To require the Board of Governors of the Federal Reserve System and the Securities and Exchange Commission to carry out a study on the racial gap in stock ownership, and for other purposes.

Bill: 116-hr-8566
Sponsor: full_name: Rep. Meeks, Gregory W. [D-NY-5]
Introduced: 2020-10-09
Policy area: Finance and Financial Sector
Subjects: Government information and archives

Government studies and investigations

Securities
Latest action: action_date: 2020-10-09
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2020-10-09
action_desc: Introduced in House
text: <p>This bill requires the Federal Reserve Board and the Securities and Exchange Commission to jointly report on the racial gap in stock ownership and to provide recommendations for legislative or administrative changes to raise stock ownership among African Americans and any other group less likely to own stocks.</p>

tv_txt: I 116th CONGRESS 2d Session H. R. 8566 IN THE HOUSE OF REPRESENTATIVES October 9, 2020 Mr. Meeks (for himself, Mr. Lawson of Florida , and Mr. Cleaver ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To require the Board of Governors of the Federal Reserve System and the Securities and Exchange Commission to carry out a study on the racial gap in stock ownership, and for other purposes.

1. Study on the racial gap in stock ownership (a) Study The Board of Governors of the Federal Reserve System and the Securities and Exchange Commission shall, jointly, carry out a study on the racial gap in stock ownership. (b) Report Not later than the end of the 180-day period beginning on the date of enactment of this Act, the Board of Governors and the Commission shall, jointly, issue a report to the Congress containing— (1) all findings and determinations made in carrying out the study required under subsection (a); (2) estimates of— (A) the percentage of stock ownership among the different races; (B) the aggregate amount of equity holdings held by the different races; and (C) the per capita equity holdings among the different races; and (3) any recommendations of the Board of Governors or the Commission for administrative or legislative changes that could raise stock ownership among African Americans and any other group less likely to own stocks.