B the following: 
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‘‘SEC. 2C. DUTY TO MINIMIZE AND ELIMINATE RACIAL DIS-
PARITIES. 
‘‘The Board of Governors of the Federal Reserve Sys-
tem and the Federal Open Market Committee shall exer-
cise all duties and functions in a manner that fosters the 
elimination of disparities across racial and ethnic groups 
with respect to employment, income, wealth, and access 
to affordable credit, including actions in carrying out— 
‘‘(1) monetary policy; 
‘‘(2) regulation and supervision of banks, 
thrifts, bank holding companies, savings and loan 
holding companies, and nonbank financial companies 
and systemically important financial market utilities 
designated by the Financial Stability Oversight 
Council; 
‘‘(3) operation of payment systems; 
‘‘(4) implementation of the Community Rein-
vestment Act of 1977; 
‘‘(5) enforcement of fair lending laws; and 
‘‘(6) community development functions.’’. 
SEC. 3. APPEARANCES BEFORE AND REPORTS TO THE CON-
GRESS. 
Section 2B of the Federal Reserve Act (12 U.S.C. 
225b) is amended— 
(1) in subsection (a)(1)— 
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(A) in subparagraph (A), by striking 
‘‘and’’ at the end; and 
(B) by striking subparagraph (B) and in-
serting the following: 
‘‘(B) economic developments and prospects 
for the future described in the report required 
in subsection (b), including a discussion of dis-
parities in employment, income, and wealth 
across racial and ethnic groups as well as other 
specific segments of the population; and 
‘‘(C) plans, activities, and actions of the 
Board and the Federal Open Market Committee 
to minimize and eliminate disparities across ra-
cial and ethnic groups with respect to employ-
ment, wages, wealth, and access to affordable 
credit pursuant to section 2C.’’; and 
(2) in subsection (b)— 
(A) by striking ‘‘The Board’’ and inserting 
the following: 
‘‘(1) IN GENERAL.—The Board’’; and 
(B) by adding at the end the following: 
‘‘(2) TREND INFORMATION.— 
‘‘(A) IN GENERAL.—Each report required 
under paragraph (1) shall include recent trends 
in the unemployment rate, labor force participa-
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tion rate, employment to population ratio, me-
dian household income, and change in real 
earnings. 
‘‘(B) DEMOGRAPHIC
INFORMATION.—The 
trends required to be reported under subpara-
graph (A) shall include a comparison among 
different demographic groups, including race 
(White, African American, Latino, Native 
American, and Asian populations), ethnicity, 
gender, and educational attainment.’’. 
Æ 
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