Respect for Workers Act

Bill: 118-s-496
Sponsor: full_name: Sen. Reed, Jack [D-RI]
Introduced: 2023-02-16
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-02-16
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S459)

Summaries:
action_date: 2023-02-16
action_desc: Introduced in Senate
text: <p><strong>Respect for Workers Act </strong></p> <p>This bill requires at least one member of the Board of Governors of the Federal Reserve System to have experience supporting or protecting the rights of workers. This member is in charge of developing policy recommendations regarding the board's goal of maximum employment. (The board is made up of seven members that are nominated by the President and confirmed by the Senate. Members serve 14-year terms, with one term beginning every two years.) </p> <p>The bill also requires the board to discuss in their semiannual report the distributional effect of monetary policy.</p>

tv_txt: II 118th CONGRESS 1st Session S. 496 IN THE SENATE OF THE UNITED STATES February 16, 2023 Mr. Reed (for himself, Mr. Brown , Ms. Warren , Mr. Van Hollen , Mr. Booker , Mr. Whitehouse , Ms. Baldwin , Mr. Padilla , Mr. Merkley , and Mr. Casey ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the Federal Reserve Act to reaffirm the importance of workers.

1. Short title This Act may be cited as the Respect for Workers Act . 2. Board of Governors of the Federal Reserve System The Federal Reserve Act ( 12 U.S.C. 221 et seq. ) is amended— (1) in section 2B(b) ( 12 U.S.C. 225b(b) ), by inserting and distributional effect after conduct ; and (2) in section 10 ( 12 U.S.C. 241 ), in the third sentence of the first undesignated paragraph, by inserting and at least 1 member with demonstrated primary experience in supporting or protecting the rights of workers, who shall be the lead member of the Board in charge of promoting effectively and developing policy recommendations for the Board to meet the goal of maximum employment described in section 2A before the period at the end. 3. Applicability The amendment made by section 2(2) shall apply to any appointment to the Board of Governors of the Federal Reserve System made on or after the date of enactment of this Act.