H.R. 2543 - Federal Reserve Racial and Economic Equity Act [Financial Services Racial Equity, Inclusion, and Economic Justice Act]

Bill Text

    Rules Committee Print 117-49 PDF XML

    Showing the text of the Financial Services Racial Equity, Inclusion, and Economic Justice Act.

    Text of H.R. 2543 PDF XML

    (as reported)

    Reports on Incorporated Bills

        H. Rept. 117-228
            ::  Report from the Committee on Financial Services to accompany H.R. 2543  PDF

        H. Rept. 117-65
            ::  Report from the Committee on Financial Services to accompany H.R. 1443  PDF

        H. Rept. 117-230
            ::  Report from the Committee on Financial Services to accompany H.R. 1277  PDF

Rule Information

COMMITTEE ACTION:
REPORTED BY A RECORD VOTE of 9-4 on Monday, June 13, 2022.

FLOOR ACTION ON H. RES. 1170: 
Agreed to by record vote of 218-204, after agreeing to the previous question by record vote of 216-199, on June 14, 2022.

MANAGERS: DeSaulnier/Reschenthaler

1. Structured rule for H.R. 2543.
2. Provides one hour of general debate on the bill equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services.
3. Waives all points of order against consideration of the bill.
4. Provides that an amendment in the nature of a substitute consisting of the text of Rules Committee Print 117-49, modified by the amendment printed in part A of the Rules Committee report, shall be considered as adopted and the bill, as amended, shall be considered as read.
5. Waives all points of order against provisions in the bill, as amended.
6. Provides that following debate, each further amendment printed in part B of the Rules Committee report not earlier considered as part of amendments en bloc pursuant to section 3 shall be considered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, may be withdrawn by the proponent at any time before the question is put thereon, shall not be subject to amendment, and shall not be subject to a demand for division of the question.
7.Section 3 provides that at any time after debate the chair of the Committee on Financial Services or her designee may offer amendments en bloc consisting of further amendments printed in part B of the Rules Committee report not earlier disposed of. Amendments en bloc shall be considered as read, shall be debatable for 20 minutes equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services or their designees, shall not be subject to amendment, and shall not be subject to a demand for division of the question.
8. Waives all points of order against the amendments printed in part B of the report and amendments en bloc described in section 3 of the resolution.
9. Provides one motion to recommit.
10. Structured rule for H.R. 2773.
11. Provides one hour of general debate on the bill equally divided and controlled by the chair and ranking minority member of the Committee on Natural Resources.
12. Waives all points of order against consideration of the bill.
13. Provides that an amendment in the nature of a substitute consisting of the text of Rules Committee Print 117-47, modified by the amendment printed in part C of the Rules Committee report, shall be considered as adopted and the bill, as amended, shall be considered as read.
14. Waives all points of order against provisions in the bill, as amended.
15. Provides that following debate, each further amendment printed in part D of the Rules Committee report not earlier considered as part of amendments en bloc pursuant to section 7 shall be considered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, may be withdrawn by the proponent at any time before the question is put thereon, shall not be subject to amendment, and shall not be subject to a demand for division of the question.
16. Section 7 provides that at any time after debate the chair of the Committee on Natural Resources or his designee may offer amendments en bloc consisting of further amendments printed in part D of the Rules Committee report not earlier disposed of. Amendments en bloc shall be considered as read, shall be debatable for 20 minutes equally divided and controlled by the chair and ranking minority member of the Committee on Natural Resources or their designees, shall not be subject to amendment, and shall not be subject to a demand for division of the question.
17. Waives all points of order against the amendments printed in part D of the report and amendments en bloc described in section 7 of the resolution.
18. Provides one motion to recommit.
19. Structured rule for H.R. 7606.
20. Provides one hour of general debate equally divided and controlled by the chair and ranking minority member of the Committee on Agriculture.
21. Waives all points of order against consideration of the bill.
22. Provides that an amendment in the nature of a substitute consisting of the text of Rules Committee Print 117-50, modified by the amendment printed in part E of the Rules Committee report, shall be considered as adopted and the bill, as amended, shall be considered as read.
23. Waives all points of order against provisions in the bill, as amended.
24. Makes in order only those further amendments to H.R. 7606 printed in part F of the Rules Committee report. Each such amendment may be offered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question.
25. Waives all points of order against the amendments printed in part F of the report.
26. Provides one motion to recommit.
27. Provides that House Resolution 188, agreed to March 8, 2021 (as most recently amended by House Resolution 1153, agreed to June 8, 2022), is amended by striking “June 17, 2022” each place it appears and inserting (in each instance) “June 22, 2022”.

Amendments (click headers to sort)

#Version #Sponsor(s)PartySummaryStatus
1Version 1Garcia, Sylvia (TX)DemocratRequires the Government Accountability Office to conduct a study to identify barriers to reducing homelessness by providing housing assistance under the Public Housing and Housing Choice Voucher programs.Made in Order
2Version 1Gaetz (FL)RepublicanAmends Title I - Equity in Monetary Policy to direct the Federal Reserve System's focus to the national debt. Realigns the congressional reporting requirements to include excess congressional spending in the interest of the nation's well-being.Submitted
3Version 2Williams (GA)DemocratRevised Ensures the Offices of Minority and Women Inclusion at our financial services-related federal agencies include LGBTQ+ inclusion in their mission.Revised
4Version 1Timmons (SC)RepublicanStrikes all of titles I, II, and III, subtitle B in title IV and subtitle B in title V.Made in Order
5Version 3Trone (MD)DemocratRevised Recommends the federal reserve board conduct a study that evaluates the impact of factors that impact entrepreneurial inequities.Revised
6Version 1Williams (GA)DemocratCodifies a provision of Regulation B that tasks lenders with considering additional data not found on a credit report in the underwriting of a mortgage at the request of a consumer, increasing mortgage access for individuals with little or no credit history.Made in Order
7Version 2Loudermilk (GA)RepublicanRevised Makes implementation of the bill contingent on an OMB cost-benefit analysis and report to Congress determining that the bill will not increase costs for small businesses or raise the cost of credit for consumers.Revised
8Version 1Barr (KY)RepublicanInserts after Sec. 1 the following: Sec. 2 Effective Date Contingent on Inflation Rate.Submitted
9Version 1Barr (KY)RepublicanStrikes title IV and inserts the following: Title IV - Promoting Access to Capital in Underbanked Communities.Submitted
10Version 1Barr (KY)RepublicanStrikes subtitle B of title V.Submitted
11Version 2Houlahan (PA)DemocratRevised Amends the Young Entrepreneurs Program to give focus to young women entrepreneurs, entrepreneurs who are Black, Hispanic, Asian/Pacific Islander and Native American/Native Alaskan and other historically underrepresented groups or first time business owners.Made in Order
12Version 2Torres, Ritchie (NY)DemocratRevised Directs HUD to produce a report to Congress describing all efforts they have been or are going to do regarding access to affordable permanent and temporary housing for LGBTQ+ youth, elderly, and the homeless.Made in Order
13Version 1Jayapal (WA), Chu (CA), Pressley (MA)DemocratRevises the Board's report to include economic data disaggregated by ethnic subgroup, to the extent available.Made in Order
14Version 1Davis, Rodney (IL), Fischbach (MN), Fitzgerald (WI), Bacon (NE), Kim, Young (CA), Stauber (MN), Crawford (AR)RepublicanRepeals the Small Business Loan Data Collection requirement under the Equal Credit Opportunity Act which will require effectively all Financial Institutions (FI) to collect and report demographic data to the Consumer Financial Protection Bureau on applications for credit for small businesses which would require a FI to report ethnicity and race based on visual observation and/or surname if an applicant refuses to self-report demographic data. This requirement would also mandate that an employee or officer of a FI involved in making any determination concerning the application would be prohibited from accessing an applicant’s responses, which will require additional staff at and IT infrastructure at smaller FIs.Made in Order
15Version 1Torres, Ritchie (NY)DemocratExpands the definition of Community Financial Institutions (CFIs) to credit unions and Treasury-certified non-depository community development financial institutions. CFI status enables these entities to pledge small business, small agriculture and community development loans, not just housing loans. Providing a secondary market for these loans enables financial institutions to move them off their books, receive funds for those loans and make additional loans.Submitted
16Version 1Beatty (OH)DemocratRequires that diverse candidates be considered when there is a vacancy among the Federal Reserve Bank presidents.Made in Order
17Version 1Velázquez (NY)DemocratClarifies that the CFPB has supervisory and fair lending enforcement authority of non-depository lenders to small businesses that collect and report data pursuant to Section 1071 of the Dodd-Frank Act.Submitted
18Version 1Hill, French (AR)RepublicanStrikes Title I ("Equity in Monetary Policy") of the Financial Services, Racial Equity, Inclusion, and Economic Justice Act. Ends the Federal Reserve's dual mandate so that the central bank focuses exclusively on containing inflation.Submitted
19Version 1Payne, Jr. (NJ), Smith, Christopher (NJ), Garcia, Sylvia (TX), Garcia, Jesús (IL), Thompson, Bennie (MS), Williams (GA), Maloney, Carolyn (NY), Watson Coleman (NJ), Pressley (MA)Bi-PartisanAdds the text of the bipartisan Payment Choice Act, which protects the right to pay in cash at all retail establishments for transactions under $2,000.Made in Order
20Version 3Waters (CA)DemocratMANAGER’S AMENDMENT Revised Makes a series of technical and conforming changes throughout the bill, adds an additional disclosure requirement, and an additional finding related to housing.Considered as Adopted
21Version 2Tlaib (MI)DemocratWithdrawn Adds "Middle Easterners and North Africans" to the list of demographic groups specifically required to be included in the reports created by the bill.Withdrawn
22Version 1Tlaib (MI)DemocratAdds the text of Restoring Unfairly Impaired Credit and Protecting Consumers Act, which shortens the length of time that adverse, negative information stays on a credit report from seven years to four years, prohibits debt from medically necessary procedures from being included on credit reports, and additional provisions.Submitted
23Version 1Pressley (MA)DemocratRequires certain issuers of securities to disclose the disability status, based on voluntary self-identification, of any of their board of directors or executive officers.Made in Order
24Version 1Lawrence (MI)DemocratInserts language requiring various reports to include breakdowns by State (including DC and U.S. territories), Tribal areas, and, for some reports, by congressional district.Made in Order
25Version 2Johnson, Eddie Bernice (TX), Langevin (RI)DemocratRevised Amends Section 102 to ensure individuals with disabilities are included In reports to Congress made by the Federal Reserve.Made in Order
26Version 1Pressley (MA), Bowman (NY)DemocratRequires creditors to provide American Sign Langauge interpretation services to consumers who have indicated that language as a preference.Made in Order
27Version 1Pressley (MA), Bowman (NY)DemocratProhibits creditors from discriminating against credit applicants on the basis of disability status.Made in Order
28Version 2Cohen (TN)DemocratRevised Amends Section 101 to clarify that the Federal Reserve has a duty to address racial disparities with respect to climate risks and amends Section 102 to ensure the Federal Reserve includes frontline communities in its report to Congress.Revised
29Version 1DeSaulnier (CA)DemocratRequires mortgage data collection on veteran status and disability status.Made in Order
30Version 2Bush, Cori (MO)DemocratRevised Includes age as demographic to be included in the study of labor trends. Requires the Fed to study the cross-sectional interaction between race, ethnicity, age, and educational attainment and how these identities interact with one another in the labor force.Made in Order
31Version 2DeSaulnier (CA)DemocratRevised Includes reducing the unbanked and underbanked population in the allowable uses of funds for the MDI and CDFI technology grant program.Made in Order
32Version 2Williams (GA)DemocratLate Withdrawn Tasks the Consumer Financial Protection Bureau to report on its current practices to protect tenants as financial consumers.Withdrawn
33Version 2Cohen (TN), Beatty (OH)DemocratLate Revised Ensures access to a free credit score.Revised
34Version 1Houlahan (PA)DemocratLate Requires a description of financial education and awareness programs offered to the community in the Credit Union's mandatory report.Made in Order
35Version 1Scott, David (GA)DemocratLate Includes LGBTQ as a designation in Diversity and Advisory Group study that will identify strategies to increase gender, racial, and ethnic diversity among members of boards of directors of issuers.Made in Order
36Version 1Scott, David (GA)DemocratLate Requires the CFPB's Civil Penalty Fund Administrator to award a CPF contract for the administration of consumer education and financial literacy program targeted at economically vulnerable consumers who want to improve their approach to money management within 90 days of enactment.Submitted
37Version 2Cicilline (RI)DemocratLate Revised Adds additional definitions to the Equal Credit Opportunity Act and rules of construction.Made in Order
38Version 1Kuster (NH)DemocratLate Requires a study to be done on the implementation of the program in community banks with less than 10 billion dollars in assets associated with abiding by mortgage services required by the Act.Made in Order
39Version 1Cohen (TN), Lawson (FL)DemocratLate Prohibits the use of credit checks to deny employment.Submitted
40Version 3Lee, Susie (NV)DemocratLate Revised Directs the heads of Treasury and HUD to create an interagency working group focused on the housing crisis in America to report to the Committee on Financial Services on the state of housing in the United States and make recommendations on housing affordability and supply.Made in Order
41Version 1Blunt Rochester (DE), Beatty (OH), Cleaver (MO), Schakowsky (IL), Titus (NV)DemocratLate Withdrawn Authorizes a grant program for the development and implementation of housing supply and affordability plans, such as zoning reform.Withdrawn
42Version 1Jackson Lee (TX)DemocratLate Withdrawn Requires a report to Congress detailing efforts to minimize and eliminate disparities across racial and ethnic groups regarding access to financial products for the purpose of restoration, renovation, or repair following a federally-declared disaster.Withdrawn
43Version 1Jackson Lee (TX)DemocratLate Withdrawn Requires a report to Congress detailing efforts to minimize and eliminate disparities across racial and ethnic groups with respect to access to capital for older applicants.Withdrawn
44Version 1Jackson Lee (TX)DemocratLate Provides public access via the Internet to a searchable, interactive map that graphically displays location-based data regarding credit and mortgage loan applications, rejections, and approvals. The data shall be displayed by use of a multi-layer GIS (Geospatial Information Systems) mapping platform that enables analysis, tracking, and transparency of trends, performance, disparities, and inequities.Submitted
45Version 1Tlaib (MI)DemocratLate Removes references to specific racial/ethnic groups and replaces them with a definition of "ethnic subgroup" that is designed to be all encompassing, with regards to the demographic information required to be reported for this Act.Made in Order
46Version 2Jackson Lee (TX)DemocratLate Revised Requires a report to Congress containing the plans, activities, and actions of the Board of Governors of the Federal Reserve System to minimize and eliminate disparities across racial and ethnic groups with respect to access to financial products for the purpose of restoration, renovations, or repair following a federally-declared disaster. Federal Disaster Declarations provides homeowners with access to SBA loans to repair damaged homes that are not covered by disaster specific casualty insurance coverage for losses caused by floods, wildfires, or earth movement.Made in Order
47Version 1Jackson Lee (TX)DemocratLate Requires a report to Congress containing the plans, activities, and actions of the Board of Governors of the Federal Reserve System and the Federal Open Market Committee to minimize and eliminate disparities across racial and ethnic groups with respect to access to capital for older applicants.Submitted
48Version 1Brown, Shontel (OH)DemocratLate Revises the Board's report on labor trends to include individuals with dependent children under the age of 18.Made in Order
49Version 3Bowman (NY)DemocratLate Revised Requires Treasury and HUD to issue a report that examines how community development financial institutions can affirmatively further fair housing and expand wealth building opportunities in low-income and minority communities through collective ownership models.Made in Order
50Version 1Gonzalez, Vicente (TX)DemocratLate Ensures nothing prevents community banks from opening in underserved areas in relation to this Title.Made in Order
51Version 1Perry (PA)RepublicanLate Strikes subtitle A of title II, the Diversity and Inclusion Data Accountability and Transparency.Submitted
52Version 1Perry (PA)RepublicanLate Strikes subtitle B of title IV, the Promoting Diversity and Inclusion in Banking.Submitted
53Version 1Perry (PA)RepublicanLate Strikes subtitle C of title IV, the Improving Corporate Governance Through Diversity.Submitted
54Version 2Omar (MN)DemocratLate Revised Adds access to mortgage credit as a required reporting area and requests the Fed (with the CFPB) to explain disparities in such lending.Revised
55Version 1Bishop, Dan (NC)RepublicanLate Grants Executive Order 13950 the force and effect of law. Prohibits federal funds from going to entities that advance Critical Race Theory-associated concepts.Submitted
56Version 1Westerman (AR)RepublicanLate Requires the Government Accountability Office to conduct a study examining the effects of inflation on access to credit for racial and ethnic minorities, women, veterans, and those residing in low-income census tracts and rural counties.Submitted
57Version 1Westerman (AR)RepublicanLate Requires the Government Accountability Office to conduct a study examining the effects of financial institution consolidation during the time period 2010-2022 on access to credit for racial and ethnic minorities, women, veterans, and those residing in low-income census tracts and rural counties.Submitted
58Version 1Williams (GA)DemocratLate Tasks the Consumer Financial Protection Bureau, in coordination with the Election Assistance Commission, to provide a uniform statement that would be included with certain leases and vouchers for federally assisted rental housing as well as with mortgage applications to inform recipients how they can register to vote and their voting rights under the law.Submitted

Committee Votes

Rules Committee Record Vote No. 232

Motion by Mr. Cole to add language to the rule that would eliminate the ability to vote remotely by proxy. Defeated: 4–8

Majority Member
Vote
Mrs. Torres
Nay
Mr. Perlmutter
Nay
Mr. Raskin
Nay
Ms. Scanlon
Nay
Mr. Morelle
Nay
Mr. DeSaulnier
Nay
Ms. Ross
Nay
Mr. Neguse
No Vote
Mr. McGovern, Chairman
Nay
Minority Member
Vote
Mr. Cole
Yea
Mr. Burgess
Yea
Mr. Reschenthaler
Yea
Mrs. Fischbach
Yea
Rules Committee Record Vote No. 233

Motion by Mr. Cole to report an open rule for H.R. 2543. Defeated: 4–9

Majority Member
Vote
Mrs. Torres
Nay
Mr. Perlmutter
Nay
Mr. Raskin
Nay
Ms. Scanlon
Nay
Mr. Morelle
Nay
Mr. DeSaulnier
Nay
Ms. Ross
Nay
Mr. Neguse
Nay
Mr. McGovern, Chairman
Nay
Minority Member
Vote
Mr. Cole
Yea
Mr. Burgess
Yea
Mr. Reschenthaler
Yea
Mrs. Fischbach
Yea
Rules Committee Record Vote No. 236

Motion by Mr. Reschenthaler to amend the rule to H.R. 2543 to make in order amendment #7, offered by Rep. Loudermilk (GA), which makes implementation of the bill contingent on an OMB cost-benefit analysis and report to Congress determining that the bill will not increase costs for small businesses or raise the cost of credit for consumers. Defeated: 4–9

Majority Member
Vote
Mrs. Torres
Nay
Mr. Perlmutter
Nay
Mr. Raskin
Nay
Ms. Scanlon
Nay
Mr. Morelle
Nay
Mr. DeSaulnier
Nay
Ms. Ross
Nay
Mr. Neguse
Nay
Mr. McGovern, Chairman
Nay
Minority Member
Vote
Mr. Cole
Yea
Mr. Burgess
Yea
Mr. Reschenthaler
Yea
Mrs. Fischbach
Yea
Rules Committee Record Vote No. 237

Motion by Mr. Reschenthaler to amend the rule to H.R. 2543 to make in order amendment #18, offered by Rep. Hill (AR), which strikes Title I ("Equity in Monetary Policy") and ends the Federal Reserve's dual mandate so that the central bank focuses exclusively on containing inflation. Defeated: 4–9

Majority Member
Vote
Mrs. Torres
Nay
Mr. Perlmutter
Nay
Mr. Raskin
Nay
Ms. Scanlon
Nay
Mr. Morelle
Nay
Mr. DeSaulnier
Nay
Ms. Ross
Nay
Mr. Neguse
Nay
Mr. McGovern, Chairman
Nay
Minority Member
Vote
Mr. Cole
Yea
Mr. Burgess
Yea
Mr. Reschenthaler
Yea
Mrs. Fischbach
Yea
Rules Committee Record Vote No. 239

Motion by Ms. Scanlon to report the rule. Adopted: 9–4

Majority Member
Vote
Mrs. Torres
Yea
Mr. Perlmutter
Yea
Mr. Raskin
Yea
Ms. Scanlon
Yea
Mr. Morelle
Yea
Mr. DeSaulnier
Yea
Ms. Ross
Yea
Mr. Neguse
Yea
Mr. McGovern, Chairman
Yea
Minority Member
Vote
Mr. Cole
Nay
Mr. Burgess
Nay
Mr. Reschenthaler
Nay
Mrs. Fischbach
Nay