Federal Reserve Racial and Economic Equity Act

Bill: 117-hr-2543
Sponsor: Rep. Waters, Maxine [D-CA-43]
Introduced: 2021-04-14 in the House
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation
Community life and organization
Congressional oversight
Consumer credit
Credit and credit markets
Economic performance and conditions
Federal Reserve System
Labor market
Minority employment
Monetary policy
Racial and ethnic relations
Unemployment
Wages and earnings

Summary:
action_date: 2021-04-14
text: 

Federal Reserve Racial and Economic Equity Act 

 
This bill requires the Federal Reserve Board to carry out its duties in a manner that supports the elimination of racial and ethnic disparities in employment, income, wealth, and access to affordable credit. The board must report on disparities in labor force trends as well as on plans and activities of the board to minimize and eliminate these disparities. 

action_date: 2022-01-20
text: 

Federal Reserve Racial and Economic Equity Act 

 
This bill requires the Federal Reserve Board to carry out its duties in a manner that supports the elimination of racial and ethnic disparities in employment, income, wealth, and access to affordable credit. The board must report on disparities in labor force trends as well as on plans and activities of the board to minimize and eliminate these disparities. 

action_date: 2022-06-15
text: 

Financial Services Racial Equity, Inclusion, and Economic Justice Act 

 
This bill address access to financial services, diversity in various financial institutions and establishments, and other related issues. 
 
Access to credit, mortgages, and banking services are expanded, including by 
 
 
prohibiting discrimination with respect to credit transactions on the basis of an applicant's sexual orientation, gender identity, or location based on zip code or census tract; 
 
establishing language translation requirements for residential mortgage applications; and 
 
providing funding set-asides for minority lending institutions.
 
 
The bill expands the support of, and access to, minority depository institutions and community development financial institutions and establishes an impact bank designation for small institutions that predominately lend to low-income borrowers. 
 
Further, the Federal Reserve Board must carry out its duties in a manner that supports the elimination of racial and ethnic disparities in employment, income, wealth, and access to affordable credit.
 
Additionally, the bill requires financial institutions to report information relating to diversity policies and lending practices. 
 
 Retail businesses must accept cash as a form of payment for sales in amounts less than $2,000 and are prohibited from charging cash-paying customers a higher price. 
 
Finally, the bill commissions various reports and studies, including a report from the Government Accountability Office on public housing for the homeless. 


Legislative actions:
action_date: 2022-06-21
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2022-06-15
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2022-06-15
text: On passage Passed by the Yeas and Nays: 215 - 207 (Roll no. 275).
action_date: 2022-06-15
text: Passed/agreed to in House: On passage Passed by the Yeas and Nays: 215 - 207 (Roll no. 275).
action_date: 2022-06-15
text: On motion to recommit Failed by the Yeas and Nays: 202 - 219 (Roll no. 274).
action_date: 2022-06-15
text: The previous question on the motion to recommit was ordered pursuant to clause 2(b) of rule XIX.
action_date: 2022-06-15
text: Mr. Hill moved to recommit to the Committee on Financial Services. (text: CR H5589)
action_date: 2022-06-15
text: The previous question was ordered pursuant to the rule.
action_date: 2022-06-15
text: POSTPONED PROCEEDINGS - At the conclusion of debate on the Payne amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. McHenry demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.
action_date: 2022-06-15
text: DEBATE - Pursuant to the provisions of H. Res. 1170, the House proceeded with 10 minutes of debate on the Payne amendment No. 19.
action_date: 2022-06-15
text: POSTPONED PROCEEDINGS - At the conclusion of debate on the Vicente Gonzalez amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. Posey demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.
action_date: 2022-06-15
text: DEBATE - Pursuant to the provisions of H. Res. 1170, the House proceeded with 10 minutes of debate on the Vicente Gonzalez amendment No. 10.
action_date: 2022-06-15
text: POSTPONED PROCEEDINGS - At the conclusion of debate on the Green (TX) amendment en bloc No. 2, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. Al Green (TX) demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.
action_date: 2022-06-15
text: DEBATE - Pursuant to the provisions of H. Res. 1170, the House proceeded with 20 minutes of debate on the Al Green (TX) amendment en bloc No. 2.
action_date: 2022-06-15
text: POSTPONED PROCEEDINGS - At the conclusion of debate on the Green (TX) amendment en bloc No. 1, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. McHenry demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.
action_date: 2022-06-15
text: DEBATE - Pursuant to the provisions of H. Res. 1170, the House proceeded with 20 minutes of debate on the Al Green (TX) amendment en bloc No. 1.
action_date: 2022-06-15
text: DEBATE - The House proceeded with one hour of debate on H.R. 2543.
action_date: 2022-06-15
text: Rule provides for consideration of H.R. 2543, H.R. 2773 and H.R. 7606. Resolution provides for one hour of general debate on each bill and one motion to recommit. Rule also amends House Resolution 188 by striking "June 17, 2022" and inserting "June 22, 2022".
action_date: 2022-06-15
text: Considered under the provisions of rule H. Res. 1170. (consideration: CR H5556-5591; text: CR H5556-5567)
action_date: 2022-06-13
text: Rules Committee Resolution H. Res. 1170 Reported to House. Rule provides for consideration of H.R. 2543, H.R. 2773 and H.R. 7606. Resolution provides for one hour of general debate on each bill and one motion to recommit. Rule also amends House Resolution 188 by striking "June 17, 2022" and inserting "June 22, 2022".
action_date: 2022-01-20
text: Placed on the Union Calendar, Calendar No. 162.
action_date: 2022-01-20
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 117-228.
action_date: 2022-01-20
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 117-228.
action_date: 2021-04-21
text: Ordered to be Reported (Amended) by the Yeas and Nays: 30 - 23.
action_date: 2021-04-21
text: Committee Consideration and Mark-up Session Held.
action_date: 2021-04-20
text: Committee Consideration and Mark-up Session Held.
action_date: 2021-04-14
text: Referred to the House Committee on Financial Services.
action_date: 2021-04-14
text: Introduced in House
action_date: 2021-04-14
text: Introduced in House