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Federal Reserve must prioritize workers' rights and distributional effects

This Act aims to change how the Federal Reserve (Fed) operates by requiring its monetary policy decisions to consider the impact on income inequality and workers' situations. It mandates the appointment of a Board member with experience in protecting workers' rights, who will lead efforts to promote maximum employment. This means the nation's economic policy will be required to focus more on the benefits for ordinary workers and labor market stability.
Key points
Fed's monetary policy must now consider the 'distributional effect,' meaning how central bank decisions affect different income groups and inequality.
The Federal Reserve Board of Governors must include at least one member with demonstrated primary experience in supporting or protecting workers' rights.
The worker-focused Board member will be the lead member responsible for developing policy recommendations to meet the goal of maximum employment.
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Expired
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Additional Information
Print number: 118_S_496
Sponsor: Sen. Reed, Jack [D-RI]
Process start date: 2023-02-16
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Respect for Workers Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_496.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-02-16.

What are the main provisions?

Key points include:

  • Fed's monetary policy must now consider the 'distributional effect,' meaning how central bank decisions affect different income groups and inequality.
  • The Federal Reserve Board of Governors must include at least one member with demonstrated primary experience in supporting or protecting workers' rights.
  • The worker-focused Board member will be the lead member responsible for developing policy recommendations to meet the goal of maximum employment.
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 Sen. Reed, Jack [D-RI].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Economy Labor