IB 
Union Calendar No. 162 
117TH CONGRESS 
2D SESSION 
H. R. 2543 
[Report No. 117–228] 
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 
APRIL 14, 2021 
Ms. WATERS (for herself, Mr. GARCI´A of Illinois, and Mrs. BEATTY) intro-
duced the following bill; which was referred to the Committee on Finan-
cial Services 
JANUARY 20, 2022 
Additional sponsors: Mrs. CAROLYN B. MALONEY of New York, Mr. 
SHERMAN, and Ms. WILLIAMS of Georgia 
JANUARY 20, 2022 
Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in italic] 
[For text of introduced bill, see copy of bill as introduced on April 14, 2021] 
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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. 
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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: 
‘‘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 exercise 
all duties and functions in a manner that fosters the elimi-
nation of disparities across racial and ethnic groups with 
respect to employment, income, wealth, and access to afford-
able 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 des-
ignated by the Financial Stability Oversight Council; 
‘‘(3) operation of payment systems; 
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‘‘(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)— 
(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 dispari-
ties 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 
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(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-
tion rate, employment to population ratio, me-
dian household income, and change in real earn-
ings. 
‘‘(B) DEMOGRAPHIC
INFORMATION.—The 
trends required to be reported under subpara-
graph (A) shall include a comparison among dif-
ferent 
demographic 
groups, 
including 
race 
(White, African-American, Latino, Native Amer-
ican, and Asian populations), ethnicity, gender, 
and educational attainment.’’. 
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Union Calendar No. 162 
117TH CONGRESS 
2D SESSION 
H. R. 2543 
[Report No. 117–228] 
A BILL 
To amend the Federal Reserve Act to add addi-
tional demographic reporting requirements, to 
modify the goals of the Federal Reserve System, 
and for other purposes. 
JANUARY 20, 2022 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
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