Federal Reserve Mandate Change: Fighting Racial and Economic Disparities.
This bill imposes a new duty on the Federal Reserve (Fed): actively working to eliminate disparities in employment, income, wealth, and access to affordable credit among different racial and ethnic groups. This means monetary policy and bank regulations must now incorporate these equity goals, potentially affecting financing access and job opportunities for minorities. Furthermore, the Fed must regularly report to Congress on how these inequalities are changing and what specific actions are being taken to reduce them.
Key points
The Fed is now required to actively minimize differences in job access, credit, and wealth for racial and ethnic minorities.
All Fed functions, including setting interest rates and bank supervision, must be carried out with the explicit goal of eliminating economic disparities.
Fed reports to Congress must include detailed data comparing economic trends (e.g., unemployment, income) across various demographic groups, increasing data transparency.
Expired
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