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Bill117th CongressFiled Apr 14, 2021Finance and Financial Sector
H.R. 2543

Federal Reserve Racial and Economic Equity Act

Bill journey · stage 2 of 5

Under committee review

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What it doesSummary passed house (Jun 15, 2022)

Financial Services Racial Equity, Inclusion, and Economic Justice Act

This bill address access to financial services, diversity in various financial institutions and establishments, and other related issues.

Access to credit, mortgages, and banking services are expanded, including by

  • prohibiting discrimination with respect to credit transactions on the basis of an applicant's sexual orientation, gender identity, or location based on zip code or census tract;
  • establishing language translation requirements for residential mortgage applications; and
  • providing funding set-asides for minority lending institutions.

The bill expands the support of, and access to, minority depository institutions and community development financial institutions and establishes an impact bank designation for small institutions that predominately lend to low-income borrowers.

Further, the Federal Reserve Board must carry out its duties in a manner that supports the elimination of racial and ethnic disparities in employment, income, wealth, and access to affordable credit.

Additionally, the bill requires financial institutions to report information relating to diversity policies and lending practices.

Retail businesses must accept cash as a form of payment for sales in amounts less than $2,000 and are prohibited from charging cash-paying customers a higher price.

Finally, the bill commissions various reports and studies, including a report from the Government Accountability Office on public housing for the homeless.

What just happenedJun 21, 2022

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Who’s behind it

Rep. Waters, Maxine [D-CA-43](D-CA)Sponsor
5 cosponsors5 D
Read on Congress.gov
5cosponsors2committees29actions5amendments21related bills13subjects
  1. Jun 21, 2022IntroReferral

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Banking, Housing, and Urban Affairs Committee
  2. Jun 15, 2022FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  3. Jun 15, 2022FloorH37100

    On passage Passed by the Yeas and Nays: 215 - 207 (Roll no. 275).

  4. Jun 15, 2022Floor8000

    Passed/agreed to in House: On passage Passed by the Yeas and Nays: 215 - 207 (Roll no. 275).

  5. Jun 15, 2022FloorH36210

    On motion to recommit Failed by the Yeas and Nays: 202 - 219 (Roll no. 274).

    Financial Services Committee
  6. Jun 15, 2022FloorH8A000

    The previous question on the motion to recommit was ordered pursuant to clause 2(b) of rule XIX.

  7. Jun 15, 2022FloorH36200

    Mr. Hill moved to recommit to the Committee on Financial Services. (text: CR H5589)

    Financial Services Committee
  8. Jun 15, 2022FloorH35000

    The previous question was ordered pursuant to the rule.

  9. Jun 15, 2022FloorH8D000

    POSTPONED PROCEEDINGS - At the conclusion of debate on the Payne amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. McHenry demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.

  10. Jun 15, 2022FloorH8D000

    DEBATE - Pursuant to the provisions of H. Res. 1170, the House proceeded with 10 minutes of debate on the Payne amendment No. 19.

  11. Jun 15, 2022FloorH8D000

    POSTPONED PROCEEDINGS - At the conclusion of debate on the Vicente Gonzalez amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. Posey demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.

  12. Jun 15, 2022FloorH8D000

    DEBATE - Pursuant to the provisions of H. Res. 1170, the House proceeded with 10 minutes of debate on the Vicente Gonzalez amendment No. 10.

  13. Jun 15, 2022FloorH8D000

    POSTPONED PROCEEDINGS - At the conclusion of debate on the Green (TX) amendment en bloc No. 2, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. Al Green (TX) demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.

  14. Jun 15, 2022FloorH8D000

    DEBATE - Pursuant to the provisions of H. Res. 1170, the House proceeded with 20 minutes of debate on the Al Green (TX) amendment en bloc No. 2.

  15. Jun 15, 2022FloorH8D000

    POSTPONED PROCEEDINGS - At the conclusion of debate on the Green (TX) amendment en bloc No. 1, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. McHenry demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.

  16. Jun 15, 2022FloorH8D000

    DEBATE - Pursuant to the provisions of H. Res. 1170, the House proceeded with 20 minutes of debate on the Al Green (TX) amendment en bloc No. 1.

  17. Jun 15, 2022FloorH8D000

    DEBATE - The House proceeded with one hour of debate on H.R. 2543.

  18. Jun 15, 2022FloorH8D000

    Rule provides for consideration of H.R. 2543, H.R. 2773 and H.R. 7606. Resolution provides for one hour of general debate on each bill and one motion to recommit. Rule also amends House Resolution 188 by striking "June 17, 2022" and inserting "June 22, 2022".

  19. Jun 15, 2022FloorH30000

    Considered under the provisions of rule H. Res. 1170. (consideration: CR H5556-5591; text: CR H5556-5567)

  20. Jun 13, 2022FloorH1L210

    Rules Committee Resolution H. Res. 1170 Reported to House. Rule provides for consideration of H.R. 2543, H.R. 2773 and H.R. 7606. Resolution provides for one hour of general debate on each bill and one motion to recommit. Rule also amends House Resolution 188 by striking "June 17, 2022" and inserting "June 22, 2022".

  21. Jan 20, 2022CalendarsH12410

    Placed on the Union Calendar, Calendar No. 162.

  22. Jan 20, 2022CommitteeH12200

    Reported (Amended) by the Committee on Financial Services. H. Rept. 117-228.

    Financial Services Committee
  23. Jan 20, 2022Committee5000

    Reported (Amended) by the Committee on Financial Services. H. Rept. 117-228.

    Financial Services Committee
  24. Apr 21, 2021Committee

    Ordered to be Reported (Amended) by the Yeas and Nays: 30 - 23.

    Financial Services Committee
  25. Apr 21, 2021Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  26. Apr 20, 2021Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  27. Apr 14, 2021IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  28. Apr 14, 2021IntroReferralIntro-H

    Introduced in House

  29. Apr 14, 2021IntroReferral1000

    Introduced in House

Passed HouseJun 15, 202253

Financial Services Racial Equity, Inclusion, and Economic Justice Act

This bill address access to financial services, diversity in various financial institutions and establishments, and other related issues.

Access to credit, mortgages, and banking services are expanded, including by

  • prohibiting discrimination with respect to credit transactions on the basis of an applicant's sexual orientation, gender identity, or location based on zip code or census tract;
  • establishing language translation requirements for residential mortgage applications; and
  • providing funding set-asides for minority lending institutions.

The bill expands the support of, and access to, minority depository institutions and community development financial institutions and establishes an impact bank designation for small institutions that predominately lend to low-income borrowers.

Further, the Federal Reserve Board must carry out its duties in a manner that supports the elimination of racial and ethnic disparities in employment, income, wealth, and access to affordable credit.

Additionally, the bill requires financial institutions to report information relating to diversity policies and lending practices.

Retail businesses must accept cash as a form of payment for sales in amounts less than $2,000 and are prohibited from charging cash-paying customers a higher price.

Finally, the bill commissions various reports and studies, including a report from the Government Accountability Office on public housing for the homeless.

Reported to HouseJan 20, 20227

Federal Reserve Racial and Economic Equity Act

This bill requires the Federal Reserve Board to carry out its duties in a manner that supports the elimination of racial and ethnic disparities in employment, income, wealth, and access to affordable credit. The board must report on disparities in labor force trends as well as on plans and activities of the board to minimize and eliminate these disparities.

Introduced in HouseApr 14, 2021

Federal Reserve Racial and Economic Equity Act

This bill requires the Federal Reserve Board to carry out its duties in a manner that supports the elimination of racial and ethnic disparities in employment, income, wealth, and access to affordable credit. The board must report on disparities in labor force trends as well as on plans and activities of the board to minimize and eliminate these disparities.

Federal Reserve Racial and Economic Equity Act — Informed