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Promoting Diverse Investment Advisers in Federal Reserve Agreements

This new act requires the Federal Reserve to set goals for using investment firms owned by women, minorities, or veterans in its investment management agreements. The aim is to increase the participation of diverse groups in managing public funds, potentially expanding business opportunities for these communities.
Key points
The Federal Reserve must establish goals to utilize investment firms that are at least 51% owned by women, minorities, or veterans.
This applies to investment management agreements made by the Federal Reserve under its emergency powers.
The act seeks to promote diversity and inclusion within the financial sector, fostering growth for underrepresented groups.
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Status: Expired
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Additional Information
Print number: 118_HR_10198
Sponsor: Rep. Beatty, Joyce [D-OH-3]
Process start date: 2024-11-21
System Note: Lustra is free, publicly auditable civic infrastructure — full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source—always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Promoting Diverse Investment Advisers Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_10198.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-11-21.

What are the main provisions?

Key points include:

  • The Federal Reserve must establish goals to utilize investment firms that are at least 51% owned by women, minorities, or veterans.
  • This applies to investment management agreements made by the Federal Reserve under its emergency powers.
  • The act seeks to promote diversity and inclusion within the financial sector, fostering growth for underrepresented groups.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Beatty, Joyce [D-OH-3].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

What is the impact of this bill?

We don't know—that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Economy Public Investments