Bill > HR2543

This bill, titled the "Financial Services Racial Equity, Inclusion, and Economic Justice Act," has several key provisions: It amends the Federal Reserve Act to require the Federal Reserve to exercise its duties in a manner that fosters the elimination of disparities across racial and ethnic groups with respect to employment, income, wealth, and access to affordable credit. It also requires the Federal Reserve to report to Congress on economic developments and prospects, including a discussion of disparities in employment, income, and wealth across racial and ethnic groups. The bill requires disclosure of demographic data on the racial, ethnic, gender identity, and sexual orientation composition of boards of directors, board nominees, and executive officers of issuers and regulated entities. It also establishes an advisory group to study and make recommendations on strategies to increase diversity among corporate board members. The bill has provisions to strengthen diverse and mission-driven community financial institutions, including establishing an Office of Diverse and Mission-Driven Community Financial Institutions and requiring the Federal banking agencies to designate senior officials responsible for promoting minority depository institutions and community development financial institutions. The bill also amends the Equal Credit Opportunity Act to prohibit discrimination in credit transactions based on zip code, receipt of public assistance, or exercise of consumer protection rights. It further establishes criminal penalties for violations of the Act.

Business and Industry, Housing and Urban Affairs

https://www.congress.gov/bill/117th-congress/house-bill/2543/all-info