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Mandating Analysis of Major Legislation's Impact on Income and Race

This bill mandates that Congress must analyze the financial impact of major legislation before it is passed. Specifically, any large bill (affecting 0.1% of GDP) must be scored to show how it affects the income and wealth of different racial groups and income levels. This ensures lawmakers are fully aware of how new policies might widen or narrow existing economic disparities, helping citizens evaluate the fairness of new rules.
Key points
Requires the CBO and JCT to perform a distribution analysis by income and race for all major bills (those exceeding 0.1% of GDP impact).
The analysis must detail the financial transfers resulting from the law, shown as dollar amounts and percentage changes in after-tax income for various groups.
Mandates a separate report on developing methods to analyze the economic impact of future legislation based on gender.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_S_5420
Sponsor: Sen. Warren, Elizabeth [D-MA]
Process start date: 2024-12-04
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

FAIR Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_5420.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-12-04.

What are the main provisions?

Key points include:

  • Requires the CBO and JCT to perform a distribution analysis by income and race for all major bills (those exceeding 0.1% of GDP impact).
  • The analysis must detail the financial transfers resulting from the law, shown as dollar amounts and percentage changes in after-tax income for various groups.
  • Mandates a separate report on developing methods to analyze the economic impact of future legislation based on gender.
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. Warren, Elizabeth [D-MA].

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 Courts and Law