[Congressional Record Volume 165, Number 144 (Tuesday, September 10, 2019)]
[House]
[Pages H7576-H7579]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                ENSURING DIVERSE LEADERSHIP ACT OF 2019

  Mr. SAN NICOLAS. Mr. Speaker, I move to suspend the rules and pass 
the bill (H.R. 281) to amend the Federal Reserve Act to require Federal 
Reserve banks to interview at least one individual reflective of gender 
diversity and one individual reflective of racial or ethnic diversity 
when appointing Federal Reserve bank presidents, and for other 
purposes, as amended.
  The Clerk read the title of the bill.
  The text of the bill is as follows:

                                H.R. 281

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Ensuring Diverse Leadership 
     Act of 2019''.

     SEC. 2. CONGRESSIONAL FINDINGS.

       The Congress finds that--
       (1) while significant progress has occurred due to the 
     antidiscrimination amendments to the Federal Reserve Act, 
     barriers continue to pose significant obstacles for 
     candidates reflective of gender diversity and racial or 
     ethnic diversity for Federal Reserve bank president positions 
     in the Federal Reserve System;
       (2) the continuing barriers described in paragraph (1) 
     merit the following amendment;
       (3) Congress has received and reviewed testimony and 
     documentation of the historical lack of gender, racial, and 
     ethnic diversity from numerous sources, including 
     congressional hearings, scientific reports, reports issued by 
     public and private agencies, news stories, and reports of 
     related barriers by organizations and individuals, which show 
     that 
     race-, ethnicity-, and gender-neutral efforts alone are 
     insufficient to address the problem;
       (4) the testimony and documentation described in paragraph 
     (3) demonstrate that barriers across the United States prove 
     problematic for full and fair participation in developing 
     monetary policy by individuals reflective of gender diversity 
     and racial or ethnic diversity; and
       (5) the testimony and documentation described in paragraph 
     (3) provide a strong basis that there is a compelling need 
     for the below amendment to address the historical lack of 
     gender, racial, and ethnic diversity in the Federal Reserve 
     regional bank presidents selection process in the Federal 
     Reserve System.

     SEC. 3. FEDERAL RESERVE BANK PRESIDENTS.

       (a) In General.--The provision designated ``fifth'' of the 
     fourth undesignated paragraph of section 4 of the Federal 
     Reserve Act (12 U.S.C. 341) is amended by inserting after 
     ``employees.'' the following: ``In making the appointment of 
     a president, the bank shall interview at least one individual 
     reflective of gender diversity and one individual reflective 
     of racial or ethnic diversity.''.
       (b) Report.--Not later than January 1 of each year, each 
     Federal reserve bank shall submit to the Committee on 
     Banking, Housing, and Urban Affairs of the Senate, the 
     Committee on Financial Services of the House of 
     Representatives, and the Office of Inspector General for the 
     Board of Governors of the Federal Reserve System and the 
     Bureau of Consumer Financial Protection a report describing 
     the applicant pool demographic for the position of the 
     president of the Federal reserve bank for the preceding 
     fiscal year, if applicable.

     SEC. 4. TECHNICAL ADJUSTMENTS.

       (a) American Competitiveness and Workforce Improvement Act 
     of 1998.--Section 418(b) of the American Competitiveness and 
     Workforce Improvement Act of 1998 (8 U.S.C. 1184 note) is 
     amended by striking ``Chairman of the Board of Governors'' 
     and inserting ``Chair of the Board of Governors''.
       (b) Bretton Woods Agreements Act.--The Bretton Woods 
     Agreements Act (22 U.S.C. 286 et seq.) is amended--
       (1) in section 4(a), by striking ``Chairman of the Board of 
     Governors'' and inserting ``Chair of the Board of 
     Governors''; and
       (2) in section 45(a)(1), by striking ``chairman of the 
     board of Governors'' and inserting ``Chair of the Board of 
     Governors''.
       (c) Dodd-Frank Wall Street Reform and Consumer Protection 
     Act.--The Dodd-Frank Wall Street Reform and Consumer 
     Protection Act (12 U.S.C. 5301 et seq.) is amended by 
     striking ``Chairman of the Board'' each place such term 
     appears and inserting ``Chair of the Board''.
       (d) Emergency Economic Stabilization Act of 2008.--The 
     Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5201 
     et seq.) is amended by striking ``Chairman of the Board'' 
     each place such term appears and inserting ``Chair of the 
     Board''.
       (e) Emergency Loan Guarantee Act.--Section 2 of the 
     Emergency Loan Guarantee Act (15 U.S.C. 1841) is amended by 
     striking ``Chairman of the Board of Governors'' and inserting 
     ``Chair of the Board of Governors''.
       (f) Emergency Steel Loan Guarantee and Emergency Oil and 
     Gas Guaranteed Loan Act of 1999.--The Emergency Steel Loan 
     Guarantee and Emergency Oil and Gas Guaranteed Loan Act of 
     1999 (15 U.S.C. 1841 note) is amended--
       (1) in section 101(e)(2)--
       (A) by striking ``Chairman of the Board of Governors'' and 
     inserting ``Chair of the Board of Governors''; and
       (B) by striking ``Chairman,'' and inserting ``Chair,''; and
       (2) in section 201(d)(2)(B)--
       (A) by striking ``Chairman of the Board of Governors'' and 
     inserting ``Chair of the Board of Governors''; and
       (B) by striking ``Chairman,'' and inserting ``Chair,''.
       (g) Farm Credit Act of 1971.--Section 4.9(d)(1)(C) of the 
     Farm Credit Act of 1971 (12 U.S.C. 2160(d)(1)(C)) is amended 
     by striking ``Chairman of the Board of Governors'' and 
     inserting ``Chair of the Board of Governors''.
       (h) Federal Deposit Insurance Act.--The Federal Deposit 
     Insurance Act (12 U.S.C. 1811 et seq.) is amended--
       (1) in section 7(a)(3), by striking ``Chairman of the Board 
     of Governors'' and inserting ``Chair of the Board of 
     Governors''; and
       (2) in section 10(k)(5)(B)(ii), by striking ``Chairman of 
     the Board of Governors'' and inserting ``Chair of the Board 
     of Governors''.
       (i) Federal Reserve Act.--The Federal Reserve Act (12 
     U.S.C. 226 et seq.) is amended--
       (1) by striking ``chairman'' each place such term appears 
     and inserting ``chair'';
       (2) by striking ``Chairman'' each place such term appears 
     other than in section 11(r)(2)(B) and inserting ``Chair'';
       (3) in section 2, in the sixth undesignated paragraph--
       (A) in the second sentence, by striking ``his'' and 
     inserting ``the Comptroller of the Currency's''; and
       (B) in the third sentence, by striking ``his'' and 
     inserting ``the director's'';
       (4) in section 4--
       (A) in the third undesignated paragraph, by striking ``his 
     office'' and inserting ``the Office of the Comptroller of the 
     Currency'';
       (B) in the fourth undesignated paragraph, in the provision 
     designated ``fifth'', by striking ``his'' and inserting ``the 
     person's'';
       (C) in the eighth undesignated paragraph, by striking 
     ``his'' and inserting ``the chair's'';
       (D) in the seventeenth undesignated paragraph--
       (i) by striking ``his'' and inserting ``the officer's''; 
     and
       (ii) by striking ``he'' and inserting ``the individual'';
       (E) in the twentieth undesignated paragraph--
       (i) by striking ``He'' each place such term appears and 
     inserting ``The chair'';
       (ii) in the third sentence--

       (I) by striking ``his'' and inserting ``the''; and
       (II) by striking ``he'' and inserting a comma; and

       (iii) in the fifth sentence, by striking ``he'' and 
     inserting ``the chair''; and
       (F) in the twenty-first undesignated paragraph, by striking 
     ``his'' each place such term appears and inserting ``the 
     agent's'';
       (5) in section 6, in the second undesignated paragraph, by 
     striking ``he'' and inserting ``the Comptroller of the 
     Currency'';
       (6) in section 9A(c)(2)(C), by striking ``he'' and 
     inserting ``the participant'';
       (7) in section 10--
       (A) by striking ``he'' each place such term appears and 
     inserting ``the member'';
       (B) in the second undesignated paragraph, by striking 
     ``his'' and inserting ``the member's''; and
       (C) in the fourth undesignated paragraph--
       (i) in the second sentence, by striking ``his'' and 
     inserting ``the chair's'';
       (ii) in the fifth sentence, by striking ``his'' and 
     inserting ``the member's''; and
       (iii) in the sixth sentence, by striking ``his'' and 
     inserting ``the member's'';
       (8) in section 12, by striking ``his'' and inserting ``the 
     member's'';
       (9) in section 13, in the tenth undesignated paragraph, by 
     striking ``his'' and inserting ``the assured's'';
       (10) in section 16--
       (A) by striking ``he'' each place such term appears and 
     inserting ``the agent'';
       (B) in the seventh undesignated paragraph--
       (i) by striking ``his'' and inserting ``the agent's''; and
       (ii) by striking ``himself'' and inserting ``the agent'';
       (C) in the tenth undesignated paragraph, by striking 
     ``his'' and inserting ``the Secretary's''; and

[[Page H7577]]

       (D) in the fifteenth undesignated paragraph, by striking 
     ``his'' and inserting ``the agent's'';
       (11) in section 18, in the eighth undesignated paragraph, 
     by striking ``he'' and inserting ``the Secretary of the 
     Treasury'';
       (12) in section 22--
       (A) in subsection (f), by striking ``his'' and inserting 
     ``the director's or officer's''; and
       (B) in subsection (g)--
       (i) in paragraph (1)(D)--

       (I) by striking ``him'' and inserting ``the officer''; and
       (II) by striking ``he'' and inserting ``the officer''; and

       (ii) in paragraph (2)(A), by striking ``him as his'' and 
     inserting ``the officer as the officer's''; and
       (13) in section 25A--
       (A) in the twelfth undesignated paragraph--
       (i) by striking ``he'' each place such term appears and 
     inserting ``the member''; and
       (ii) by striking ``his'' and inserting ``the member's'';
       (B) in the fourteenth undesignated paragraph, by striking 
     ``his'' and inserting ``the director's or officer's''; and
       (C) in the twenty-second undesignated paragraph, by 
     striking ``his'' each place such term appears and inserting 
     ``such individual's''.
       (j) Federal Reserve Reform Act of 1977.--Section 204(b) of 
     the Federal Reserve Reform Act of 1977 (12 U.S.C. 242 note) 
     is amended by striking ``Chairman or Vice Chairman of the 
     Board of Governors'' and inserting ``Chair or Vice Chair of 
     the Board of Governors''.
       (k) Financial Institutions Reform, Recovery, and 
     Enforcement Act of 1989.--The Financial Institutions Reform, 
     Recovery, and Enforcement Act of 1989 is amended--
       (1) in section 308 (12 U.S.C. 1463 note)--
       (A) in subsection (a), by striking ``Chairman of the Board 
     of Governors'' and inserting ``Chair of the Board of 
     Governors''; and
       (B) in subsection (c), by striking ``Chairman of the Board 
     of Governors'' and inserting ``Chair of the Board of 
     Governors'';
       (2) in section 1001(a) (12 U.S.C. 1811 note), by striking 
     ``Chairman of the Board of Governors'' and inserting ``Chair 
     of the Board of Governors''; and
       (3) in section 1205(b)(1)(A) (12 U.S.C. 1818 note)--
       (A) by striking ``Chairman of the Board of Governors'' and 
     inserting ``Chair of the Board of Governors''; and
       (B) by striking ``Chairman's'' and inserting ``Chair's''.
       (l) Food, Conservation, and Energy Act of 2008.--Section 
     13106(a) of the Food, Conservation, and Energy Act of 2008 (7 
     U.S.C. 2 note) is amended by striking ``Chairman of the Board 
     of Governors'' and inserting ``Chair of the Board of 
     Governors''.
       (m) Housing and Community Development Act of 1992.--Section 
     1313(a)(3) of the Housing and Community Development Act of 
     1992 (12 U.S.C. 4513(a)(3)) is amended--
       (1) in the heading, by striking ``chairman'' and inserting 
     ``chair'';
       (2) by striking ``Chairman of the Board of Governors'' and 
     inserting ``Chair of the Board of Governors''; and
       (3) by striking ``Chairman regarding'' and inserting 
     ``Chair regarding''.
       (n) Inspector General Act of 1978.--Section 8G of the 
     Inspector General Act of 1978 is amended by striking 
     ``Chairman of the Board of Governors'' each place such term 
     appears and inserting ``Chair of the Board of Governors''.
       (o) International Lending Supervision Act of 1983.--Section 
     908(b)(3)(C) of the International Lending Supervision Act of 
     1983 (12 U.S.C. 3907(b)(3)(C)) is amended by striking 
     ``Chairman of the Board of Governors'' and inserting ``Chair 
     of the Board of Governors''.
       (p) Neighborhood Reinvestment Corporation Act.--Section 
     604(a)(3) of the Neighborhood Reinvestment Corporation Act 
     (42 U.S.C. 8103(a)(3)) is amended by striking ``Chairman'' 
     each place it appears and inserting ``Chair''.
       (q) Public Law 93-495.--Section 202(a)(1) of Public Law 93-
     495 (12 U.S.C. 2402(a)(1)) is amended--
       (1) by striking ``Chairman of the Board of Governors'' and 
     inserting ``Chair of the Board of Governors''; and
       (2) by striking ``his'' and inserting ``the Chair's''.
       (r) Sarbanes-Oxley Act of 2002.--Section 101(e)(4)(A) of 
     the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7211(e)(4)(A)) is 
     amended by striking ``Chairman of the Board of Governors'' 
     and inserting ``Chair of the Board of Governors''.
       (s) Securities Exchange Act of 1934.--Section 17A(f)(4)(C) 
     of the Securities Exchange Act of 1934 (15 U.S.C. 78q-
     1(f)(4)(C)) is amended by striking ``Chairman of the Board of 
     Governors'' and inserting ``Chair of the Board of 
     Governors''.
       (t) Title 31.--Title 31, United States Code, is amended--
       (1) in section 1344(b)(7), by striking ``Chairman of the 
     Board of Governors'' and inserting ``Chair of the Board of 
     Governors''; and
       (2) in section 5318A, by striking ``Chairman of the Board 
     of Governors'' each place such term appears and inserting 
     ``Chair of the Board of Governors''.
       (u) Trade Act of 1974.--Section 163(b)(3) of the Trade Act 
     of 1974 (19 U.S.C. 2213(b)(3)) is amended by striking 
     ``Chairman of the Board of Governors'' and inserting ``Chair 
     of the Board of Governors''.
       (v) Deeming of Name.--Any reference in a law, regulation, 
     document, paper, or other record of the United States to the 
     Chairman of the Board of Governors of the Federal Reserve 
     System shall be deemed to be a reference to the Chair of the 
     Board of Governors of the Federal Reserve System.

  The SPEAKER pro tempore. Pursuant to the rule, the gentleman from 
Guam (Mr. San Nicolas) and the gentleman from Ohio (Mr. Stivers) each 
will control 20 minutes.
  The Chair recognizes the gentleman from Guam.


                             General Leave

  Mr. SAN NICOLAS. Mr. Speaker, I ask unanimous consent that all 
Members may have 5 legislative days within which to revise and extend 
their remarks on this legislation and to insert extraneous material 
thereon.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from Guam?
  There was no objection.
  Mr. SAN NICOLAS. Mr. Speaker, I yield myself such time as I may 
consume.
  Mr. Speaker, I thank the gentlewoman from Ohio (Mrs. Beatty), the 
chair of the Subcommittee on Diversity and Inclusion, for this 
incredibly important piece of legislation, and the Members on the other 
side of the aisle who also support this bill.
  For far too long, the Federal Reserve system has been very homogenous 
since its inception in 1913. This only partially changed when, in 2017, 
Raphael Bostic was appointed as the first African American and openly 
gay male to serve as Federal Reserve Bank President. Additionally, only 
six women have served in a similar capacity, despite America becoming 
more demographically diverse.
  To address this lack of gender and ethnic representation, H.R. 281 
would require the Federal Reserve Bank to interview at least one 
individual reflective of gender diversity and one reflective of racial 
or ethnic diversity when filling Federal Reserve Bank president 
vacancies.
  To ensure accountability of this diversity effort, the bill would 
further require the Federal Reserve report annually on the applicant 
pool demographics. We must ensure the leadership of the Federal Reserve 
System reflects the growing diversity of our Nation and that gender and 
racially and ethnically diverse candidates are receiving serious 
consideration for president vacancies at the 12 Federal Reserve banks.
  Increasing diverse leadership representation will ensure that more 
perspectives are considered when making decisions about America's 
economic future.
  Again, I thank the gentlewoman from Ohio (Mrs. Beatty) for pushing 
this important bill and urge my colleagues to join me in supporting 
H.R. 281.
  Mr. Speaker, I reserve the balance of my time.
  Mr. STIVERS. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, as my friend from Guam just explained, the Federal 
Reserve Bank has had a very long history--130 presidents of Regional 
Federal Reserve Banks--and it took from 1913 to 2013--100 years--for 
the first African American to become president of one of those regional 
banks.
  Additionally, only 8 of the 12 regional banks have ever had a woman 
president. These demographics are not reflective of the people the 
Federal Reserve serves.
  The National Football League had a similar track record when it came 
to head coaches in the past. In 2003, the league adopted the so-called 
Rooney Rule, which required every team with a head coaching vacancy to 
interview at least one or more diverse candidates.
  In 2009, the Rooney Rule had expanded to include general manager 
jobs, and in 2016, the requirement was updated to require every team to 
interview at least one woman during the hiring process for executive 
positions.
  When the Rooney Rule went into effect, there were only two head 
coaches of color in the National Football League. The following year 
there were three, and those numbers have continued to grow. Last 
season, there was a record eight coaches of color in the NFL, the 
highest number in league history.
  H.R. 281 does not create a quota or hiring mandate. It simply pledges 
opportunities for women and minorities,

[[Page H7578]]

as the Rooney Rule did for coaches of color in the NFL and for women in 
the executive ranks of the NFL.
  At four hearings this year, the Committee on Financial Services heard 
from numerous witnesses that the effort to increase diversity 
throughout the financial services sector relies on expanding the pool 
of candidates to include more women and minorities.
  We heard from witnesses how diverse perspectives among the firm's 
leadership lead to better decisionmaking and better outcomes.
  H.R. 281 applies these principles to the Federal Reserve banking 
system. The bill directs the Federal Reserve Regional Banks to 
interview at least one individual reflective of gender and racial or 
ethnic diversity when appointing a Federal Reserve president.
  The Rooney Rule has been adopted across the private sector and is 
considered an industry best practice for firms trying to increase 
diversity in their senior leadership. We have an opportunity now to 
expand that concept to the Federal Reserve Bank.
  I am proud to have been a cosponsor of this bill with the gentlewoman 
from Ohio (Mrs. Beatty), chairwoman, my friend and colleague. I thank 
her as the chairwoman of the Subcommittee on Diversity and Inclusion 
for bringing forward such a commonsense idea with a proven track record 
that is seen as the best practice across the industry.
  This legislation will diversify the applicant pool and increase 
opportunities for women and minority leaders at the Federal Reserve 
Bank.
  Mr. Speaker, I urge my colleagues to support this bill, and I reserve 
the balance of my time.
  Mr. SAN NICOLAS. Mr. Speaker, I yield 5 minutes to the gentlewoman 
from Ohio (Mrs. Beatty), the sponsor of this legislation and the chair 
of the Subcommittee on Diversity and Inclusion.
  Mrs. BEATTY. Mr. Speaker, I want to thank the gentleman from Guam 
(Mr. San Nicolas), vice chair, for his leadership and for all his 
support. And to the gentleman from Ohio (Mr. Stivers), my colleague, 
thank you for your support.
  Mr. Speaker, I have the distinct honor to chair the Committee on 
Financial Services' Subcommittee on Diversity and Inclusion. And we 
have heard from numerous experts and we had countless research reports 
that show more diverse executive teams are more likely to outperform 
their peers on profitability, be more stable, and increase their market 
share.
  According to a study conducted by McKinsey & Company entitled, 
Delivering through Diversity, researchers have found that companies in 
the top 25 percent for gender and ethnic diversity on executive teams 
were 21 percent to 33 percent more likely to outperform on 
profitability.
  While companies in the bottom 25 percent for both gender and ethnic 
diversity were 29 percent less likely, Mr. Speaker, to achieve above-
average profitability.
  That is why it is so important that we pass my bill, the Ensuring 
Diverse Leadership Act of 2019, or better referred to as H.R. 281, 
which would require at least one individual reflective of gender 
diversity and one individual reflective of racial or ethnic diversity 
to be interviewed for each Federal Reserve president vacancy.

                              {time}  1345

  Mr. Speaker, as we have heard, it is modeled after the National 
Football League's Rooney Rule, which requires every team to interview 
at least one minority candidate in the hiring process for a new head 
coach.
  This bill adopts this proven private-sector diversity initiative and 
applies it to the Federal Reserve, what I like to call the Beatty rule.
  Like the National Football League prior to the implementation of the 
rule in 2003, the 12 Federal Reserve banks face a diversity problem 
within the leadership in their institutions. This would help move the 
needle.
  In more than 100 years of existence, the 12 Reserve banks have had 
only three non-White presidents and seven female presidents. It wasn't 
until 2009 that the Federal Reserve ever had a non-White Reserve bank 
president. It wasn't until the historic selection of my friend Raphael 
Bostic to be the president of the Federal Reserve Bank of Atlanta in 
2017 that an African American president of the Federal Reserve was 
appointed.
  Though we have had seven female presidents, 8 of the 12 Reserve banks 
have never had the distinction of having a female at the helm. That is 
why we need to adopt the Beatty rule at the Federal Reserve and pass 
this very important bill.
  Reserve bank presidents not only serve as the head of their financial 
institutions, but they play an incredibly important role in our 
Nation's economy, from serving on the Federal Open Market Committee, 
which determines the country's monetary policy and interest rates, to 
regulating the banks in their regions, to getting cash into their 
banking systems.
  Federal Reserve presidents should be more reflective of the public, 
and this bill will ensure diverse leaders are in the room and at the 
table when making decisions that directly impact our economy and 
directly impact our communities.
  I would like to end by thanking Chairwoman Waters and all of my 
colleagues on both sides of the aisle who have cosponsored this 
legislation, including my good friend and colleague from Ohio (Mr. 
Gonzalez), who spoke on behalf of this bill and helped to make this 
bill bipartisan.
  Lastly, I would like to thank Jim Rooney and the Rooney family, with 
whom I have had the opportunity to sit down and discuss this 
legislation, his philosophy, and his ideas. He is the son of the late 
Dan Rooney.
  This is a very important initiative. I am pleased to have his support 
and bipartisan support on this bill.
  Mr. Speaker, I urge my colleagues to support this bill, and I ask 
them to vote in the affirmative, ``yes,'' to pass the Beatty rule.
  Mr. STIVERS. Mr. Speaker, I yield 3 minutes to the gentleman from 
Ohio (Mr. Gonzalez), who is the vice ranking member of the Financial 
Services Subcommittee on Diversity and Inclusion and who knows the 
Rooney Rule firsthand since he was a standout wide receiver for the 
NFL's Indianapolis Colts.
  Mr. GONZALEZ of Ohio. Mr. Speaker, I rise in support of H.R. 281, the 
Ensuring Diverse Leadership Act of 2019, a.k.a. the Beatty rule.
  I thank my friends, Mrs. Beatty and Chairwoman Waters, for their work 
on this legislation and for bringing it to the House floor today.
  My friend Mrs. Beatty has been a tremendous leader on the Financial 
Services Subcommittee on Diversity and Inclusion, and it has been a 
pleasure getting to know her in my first term in Congress and working 
with her on this very important issue.
  Frankly, when I am back in my district, the issue that most animates 
our business leaders, those working day-to-day in our community, is the 
work that we are doing on the Diversity and Inclusion Subcommittee.
  KeyBank, Huntington Bank, folks in Ohio, all have stories about the 
different initiatives that they have undertaken to expand diversity in 
the financial services community.
  Like many of my colleagues, I am concerned about the historic lack of 
diversity that we have seen at the highest levels of the Federal 
Reserve. I think this is an important piece of legislation that will 
help rectify that.
  As Mr. Stivers alluded to, I consider myself the direct beneficiary 
of the NFL's Rooney Rule. During my time in the NFL, I was fortunate to 
play for two men who I consider to be the most incredible and profound 
leaders with whom I have ever had a chance to work. Both are African 
American: Tony Dungy, who is in the hall of fame, and Jim Caldwell.
  The Rooney Rule has worked. From 1921 until 2003, the NFL had seven 
minority coaches--from 1921 to 2003, seven. From 2003 to the present, 
we have seen 18.
  This is a step in the right direction in furthering the promotion of 
increased diversity by taking a page out of the NFL's playbook and by 
implementing the Beatty rule for regional Federal Reserve banks when 
interviewing for a new president, modeled off of the successful Rooney 
Rule.
  By providing the opportunity to be interviewed and to showcase their 
individual talents, this legislation will open more doors for 
individuals from a diverse background while still being based on merit. 
This is about expanding opportunities and giving everybody a fair shot.

[[Page H7579]]

  I look forward to continuing to work with my colleagues on this 
important issue, and again, I thank and congratulate Mrs. Beatty for 
her work on this legislation. I look forward to enthusiastically voting 
``yes.''
  Mr. SAN NICOLAS. Mr. Speaker, I reserve the balance of my time to 
close.
  Mr. STIVERS. Mr. Speaker, H.R. 281 is just common sense. It is a best 
practice in the industry. It has shown that it will increase the 
diversity of the staff, and we hope that it will work for the Federal 
Reserve banks.
  The Federal Reserve banks' record on diversity needs to be improved. 
I believe this is a great first step.
  I congratulate my colleague Joyce Beatty from Ohio and my colleague 
Anthony Gonzalez from Ohio for their incredible efforts on this. I am 
happy to be a cosponsor and urge adoption.
  Mr. Speaker, I yield back the balance of my time.
  Mr. SAN NICOLAS. Mr. Speaker, I yield myself the balance of my time.
  Once again, I thank Representative Beatty for bringing forward this 
legislation. I am excited to read about the Beatty rule in future 
financial news, and I am excited to see strong bipartisan support for 
something that is just common sense.
  Mr. Speaker, I urge my colleagues to join me in supporting this 
legislation, and I yield back the balance of my time.
  The SPEAKER pro tempore. The question is on the motion offered by the 
gentleman from Guam (Mr. San Nicolas) that the House suspend the rules 
and pass the bill, H.R. 281, as amended.
  The question was taken; and (two-thirds being in the affirmative) the 
rules were suspended and the bill, as amended, was passed.
  A motion to reconsider was laid on the table.

                          ____________________