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Federal Reserve: New Goals for Racial and Economic Equity

This bill mandates the Federal Reserve to actively work towards reducing disparities in employment, income, wealth, and access to credit across different racial and ethnic groups. This means the central bank's decisions will need to consider their impact on citizens' economic equality. The Federal Reserve will also be required to regularly report to Congress on progress in eliminating these inequalities, providing detailed demographic data.
Key points
The Federal Reserve must strive to eliminate racial and ethnic disparities in employment, income, wealth, and access to affordable credit.
Decisions regarding monetary policy, bank supervision, and other Federal Reserve functions must consider the goal of reducing inequalities.
The Federal Reserve will regularly provide Congress with detailed reports on economic trends, including disparities among demographic groups (race, ethnicity, gender, education).
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Additional Information
Print number: 118_HR_4194
Sponsor: Rep. Waters, Maxine [D-CA-43]
Process start date: 2023-06-15
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Federal Reserve Racial and Economic Equity Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_4194.

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 2023-06-15.

What are the main provisions?

Key points include:

  • The Federal Reserve must strive to eliminate racial and ethnic disparities in employment, income, wealth, and access to affordable credit.
  • Decisions regarding monetary policy, bank supervision, and other Federal Reserve functions must consider the goal of reducing inequalities.
  • The Federal Reserve will regularly provide Congress with detailed reports on economic trends, including disparities among demographic groups (race, ethnicity, gender, education).
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. Waters, Maxine [D-CA-43].

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 2025-12-25.

CATEGORIES

Economy