[Congressional Record Volume 168, Number 102 (Wednesday, June 15, 2022)]
[House]
[Pages H5556-H5586]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             FEDERAL RESERVE RACIAL AND ECONOMIC EQUITY ACT

  Mr. GREEN of Texas. Mr. Speaker, pursuant to House Resolution 1170, I 
call up the bill (H.R. 2543) to amend the Federal Reserve Act to add 
additional demographic reporting requirements, to modify the goals of 
the Federal Reserve System, and for other purposes, and ask for its 
immediate consideration in the House.
  The Clerk read the title of the bill.
  The SPEAKER pro tempore. Pursuant to House Resolution 1170, in lieu 
of the amendment in the nature of a substitute recommended by the 
Committee on Financial Services printed in the bill, 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 House 
Report 117-366, is adopted and the bill, as amended, is considered 
read.
  The text of the bill is as follows:

                               H.R. 2543

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

     SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

       (a) Short Title.--This Act may be cited as the ``Financial 
     Services Racial Equity, Inclusion, and Economic Justice 
     Act''.
       (b) Table of Contents.--The table of contents for this Act 
     is as follows:

Sec. 1. Short title; table of contents.

                   TITLE I--EQUITY IN MONETARY POLICY

Sec. 101. Duty to minimize and eliminate racial disparities.
Sec. 102. Appearances before and reports to the Congress.

[[Page H5557]]

           TITLE II--DIVERSITY DATA COLLECTION AND REPORTING

      Subtitle A--Diversity and Inclusion Data Accountability and 
                              Transparency

Sec. 211. Disclosures by regulated entities.

   Subtitle B--LGBTQ Business Equal Credit Enforcement and Investment

Sec. 221. Small business loan data collection.

                TITLE III--ACCESS TO HOUSING AND LENDING

      Subtitle A--Improving Language Access in Mortgage Servicing

Sec. 311. Language access requirements and resources.

                    Subtitle B--Fair Lending for All

Sec. 321. Office of Fair Lending Testing.
Sec. 322. Prohibition on credit discrimination.
Sec. 323. Criminal penalties for violations of the Equal Credit 
              Opportunity Act.
Sec. 324. Review of loan applications.
Sec. 325. Mortgage data collection.

   Subtitle C--Promoting and Advancing Communities of Color Through 
                           Inclusive Lending

Sec. 331. Strengthening diverse and mission-driven community financial 
              institutions.
Sec. 332. Capital investments, grants, and technology support for MDIs 
              and CDFIs.
Sec. 333. Supporting Young Entrepreneurs Program.
Sec. 334. Map of minority depository institutions and community 
              development financial institutions.
Sec. 335. Report on certified community development financial 
              institutions.
Sec. 336. Consultation and minimization of data requests.
Sec. 337. Access to the discount window of the Federal Reserve System 
              for MDIs and CDFIs.
Sec. 338. Study on securitization by CDFIs.

     TITLE IV--DIVERSITY IN FINANCIAL INSTITUTIONS AND CORPORATIONS

     Subtitle A--Promoting New and Diverse Depository Institutions

Sec. 411. Study and strategic plan.

        Subtitle B--Promoting Diversity and Inclusion in Banking

Sec. 421. Diversity and inclusion ratings.

      Subtitle C--Improving Corporate Governance Through Diversity

Sec. 431. Submission of data relating to diversity by issuers.
Sec. 432. Diversity advisory group.

          Subtitle D--Ensuring Diversity in Community Banking

Sec. 441. Short title.
Sec. 442. Sense of Congress on funding the loan-loss reserve fund for 
              small dollar loans.
Sec. 443. Definitions.
Sec. 444. Inclusion of women's banks in the definition of minority 
              depository institution.
Sec. 445. Establishment of impact bank designation.
Sec. 446. Minority Depositories Advisory Committees.
Sec. 447. Federal deposits in minority depository institutions.
Sec. 448. Minority Bank Deposit Program.
Sec. 449. Diversity report and best practices.
Sec. 450. Investments in minority depository institutions and impact 
              banks.
Sec. 451. Report on covered mentor-protege programs.
Sec. 452. Custodial deposit program for covered minority depository 
              institutions and impact banks.
Sec. 453. Streamlined community development financial institution 
              applications and reporting.
Sec. 454. Task force on lending to small business concerns.

 Subtitle E--Expanding Opportunity for Minority Depository Institutions

Sec. 461. Establishment of Financial Agent Mentor-Protege Program.

                     TITLE V--COMMUNITY DEVELOPMENT

          Subtitle A--CDFI Bond Guarantee Program Improvement

Sec. 511. Sense of Congress.
Sec. 512. Guarantees for bonds and notes issued for community or 
              economic development purposes.
Sec. 513. Report on the CDFI bond guarantee program.

   Subtitle B--Expanding Financial Access for Underserved Communities

Sec. 521. Credit union service to underserved areas.
Sec. 522. Member business lending in underserved areas.
Sec. 523. Underserved area defined.
Sec. 524. Reports by the National Credit Union Administration.

                   TITLE I--EQUITY IN MONETARY POLICY

     SEC. 101. DUTY TO MINIMIZE AND ELIMINATE RACIAL DISPARITIES.

       The Federal Reserve Act (12 U.S.C. 221 et seq.) is amended 
     by inserting after section 2B the following:

     ``SEC. 2C. DUTY TO MINIMIZE AND ELIMINATE RACIAL DISPARITIES.

       ``The Board of Governors of the Federal Reserve System and 
     the Federal Open Market Committee shall exercise all duties 
     and functions 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, 
     including actions in carrying out--
       ``(1) monetary policy;
       ``(2) regulation and supervision of banks, thrifts, bank 
     holding companies, savings and loan holding companies, and 
     nonbank financial companies and systemically important 
     financial market utilities designated by the Financial 
     Stability Oversight Council;
       ``(3) operation of payment systems;
       ``(4) implementation of the Community Reinvestment Act of 
     1977;
       ``(5) enforcement of fair lending laws; and
       ``(6) community development functions.''.

     SEC. 102. APPEARANCES BEFORE AND REPORTS TO THE CONGRESS.

       Section 2B of the Federal Reserve Act (12 U.S.C. 225b) is 
     amended--
       (1) in subsection (a)(1)--
       (A) in subparagraph (A), by striking ``and'' at the end; 
     and
       (B) by striking subparagraph (B) and inserting the 
     following:
       ``(B) economic developments and prospects for the future 
     described in the report required in subsection (b), including 
     a discussion of disparities in employment, income, and wealth 
     across racial and ethnic groups as well as other specific 
     segments of the population; and
       ``(C) plans, activities, and actions of the Board and the 
     Federal Open Market Committee to minimize and eliminate 
     disparities across racial and ethnic groups with respect to 
     employment, wages, wealth, and access to affordable credit 
     pursuant to section 2C.''; and
       (2) in subsection (b)--
       (A) by striking ``The Board'' and inserting the following:
       ``(1) In general.--The Board''; and
       (B) by adding at the end the following:
       ``(2) Trend information.--
       ``(A) In general.--Each report required under paragraph (1) 
     shall include recent trends in the unemployment rate, labor 
     force participation rate, employment to population ratio, 
     median household income, and change in real earnings.
       ``(B) Demographic information.--The trends required to be 
     reported under subparagraph (A) shall include a comparison 
     among different demographic groups, including race (White, 
     African-American, Latino, Native American, and Asian 
     populations), ethnicity, gender, and educational 
     attainment.''.

           TITLE II--DIVERSITY DATA COLLECTION AND REPORTING

      Subtitle A--Diversity and Inclusion Data Accountability and 
                              Transparency

     SEC. 211. DISCLOSURES BY REGULATED ENTITIES.

       Section 342(b) of the Dodd-Frank Wall Street Reform and 
     Consumer Protection Act (12 U.S.C. 5452(b)) is amended by 
     adding at the end the following:
       ``(5) Disclosures by regulated entities.--The Director of 
     each Office shall require entities with 100 employees or 
     greater regulated by the applicable agency to provide such 
     information as may be required to carry out the duties of the 
     Director.''.

   Subtitle B--LGBTQ Business Equal Credit Enforcement and Investment

     SEC. 221. SMALL BUSINESS LOAN DATA COLLECTION.

       (a) In General.--Section 704B of the Equal Credit 
     Opportunity Act (15 U.S.C. 1691c-2) is amended--
       (1) by inserting ``LGBTQ-owned,'' after ``minority-owned,'' 
     each place such term appears;
       (2) in subsection (e)(2)(G), by inserting ``, sexual 
     orientation, gender identity'' after ``sex''; and
       (3) in subsection (h), by adding at the end the following:
       ``(7) LGBTQ-owned business.--The term `LGBTQ-owned 
     business' means a business--
       ``(A) more than 50 percent of the ownership or control of 
     which is held by 1 or more individuals self-identifying as 
     lesbian, gay, bisexual, transgender, or queer; and
       ``(B) more than 50 percent of the net profit or loss of 
     which accrues to 1 or more individuals self-identifying as 
     lesbian, gay, bisexual, transgender, or queer.''.
       (b) Sense of Congress.--It is the sense of the Congress 
     that the term ``sex'', as used within the Equal Credit 
     Opportunity Act, includes an individual's sexual orientation 
     and gender identity, and that this section, in part, 
     clarifies that the sex, sexual orientation, and gender 
     identity of the principal owners of a business should be 
     collected under section 704B of the Equal Credit Opportunity 
     Act as three separate forms of information.

                TITLE III--ACCESS TO HOUSING AND LENDING

      Subtitle A--Improving Language Access in Mortgage Servicing

     SEC. 311. FINDINGS

     The Congress finds the following:
       (1) Housing is the largest portion of most household 
     budgets in the United States and therefore a foundational 
     component of financial access and opportunity.
       (2) Due in part to a legacy of discrimination in the United 
     States, people of color are disproportionately experiencing 
     homelessness, are disproportionately renting, and 
     disproportionately paying unaffordable rents, which acts as a 
     barrier to homeownership.
       (3) Access to fair and affordable housing, both rental and 
     homeownership opportunities, is critical to upward economic 
     mobiity. This includes addressing language barriers in 
     mortgage servicing to ensure borrowers have culturally 
     sensitive, in-language access to critical lending 
     information, can enter into fair and sustainable 
     homeownership, and preserve their home equity.

     SEC. 312. LANGUAGE ACCESS REQUIREMENTS AND RESOURCES.

       (a) In General.--Chapter 2 of title I of the Truth in 
     Lending Act (15 U.S.C. 1631 et seq.) is amended by inserting 
     after section 129H the following:

[[Page H5558]]

  


     ``Sec. 129I. Language access requirements.

       ``(a) Standard Language Preference Form.--Not later than 90 
     days after the date of the enactment of this section, the 
     Director of the Bureau of Consumer Financial Protection 
     shall, after consulting with the Secretary of Agriculture, 
     the Director of the Federal Housing Finance Agency, the 
     Secretary of Veterans Affairs, and the Commissioner of the 
     Federal Housing Authority, issue a rule establishing a 
     standard language preference form that includes a standard 
     language preference question asked in each of the 8 languages 
     most commonly spoken by individuals with limited English 
     proficiency, as determined by the Director of the Bureau 
     using information published by the Director of the Bureau of 
     the Census.
       ``(b) Requirements for Creditors.--
       ``(1) Use of standard language preference form by 
     creditors.--
       ``(A) Inclusion in application.--Each creditor shall 
     include, as part of the application package used in 
     connection with a residential mortgage loan, the standard 
     language preference form established by the Director of the 
     Bureau under subsection (a).
       ``(B) Inclusion of disclosure.--Each creditor may include 
     with such standard language preference form a disclosure 
     stating that--
       ``(i) documents and services may not be available in the 
     preferred language indicated by the consumer on the standard 
     language preference form; and
       ``(ii) the English version of any document to which such 
     form applies is the official and operative document and the 
     translated version is for informational purposes only.
       ``(C) Documentation and transfer of preferred language 
     information.--If a creditor, receives information about a 
     language preference of a consumer through the standard 
     language preference form, from another creditor or a servicer 
     or a borrower, such creditor shall document this language 
     preference in each file and electronic file of information 
     associated with such consumer and shall transfer such 
     information and the standard language preference form to any 
     servicer of the loan.
       ``(2) Provision of translated documents.--If a Federal 
     agency or a State or local agency in the State or locality in 
     which the residential property is located has produced a 
     translation of a document used in association with the 
     origination of a residential mortgage loan in the preferred 
     language of a consumer documented by a creditor pursuant to 
     paragraph (1)(C), such creditor shall--
       ``(A) provide such translated document in addition to any 
     English version of such document that is provided to such 
     consumer who indicated such preferred language; and
       ``(B) include in the English and translated versions--
       ``(i) a notice indicating that the English version of such 
     document is the official and operative document and the 
     translated version is for informational purposes only;
       ``(ii) the website established under paragraph (6); and
       ``(iii) a notice of any available oral interpretation 
     services described in paragraph (3).
       ``(3) Oral interpretation services.--
       ``(A) In general.--If a creditor receives information about 
     a language preference of a consumer through the standard 
     language preference form, from another creditor or a servicer 
     or a borrower, such creditor shall provide oral 
     interpretation services to such consumer.
       ``(B) Creditor-provided oral interpretation services.--If a 
     creditor is required under subparagraph (A) to provide oral 
     interpretation to a consumer, such creditor--
       ``(i) shall ensure qualified oral interpretation services, 
     as defined by the Director of the Bureau, are made available 
     in the preferred language of the borrower for all oral 
     communications between the creditor and the borrower; and
       ``(ii) may provide such services through qualified staff of 
     the creditor or a third party.
       ``(4) Notice of available language services.--If a creditor 
     receives information about a language preference of a 
     consumer through the standard language preference form from 
     another creditor or a servicer or a borrower, such creditor 
     shall not later than 30 business days after receiving such 
     information and not less than 14 days before any closing, 
     notify such consumer in writing, in the preferred language of 
     the consumer, of any language services available, including 
     the services described in paragraphs (2) and (3).
       ``(5) Transfer of language preference information.--If a 
     creditor transfers the servicing associated with a 
     residential mortgage loan, such creditor shall notify the 
     transferee servicer at the time of transfer of any known 
     language preference of the consumer associated with such 
     residential mortgage loan.
       ``(6) Information on website.--Each creditor shall publish 
     on the website of the creditor--
       ``(A) links to and explanatory information about the 
     websites maintained by the Secretary of Housing and Urban 
     Development and the Director of the Bureau of Consumer 
     Financial Protection that identify housing counselors 
     approved by the Department of Housing and Urban Development; 
     and
       ``(B) a link to and explanatory information about the 
     language resources website established by the Director of the 
     Bureau of Consumer Financial Protection, the Secretary of 
     Housing and Urban Development, the Director of the Federal 
     Housing Finance Agency, the Secretary of Agriculture, and the 
     Secretary of Veterans Affairs under section 311(e) of the 
     Financial Services Racial Equity, Inclusion, and Economic 
     Justice Act.
       ``(c) Translation of Mortgage Documents.--With respect to 
     each document published by the Federal Housing Finance 
     Agency, the Bureau of Consumer Financial Protection, the 
     Department of Housing and Urban Development, the Department 
     of Veterans Affairs, and the Department of Agriculture and 
     used in association with a residential mortgage loan, 
     including origination and servicing documents, the Director 
     of the Bureau of Consumer Financial Protection and the 
     Director of the Federal Housing Finance Agency shall 
     jointly--
       ``(1) not later than 180 days after the date of the 
     enactment of this section, publish versions of such documents 
     translated into each of the 8 languages most commonly spoken 
     by individuals with limited English proficiency, as 
     determined by the Director of the Bureau of Consumer 
     Financial Protection using information published by the 
     Director of the Bureau of the Census; and
       ``(2) not later than 3 years after the date of the 
     enactment of this section, publish versions of such documents 
     translated into at least 4 additional languages spoken by 
     individuals with limited English proficiency that are 
     regionally prevalent in the United States, as determined by 
     the Director of the Bureau of Consumer Financial Protection 
     using information published by the Director of the Bureau of 
     the Census.
       ``(d) Rulemaking.--The Director of the Bureau of Consumer 
     Financial Protection shall, not later than 1 year after the 
     date of the enactment of this section, issue regulations to 
     implement this section that shall take effect not later than 
     18 months after the date of the enactment of this section.''.
       (b) Requirements for Servicers.--Section 6 of the Real 
     Estate Settlement Procedures Act of 1974 is amended by adding 
     at the end the following:
       ``(n) Language Access Requirements.--
       ``(1) In general.--
       ``(A) Inclusion in notices.--Each servicer shall include 
     the standard language preference form established by the 
     Director of the Bureau under subsection (a) with--
       ``(i) any notice required under section 1024.39(b) of title 
     12, Code of Federal Regulations;
       ``(ii) any notice required under section 5(c);
       ``(iii) any notice required under section 1024.41(b)(2) of 
     title 12, Code of Federal Regulations;
       ``(iv) any notice required under section 1024.41(c)(2)(iii) 
     of title 12, Code of Federal Regulations; and
       ``(v) any other additional notice as the Director of the 
     Bureau of Consumer Financial Protection determines necessary.
       ``(B) Inclusion of disclosures.--A servicer may include 
     with the standard language preference form a disclosure 
     stating that documents and services may not be available in 
     the preferred language of the borrower indicated by the 
     consumer on the standard language preference form.
       ``(C) Documentation and transfer of preferred language 
     information.--If a servicer receives information about a 
     language preference of a borrower through the standard 
     language preference form from another servicer or creditor or 
     from the borrower, such servicer shall document this language 
     preference in each file or electronic file of information 
     associated with such borrower.
       ``(2) Required language services for servicers.--
       ``(A) Provision of translated documents.--If a Federal 
     agency, or a State or local agency in the State or locality 
     in which the property securing the federally related mortgage 
     loan is to be located has produced a translation of a 
     document used in asociation with the servicing of a federally 
     related mortgage loan in the preferred language of a borrower 
     as documented by the servicer pursuant to paragraph (1)(C), 
     the servicer shall--
       ``(i) provide such translated document in addition to any 
     English version of such document that is provided to such 
     borrower; and
       ``(ii) include a notice on the English and translated 
     versions, in the preferred language of the borrower, 
     indicating that the English version is the official and 
     operative document and the translated version is for 
     informational purposes only.
       ``(B) Oral interpretation services.--
       ``(i) In general.--If a servicer receives information about 
     a language preference of a borrower through the standard 
     language preference form, from another creditor or a servicer 
     or from the borrower, such servicer shall provide oral 
     interpretation to such borrower.
       ``(ii) Oral interpretation services.--If a servicer is 
     required under subparagraph (A) to provide oral 
     interpretation services to a borrower, such servicer--
       (I) shall ensure qualified oral interpretation services, as 
     defined by the Director of the Bureau, are made available in 
     the preferred language of the borrower for all oral 
     communications between the servicer and the borrower; and
       (II) may provide such services through qualified staff of 
     the borrower or a qualified third party.
       ``(3) Notice of available language services.--If a servicer 
     receives information about a language preference of a 
     borrower through the standard language preference form from 
     another creditor or a servicer or from the borrower, such 
     servicer shall, not later than 30 business days after 
     receiving such information and not less than 30 days before 
     any foreclosure sale of the property secured by the federally 
     related mortgage loan of the borrower, notify such borrower 
     in writing, in the preferred language of the borrower, of any 
     language services available, including the services required 
     under paragraph (2).
       ``(4) Transfer of language preference information.--If a 
     servicer transfers the servicing associated with a federally 
     related mortgage loan, such servicer shall notify the 
     transferee

[[Page H5559]]

     servicer at the time of the transfer of servicing of any 
     known language preference of the borrower associated with 
     such federally related mortgage loan.
       ``(5) Standard language preference form defined.--The term 
     `standard language preference form' means the standard 
     language preference form established by the Director of the 
     Bureau under section 129I of the Truth in Lending Act.
       ``(6) Information on website.--Each servicer shall publish 
     on its website, in a clear and conspicuous manner--
       ``(A) links to and information about the websites 
     maintained by the Secretary of Housing and Urban Development 
     and the Director of the Bureau of Consumer Financial 
     Protection that identify housing counselors approved by the 
     Department of Housing and Urban Development; and
       ``(B) a link to and information about the language 
     resources website established by the Director of the Bureau 
     of Consumer Financial Protection, the Secretary of Housing 
     and Urban Development, the Director of the Federal Housing 
     Finance Agency, the Secretary of Agriculture, and the 
     Secretary of Veterans Affairs under section 311(e) of the 
     Financial Services Racial Equity, Inclusion, and Economic 
     Justice Act.
       ``(7) Translation of mortgage documents.--With respect to 
     each document published by the Federal Housing Finance Agency 
     and the Bureau of Consumer Financial Protection, and used in 
     association with a federally related mortgage loan, including 
     origination and servicing documents, the Director of the 
     Bureau of Consumer Financial Protection and the Director of 
     the Federal Housing Finance Agency shall, jointly--
       ``(A) not later than 180 days after the date of the 
     enactment of this section, publish versions of such documents 
     translated into each of the 8 languages most commonly spoken 
     by individuals with limited English proficiency, as 
     determined by the Director of the Bureau of Consumer 
     Financial Protection using information published by the 
     Director of the Bureau of the Census; and
       ``(B) not later than 3 years after the date of the 
     enactment of this section, publish versions of such documents 
     translated into at least 4 additional languages spoken by 
     individuals with limited English proficiency that are 
     regionally prevalent in the United States, as determined by 
     the Director of the Bureau of Consumer Financial Protection 
     using information published by the Director of the Bureau of 
     the Census.''.
       ``(8) Rulemaking.--The Director of the Bureau of Consumer 
     Financial Protection shall issue regulations to implement 
     this subsection. A final rule shall be issued by the Director 
     not later than 12 months after the date of enactment of this 
     subsection, and the effective date shall be not later than 18 
     months after the date of enactment of this subsection.''.
       (c) Clerical Amendment.--The table of sections in chapter 2 
     of the Truth in Lending Act (15 U.S.C. 1631 et seq) is 
     amended by inserting after the item relating to section 129H 
     the following:

       ``129I. Preferred language requirements.''.
       (d) Report.--Not later than 1 year after the date of the 
     enactment of this section, and each year thereafter, the 
     Director of the Bureau of Consumer Financial Protection, the 
     Secretary of Housing and Urban Development, the Director of 
     the Federal Housing Finance Agency, the Secretary of 
     Agriculture, and the Secretary of Veterans Affairs shall 
     submit a report to the Congress that contains--
       (1) regulatory recommendations to enhance mortgage 
     origination and servicing processes for persons with a 
     preferred language that is not English;
       (2) a description of any legislative changes needed to 
     provide authority necessary to implement the regulatory 
     recommendations; and
       (3) a description of any progress on the implementation of 
     any legislative or regulatory recommendation made in a 
     previous report.
       (e) Language Resource Website.--
       (1) In general.--The Director of the Bureau of Consumer 
     Financial Protection, the Secretary of Housing and Urban 
     Development, the Director of the Federal Housing Finance 
     Agency, the Secretary of Agriculture, and the Secretary of 
     Veterans Affairs shall jointly not later than 1 year after 
     the date of the enactment of this section establish and 
     maintain a website that provides language resources for 
     creditors, servicers, and consumers.
       (2) Website requirements.--The website developed pursuant 
     to paragraph (1) shall include--
       (A) the translations of documents published pursuant to 
     section 129I(c) of the Truth in Lending Act and section 
     6(n)(7) of the Real Estate Settlement Procedures Act of 1974;
       (B) a glossary of terms relating to residential mortgage 
     loans and federally related mortgage loans, provided in each 
     commonly spoken language;
       (C) guidance for creditors and servicers working with 
     persons who have a preferred language that is not English; 
     and
       (D) examples of notices that may be used by creditors and 
     servicers to inform persons of available language services, 
     provided in accordance with section 6(n)(2) of the Real 
     Estate Settlement Procedures Act of 1974 and section 129I of 
     the Truth in Lending Act.
       (f) Advisory Group.--
       (1) In general.--The Director of the Bureau of Consumer 
     Financial Protection shall establish an advisory group 
     consisting of stakeholders, including industry groups, 
     consumer groups, civil rights groups, and groups that have 
     experience improving language access in housing finance 
     transactions, to provide advice to the Director about--
       (A) issues that arise relating to mortgage origination and 
     servicing processes for persons with a preferred language 
     that is not English;
       (B) the development of the standard language preference 
     form by the Director under section 129I(a) of the Truth in 
     Lending Act; and
       (C) updates to the language resource website established by 
     the Director, the Secretary of Housing and Urban Development, 
     the Director of the Federal Housing Finance Agency, the 
     Secretary of Agriculture, and the Secretary of Veterans 
     Affairs under subsection (e).
       (2) Required consulting.--The Director of the Bureau of 
     Consumer Financial Protection shall consult with the advisory 
     group established pursuant to paragraph (1) with respect to 
     any issues that arise relating to mortgage origination and 
     servicing processes for persons with a preferred language 
     that is not English.
       (g) Housing Counseling Agency Language Resources.--
       (1) Enhanced search capabilities.--Not later than 1 year 
     after the date of the enactment of this section--
       (A) the Secretary shall update the website maintained by 
     the Secretary that identifies housing counselors approved by 
     the Department of Housing and Urban Development, to allow for 
     searching for housing counseling agencies based on provided 
     language services; and
       (B) the Director shall update the website maintained by the 
     Director that identifies housing counselors approved by the 
     Secretary to allow for searching for housing counseling 
     agencies based on provided language services.
       (2) Authorization of appropriations.--There is authorized 
     to be appropriated to the Secretary of Housing and Urban 
     Development, such sums as are necessary to support language 
     training for housing counselors, housing counseling agencies, 
     and staff that are approved by the Secretary.
       (h) Definitions.--In this section:
       (1) Creditor.--The term ``creditor'' has the meaning given 
     the term in section 103 of the Truth in Lending Act and shall 
     include any assignee of a creditor.
       (2) Director.--The term ``Director'' means the Director of 
     the Bureau of Consumer Financial Protection.
       (3) Secretary.--The term ``Secretary'' means the Secretary 
     of Housing and Urban Development.
       (4) Servicer.--The term ``servicer'' has the meaning given 
     the term in section 6(i) of the Real Estate Settlement 
     Procedures Act of 1974.
       (5) Residential mortgage loan.--The term ``residential 
     mortgage loan'' has the meaning given the term in section 103 
     of the Truth in Lending Act.
       (6) Federally related mortgage loan.--The term ``federally 
     related mortgage loan'' has the meaning given the term in 
     section 3 of the Real Estate Settlement Procedures Act of 
     1974.

                    Subtitle B--Fair Lending for All

     SEC. 321. OFFICE OF FAIR LENDING TESTING.

       (a) Establishment.--There is established within the Bureau 
     of Consumer Financial Protection an Office of Fair Lending 
     Testing (hereinafter referred to as the ``Office'').
       (b) Director.--The head of the Office shall be a Director, 
     who shall--
       (1) be appointed to a 5-year term by, and report to, the 
     Director of the Bureau of Consumer Financial Protection;
       (2) appoint and fix the compensation of such employees as 
     are necessary to carry out the duties of the Office under 
     this section; and
       (3) provide an estimated annual budget to the Director of 
     the Bureau of Consumer Financial Protection.
       (c) Civil Service Position.--The position of the Director 
     shall be a career position within the civil service.
       (d) Testing.--
       (1) In general.--The Office, in consultation with the 
     Attorney General and the Secretary of Housing and Urban 
     Development, shall conduct testing of compliance with the 
     Equal Credit Opportunity Act by creditors, through the use of 
     individuals who, without any bona fide intent to receive a 
     loan, pose as prospective borrowers for the purpose of 
     gathering information.
       (2) Referral of violations.--If, in carrying out the 
     testing described under paragraph (1), the Office believes a 
     person has violated the Equal Credit Opportunity Act, the 
     Office shall refer such violation in writing to the Attorney 
     General for appropriate action.
       (e) Report to Congress.--Section 707 of the Equal Credit 
     Opportunity Act (15 U.S.C. 1691f) is amended by adding at the 
     end the following: ``In addition, each report of the Bureau 
     shall include an analysis of the testing carried out pursuant 
     to section 321 of the Financial Services Racial Equity, 
     Inclusion, and Economic Justice Act, and each report of the 
     Bureau and the Attorney General shall include a summary of 
     criminal enforcement actions taken under section 706A.''.

     SEC. 322. PROHIBITION ON CREDIT DISCRIMINATION.

       (a) In General.--Subsection (a) of section 701 of the Equal 
     Credit Opportunity Act (15 U.S.C. 1691) is amended to read as 
     follows:
       ``(a) It shall be unlawful to discriminate against any 
     person, with respect to any aspect of a credit transaction--
       ``(1) on the basis of race, color, religion, national 
     origin, sex (including sexual orientation and gender 
     identity), marital status, or age (provided the applicant has 
     the capacity to contract);
       ``(2) on the basis of the person's zip code, or census 
     tract;
       ``(3) because all or part of the person's income derives 
     from any public assistance program; or
       ``(4) because the person has in good faith exercised any 
     right under the Consumer Credit Protection Act.''.
       (b) Removal of Certain References to Creditors and 
     Applicants and Definition

[[Page H5560]]

     Added.--The Equal Credit Opportunity Act (15 U.S.C. 1691 et 
     seq.) is amended--
       (1) in section 701(b)--
       (A) by striking ``applicant'' each place such term appears 
     and inserting ``person''; and
       (B) in paragraph (2), by striking ``applicant's'' each 
     place such term appears and inserting ``person's'';
       (2) in section 702--
       (A) by redesignating subsection (g) as subsection (h); and
       (B) by inserting after subsection (f) the following:
       ``(g) The term `aggrieved person' includes any person who--
       ``(1) claims to have been injured by a discriminatory 
     credit practice; or
       ``(2) believes that such person will be injured by a 
     discriminatory credit practice.'';
       (3) in section 704A--
       (A) in subsection (b)(1), by striking ``applicant'' each 
     place such term appears and inserting ``aggrieved person''; 
     and
       (B) in subsection (c), by striking ``applicant'' and 
     inserting ``aggrieved person'';
       (4) in section 705--
       (A) by striking ``the applicant'' each place such term 
     appears and inserting ``persons''; and
       (B) in subsection (a)--
       (i) by striking ``a creditor to take'' and inserting 
     ``taking''; and
       (ii) by striking ``applicant'' and inserting ``person''; 
     and
       (5) in section 706--
       (A) by striking ``creditor'' each place such term appears 
     and inserting ``person'';
       (B) by striking ``creditor's'' each place such term appears 
     and inserting ``person's'';
       (C) by striking ``creditors'' each place such term appears 
     and inserting ``persons''; and
       (D) in subsection (f), by striking ``applicant'' and 
     inserting ``aggrieved person''.

     SEC. 323. CRIMINAL PENALTIES FOR VIOLATIONS OF THE EQUAL 
                   CREDIT OPPORTUNITY ACT.

       (a) In General.--The Equal Credit Opportunity Act (15 
     U.S.C. 1691 et seq.) is amended by inserting after section 
     706 the following:

     ``Sec. 706A. Criminal penalties

       ``(a) Individual Violations.--Any person who knowingly and 
     willfully violates this title shall be fined not more than 
     $50,000, or imprisoned not more than 1 year, or both.
       ``(b) Pattern or Practice.--
       ``(1) In general.--Any person who engages in a pattern or 
     practice of knowingly and willfully violating this title 
     shall be fined not more than $100,000 for each violation of 
     this title, or imprisoned not more than twenty years, or 
     both.
       ``(2) Personal liability of executive officers and 
     directors of the board.--Any executive officer or director of 
     the board of an entity who knowingly and willfully causes the 
     entity to engage in a pattern or practice of knowingly and 
     willfully violating this title (or who directs another agent, 
     senior officer, or director of the entity to commit such a 
     violation or engage in such acts that result in the director 
     or officer being personally unjustly enriched) shall be--
       ``(A) fined in an amount not to exceed 100 percent of the 
     compensation (including stock options awarded as 
     compensation) received by such officer or director from the 
     entity--
       ``(i) during the time period in which the violations 
     occurred; or
       ``(ii) in the one to three year time period preceding the 
     date on which the violations were discovered; and
       ``(B) imprisoned for not more than 5 years.''.
       (b) Clerical Amendment.--The table of contents for the 
     Equal Credit Opportunity Act (15 U.S.C. 1691 et seq.) is 
     amended by inserting after the item relating to section 706 
     the following:

``706A. Criminal penalties.''.

     SEC. 324. REVIEW OF LOAN APPLICATIONS.

       (a) In General.--Subtitle C of the Consumer Financial 
     Protection Act of 2010 (12 U.S.C. 5531 et seq.) is amended by 
     adding at the end the following:

     ``SEC. 1038. REVIEW OF LOAN APPLICATIONS.

       ``(a) In General.--The Bureau shall carry out reviews of 
     loan applications and the process of taking loan applications 
     being used by covered persons to ensure such applications and 
     processes do not violate the Equal Credit Opportunity Act or 
     any other Federal consumer financial law.
       ``(b) Prohibition and Enforcement.--If the Bureau 
     determines under subsection (a) that any loan application or 
     process of taking a loan application violates the Equal 
     Credit Opportunity Act or any other Federal consumer 
     financial law, the Bureau shall--
       ``(1) prohibit the covered person from using such 
     application or process; and
       ``(2) take such enforcement or other actions with respect 
     to the covered person as the Bureau determines 
     appropriate.''.
       (b) Clerical Amendment.--The table of contents in section 1 
     of the Dodd-Frank Wall Street Reform and Consumer Protection 
     Act is amended by inserting after the item relating to 
     section 1037 the following:

``Sec. 1038. Review of loan applications.''.

     SEC. 325. MORTGAGE DATA COLLECTION.

       (a) In General.--Section 304(b)(4) of the Home Mortgage 
     Disclosure Act of 1975 (12 U.S.C. 2803(b)(4)) is amended by 
     striking ``census tract, income level, racial 
     characteristics, age, and gender'' and inserting ``the 
     applicant or borrower's zip code, census tract, income level, 
     race, color, religion, national origin, sex, marital status, 
     sexual orientation, gender identity, and age''.
       (b) Protection of Privacy Interests.--Section 304(h)(3)(A) 
     of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 
     2803(h)(3)(A)) is amended--
       (1) in clause (i), by striking ``and'' at the end;
       (2) by redesignating clause (ii) as clause (iii); and
       (3) by inserting after clause (i) the following:
       ``(ii) zip code, census tract, and any other category of 
     data described in subsection (b)(4), as the Bureau determines 
     to be necessary to satisfy the purpose described in paragraph 
     (1)(E), and in a manner consistent with that purpose; and''.

   Subtitle C--Promoting and Advancing Communities of Color Through 
                           Inclusive Lending

     SEC. 331. STRENGTHENING DIVERSE AND MISSION-DRIVEN COMMUNITY 
                   FINANCIAL INSTITUTIONS.

       (a) Minority Lending Institution Set-aside in Providing 
     Assistance.--
       (1) In general.--Section 108 of the Riegle Community 
     Development and Regulatory Improvement Act of 1994 (12 U.S.C. 
     4707) is amended by adding at the end the following:
       ``(i) Supporting Minority Institutions.--Notwithstanding 
     any other provision of law, in providing any assistance to 
     community development financial institutions, the Fund shall 
     reserve 40 percent of such assistance for minority lending 
     institutions.''.
       (2) Definitions.--Section 103 of the Riegle Community 
     Development and Regulatory Improvement Act of 1994 (12 U.S.C. 
     4702) is amended by adding at the end the following:
       ``(22) Minority lending institution.--The term `minority 
     lending institution' has the meaning given that term under 
     section 523(c) of division N of the Consolidated 
     Appropriations Act, 2021.''.
       (b) Office of Minority Lending Institutions.--Section 104 
     of the Riegle Community Development and Regulatory 
     Improvement Act of 1994 (12 U.S.C. 4703) is amended by adding 
     at the end the following:
       ``(l) CDFI Office of Minority Lending Institutions.--There 
     is established within the Fund an Office of Minority Lending 
     Institutions, which shall oversee assistance provided by the 
     Fund to minority lending institutions.''.
       (c) Reporting on Minority Lending Institutions.--Section 
     117 of the Riegle Community Development and Regulatory 
     Improvement Act of 1994 (12 U.S.C. 4716) is amended by adding 
     at the end the following:
       ``(g) Reporting on Minority Lending Institutions.--Each 
     report required under subsection (a) shall include a 
     description of the extent to which assistance from the Fund 
     are provided to minority lending institutions.''.
       (d) Submission of Demographic Data Relating to Diversity by 
     Community Development Financial Institutions.--Section 104 of 
     the Riegle Community Development and Regulatory Improvement 
     Act of 1994 (12 U.S.C. 4703), as amended by subsection (b), 
     is further amended by adding at the end the following:
       ``(m) Submission of Demographic Data Relating to 
     Diversity.--
       ``(1) Definitions.--In this subsection--
       ``(A) the term `executive officer' has the meaning given 
     the term in section 230.501(f) of title 17, Code of Federal 
     Regulations, as in effect on the date of enactment of this 
     subsection;
       ``(B) the term `gender identity' means the gender-related 
     identity, appearance, mannerisms, or other gender-related 
     characteristics of an individual, regardless of the 
     individual's designated sex at birth;
       ``(C) the term `sexual orientation' means homosexuality, 
     heterosexuality, or bisexuality; and''.
       ``(B) the term `veteran' has the meaning given the term in 
     section 101 of title 38, United States Code.
       ``(2) Submission of disclosure.--Each Fund applicant and 
     recipient shall provide data regarding such factors as may be 
     determined by the Fund, which may include:
       ``(A) Demographic data, based on voluntary self-
     identification, on the racial, ethnic, gender identity, and 
     sexual orientation position of--
       ``(i) the board of directors of the institution; and
       ``(ii) the executive officers of the institution.
       ``(B) The status of any member of the board of directors of 
     the institution, any nominee for the board of directors of 
     the institution, or any executive officer of the institution, 
     based on voluntary self-identification, as a veteran.
       ``(C) Whether the board of directors of the institution, or 
     any committee of that board of directors, has, as of the date 
     on which the institution makes a disclosure under this 
     paragraph, adopted any policy, plan, or strategy to promote 
     racial, ethnic, and gender diversity among--
       ``(i) the board of directors of the institution;
       ``(ii) nominees for the board of directors of the 
     institution; or
       ``(iii) the executive officers of the institution.
       ``(3) Report to congress.--Not later than 24 months after 
     the date of enactment of this subsection, and every other 
     year thereafter, the Fund shall submit to the Committee on 
     Banking, Housing, and Urban Affairs of the Senate and the 
     Committee on Financial Services of the House of 
     Representatives, and make publicly available on the website 
     of the Fund, a report--
       ``(A) on the demographic data and trends of the diversity 
     information made available pursuant to paragraph (2); and
       ``(B) containing any administrative or legislative 
     recommendations of the Fund to enhance the implementation of 
     this title or to promote diversity and inclusion within 
     community development financial institutions.''.
       (e) Office of Diverse and Mission-Driven Community 
     Financial Institutions.--
       (1) Establishment.--There is established within the 
     Department of the Treasury the Office of Diverse and Mission-
     Driven Community Financial Institutions.
       (2) Leadership.--The Office of Diverse and Mission-Driven 
     Community Financial Institutions shall be led by a Deputy 
     Assistant Secretary for Diverse and Mission-Driven Community 
     Financial Institutions, who shall be appointed by the 
     Secretary of the Treasury, in

[[Page H5561]]

     consultation with the Department of the Treasury's Director 
     of Office of Minority and Women Inclusion.
       (3) Functions.--The Office of Diverse and Mission-Driven 
     Community Financial Institutions, pursuant to the direction 
     of the Secretary, shall seek to provide support for diverse 
     and mission-driven community financial institutions and have 
     the authority--
       (A) to monitor and issue reports regarding--
       (i) community development financial institutions, minority 
     depository institutions, and minority lending institutions; 
     and
       (ii) the role such institutions play in the financial 
     system of the United States, including the impact they have 
     on providing financial access to low- and moderate-income 
     communities, communities of color, and other underserved 
     communities;
       (B) to serve as a resource and Federal liaison for current 
     and prospective community development financial institutions, 
     minority depository institutions, and minority lending 
     institutions seeking to engage with the Department of the 
     Treasury, the Community Development Financial Institutions 
     Fund (``CDFI Fund''), other Federal government agencies, 
     including by providing contact information for other offices 
     of the Department of the Treasury or other Federal Government 
     agencies, resources, technical assistance, or other support 
     for entities wishing--
       (i) to become certified as a community development 
     financial institution, and maintain the certification;
       (ii) to obtain a banking charter, deposit insurance, or 
     otherwise carry on banking activities in a safe, sound, and 
     responsible manner;
       (iii) to obtain financial support through private sector 
     deposits, investments, partnerships, and other means;
       (iv) to expand their operations through internal growth and 
     acquisitions;
       (v) to develop and upgrade their technology, cybersecurity 
     resilience, compliance systems, data reporting systems, and 
     their capacity to support their communities, including 
     through partnerships with third-party companies;
       (vi) to obtain grants, awards, investments and other 
     financial support made available through the CDFI Fund, the 
     Board of Governors of the Federal Reserve System, the Central 
     Liquidity Facility, the Federal Home Loan Banks, and other 
     Federal programs;
       (vii) to participate as a financial intermediary with 
     respect to various Federal and State programs and agencies, 
     including the State Small Business Credit Initiative and 
     programs of the Small Business Administration; and
       (viii) to participate in Financial Agent Mentor-Protege 
     Program of the Department of the Treasury and other Federal 
     programs designed to support private sector partnerships;
       (C) to provide resources to the public wishing to learn 
     more about minority depository institutions, community 
     development financial institutions, and minority lending 
     institutions, including helping the Secretary implement the 
     requirements under section 334, publishing reports issued by 
     the Office on the website of the Department of the Treasury 
     and providing hyperlinks to other relevant reports and 
     materials from other Federal agencies;
       (D) to provide policy recommendations to other relevant 
     Federal agencies and Congress on ways to further strengthen 
     Federal support for community development financial 
     institutions, minority depository institutions, and minority 
     lending institutions;
       (E) to assist the Secretary in carrying out the Secretary's 
     responsibilities under section 308 of the Financial 
     Institutions Reform, Recovery, and Enforcement Act of 1989 
     (12 U.S.C. 1463 note) to preserve and promote minority 
     depository institutions in consultation with the Chairman of 
     the Board of Governors of the Federal Reserve System, the 
     Comptroller of the Currency, the Chairman of the National 
     Credit Union Administration, and the Chairperson of the Board 
     of Directors of the Federal Deposit Insurance Corporation;
       (F) to carry out other duties of the Secretary of the 
     Treasury required by this Act and the amendments made by this 
     Act, and to perform such other duties and authorities as may 
     be assigned by the Secretary.
       (f) Strengthening Federal Efforts and Interagency 
     Coordination to Promote Diverse and Mission-driven Community 
     Financial Institutions.--
       (1) Senior officials designated.--The Chairman of the Board 
     of Governors of the Federal Reserve System, the Comptroller 
     of the Currency, the Chairman of the National Credit Union 
     Administration, the Chairperson of the Board of Directors of 
     the Federal Deposit Insurance Corporation, and the Director 
     of the Bureau of Consumer Financial Protection shall each, in 
     consultation with their respective Director of Office of 
     Minority and Women Inclusion, designate a senior official to 
     be their respective agency's officer responsible for 
     promoting minority depository institutions, community 
     development financial institutions, and minority lending 
     institutions, including to fulfill obligations under section 
     308 of the Financial Institutions Reform, Recovery, and 
     Enforcement Act of 1989 (12 U.S.C. 1463 note) to preserve and 
     promote minority depository institutions.
       (2) Interagency working group.--The Department of the 
     Treasury shall regularly convene meetings, no less than once 
     a quarter, of an interagency working group to be known as the 
     ``Interagency Working Group to Promote Diverse and Mission-
     Driven Community Financial Institutions'', which shall 
     consist of the senior officials designated by their 
     respective agencies under paragraph (1), along with the 
     Deputy Assistant Secretary for Diverse and Mission-Driven 
     Community Finanical Institutions, the Director of the 
     Community Development Financial Institutions Fund, and such 
     other government officials as the Secretary of the Treasury 
     may choose to invite, to examine and discuss the state of 
     minority depository institutions, community development 
     financial institutions, and minority lending institutions, 
     and actions the relevant agencies can take to preserve, 
     promote, and strengthen these institutions.
       (3) Annual report to congress.--Not later than 1 year after 
     the date of the enactment of this subsection, and annually 
     thereafter, the Secretary of the Treasury, the Chairman of 
     the Board of Governors of the Federal Reserve System, the 
     Comptroller of the Currency, the Chairman of the National 
     Credit Union Administration, the Chairperson of the Board of 
     Directors of the Federal Deposit Insurance Corporation, and 
     the Director of the Bureau of Consumer Financial Protection 
     shall submit a joint report to the Committee on Financial 
     Services of the House of Representatives and the Committee on 
     Banking, Housing, and Urban Affairs of the Senate regarding 
     the work that has been done the prior year to preserve, 
     promote, and strengthen community development financial 
     institutions, minority depository institutions, and minority 
     lending institutions, along with any policy recommendations 
     on actions various government agencies and Congress should 
     take to preserve, promote, and strengthen community 
     development financial institutions, minority depository 
     institutions, and minority lending institutions.

     SEC. 332. CAPITAL INVESTMENTS, GRANTS, AND TECHNOLOGY SUPPORT 
                   FOR MDIS AND CDFIS.

       (a) Authorization of Appropriation.--There is authorized to 
     be appropriated to the Emergency Capital Investment Fund 
     $4,000,000,000. Such funds may be used for administrative 
     expenses of the Department of the Treasury.
       (b) Conforming Amendments to Allow for Additional Purchases 
     of Capital.--Section 104A of the Riegle Community Development 
     and Regulatory Improvement Act of 1994 (12 U.S.C. 4703a) is 
     amended--
       (1) in subsection (c), by striking paragraph (2); and
       (2) in subsection (e), by striking paragraph (2).
       (c) Use of Funds for CDFI Financial and Technical 
     Assistance.--Section 104A of the Riegle Community Development 
     and Regulatory Improvement Act of 1994 (12 U.S.C. 4703a) is 
     amended by adding at the end the following:
       ``(p) Use of Funds for CDFI Financial and Technical 
     Assistance.--The Secretary shall transfer no less than 
     $1,000,000,000 in the Emergency Capital Investment Fund to 
     the Fund for the purpose of providing financial and technical 
     assistance grants to community development financial 
     institutions certified by the Secretary. The Fund shall 
     provide such grants using a formula that takes into account 
     criteria such as certification status, financial and 
     compliance performance, portfolio and balance sheet strength, 
     diversity of CDFI business model types, and program 
     capacity.''.
       (d) Technology Grants for MDIs and CDFIs.--
       (1) Study and report on certain technology challenges.--
       (A) Study.--The Secretary of the Treasury shall carry out a 
     study on the technology challenges impacting minority 
     depository institutions and community development financial 
     institutions with respect to--
       (i) internal technology capabilities and capacity of the 
     institutions to process loan applications and otherwise serve 
     current and potential customers through the internet, mobile 
     phone applications, and other tools;
       (ii) technology capabilities and capacity of the 
     institutions, provided in partnership with third party 
     companies, to process loan applications and otherwise serve 
     current and potential customers through the internet, mobile 
     phone applications, and other tools;
       (iii) cybersecurity; and
       (iv) challenges and solutions related to algorithmic bias 
     in the deployment of technology.
       (B) Report.--Not later than 18 months after the date of the 
     enactment of this subsection, the Secretary shall submit a 
     report to the Committee on Financial Services of the House of 
     Representatives and the Committee on Banking, Housing, and 
     Urban Affairs of the Senate that includes the results of the 
     study required under subparagraph (A).
       (2) Technology grant program.--
       (A) Program authorized.--The Secretary shall carry out a 
     technology grant program to make grants to minority 
     depository institutions and community development financial 
     institutions to address technology challenges impacting such 
     institutions.
       (B) Application.--To be eligible to be awarded a grant 
     under this paragraph, a minority depository institution or 
     community development financial institution shall submit an 
     application to the Secretary at such time, in such manner, 
     and containing such information as the Secretary may require.
       (C) Use of funds.--A minority depository institution or 
     community development financial institution that is awarded a 
     grant under this paragraph may use the grant funds to--
       (i) enhance or adopt technologies that--

       (I) shorten loan approval processes;
       (II) improve customer experience;
       (III) provide additional services to customers;
       (IV) facilitate compliance with applicable laws, 
     regulations, and program requirements, including testing to 
     ensure that the use of technology does not result in 
     discrimination, and helping to satisfy data reporting 
     requirements; and
       (V) help ensure privacy of customer records and 
     cybersecurity resilience; or

       (ii) carry out such other activities as the Secretary 
     determines appropriate.
       (3) Funding.--The Secretary may use amounts in the 
     Emergency Capital Investment Fund to implement and make 
     grants under paragraph

[[Page H5562]]

     (2), but not to exceed $250,000,000 in the aggregate.''.
       (4) Definitions.--In this subsection, the terms ``community 
     development financial institution'' and ``minority depository 
     institution'' have the meaning given those terms, 
     respectively, under section 103 of the Riegle Community 
     Development and Regulatory Improvement Act of 1994 (12 U.S.C. 
     4702).
       (e) Pilot Program for Establishing De Novo CDFIs and 
     MDIs.--
       (1) In general.--The Secretary of the Treasury, in 
     consultation with the Fund and the appropriate Federal 
     banking agencies, shall establish a pilot program to provide 
     competitive grants to a person for the purpose of providing 
     capital for such person to establish a minority depository 
     institution or a community development financial institution.
       (2) Application.--A person desiring a grant under this 
     subsection shall submit to the Secretary an application in 
     such form and containing such information as the Secretary 
     determines appropriate.
       (3) Disbursement.--Before disbursing grant amounts to a 
     person selected to receive a grant under this subsection, the 
     Secretary shall ensure that such person has received approval 
     from the appropriate Federal banking agency (or such other 
     Federal or State agency from whom approval is required) to 
     establish a minority depository institution or a community 
     development financial institution, as applicable.
       (4) Funding.--The Secretary may use amounts in the 
     Emergency Capital Investment Fund to implement and make 
     grants under paragraph (2), but not to exceed $100,000,000 in 
     the aggregate.''.
       (5) Definitions.--In this subsection, the terms 
     ``appropriate Federal banking agency'', ``community 
     development financial institution'', ``Fund'', and ``minority 
     depository institution'' have the meaning given those terms, 
     respectively, under section 103 of the Riegle Community 
     Development and Regulatory Improvement Act of 1994 (12 U.S.C. 
     4702).
       (f) Guidance for Subchapter S and Mutual Banks.--Not later 
     than 30 days after the date of enactment of this Act, the 
     Board of Governors of the Federal Reserve System and the 
     Secretary shall issue guidance regarding how Emergency 
     Capital Investment Program investments (whether made before 
     or after the date of enactment of this Act) are considered 
     for purposes of various prudential requirements, including 
     debt to equity, leverage ratio, and double leverage ratio 
     requirements with respect to subchapter S and mutual bank 
     recipients of such investments.
       (g) Collection of Data.--Section 111 of the Riegle 
     Community Development and Regulatory Improvement Act of 1994 
     (12 U.S.C. 4710) is amended--
       (1) by striking ``The Fund'' and inserting the following:
       ``(a) In General.--The Fund''; and
       (2) by adding at the end the following:
       ``(b) Collection of Certain Data by CDFIs.--Notwithstanding 
     the Equal Credit Opportunity Act (15 U.S.C. 1691 et seq.)--
       ``(1) a community development financial institution may 
     collect data described in section 701(a)(1) of that Act (15 
     U.S.C. 1691(a)(1)) from borrowers and applicants for credit 
     for the sole purpose and exclusive use to ensure that 
     targeted populations and low-income residents of investment 
     areas are adequately served and to report the level of 
     service provided to such populations and areas to the Fund; 
     and
       ``(2) a community development financial institution that 
     collects the data described in paragraph (1) shall not be 
     subject to adverse action related to that collection by the 
     Bureau of Consumer Financial Protection or any other Federal 
     agency.''.

     SEC. 333. SUPPORTING YOUNG ENTREPRENEURS PROGRAM.

       Section 108 of the Riegle Community Development and 
     Regulatory Improvement Act of 1994 (12 U.S.C. 4707), as 
     amended by section 331(a)(1), is further amended by adding at 
     the end the following:
       ``(j) Supporting Young Entrepreneurs Program.--
       ``(1) In general.--The Fund shall establish a Supporting 
     Young Entrepreneurs Program under which the Fund may provide 
     financial awards to the community development financial 
     institutions that the Fund determines have the best programs 
     to help young entrepreneurs get the start up capital needed 
     to start a small business.
       ``(2) No matching requirement.--The matching requirement 
     under subsection (e) shall not apply to awards made under 
     this subsection.
       ``(3) Funding.--In carrying out this subsection, the Fund 
     may use--
       ``(A) amounts in the Emergency Capital Investment Fund, but 
     not to exceed $100,000,000 in the aggregate; and
       ``(B) such other funds as may be appropriated by Congress 
     to the Fund to carry out the Supporting Young Entrepreneurs 
     Program.''.

     SEC. 334. MAP OF MINORITY DEPOSITORY INSTITUTIONS AND 
                   COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS.

       (a) In General.--The Secretary of the Treasury, in 
     consultation with the CDFI Fund and the Federal banking 
     agencies, shall establish an interactive, searchable map 
     showing the geographic locations of the headquarters and 
     branch locations of minority depository institutions, which 
     shall be provided by the Federal banking agencies, and 
     community development financial institutions that have been 
     certified by the Secretary. Such map shall also provide a 
     link to the website of each such minority depository 
     institution and community development financial institution.
       (b) Definitions.--In this section:
       (1) CDFI fund.--The term ``CDFI Fund'' means the Community 
     Development Financial Institutions Fund established under 
     section 104(a) of the Riegle Community Development and 
     Regulatory Improvement Act of 1994.
       (2) Community development financial institution.--The term 
     ``community development financial institution'' has the 
     meaning given in section 103 of the Riegle Community 
     Development and Regulatory Improvement Act of 1994.
       (3) Federal banking agency.--The term ``Federal banking 
     agency''--
       (A) has the meaning given in section 3 of the Federal 
     Deposit Insurance Act; and
       (B) means the National Credit Union Administration.
       (4) Minority depository institution.--The term ``minority 
     depository institution'' has the meaning given in section 
     308(b) of the Financial Institutions Reform, Recovery, and 
     Enforcement Act of 1989.

     SEC. 335. REPORT ON CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL 
                   INSTITUTIONS.

       Section 117(a) of the Riegle Community Development and 
     Regulatory Improvement Act of 1994 (12 U.S.C. 4716(a)) is 
     amended--
       (1) by striking ``The Fund'' and inserting the following:
       ``(1) In general.--The Fund'';
       (2) by striking ``and the Congress'' and inserting ``, the 
     Congress, and the public''; and
       (3) by adding at the end the following:
       ``(2) Report on certified community development financial 
     institutions.--The annual report required under paragraph (1) 
     shall include a report on community development financial 
     institutions (`CDFIs') that have been certified by the 
     Secretary of the Treasury, including a summary with aggregate 
     data and analysis, to the fullest extent practicable, 
     regarding--
       ``(A) a list of the types of organizations that are 
     certified as CDFIs, and the number of each type of 
     organization;
       ``(B) the geographic location and capacity of different 
     types of certified CDFIs;
       ``(C) the lines of business for different types of 
     certified CDFIs;
       ``(D) human resources and staffing information for 
     different types of certified CDFIs, including--
       ``(E) the types of development services provided by 
     different types of certified CDFIs;
       ``(F) the target markets of different types of certified 
     CDFIs and the amount of products and services offered by 
     CDFIs to those target markets, including--
       ``(i) the number and amount of loans and loan guarantees 
     made in those target markets;
       ``(ii) the number and amount of other investments made in 
     those target markets; and
       ``(iii) the number and amount of development services 
     offered in those target markets; and
       ``(G) such other information as the Director of the Fund 
     may determine necessary to promote transparency of the impact 
     of different types of CDFIs, while carrying out this report 
     in a manner that seeks to minimize data reporting 
     requirements from certified CDFIs when feasible, including 
     utilizing information gathered from other regulators under 
     section 104(l).''.

     SEC. 336. CONSULTATION AND MINIMIZATION OF DATA REQUESTS.

       Section 104 of the Riegle Community Development and 
     Regulatory Improvement Act of 1994 (12 U.S.C. 4703) is 
     amended by adding at the end the following:
       ``(l) Consultation and Minimization of Data Requests.--
       ``(1) In general.--In carrying out its duties, the Fund 
     shall--
       ``(A) periodically, and no less frequent than once a year, 
     consult with the applicable Federal regulator of certified 
     CDFIs and applicants to be a certified CDFI (`applicants)';
       ``(B) seek to gather any information necessary related to 
     Fund certification and award decisions on certified CDFIs and 
     applicants from the applicable Federal regulator, and such 
     regulators shall use reasonable efforts to provide such 
     information to the Fund, to minimize duplicative data 
     collection requests made by the Fund of certified CDFIs and 
     applicants and to expedite certification, award, or other 
     relevant processes administered by the Fund.
       ``(2) Applicable federal regulator defined.--In this 
     subsection, the term `applicable Federal regulator' means--
       ``(A) with respect to a certified CDFI or an applicant that 
     is regulated by both an appropriate Federal banking agency 
     and the Bureau of Consumer Financial Protection, the Bureau 
     of Consumer Financial Protection;
       ``(B) with respect to a certified CDFI or an applicant that 
     is not regulated by the Bureau of Consumer Financial 
     Protection, the appropriate Federal banking agency for such 
     applicant; or
       ``(C) the Bureau of Consumer Financial Protection, with 
     respect to a certified CDFI or an applicant--
       ``(i) that is not regulated by an appropriate Federal 
     banking agency; and
       ``(ii) that offers or provides consumer financial products 
     or services (as defined in section 1002 of the Consumer 
     Financial Protection Act of 2010 (12 U.S.C. 5481).''.

     SEC. 337. ACCESS TO THE DISCOUNT WINDOW OF THE FEDERAL 
                   RESERVE SYSTEM FOR MDIS AND CDFIS.

       Within 1 year after the date of enactment of this Act, the 
     Board of Governors of the Federal Reserve System shall 
     establish a process under which minority depository 
     institutions and community development financial institutions 
     may have access to the discount window, at the seasonal 
     credit interest rate most recently published on the Federal 
     Reserve Statistical Release on selected interest rates (daily 
     or weekly).

     SEC. 338. STUDY ON SECURITIZATION BY CDFIS.

       (a) In General.--The Secretary of the Treasury, in 
     consultation with the Community Development Financial 
     Institutions Fund and such other Federal agencies as the 
     Secretary determines appropriate, shall carry out a study 
     on--

[[Page H5563]]

       (1) the use of securitization by CDFIs;
       (2) any barriers to the use of securitization as a source 
     of liquidity by CDFIs; and
       (3) any authorities available to the Government to support 
     the use of securitization by CDFIs to the extent it helps 
     serve underserved communities.
       (b) Report.--Not later than the end of the 1-year period 
     beginning on the date of enactment of this Act, the Secretary 
     shall issue a report to the Committee on Financial Services 
     of the House of Representatives and the Committee on Banking, 
     Housing, and Urban Affairs of the Senate containing--
       (1) all findings and determinations made in carrying out 
     the study required under subsection (a); and
       (2) any legislative or administrative recommendations of 
     the Secretary that would promote the responsible use of 
     securitization to help CDFIs in reaching more underserved 
     communities.
       (c) CDFI Defined.--The term ``CDFI'' has the meaning given 
     the term ``community development financial institution'' 
     under section 103 of the Riegle Community Development and 
     Regulatory Improvement Act of 1994.

     TITLE IV--DIVERSITY IN FINANCIAL INSTITUTIONS AND CORPORATIONS

     Subtitle A--Promoting New and Diverse Depository Institutions

     SEC. 411. STUDY AND STRATEGIC PLAN.

       (a) In General.--The Federal banking regulators shall 
     jointly--
       (1) conduct a study about the challenges faced by proposed 
     depository institutions, including proposed minority 
     depository institutions, seeking de novo depository 
     institution charters; and
       (2) submit to the Committee on Financial Services of the 
     House of Representatives and the Committee on Banking, 
     Housing, and Urban Affairs of the Senate and publish 
     publically, not later than 18 months after the date of the 
     enactment of this section--
       (A) an analysis based on the study conducted pursuant to 
     paragraph (1);
       (B) any findings from the study conducted pursuant to 
     paragraph (1); and
       (C) any legislative recommendations that the Federal 
     banking regulators developed based on the study conducted 
     pursuant to paragraph (1).
       (b) Strategic Plan.--
       (1) In general.--Not later than 18 months after the date of 
     the enactment of this section, the Federal banking regulators 
     shall jointly submit to the Committee on Financial Services 
     of the House of Representatives and the Committee on Banking, 
     Housing, and Urban Affairs of the Senate and publish 
     publically a strategic plan based on the study conducted 
     pursuant to subsection (a) and designed to help proposed 
     depository institutions (including proposed minority 
     depository institutions) successfully apply for de novo 
     depository institution charters in a manner that promotes 
     increased availability of banking and financial services, 
     safety and soundness, consumer protection, community 
     reinvestment, financial stability, and a level playing field.
       (2) Contents of strategic plan.--The strategic plan 
     described in paragraph (1) shall--
       (A) promote the chartering of de novo depository 
     institutions, including--
       (i) proposed minority depository institutions; and
       (ii) proposed depository institutions that could be 
     certified as community development financial institutions; 
     and
       (B) describe actions the Federal banking regulators may 
     take that would increase the number of depository 
     institutions located in geographic areas where consumers lack 
     access to a branch of a depository institution.
       (c) Public Involvement.--When conducting the study and 
     developing the strategic plan required by this section, the 
     Federal banking regulators shall invite comments and other 
     feedback from the public to inform the study and strategic 
     plan.
       (d) Definitions.--In this section:
       (1) Depository institution.--The term ``depository 
     institution'' has the meaning given in section 3 of the 
     Federal Deposit Insurance Act, and includes a ``Federal 
     credit union'' and a ``State credit union'' as such terms are 
     defined, respectively, under section 101 of the Federal 
     Credit Union Act.
       (2) Community development financial institution.--The term 
     ``community development financial institution'' has the 
     meaning given in section 103 of the Riegle Community 
     Development and Regulatory Improvement Act of 1994.
       (3) Federal banking regulators.--The term ``Federal banking 
     regulators'' means the Board of Governors of the Federal 
     Reserve System, the Comptroller of the Currency, the Federal 
     Deposit Insurance Corporation, the National Credit Union 
     Administration, and the Director of the Bureau of Consumer 
     Financial Protection.
       (4) Minority depository institution.--The term ``minority 
     depository institution'' has the meaning given in section 
     308(b) of the Financial Institutions Reform, Recovery, and 
     Enforcement Act of 1989.

        Subtitle B--Promoting Diversity and Inclusion in Banking

     SEC. 421. DIVERSITY AND INCLUSION RATINGS.

       (a) In General.--The Dodd-Frank Wall Street Reform and 
     Consumer Protection Act (12 U.S.C. 5301 et seq.) is amended 
     by inserting after section 342 the following:

     ``SEC. 342A. DIVERSITY AND INCLUSION RATINGS.

       ``(a) In General.--The Board of Governors, the Comptroller 
     of the Currency, the Corporation, and the National Credit 
     Union Administration Board, in assigning a rating to a 
     depository institution under the Uniform Financial 
     Institutions Rating System (or an equivalent rating by any 
     such agency under a comparable rating system) shall include a 
     diversity and inclusion component that examines--
       ``(1) whether the depository institution has effective 
     policies in place to encourage diversity and inclusion in the 
     hiring practices of the institution;
       ``(2) whether the depository institution provides training 
     to the employees of the institution, that is appropriate to 
     the size and resources of the institution, on diversity and 
     inclusion;
       ``(3) whether the depository institution has policies in 
     place that ensure that employees are able to report workplace 
     discrimination without fear of wrongful retaliation, threats, 
     or coercion; and
       ``(4)(A) with respect to a depository institution with 
     total consolidated assets of $1,000,000,000 or less, whether 
     such depository institution has designated an individual to 
     serve as a Diversity and Inclusion Officer who reports to the 
     Chief Executive Officer of the institution on all diversity 
     and inclusion matters; or
       ``(B) with respect to a depository institution with total 
     consolidated assets of more than $1,000,000,000, whether such 
     depository institution--
       ``(i) has designated an individual to serve as a Diversity 
     and Inclusion Officer; and
       ``(ii) has established a committee for diversity and 
     inclusion that holds meetings quarterly and that includes in 
     its membership the Diversity and Inclusion Officer designated 
     under clause (i) and the Chief Executive Officer of the 
     institution.
       ``(b) Application to Minority Depository Institutions.--In 
     carrying out subsection (a) with respect to minority 
     depository institutions, the Board of Governors, the 
     Comptroller of the Currency, the Corporation, and the 
     National Credit Union Administration Board shall--
       ``(1) assign such institutions the most favorable rating 
     with respect to the diversity and inclusion component 
     described under subsection (a); and
       ``(2) exempt such institutions from any examination 
     procedures related to the diversity and inclusion component 
     described under subsection (a).
       ``(c) Definitions.--In this section:
       ``(1) Depository institution.--The term `depository 
     institution' means a depository institution or a credit 
     union.
       ``(2) Minority depository institution.--The term `minority 
     depository institution' means an entity that is--
       ``(A) a minority depository institution, as defined in 
     section 308 of the Financial Institutions Reform, Recovery, 
     and Enforcement Act of 1989 (12 U.S.C. 1463 note); or
       ``(B) considered to be a minority depository institution 
     by--
       ``(i) the appropriate Federal banking agency; or
       ``(B) the term `gender identity' means the gender-related 
     identity, appearance, mannerisms, or other gender-related 
     characteristics of an individual, regardless of the 
     individual's designated sex at birth;
       ``(C) the term `sexual orientation' means homosexuality, 
     heterosexuality, or bisexuality; and
       ``(ii) the National Credit Union Administration, in the 
     case of an insured credit union.''.
       (b) Clerical Amendment.--The table of contents for the 
     Dodd-Frank Wall Street Reform and Consumer Protection Act is 
     amended by inserting after the item relating to section 342 
     the following:

``Sec. 342A. Diversity and inclusion ratings.''.

      Subtitle C--Improving Corporate Governance Through Diversity

     SEC. 431. SUBMISSION OF DATA RELATING TO DIVERSITY BY 
                   ISSUERS.

       Section 13 of the Securities Exchange Act of 1934 (15 
     U.S.C. 78m) is amended by adding at the end the following:
       ``(s) Submission of Data Relating to Diversity.--
       ``(1) Definitions.--In this subsection--
       ``(A) the term `executive officer' has the meaning given 
     the term in section 230.501(f) of title 17, Code of Federal 
     Regulations, as in effect on the date of enactment of this 
     subsection; and
       ``(B) the term `veteran' has the meaning given the term in 
     section 101 of title 38, United States Code.
       ``(2) Submission of disclosure.--Each issuer required to 
     file an annual report under subsection (a) shall disclose in 
     any proxy statement and any information statement relating to 
     the election of directors filed with the Commission the 
     following:
       ``(A) Data, based on voluntary self-identification, on the 
     racial, ethnic, gender identity, and sexual orientation 
     composition of--
       ``(i) the board of directors of the issuer;
       ``(ii) nominees for the board of directors of the issuer; 
     and
       ``(iii) the executive officers of the issuer.
       ``(B) The status of any member of the board of directors of 
     the issuer, any nominee for the board of directors of the 
     issuer, or any executive officer of the issuer, based on 
     voluntary self-identification, as a veteran.
       ``(C) Whether the board of directors of the issuer, or any 
     committee of that board of directors, has, as of the date on 
     which the issuer makes a disclosure under this paragraph, 
     adopted any policy, plan, or strategy to promote racial, 
     ethnic, and gender diversity among--
       ``(i) the board of directors of the issuer;
       ``(ii) nominees for the board of directors of the issuer; 
     or
       ``(iii) the executive officers of the issuer.
       ``(3) Alternative submission.--In any 1-year period in 
     which an issuer required to file an annual report under 
     subsection (a) does not file with the Commission a proxy 
     statement or an information statement relating to the 
     election of directors, the issuer shall disclose the 
     information required under paragraph (2) in the first annual 
     report of issuer that the issuer submits to the Commission 
     after the end of that 1-year period.

[[Page H5564]]

       ``(4) Annual report.--Not later than 18 months after the 
     date of enactment of this subsection, and annually 
     thereafter, the Commission shall submit to the Committee on 
     Financial Services of the House of Representatives and the 
     Committee on Banking, Housing, and Urban Affairs of the 
     Senate, and publish on the website of the Commission, a 
     report that analyzes the information disclosed under 
     paragraphs (2) and (3) and identifies any trends with respect 
     to such information.
       ``(5) Best practices.--
       ``(A) In general.--The Director of the Office of Minority 
     and Women Inclusion of the Commission shall, not later than 3 
     years after the date of enactment of this subsection, and 
     every 3 years thereafter, publish best practices for 
     compliance with this subsection.
       ``(B) Comments.--The Director of the Office of Minority and 
     Women Inclusion of the Commission may, pursuant to subchapter 
     II of chapter 5 of title 5, United States Code, solicit 
     public comments related to the best practices published under 
     subparagraph (A).''.

     SEC. 432. DIVERSITY ADVISORY GROUP.

       (a) Definitions.--For the purposes of this section:
       (1) Advisory group.--The term ``Advisory Group'' means the 
     Diversity Advisory Group established under subsection (b).
       (2) Commission.--The term ``Commission'' means the 
     Securities and Exchange Commission.
       (3) Issuer.--The term ``issuer'' has the meaning given the 
     term in section 3(a) of the Securities Exchange Act of 1934 
     (15 U.S.C. 78c(a)).
       (b) Establishment.--The Commission shall establish a 
     Diversity Advisory Group, which shall be composed of 
     representatives from--
       (1) the Federal Government and State and local governments;
       (2) academia; and
       (3) the private sector.
       (c) Study and Recommendations.--The Advisory Group shall--
       (1) carry out a study that identifies strategies that can 
     be used to increase gender, racial, and ethnic diversity 
     among members of boards of directors of issuers; and
       (2) not later than 270 days after the date on which the 
     Advisory Group is established, submit to the Commission, the 
     Committee on Financial Services of the House of 
     Representatives, and the Committee on Banking, Housing, and 
     Urban Affairs of the Senate a report that--
       (A) describes any findings from the study conducted under 
     paragraph (1); and
       (B) makes recommendations regarding strategies that issuers 
     could use to increase gender, racial, and ethnic diversity 
     among board members.
       (d) Annual Report.--Not later than 1 year after the date on 
     which the Advisory Group submits the report required under 
     subsection (c)(2), and annually thereafter, the Commission 
     shall submit to the Committee on Financial Services of the 
     House of Representatives and the Committee on Banking, 
     Housing, and Urban Affairs of the Senate a report that 
     describes the status of gender, racial, and ethnic diversity 
     among members of the boards of directors of issuers.
       (e) Public Availability of Reports.--The Commission shall 
     make all reports of the Advisory Group available to issuers 
     and the public, including on the website of the Commission.
       (f) Inapplicability of Federal Advisory Committee Act.--The 
     Federal Advisory Committee Act (5 U.S.C. App.) shall not 
     apply with respect to the Advisory Group or the activities of 
     the Advisory Group.

          Subtitle D--Ensuring Diversity in Community Banking

     SEC. 441. SHORT TITLE.

       This subtitle may be cited as the ``Ensuring Diversity in 
     Community Banking Act''.

     SEC. 442. SENSE OF CONGRESS ON FUNDING THE LOAN-LOSS RESERVE 
                   FUND FOR SMALL DOLLAR LOANS.

       The sense of Congress is the following:
       (1) The Community Development Financial Institutions Fund 
     (the ``CDFI Fund'') is an agency of the Department of the 
     Treasury, and was established by the Riegle Community 
     Development and Regulatory Improvement Act of 1994. The 
     mission of the CDFI Fund is ``to expand economic opportunity 
     for underserved people and communities by supporting the 
     growth and capacity of a national network of community 
     development lenders, investors, and financial service 
     providers''. A community development financial institution (a 
     ``CDFI'') is a specialized financial institution serving low-
     income communities and a Community Development Entity (a 
     ``CDE'') is a domestic corporation or partnership that is an 
     intermediary vehicle for the provision of loans, investments, 
     or financial counseling in low-income communities. The CDFI 
     Fund certifies CDFIs and CDEs. Becoming a certified CDFI or 
     CDE allows organizations to participate in various CDFI Fund 
     programs as follows:
       (A) The Bank Enterprise Award Program, which provides FDIC-
     insured depository institutions awards for a demonstrated 
     increase in lending and investments in distressed communities 
     and CDFIs.
       (B) The CDFI Program, which provides Financial and 
     Technical Assistance awards to CDFIs to reinvest in the CDFI, 
     and to build the capacity of the CDFI, including financing 
     product development and loan loss reserves.
       (C) The Native American CDFI Assistance Program, which 
     provides CDFIs and sponsoring entities Financial and 
     Technical Assistance awards to increase lending and grow the 
     number of CDFIs owned by Native Americans to help build 
     capacity of such CDFIs.
       (D) The New Market Tax Credit Program, which provides tax 
     credits for making equity investments in CDEs that stimulate 
     capital investments in low-income communities.
       (E) The Capital Magnet Fund, which provides awards to CDFIs 
     and nonprofit affordable housing organizations to finance 
     affordable housing solutions and related economic development 
     activities.
       (F) The Bond Guarantee Program, a source of long-term, 
     patient capital for CDFIs to expand lending and investment 
     capacity for community and economic development purposes.
       (2) The Department of the Treasury is authorized to create 
     multi-year grant programs designed to encourage low-to-
     moderate income individuals to establish accounts at 
     federally insured banks, and to improve low-to-moderate 
     income individuals' access to such accounts on reasonable 
     terms.
       (3) Under this authority, grants to participants in CDFI 
     Fund programs may be used for loan-loss reserves and to 
     establish small-dollar loan programs by subsidizing related 
     losses. These grants also allow for the providing recipients 
     with the financial counseling and education necessary to 
     conduct transactions and manage their accounts. These loans 
     provide low-cost alternatives to payday loans and other 
     nontraditional forms of financing that often impose excessive 
     interest rates and fees on borrowers, and lead millions of 
     Americans to fall into debt traps. Small-dollar loans can 
     only be made pursuant to terms, conditions, and practices 
     that are reasonable for the individual consumer obtaining the 
     loan.
       (4) Program participation is restricted to eligible 
     institutions, which are limited to organizations listed in 
     section 501(c)(3) of the Internal Revenue Code and exempt 
     from tax under 501(a) of such Code, federally insured 
     depository institutions, community development financial 
     institutions and State, local, or Tribal government entities.
       (5) According to the CDFI Fund, some programs attract as 
     much as $10 in private capital for every $1 invested by the 
     CDFI Fund. The Administration and the Congress should 
     prioritize appropriation of funds for the loan loss reserve 
     fund and technical assistance programs administered by the 
     Community Development Financial Institution Fund.

     SEC. 443. DEFINITIONS.

       In this subtitle:
       (1) Community development financial institution.--The term 
     ``community development financial institution'' has the 
     meaning given under section 103 of the Riegle Community 
     Development and Regulatory Improvement Act of 1994 (12 U.S.C. 
     4702).
       (2) Minority depository institution.--The term ``minority 
     depository institution'' has the meaning given under section 
     308 of the Financial Institutions Reform, Recovery, and 
     Enforcement Act of 1989 (12 U.S.C. 1463 note), as amended by 
     this Act.

     SEC. 444. INCLUSION OF WOMEN'S BANKS IN THE DEFINITION OF 
                   MINORITY DEPOSITORY INSTITUTION.

       Section 308(b)(1) of the Financial Institutions Reform, 
     Recovery, and Enforcement Act of 1989 (12 U.S.C. 1463 note) 
     is amended--
       (1) by redesignating subparagraphs (A), (B), and (C) as 
     clauses (i), (ii), and (iii), respectively;
       (2) by striking ``means any'' and inserting the following: 
     ``means--
       ``(A) any''; and
       (3) in clause (iii) (as so redesignated), by striking the 
     period at the end and inserting ``; or''; and
       (4) by inserting at the end the following new subparagraph:
       ``(B) any bank described in clause (i), (ii), or (iii) of 
     section 19(b)(1)(A) of the Federal Reserve Act--
       ``(i) more than 50 percent of the outstanding shares of 
     which are held by 1 or more women; and
       ``(ii) the majority of the directors on the board of 
     directors of which are women.''.

     SEC. 445. ESTABLISHMENT OF IMPACT BANK DESIGNATION.

       (a) In General.--Each Federal banking agency shall 
     establish a program under which a depository institution with 
     total consolidated assets of less than $10,000,000,000 may 
     elect to be designated as an impact bank if the total dollar 
     value of the loans extended by such depository institution to 
     low-income borrowers is greater than or equal to 50 percent 
     of the assets of such bank.
       (b) Notification of Eligibility.--Based on data obtained 
     through examinations of depository institutions, the 
     appropriate Federal banking agency shall notify a depository 
     institution if the institution is eligible to be designated 
     as an impact bank.
       (c) Application.--Regardless of whether or not it has 
     received a notice of eligibility under subsection (b), a 
     depository institution may submit an application to the 
     appropriate Federal banking agency--
       (1) requesting to be designated as an impact bank; and
       (2) demonstrating that the depository institution meets the 
     applicable qualifications.
       (d) Limitation on Additional Data Requirements.--The 
     Federal banking agencies may only impose additional data 
     collection requirements on a depository institution under 
     this section if such data is--
       (1) necessary to process an application submitted by the 
     depository institution to be designated an impact bank; or
       (2) with respect to a depository institution that is 
     designated as an impact bank, necessary to ensure the 
     depository institution's ongoing qualifications to maintain 
     such designation.
       (e) Removal of Designation.--If the appropriate Federal 
     banking agency determines that a depository institution 
     designated as an impact bank no longer meets the criteria for 
     such designation, the appropriate Federal banking agency 
     shall rescind the designation and notify the depository 
     institution of such rescission.
       (f) Reconsideration of Designation; Appeals.--Under such 
     procedures as the Federal

[[Page H5565]]

     banking agencies may establish, a depository institution 
     may--
       (1) submit to the appropriate Federal banking agency a 
     request to reconsider a determination that such depository 
     institution no longer meets the criteria for the designation; 
     or
       (2) file an appeal of such determination.
       (g) Rulemaking.--Not later than 1 year after the date of 
     the enactment of this Act, the Federal banking agencies shall 
     jointly issue rules to carry out the requirements of this 
     section, including by providing a definition of a low-income 
     borrower.
       (h) Reports.--Each Federal banking agency shall submit an 
     annual report to the Congress containing a description of 
     actions taken to carry out this section.
       (i) Federal Deposit Insurance Act Definitions.--In this 
     section, the terms ``depository institution'', ``appropriate 
     Federal banking agency'', and ``Federal banking agency'' have 
     the meanings given such terms, respectively, in section 3 of 
     the Federal Deposit Insurance Act (12 U.S.C. 1813).

     SEC. 446. MINORITY DEPOSITORIES ADVISORY COMMITTEES.

       (a) Establishment.--Each covered regulator shall establish 
     an advisory committee to be called the ``Minority 
     Depositories Advisory Committee''.
       (b) Duties.--Each Minority Depositories Advisory Committee 
     shall provide advice to the respective covered regulator on 
     meeting the goals established by section 308 of the Financial 
     Institutions Reform, Recovery, and Enforcement Act of 1989 
     (12 U.S.C. 1463 note) to preserve the present number of 
     covered minority institutions, preserve the minority 
     character of minority-owned institutions in cases involving 
     mergers or acquisitions, provide technical assistance, and 
     encourage the creation of new covered minority institutions. 
     The scope of the work of each such Minority Depositories 
     Advisory Committee shall include an assessment of the current 
     condition of covered minority institutions, what regulatory 
     changes or other steps the respective agencies may be able to 
     take to fulfill the requirements of such section 308, and 
     other issues of concern to covered minority institutions.
       (c) Membership.--
       (1) In general.--Each Minority Depositories Advisory 
     Committee shall consist of no more than 10 members, who--
       (A) shall serve for one two-year term;
       (B) shall serve as a representative of a depository 
     institution or an insured credit union with respect to which 
     the respective covered regulator is the covered regulator of 
     such depository institution or insured credit union; and
       (C) shall not receive pay by reason of their service on the 
     advisory committee, but may receive travel or transportation 
     expenses in accordance with section 5703 of title 5, United 
     States Code.
       (2) Diversity.--To the extent practicable, each covered 
     regulator shall ensure that the members of the Minority 
     Depositories Advisory Committee of such agency reflect the 
     diversity of covered minority institutions.
       (d) Meetings.--
       (1) In general.--Each Minority Depositories Advisory 
     Committee shall meet not less frequently than twice each 
     year.
       (2) Notice and invitations.--Each Minority Depositories 
     Advisory Committee shall--
       (A) notify the Committee on Financial Services of the House 
     of Representatives and the Committee on Banking, Housing, and 
     Urban Affairs of the Senate in advance of each meeting of the 
     Minority Depositories Advisory Committee; and
       (B) invite the attendance at each meeting of the Minority 
     Depositories Advisory Committee of--
       (i) one member of the majority party and one member of the 
     minority party of the Committee on Financial Services of the 
     House of Representatives and the Committee on Banking, 
     Housing, and Urban Affairs of the Senate; and
       (ii) one member of the majority party and one member of the 
     minority party of any relevant subcommittees of such 
     committees.
       (e) No Termination of Advisory Committees.--The termination 
     requirements under section 14 of the Federal Advisory 
     Committee Act (5 U.S.C. app.) shall not apply to a Minority 
     Depositories Advisory Committee established pursuant to this 
     section.
       (f) Definitions.--In this section:
       (1) Covered regulator.--The term ``covered regulator'' 
     means the Comptroller of the Currency, the Board of Governors 
     of the Federal Reserve System, the Federal Deposit Insurance 
     Corporation, and the National Credit Union Administration.
       (2) Covered minority institution.--The term ``covered 
     minority institution'' means a minority depository 
     institution (as defined in section 308(b) of the Financial 
     Institutions Reform, Recovery, and Enforcement Act of 1989 
     (12 U.S.C. 1463 note)).
       (3) Depository institution.--The term ``depository 
     institution'' has the meaning given under section 3 of the 
     Federal Deposit Insurance Act (12 U.S.C. 1813).
       (4) Insured credit union.--The term ``insured credit 
     union'' has the meaning given in section 101 of the Federal 
     Credit Union Act (12 U.S.C. 1752).
       (g) Technical Amendment.--Section 308(b) of the Financial 
     Institutions Reform, Recovery, and Enforcement Act of 1989 
     (12 U.S.C. 1463 note) is amended by adding at the end the 
     following new paragraph:
       ``(3) Depository institution.--The term `depository 
     institution' means an `insured depository institution' (as 
     defined in section 3 of the Federal Deposit Insurance Act (12 
     U.S.C. 1813)) and an insured credit union (as defined in 
     section 101 of the Federal Credit Union Act (12 U.S.C. 
     1752)).''.

     SEC. 447. FEDERAL DEPOSITS IN MINORITY DEPOSITORY 
                   INSTITUTIONS.

       (a) In General.--Section 308 of the Financial Institutions 
     Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1463 
     note) is amended--
       (1) by adding at the end the following new subsection:
       ``(d) Federal Deposits.--The Secretary of the Treasury 
     shall ensure that deposits made by Federal agencies in 
     minority depository institutions and impact banks are 
     collateralized or insured, as determined by the Secretary. 
     Such deposits shall include reciprocal deposits as defined in 
     section 337.6(e)(2)(v) of title 12, Code of Federal 
     Regulations (as in effect on March 6, 2019).''; and
       (2) in subsection (b), as amended by section 6(g), by 
     adding at the end the following new paragraph:
       ``(4) Impact bank.--The term `impact bank' means a 
     depository institution designated by the appropriate Federal 
     banking agency pursuant to section 445 of the Ensuring 
     Diversity in Community Banking Act.''.
       (b) Technical Amendments.--Section 308 of the Financial 
     Institutions Reform, Recovery, and Enforcement Act of 1989 
     (12 U.S.C. 1463 note) is amended--
       (1) in the matter preceding paragraph (1), by striking 
     ``section--'' and inserting ``section:''; and
       (2) in the paragraph heading for paragraph (1), by striking 
     ``financial'' and inserting ``depository''.

     SEC. 448. MINORITY BANK DEPOSIT PROGRAM.

       (a) In General.--Section 1204 of the Financial Institutions 
     Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1811 
     note) is amended to read as follows:

     ``SEC. 1204. EXPANSION OF USE OF MINORITY DEPOSITORY 
                   INSTITUTIONS.

       ``(a) Minority Bank Deposit Program.--
       ``(1) Establishment.--There is established a program to be 
     known as the `Minority Bank Deposit Program' to expand the 
     use of minority depository institutions.
       ``(2) Administration.--The Secretary of the Treasury, 
     acting through the Fiscal Service, shall--
       ``(A) on application by a depository institution or credit 
     union, certify whether such depository institution or credit 
     union is a minority depository institution;
       ``(B) maintain and publish a list of all depository 
     institutions and credit unions that have been certified 
     pursuant to subparagraph (A); and
       ``(C) periodically distribute the list described in 
     subparagraph (B) to--
       ``(i) all Federal departments and agencies;
       ``(ii) interested State and local governments; and
       ``(iii) interested private sector companies.
       ``(3) Inclusion of certain entities on list.--A depository 
     institution or credit union that, on the date of the 
     enactment of this section, has a current certification from 
     the Secretary of the Treasury stating that such depository 
     institution or credit union is a minority depository 
     institution shall be included on the list described under 
     paragraph (2)(B).
       ``(b) Expanded Use Among Federal Departments and 
     Agencies.--
       ``(1) In general.--Not later than 1 year after the 
     establishment of the program described in subsection (a), the 
     head of each Federal department or agency shall develop and 
     implement standards and procedures to prioritize, to the 
     maximum extent possible as permitted by law and consistent 
     with principles of sound financial management, the use of 
     minority depository institutions to hold the deposits of each 
     such department or agency.
       ``(2) Report to congress.--Not later than 2 years after the 
     establishment of the program described in subsection (a), and 
     annually thereafter, the head of each Federal department or 
     agency shall submit to Congress a report on the actions taken 
     to increase the use of minority depository institutions to 
     hold the deposits of each such department or agency.
       ``(c) Definitions.--For purposes of this section:
       ``(1) Credit union.--The term `credit union' has the 
     meaning given the term `insured credit union' in section 101 
     of the Federal Credit Union Act (12 U.S.C. 1752).
       ``(2) Depository institution.--The term `depository 
     institution' has the meaning given in section 3 of the 
     Federal Deposit Insurance Act (12 U.S.C. 1813).
       ``(3) Minority depository institution.--The term `minority 
     depository institution' has the meaning given that term under 
     section 308 of this Act.''.
       (b) Conforming Amendments.--The following provisions are 
     amended by striking ``1204(c)(3)'' and inserting ``1204(c)'':
       (1) Section 808(b)(3) of the Community Reinvestment Act of 
     1977 (12 U.S.C. 2907(b)(3)).
       (2) Section 40(g)(1)(B) of the Federal Deposit Insurance 
     Act (12 U.S.C. 1831q(g)(1)(B)).
       (3) Section 704B(h)(4) of the Equal Credit Opportunity Act 
     (15 U.S.C. 1691c-2(h)(4)).

     SEC. 449. DIVERSITY REPORT AND BEST PRACTICES.

       (a) Annual Report.--Each covered regulator shall submit to 
     Congress an annual report on diversity including the 
     following:
       (1) Data, based on voluntary self-identification, on the 
     racial, ethnic, and gender composition of the examiners of 
     each covered regulator, disaggregated by length of time 
     served as an examiner.
       (2) The status of any examiners of covered regulators, 
     based on voluntary self-identification, as a veteran.
       (3) Whether any covered regulator, as of the date on which 
     the report required under this section is submitted, has 
     adopted a policy, plan, or strategy to promote racial, 
     ethnic, and gender diversity among examiners of the covered 
     regulator.
       (4) Whether any special training is developed and provided 
     for examiners related specifically

[[Page H5566]]

     to working with depository institutions and credit unions 
     that serve communities that are predominantly minorities, low 
     income, or rural, and the key focus of such training.
       (b) Best Practices.--Each Office of Minority and Women 
     Inclusion of a covered regulator shall develop, provide to 
     the head of the covered regulator, and make publicly 
     available best practices--
       (1) for increasing the diversity of candidates applying for 
     examiner positions, including through outreach efforts to 
     recruit diverse candidate to apply for entry-level examiner 
     positions; and
       (2) for retaining and providing fair consideration for 
     promotions within the examiner staff for purposes of 
     achieving diversity among examiners.
       (c) Covered Regulator Defined.--In this section, the term 
     ``covered regulator'' means the Comptroller of the Currency, 
     the Board of Governors of the Federal Reserve System, the 
     Federal Deposit Insurance Corporation, and the National 
     Credit Union Administration.

     SEC. 450. INVESTMENTS IN MINORITY DEPOSITORY INSTITUTIONS AND 
                   IMPACT BANKS.

       (a) Control for Certain Institutions.--Section 7(j)(8)(B) 
     of the Federal Deposit Insurance Act (12 U.S.C. 
     1817(j)(8)(B)) is amended to read as follows:
       ``(B) `control' means the power, directly or indirectly--
       ``(i) to direct the management or policies of an insured 
     depository institution; or
       ``(ii)(I) with respect to an insured depository 
     institution, of a person to vote 25 per centum or more of any 
     class of voting securities of such institution; or
       ``(II) with respect to an insured depository institution 
     that is an impact bank (as designated pursuant to section 445 
     of the Ensuring Diversity in Community Banking Act) or a 
     minority depository institution (as defined in section 308(b) 
     of the Financial Institutions Reform, Recovery, and 
     Enforcement Act of 1989), of an individual to vote 30 percent 
     or more of any class of voting securities of such an impact 
     bank or a minority depository institution.''.
       (b) Rulemaking.--The Federal banking agencies (as defined 
     in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 
     1813)) shall jointly issue rules for de novo minority 
     depository institutions and de novo impact banks (as 
     designated pursuant to section 445) to allow 3 years to meet 
     the capital requirements otherwise applicable to minority 
     depository institutions and impact banks.
       (c) Report.--Not later than 1 year after the date of the 
     enactment of this Act, the Federal banking agencies shall 
     jointly submit to Congress a report on--
       (1) the principal causes for the low number of de novo 
     minority depository institutions during the 10-year period 
     preceding the date of the report;
       (2) the main challenges to the creation of de novo minority 
     depository institutions and de novo impact banks; and
       (3) regulatory and legislative considerations to promote 
     the establishment of de novo minority depository institutions 
     and de novo impact banks.

     SEC. 451. REPORT ON COVERED MENTOR-PROTEGE PROGRAMS.

       (a) Report.--Not later than 6 months after the date of the 
     enactment of this Act and annually thereafter, the Secretary 
     of the Treasury shall submit to Congress a report on 
     participants in a covered mentor-protege program, including--
       (1) an analysis of outcomes of such program;
       (2) the number of minority depository institutions that are 
     eligible to participate in such program but do not have large 
     financial institution mentors; and
       (3) recommendations for how to match such minority 
     depository institutions with large financial institution 
     mentors.
       (b) Definitions.--In this section:
       (1) Covered mentor-protege program.--The term ``covered 
     mentor-protege program'' means a mentor-protege program 
     established by the Secretary of the Treasury pursuant to 
     section 45 of the Small Business Act (15 U.S.C. 657r).
       (2) Large financial institution.--The term ``large 
     financial institution'' means any entity--
       (A) regulated by the Comptroller of the Currency, the Board 
     of Governors of the Federal Reserve System, the Federal 
     Deposit Insurance Corporation, or the National Credit Union 
     Administration; and
       (B) that has total consolidated assets greater than or 
     equal to $50,000,000,000.

     SEC. 452. CUSTODIAL DEPOSIT PROGRAM FOR COVERED MINORITY 
                   DEPOSITORY INSTITUTIONS AND IMPACT BANKS.

       (a) In General.--Not later than one year after the date of 
     the enactment of this Act, the Secretary of the Treasury 
     shall issue rules establishing a custodial deposit program 
     under which a covered bank may receive deposits from a 
     qualifying account.
       (b) Requirements.--In issuing rules under subsection (a), 
     the Secretary of the Treasury shall--
       (1) consult with the Federal banking agencies;
       (2) ensure each covered bank participating in the program 
     established under this section--
       (A) has appropriate policies relating to management of 
     assets, including measures to ensure the safety and soundness 
     of each such covered bank; and
       (B) is compliant with applicable law; and
       (3) ensure, to the extent practicable that the rules do not 
     conflict with goals described in section 308(a) of the 
     Financial Institutions Reform, Recovery, and Enforcement Act 
     of 1989 (12 U.S.C. 1463 note).
       (c) Limitations.--
       (1) Deposits.--With respect to the funds of an individual 
     qualifying account, an entity may not deposit an amount 
     greater than the insured amount in a single covered bank.
       (2) Total deposits.--The total amount of funds deposited in 
     a covered bank under the custodial deposit program described 
     under this section may not exceed the lesser of--
       (A) 10 percent of the average amount of deposits held by 
     such covered bank in the previous quarter; or
       (B) $100,000,000 (as adjusted for inflation).
       (d) Report.--Each quarter, the Secretary of the Treasury 
     shall submit to Congress a report on the implementation of 
     the program established under this section including 
     information identifying participating covered banks and the 
     total amount of deposits received by covered banks under the 
     program.
       (e) Definitions.--In this section:
       (1) Covered bank.--The term ``covered bank'' means--
       (A) a minority depository institution that is well 
     capitalized, as defined by the appropriate Federal banking 
     agency; or
       (B) a depository institution designated pursuant to section 
     445 of the Ensuring Diversity in Community Banking Act that 
     is well capitalized, as defined by the appropriate Federal 
     banking agency.
       (2) Insured amount.--The term ``insured amount'' means the 
     amount that is the greater of--
       (A) the standard maximum deposit insurance amount (as 
     defined in section 11(a)(1)(E) of the Federal Deposit 
     Insurance Act (12 U.S.C. 1821(a)(1)(E))); or
       (B) such higher amount negotiated between the Secretary of 
     the Treasury and the Federal Deposit Insurance Corporation 
     under which the Corporation will insure all deposits of such 
     higher amount.
       (3) Federal banking agencies.--The terms ``appropriate 
     Federal banking agency'' and ``Federal banking agencies'' 
     have the meaning given those terms, respectively, under 
     section 3 of the Federal Deposit Insurance Act.
       (4) Qualifying account.--The term ``qualifying account'' 
     means any account established in the Department of the 
     Treasury that--
       (A) is controlled by the Secretary; and
       (B) is expected to maintain a balance greater than 
     $200,000,000 for the following 24-month period.

     SEC. 453. STREAMLINED COMMUNITY DEVELOPMENT FINANCIAL 
                   INSTITUTION APPLICATIONS AND REPORTING.

       (a) Application Processes.--Not later than 12 months after 
     the date of the enactment of this Act and with respect to any 
     person having assets under $3,000,000,000 that submits an 
     application for deposit insurance with the Federal Deposit 
     Insurance Corporation that could also become a community 
     development financial institution, the Federal Deposit 
     Insurance Corporation, in consultation with the Administrator 
     of the Community Development Financial Institutions Fund, 
     shall--
       (1) develop systems and procedures to record necessary 
     information to allow the Administrator to conduct preliminary 
     analysis for such person to also become a community 
     development financial institution; and
       (2) develop procedures to streamline the application and 
     annual certification processes and to reduce costs for such 
     person to become, and maintain certification as, a community 
     development financial institution.
       (b) Implementation Report.--Not later than 18 months after 
     the date of the enactment of this Act, the Federal Deposit 
     Insurance Corporation shall submit to Congress a report 
     describing the systems and procedures required under 
     subsection (a).
       (c) Annual Report.--
       (1) In general.--Section 17(a)(1) of the Federal Deposit 
     Insurance Act (12 U.S.C. 1827(a)(1)) is amended--
       (A) in subparagraph (E), by striking ``and'' at the end;
       (B) by redesignating subparagraph (F) as subparagraph (G);
       (C) by inserting after subparagraph (E) the following new 
     subparagraph:
       ``(F) applicants for deposit insurance that could also 
     become a community development financial institution (as 
     defined in section 103 of the Riegle Community Development 
     and Regulatory Improvement Act of 1994), a minority 
     depository institution (as defined in section 308 of the 
     Financial Institutions Reform, Recovery, and Enforcement Act 
     of 1989), or an impact bank (as designated pursuant to 
     section 445 of the Ensuring Diversity in Community Banking 
     Act); and''.
       (2) Application.--The amendment made by this subsection 
     shall apply with respect to the first report to be submitted 
     after the date that is 2 years after the date of the 
     enactment of this Act.

     SEC. 454. TASK FORCE ON LENDING TO SMALL BUSINESS CONCERNS.

       (a) In General.--Not later than 6 months after the date of 
     the enactment of this Act, the Administrator of the Small 
     Business Administration shall establish a task force to 
     examine methods for improving relationships between the Small 
     Business Administration and community development financial 
     institutions, minority depository institutions, and impact 
     banks (as designated pursuant to section 445) to increase the 
     volume of loans provided by such institutions to small 
     business concerns (as defined under section 3 of the Small 
     Business Act (15 U.S.C. 632)).
       (b) Report to Congress.--Not later than 18 months after the 
     establishment of the task force described in subsection (a), 
     the Administrator of the Small Business Administration shall 
     submit to Congress a report on the findings of such task 
     force.

 Subtitle E--Expanding Opportunity for Minority Depository Institutions

     SEC. 461. ESTABLISHMENT OF FINANCIAL AGENT MENTOR-PROTEGE 
                   PROGRAM.

       (a) In General.--Section 308 of the Financial Institutions 
     Reform, Recovery, and Enforcement

[[Page H5567]]

     Act of 1989 (12 U.S.C. 1463 note) is amended by adding at the 
     end the following new subsection:
       ``(d) Financial Agent Mentor-Protege Program.--
       ``(1) In general.--The Secretary of the Treasury shall 
     establish a program to be known as the `Financial Agent 
     Mentor-Protege Program' (in this subsection referred to as 
     the `Program') under which a financial agent designated by 
     the Secretary or a large financial institution may serve as a 
     mentor, under guidance or regulations prescribed by the 
     Secretary, to a small financial institution to allow such 
     small financial institution--
       ``(A) to be prepared to perform as a financial agent; or
       ``(B) to improve capacity to provide services to the 
     customers of the small financial institution.
       ``(2) Outreach.--The Secretary shall hold outreach events 
     to promote the participation of financial agents, large 
     financial institutions, and small financial institutions in 
     the Program at least once a year.
       ``(3) Exclusion.--The Secretary shall issue guidance or 
     regulations to establish a process under which a financial 
     agent, large financial institution, or small financial 
     institution may be excluded from participation in the 
     Program.
       ``(4) Report.--The Office of Minority and Women Inclusion 
     of the Department of the Treasury shall include in the report 
     submitted to Congress under section 342(e) of the Dodd-Frank 
     Wall Street Reform and Consumer Protection Act information 
     pertaining to the Program, including--
       ``(A) the number of financial agents, large financial 
     institutions, and small financial institutions participating 
     in such Program; and
       ``(B) the number of outreach events described in paragraph 
     (2) held during the year covered by such report.
       ``(5) Definitions.--In this subsection:
       ``(A) Financial agent.--The term `financial agent' means 
     any national banking association designated by the Secretary 
     of the Treasury to be employed as a financial agent of the 
     Government.
       ``(B) Large financial institution.--The term `large 
     financial institution' means any entity regulated by the 
     Comptroller of the Currency, the Board of Governors of the 
     Federal Reserve System, the Federal Deposit Insurance 
     Corporation, or the National Credit Union Administration that 
     has total consolidated assets greater than or equal to 
     $50,000,000,000.
       ``(C) Small financial institution.--The term `small 
     financial institution' means--
       ``(i) any entity regulated by the Comptroller of the 
     Currency, the Board of Governors of the Federal Reserve 
     System, the Federal Deposit Insurance Corporation, or the 
     National Credit Union Administration that has total 
     consolidated assets lesser than or equal to $2,000,000,000; 
     or
       ``(ii) a minority depository institution.''.
       (b) Effective Date.--This section and the amendments made 
     by this section shall take effect 90 days after the date of 
     the enactment of this Act.

                     TITLE V--COMMUNITY DEVELOPMENT

          Subtitle A--CDFI Bond Guarantee Program Improvement

     SEC. 511. SENSE OF CONGRESS.

       It is the sense of Congress that the authority to guarantee 
     bonds under section 114A of the Community Development Banking 
     and Financial Institutions Act of 1994 (12 U.S.C. 4713a) 
     (commonly referred to as the ``CDFI Bond Guarantee Program'') 
     provides community development financial institutions with a 
     sustainable source of long-term capital and furthers the 
     mission of the Community Development Financial Institutions 
     Fund (established under section 104(a) of such Act (12 U.S.C. 
     4703(a)) to increase economic opportunity and promote 
     community development investments for underserved populations 
     and distressed communities in the United States.

     SEC. 512. GUARANTEES FOR BONDS AND NOTES ISSUED FOR COMMUNITY 
                   OR ECONOMIC DEVELOPMENT PURPOSES.

       Section 114A of the Community Development Banking and 
     Financial Institutions Act of 1994 (12 U.S.C. 4713a) is 
     amended--
       (1) in subsection (c)(2), by striking ``, multiplied by an 
     amount equal to the outstanding principal balance of issued 
     notes or bonds'';
       (2) in subsection (e)(2)(B), by striking ``$100,000,000'' 
     and inserting ``$25,000,000''; and
       (3) in subsection (k), by striking ``September 30, 2014'' 
     and inserting ``the date that is 4 years after the date of 
     enactment of the CDFI Bond Guarantee Program Improvement Act 
     of 2022''.

     SEC. 513. REPORT ON THE CDFI BOND GUARANTEE PROGRAM.

       Not later than 1 year after the date of enactment of this 
     Act, and not later than 3 years after such date of enactment, 
     the Secretary of the Treasury shall issue a report to the 
     Committee on Financial Services of the House of 
     Representatives and the Committee on Banking, Housing, and 
     Urban Affairs of the Senate on the effectiveness of the CDFI 
     bond guarantee program established under section 114A of the 
     Community Development Banking and Financial Institutions Act 
     of 1994 (12 U.S.C. 4713a).

   Subtitle B--Expanding Financial Access for Underserved Communities

     SEC. 521. CREDIT UNION SERVICE TO UNDERSERVED AREAS.

       Section 109 of the Federal Credit Union Act (12 U.S.C. 
     1759) is amended--
       (1) in subsection (c)(2)--
       (A) by striking ``the field of membership category of which 
     is described in subsection (b)(2),'';
       (B) by amending subparagraph (A) to read as follows:
       ``(A) the Board determines that the local community, 
     neighborhood, or rural district is an underserved area; 
     and''; and
       (C) in subparagraph (B), by inserting ``not later than 2 
     years after having such underserved area added to the credit 
     union's charter,'' before ``the credit union''; and
       (2) by adding at the end the following:
       ``(h) Change of Field of Membership to Include Underserved 
     Areas.--
       ``(1) In general.--If an existing Federal credit union 
     applies to the Board to alter or expand the field of 
     membership of the credit union to serve an underserved area, 
     the credit union shall submit a business and marketing plan 
     with such application that explains the credit union's 
     ability and intent to serve the population of the underserved 
     area through the change in field of membership.
       ``(2) Report by credit union.--Not later than 2 years after 
     the date on which a Federal credit union's application 
     described under paragraph (1) is approved, the credit union, 
     as part of the ordinary course of the examination cycle and 
     supervision process, shall submit a report to the 
     Administration that includes--
       ``(A) an estimate of the number of members of the credit 
     union who are members by reason of the application;
       ``(B) a description of the types of financial services 
     utilized by members of the credit union who are members by 
     reason of the application; and
       ``(C) an update of the credit union's implementation of the 
     business and marketing plan described under paragraph (1).''.

     SEC. 522. MEMBER BUSINESS LENDING IN UNDERSERVED AREAS.

       Section 107A(c)(1)(B) of the Federal Credit Union Act (12 
     U.S.C. 1757a(c)(1)(B)) is amended--
       (1) in clause (iv), by striking ``or'' at the end;
       (2) in clause (v), by striking the period and inserting ``; 
     or''; and
       (3) by adding at the end the following:
       ``(vi) that is made to a member or associated borrower that 
     lives in or operates in an underserved area.''.

     SEC. 523. UNDERSERVED AREA DEFINED.

       Section 101 of the Federal Credit Union Act (12 U.S.C. 
     1752) is amended--
       (1) in paragraph (8), by striking ``; and'' and inserting a 
     period;
       (2) in paragraph (9), by striking the period at the end and 
     inserting ``; and''; and
       (3) by adding at the end the following:
       ``(10) The term `underserved area' means a geographic area 
     consisting of one or more population census tracts or one or 
     more counties, that encompass or are located within--
       ``(A) an investment area, as defined under section 103(16) 
     of the Community Development Banking and Financial 
     Institutions Act of 1994;
       ``(B) groups of contiguous census tracts in which at least 
     85 percent individually qualify as low-income communities, as 
     defined under section 45D(e) of the Internal Revenue Code of 
     1986; or
       ``(C) an area that is more than ten miles, as measured from 
     each point along the area's perimeter, from the nearest 
     branch of a depository institution (as defined under section 
     3 of the Federal Deposit Insurance Act) or credit union.''.

     SEC. 524. REPORTS BY THE NATIONAL CREDIT UNION 
                   ADMINISTRATION.

       (a) Initial Report.--Not later than 3 years after the date 
     of enactment of this Act, but no sooner than 2 years after 
     the date of enactment of this Act, the National Credit Union 
     Administration shall issue a report to the Committee on 
     Financial Services of the House of Representatives and the 
     Committee on Banking, Housing, and Urban Affairs of the 
     Senate on the implementation of the amendments made by this 
     subtitle.
       (b) Update.--The National Credit Union Administration shall 
     issue an updated report on the implementation of the 
     amendments made by this subtitle to the committees described 
     under subsection (a) on the date that is 5 years after the 
     date on which the Administration issues the initial report 
     under subsection (a).

  The SPEAKER pro tempore. The bill, as amended, shall be debatable for 
1 hour equally divided and controlled by the chair and ranking minority 
member of the Committee on Financial Services or their respective 
designees.
  The gentleman from Texas (Mr. Green) and the gentleman from North 
Carolina (Mr. McHenry) each will control 30 minutes.


 =========================== NOTE =========================== 

  
  June 15, 2022, on page H5567, in the third column, the following 
appeared: The gentleman from Texas (Mr. Green) and the gentleman 
from Kentucky (Mr. Barr) each will control 30 minutes.
  
  The online version has been corrected to read: The gentleman 
from Texas (Mr. Green) and the gentleman from North Carolina (Mr. 
McHenry) each will control 30 minutes.


 ========================= END NOTE ========================= 


  The Chair recognizes the gentleman from Texas (Mr. Green).


                             General Leave

  Mr. GREEN of Texas. Mr. Speaker, I ask unanimous consent that all 
Members may have 5 legislative days in which to revise and extend their 
remarks on H.R. 2543 and to insert extraneous material thereon.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from Texas?
  There was no objection.
  Mr. GREEN of Texas. Mr. Speaker, I yield myself such time as I may 
consume.
  Mr. Speaker, I rise in strong support of H.R. 2543, the Financial 
Services Racial Equity, Inclusion, and Economic Justice Act, landmark 
legislation focused on promoting racial and economic justice.
  This bill was introduced by Financial Services Committee Chairwoman, 
the Honorable Maxine Waters, and it includes several provisions 
authored by members of the committee. Unfortunately, Chairwoman Waters 
couldn't

[[Page H5568]]

be here today, but I would like the Record to reflect not only her 
authorship of this bill but also her unwavering commitment to achieving 
equity and inclusion on behalf of communities of color.
  Today's House consideration of H.R. 2543 is historic in that for the 
first time in our Nation's history, the U.S. House of Representatives 
is voting on a comprehensive package of legislation to finally address 
inequity with equity and inclusion in terms of financial access, 
economic mobility, and fair treatment.
  Today, I boldly and proudly say that this would not have been 
possible without the Honorable Chairwoman Waters' leadership. This bill 
is needed because racial disparities in lending, homeownership, and 
wealth creation are all too real.
  For some, invidious discrimination, Mr. Speaker, is only a phrase. 
However, for too many others, it is a fact of life. According to the 
Brookings Institution, the racial wealth gap between White and Black 
households is more than $10 trillion. The onerous wealth gap is 
perpetuated by the toleration of ongoing discrimination, redlining, and 
systemic barriers to accessing financial credit and services.
  Some of my colleagues across the aisle may say that the House 
shouldn't address this important issue. They may say that the House 
should ignore these very real, well-documented disparities and focus on 
getting inflation under control, to which I say, this bill deals with 
the very real inflationary pressures that people of color experience in 
their daily lives. Too often, Mr. Speaker, consumers and businesses 
from low-income communities and communities of color suffer invidious 
discrimination as they struggle to access capital and credit.
  Chairwoman Waters said it best, and I was there to hear her say it, 
when she spoke before the Rules Committee this week. She noted that 
this type of discrimination is a form of inflation in communities of 
color. She indicated that when you add up inflated fees in tandem with 
inflated interest rates, simple loans cost more for people of color 
than others taking out the same loan in a different community.
  This, of course, assumes that you are lucky enough to qualify for the 
loan in the first place. If you are not, then your options to build 
wealth are severely limited because you can't buy a home or start a 
small business. In fact, your only option for credit might be an 
inflated predatory payday loan that leaves you worse off, not better.
  This is inflation that people of color experience each day, and we 
should be just as outraged and concerned about these needlessly 
inflated high costs as we are about the general inflation we are 
experiencing during the pandemic. And I would further argue that 
addressing this form of inflation will bring down costs for everyone 
because, as my colleagues across the aisle are fond of saying, a rising 
tide lifts all boats.
  We also know that general inflation disproportionately hurts people 
of color, which is why this bill directs the Federal Reserve, as it 
carries out its duties to rein inflation in and promote full 
employment, to also consider racial disparities so that all people--all 
people--will benefit from the Fed's dual mandate.
  Members of the LGBTQIA-plus community also face discrimination in 
lending. This is why it leads to higher costs for them as well. We 
shouldn't stand for this during any time of the year, but I am pleased 
to be among those fighting for LGBTQIA-plus justice during Pride Month. 
This is why H.R. 2543 includes my bill H.R. 166, the Fair Lending for 
All Act, which furthers fair lending by clarifying that lending 
discrimination is prohibited not only on the basis of race, Mr. 
Speaker, but also on the basis of gender identity, sexual orientation, 
and geography. This bill enhances supervision and establishes criminal 
penalties for fair lending violations.

  Let's take a closer look at fair lending at this time. Every person 
who purchases a home should be able to read and understand their 
mortgage documents. This is why common sense should prevail. However, 
that is not the reality for many home buyers in our country today. This 
is why the bill includes robust language, robust language to access the 
requirements for a mortgage, and these mortgage conditions should be 
made clear in languages that people understand. It requires servicers 
to expand and preserve the dream of homeownership for borrowers with 
limited English proficiency. Chairwoman Waters' bill will also support 
the efforts of community development financial institutions, or CDFIs, 
and minority depository institutions, or MDIs, that fill a historic 
lending gap in underserved communities across this country. And it 
would mitigate banking deserts by allowing credit unions to serve areas 
that banks have ignored or abandoned.
  Moreover, this legislation includes another bill of mine, H.R. 2516, 
the Promoting Diversity and Inclusion in Banking Act, which would 
require Federal banking regulators to evaluate policies and procedures 
banks and credit unions have to promote diversity and inclusion.
  I thank Chairwoman Waters for her continued leadership, her bold 
leadership, as well as my colleagues and members of the Financial 
Services Committee for their tireless work, including Representatives 
Meeks, Cleaver, Beatty, Garcia of Texas, Torres, and Auchincloss.
  Mr. Speaker, the pandemic has exacerbated and exposed many truths 
about our Nation's inequitable housing and financial systems, as well 
as its outsized impact on low-income families and communities of color. 
It is incumbent on this Congress to finally address these disparities, 
and that is precisely what Chairwoman Waters' bill will do.
  Hence, I urge my colleagues to vote ``yes'' on H.R. 2543, the 
Financial Services Racial Equity, Inclusion, and Economic Justice Act.
  Mr. Speaker, I reserve the balance of my time.

                              {time}  1230

  Mr. McHENRY. Mr. Speaker, I rise in opposition to H.R. 2543, and I 
yield myself such time as I may consume.
  This week, Democrats have a bill on the floor to ``address inflation 
and help bring costs down for Americans.''
  Just last week, President Biden stated that inflation is his ``top 
domestic priority.'' So, let's talk about inflation if we are going to 
talk about the Federal Reserve. Let's look at the numbers. Let's look 
at the stats.
  The President announced that his focus is going to be on the economy 
this month. To kick it off, his Treasury Secretary, Secretary Yellen, 
finally admitted that she was wrong when she called inflation 
transitory last year.
  To the Biden administration and congressional Democrats, I would like 
to say to you: Welcome to the party. You are a year late. The American 
people have been feeling this pain of inflation, and I am glad you are 
coming to the realization that we have to do something about it. 
Republicans welcome the conversation.
  Inflation has surged to a 40-year high. Stats across the board are 
terrible. Everyday goods and services are more unaffordable today, 
especially for low-and middle-income Americans and those on fixed 
incomes. Skyrocketing consumer prices are outpacing wage gains. U.S. 
households will spend an extra $5,200 this year compared to last year 
for the same basket of goods and services they normally buy.
  The national average for the price of gasoline has reached a 
staggering $5 a gallon. If that weren't bad enough, our economy is now 
shrinking. The U.S. GDP came in at a negative 1.4 percent in the first 
quarter of this year. That is problematic. That is bad.
  Democrats want to blame everything from Putin to so-called corporate 
profiteering for the inflation crisis. They are still looking for who 
did it. Well, guess what, folks. The call is coming from within the 
house. They are the ones that put this on the American people.
  This is all the result of Democrats' bad economic policies, and this 
crisis is of their own making. The American people know it. They see 
it. They feel it. They experience it.
  In a recent poll released by The Wall Street Journal, 83 percent of 
respondents rated current economic conditions as poor or not good. This 
is the result of Democrat economic policies. Since they control the 
fullness of the Federal Government, they have put their economic 
policies into place, and we are living with the bad consequences. All 
across the board, inflation is way up.

[[Page H5569]]

  In another poll released by RealClearPolitics, 60 percent of the 
American people disapprove specifically of President Biden's handling 
of the economy.
  What is the Democrats' strategy? It is to distract struggling 
families with this bill that we have on the floor today, a bill that 
might sound good but does nothing to bring down consumer prices or help 
struggling families.
  Let's talk about the contents of the bill. Republicans support 
improving diversity in financial services, but H.R. 2543, this bill, 
misses the mark. Committee Democrats had the opportunity to work with 
Republicans on a bipartisan legislative package to achieve that goal. 
In fact, five of the bills that make up this package received some 
Republican support, either in markup, in committee, or on the floor in 
previous Congresses. But instead of working with Republicans, committee 
Democrats injected this package with another eight partisan poison 
pills.
  First, this bill blatantly politicizes the Federal Reserve. In fact, 
it tasks the Fed with a third mandate, and that third mandate is to 
close socioeconomic disparities instead of focusing on what we have 
asked the Fed to focus on, which is price stability and maximum 
employment possible. So much for the President saying he is not going 
to politicize the Fed or he is going to respect the Fed's independence. 
This bill goes completely counter to that.
  This bill will make credit more expensive and less accessible to 
those who need it the most.
  This bill will also pile regulatory costs on small businesses, 
forcing them to divert resources from business operations to report on 
diversity and inclusion metrics outlined in this bill. Currently, 
businesses can self-assess the makeup of their workforce. This bill 
would impose a one-size-fits-all mandate on all job creators, 
regardless of size, geographic location, or business model.
  This bill is a boon for litigious trial lawyers, and it is a boon for 
them because it expands ECOA, and it opens businesses up to new 
lawsuits. This creates uncertainty in the credit markets, ultimately 
increasing the cost of credit and making it more difficult to assess 
credit risks for financial institutions and businesses.
  Finally, while Americans are reeling from higher prices, this bill 
will make it more expensive for families to purchase a home. This bill 
will impose additional costs on creditors and servicers, which will 
inevitably be passed on to those applying for loans.
  The bottom line, this is just another attempt by House Democrats to 
divert voters' attention from the big issues of the day, and that is 
their dismal economic record that they have foisted upon the American 
people.
  If House Democrats are serious about addressing inflation, as the 
Biden administration has claimed and as the President has specifically 
said he is focused on this month, if they were serious, they would 
abandon a partisan messaging bill like the one we have on the House 
floor.
  Mr. Speaker, I urge my colleagues to vote ``no,'' and I reserve the 
balance of my time.
  Mr. GREEN of Texas. Mr. Speaker, I yield 2 minutes to the gentleman 
from New York (Mr. Meeks), my dear friend.
  Mr. MEEKS. Mr. Speaker, I thank Representative Green for yielding, 
and, of course, I thank Chairwoman Waters for bringing this important 
piece of legislation to the floor.

  I heard Ranking Member McHenry talk today, and I think that the 
American people understand that inflation is all over the world. It is 
not a United States problem; it is a global problem predicated by 
Putin's aggression in Ukraine and coming out of the greatest pandemic 
that we have had in over 100 years. Democrats are focused on working 
with the globe to make a difference.
  I want to focus on this bill and talk about the Improving Corporate 
Governance Through Diversity Act and the Ensuring Diversity in 
Community Banking Act portions of this bill. On that, I thank Ranking 
Member McHenry and other Republicans for the bipartisan support both 
bills received when they unanimously passed out of the Financial 
Services Committee.
  We need to continue all efforts to promote racial and economic 
justice in our communities, and this package of legislation does 
exactly that. Investors want to know whether the C-suites and the 
boardrooms in corporate America are actually working in their interests 
and reflecting their ideals. I, along with Representatives Carolyn B. 
Maloney and Ritchie Torres, worked to enhance the SEC's disclosure 
regime by requiring public companies to disclose race, ethnicity, 
gender identity, sexual orientation, and veteran status of these 
companies. We want these spaces to truly reflect the diversity of this 
Nation.
  Also included in this package is my bill that emphasizes the 
importance of minority banks and credit unions in serving our 
communities. The Ensuring Diversity in Community Banking section will 
address the issue of banking deserts and strengthen programs that 
provide capital to these critical and crucial institutions. It also 
creates an impact bank designation in order to promote banks that 
predominantly serve low-income communities.
  Mr. McHENRY. Mr. Speaker, I yield 2 minutes to the gentleman from 
Kentucky (Mr. Barr), my colleague and friend and the ranking member of 
the National Security, International Development, and Monetary Policy 
Subcommittee of the Financial Services Committee.
  Mr. BARR. Mr. Speaker, for over a year, Democrats have dismissed the 
historic inflation crushing American households.
  First, they said it was transitory. Then, they played it down as a 
high-class problem. Now, President Biden ridiculously and falsely 
refers to rising prices as Putin's price hike.
  But the American people know that Democrats' failed policies created 
this inflation crisis. Their overspending created excess demand. Their 
war against domestic energy production constrained supply. And this 
supply-demand mismatch pushed prices to a four-decade high.
  In March 2021, the Consumer Price Index was at 2.6 percent and gas 
prices were $2.70 per gallon. That month, President Biden's American 
inflation plan was signed into law. What happened as a result? We have 
8.6 percent inflation on the CPI from last Friday, the highest in over 
40 years. On top of that, we are seeing historic energy prices. Fuel 
oil is up 106 percent, the highest ever, and regular gasoline is up 
over 50 percent year over year. For the first time ever, gas prices 
reached $5 per gallon nationally last week.
  Instead of addressing the cause of inflation, such as Big Government 
spending, radical energy policies, and politicization of access to 
capital, they continue to push partisan packages that will do 
absolutely nothing to correct historic inflation that is plaguing the 
middle class. Case in point is this bill, the Racial Equity, Inclusion, 
and Economic Justice Act.
  At a time of historic inflation, the central responsibility, the core 
job, of the Federal Reserve is to ensure price stability. But instead 
of responding to Democrats' fiscal policy errors, the Fed failed to 
tighten monetary policy fast enough to address this inflation crisis, 
especially at this time when they should be focused on price stability.
  What does the Democrat majority do? They want to give the Fed more 
responsibilities. They want to give them responsibilities beyond their 
core competency or expertise.
  The SPEAKER pro tempore. The time of the gentleman has expired.
  Mr. McHENRY. Mr. Speaker, I yield an additional 30 seconds to the 
gentleman from Kentucky.
  Mr. BARR. Mr. Speaker, instead of diverting the Fed's focus away from 
their responsibility of tackling inflation, the Federal Reserve should 
be focused on dealing with inflation.
  If Democrats were truly interested in helping low- and moderate-
income households, fixed-income households, and communities of color, 
who are suffering the most under Biden's inflation crisis, they need to 
keep the Fed's eye on the ball. Don't have them weigh into social 
policies and controversial policies that are in the responsibility and 
jurisdiction of Congress. The Fed needs to be focused on helping tame 
inflation. This bill gives the Fed responsibilities it doesn't need to 
have.

  Mr. GREEN of Texas. Mr. Speaker, I yield myself such time as I may 
consume.

[[Page H5570]]

  Mr. Speaker, we are witnessing now why we have the invidious 
discrimination that exists in this country. Not one word has been said 
about the invidious discrimination, the high cost in loans that people 
of color suffer. Not one word is being said about it. Rather, there is 
always an effort to deflect. This has been going on for centuries, but 
not today. It ends today.
  Mr. Speaker, I yield 2 minutes to the gentlewoman from Ohio (Mrs. 
Beatty).
  Mrs. BEATTY. Mr. Speaker, let me first thank Chairman Green for 
yielding and for his outstanding job of managing the floor today.
  I also thank Chairwoman Maxine Waters for her leadership in bringing 
diversity and inclusion to the forefront of the conversation in the 
financial services industry. It was her vision to create the Financial 
Services Committee's Subcommittee on Diversity and Inclusion, and I 
have had the honor to serve as its chair since its inception.
  The racial justice equity package before us today is very much the 
product of the subcommittee's work over the past 3-plus years, and I am 
proud to say that many of its provisions were authored by subcommittee 
members. Republicans participated in the hearing, and today, when we 
deflect to issues like what we are hearing, it is very alarming. There 
is nothing controversial in this package or the bills I am going to 
reference.
  Two of my bills are included in this package, the Diversity and 
Inclusion Data Accountability and Transparency Act, referred to as the 
D&I DATA Act, that will direct the Office of Minority and Women 
Inclusion to collect data on the financial institutions they oversee. 
This will allow us to measure the progress that banks and other 
financial institutions are making on diversity performance.

                              {time}  1245

  My second bill is the Expanding Opportunity for Minority Depository 
Institutions Act that will codify a program at Treasury that pairs 
mentor businesses with protege MDIs, giving the smaller lenders access 
to things like technical assistance and contracting opportunities.
  I am so pleased; in my Third Congressional District of Ohio a new MDI 
has been approved.
  I also note that my bill, the Ensuring Diverse Leadership Act, has 
been made in order as an amendment and will be considered later. That 
amendment will require the Fed to consider candidates of diverse 
ethnicity and gender when filling vacancies in the Federal Reserve 
Bank.
  Mr. McHENRY. Mr. Speaker, I yield 1 minute to the gentleman from 
Arkansas (Mr. Westerman), the ranking member of the Natural Resources 
Committee.
  Mr. WESTERMAN. Mr. Speaker, I thank the ranking member for yielding.
  I rise today to speak against H.R. 2543. This bill does not address 
the underlying causes restricting access to credit or inflation that 
has eroded many Americans' borrowing power. It is just a mixed bag of 
extra mandates on the Federal Reserve and new regulatory burdens on 
small businesses.
  I don't hear my small businesses asking for more regulation, 
additional compliance burdens, or the imposition of a sweeping social 
agenda.
  Families are struggling to afford food and gas. Small businesses are 
struggling to hire employees, and my local banks and credit unions are 
feeling the pinch of inflation and rising interest rates every day.
  If the majority was serious about helping Americans, they would have 
made my amendments in order to examine the effects of inflation and 
bank consolidation on access to credit for those in low-income census 
tracts, rural counties, racial minorities, women, and veterans, the 
very communities that Democrat policies have hurt the most. My 
amendments would have been a step in the right direction, but the 
Democrat majority blocked them.
  Mr. Speaker, digging the hole deeper is no way to get out of the 
crisis the Democrat administration and Democrat majorities in Congress 
have created.
  Mr. GREEN of Texas. Mr. Speaker, I yield myself such time as I may 
consume.
  I will read from an article entitled: ``Examining the Black-White 
wealth gap'' from the Brookings Institution dated February 27, 2020. 
``A close examination of wealth in the U.S. finds evidence of 
staggering racial disparities. At $171,000, the net worth of a typical 
White family is nearly 10 times greater than that of a Black family 
($17,150) in 2016. Gaps in wealth between Black and White households 
reveal the effects of accumulated inequality and discrimination, as 
well as differences in power and opportunity that can be traced back to 
this Nation's inception.''
  And this is why it continues, because people on that side of the 
aisle are willing to tolerate invidious discrimination. They will talk 
about anything but invidious discrimination. They have no remedies.
  Mr. Speaker, I yield 2 minutes to the gentleman from Missouri (Mr. 
Cleaver), my friend.
  Mr. CLEAVER. Mr. Speaker, first of all, I thank the floor manager, 
Mr. Green of Texas, and I stand with my colleagues and Chairwoman 
Maxine Waters of California who I know is watching this debate in 
support of the Financial Services Racial Equity, Inclusion, and 
Economic Justice Act. I wish her a speedy return, but I thank her for 
the tremendous amount of work put into this piece of legislation, which 
would transform countless American lives for the better.
  I specifically highlight the inclusion of the CDFI Bond Guarantee 
Program Improvement Act--Community Development Financial Institutions--
a priority of the CDFI community. I thank Congressman William Timmons 
from South Carolina for his partnership in advancing the bill through 
the Financial Services Committee by voice vote in committee markup last 
month.
  According to the CDFI Fund in 2019, 33 percent of CDFI lending was in 
high-poverty areas, but we have got to do better. Seventeen percent was 
in rural areas.
  CDFIs are instrumental in providing affordable capital to communities 
typically excluded or underserved by the mainstream financial system. I 
am proud of committee efforts to provide additional resources to these 
mission-driven community institutions that have faced several 
challenges in recent years.
  Prior to the CDFI Bond Guarantee Program, CDFIs were extremely 
limited in their ability to access capital to make large-scale 
investments in community facilities, basic infrastructure projects, or 
job-generating businesses. The CDFI Bond Guarantee Program was enacted 
to provide long-term, low-cost capital to CDFIs which use the funding 
for economic development activities in low-income urban, rural, and 
indigenous communities.
  My bill would authorize the program and reduce the minimum issuance 
from $100 million to $25 million, opening up the program to smaller 
CDFIs and to support more community development projects such as loans 
to small businesses, commercial real estate, affordable housing, and 
healthcare facilities all across the Nation.
  Mr. Speaker, I urge the passage of this bill.
  Mr. McHENRY. Mr. Speaker, I yield 1 minute to the gentleman from Ohio 
(Mr. Davidson), the ranking member of the Fintech Task Force on the 
Financial Services Committee.
  Mr. DAVIDSON. Mr. Speaker, I rise to oppose this bill. The Fed is not 
meant to be a political weapon. With inflation above 8 percent and the 
economy on the verge of a recession, this is one of the most 
inopportune times in our Nation's history to suggest that we turn the 
Fed into a political pawn.
  Our Nation is suffering from too much government. Inflation is a 
policy choice, and this delivers more government to an agency that is 
supposed to be insulated from it.
  We know the recipe. We need more freedom, less government, and sound 
money. This thing distracts the Federal Reserve.
  Inflation doesn't care about your race. The price of groceries, the 
price of healthcare, education, rent, it doesn't care about your race 
or your gender. We have to stop the politicization of our government 
agencies as Democrats--really the radical left--stays committed to this 
long march through our Nation's institutions to try to push an agenda 
at odds with the American public. If this bill does anything, it 
highlights that disconnect.

  Mr. Speaker, I urge every one of our colleagues to oppose this bill.

[[Page H5571]]

  

  Mr. GREEN of Texas. Mr. Speaker, I yield myself such time as I may 
consume.
  Mr. Speaker, inflation does care about your race if you happen to be 
a person of color and you are applying for a loan.
  Inflation does care about your race if you happen to have fees added 
on that you shouldn't have simply because you are a person of color.
  People of color have to deal with general inflation and the specific 
inflation associated with invidious discrimination, and it is the 
intolerance by my colleagues across the aisle through the centuries 
that has perpetuated this level of inflation.
  The SPEAKER pro tempore. Members are reminded to direct their remarks 
to the Chair.
  Mr. GREEN of Texas. Mr. Speaker, I yield 2 minutes to the gentlewoman 
from Texas (Ms. Garcia).
  Ms. GARCIA of Texas. Mr. Speaker, I rise in support of H.R. 2543, the 
Financial Services Racial Equity, Inclusion, and Economic Justice Act. 
Let me repeat the words, this is what we are talking about: racial 
equity, inclusion, and economic justice.
  I thank Chairwoman Waters for bringing this legislation forward and 
for her leadership on all these important issues. I thank Chairman 
Green who is the chair of the Subcommittee on Oversight and 
Investigations for navigating us through this bill being heard today.
  Specifically, I will speak about two bills which have been included 
in this important package, such as the Improving Language Access in 
Mortgage Servicing Act.
  According to the U.S. Census, over 20 percent--that is one out of 
five--households in the United States speak a language other than 
English, and nearly 9 percent of households lack a proficient English 
speaker.
  Homeownership is an opportunity to build generational wealth and 
speaking another language should never be a barrier in home buying and 
mortgaging.
  This legislation will establish language access requirements in the 
eight most commonly spoken languages in the United States, besides 
English, for creditors and servicers to ensure that Americans who lack 
English proficiency are not at a disadvantage while buying a home.
  Imagine getting something from your mortgage company telling you you 
owe something or that you are at risk of maybe being foreclosed on, but 
it is all in English, and you speak no English. Of course, you will end 
up being in foreclosure because you don't understand the notice that 
you are getting. This is what my bill is about.
  The second bill is the Studying Barriers to Housing Act, which has 
also been included in this package.
  The SPEAKER pro tempore. The time of the gentlewoman has expired.
  Mr. GREEN of Texas. Mr. Speaker, I yield an additional 20 seconds to 
the gentlewoman.
  Ms. GARCIA of Texas. Mr. Speaker, this legislation will require the 
GAO to conduct a study to identify housing barriers that contribute to 
the issue of homelessness.
  This study will find laws, regulations, common practices, and funding 
formulas that create barriers to housing in an effort to pinpoint the 
problems in our system that cause homelessness to continue and grow.
  I am proud of both of these bills, and I hope that both of these 
bills pass to increase expanded language access and to find the root 
causes of homelessness.
  Mr. McHENRY. Mr. Speaker, I yield 1 minute to the gentleman from 
Tennessee (Mr. Rose), my friend and colleague, and a leader on the 
Financial Services Committee.
  Mr. ROSE. Mr. Speaker, I thank the gentleman for yielding.
  H.R. 2543 will do nothing to resolve the long list of crises the 
Biden administration's policies have caused, such as runaway, 
devastating inflation; massive Federal debt; unacceptably high gas 
prices; a skyrocketing crime rate; and an open border that allows 
millions of illegal immigrants and tons of deadly fentanyl into our 
country.
  This bill, which has no chance of becoming law and is dead on arrival 
in the Senate, would impose additional and burdensome reporting 
requirements on public companies, reduce access to credit, distract the 
Federal Reserve from pursuing its statutory mandate, and further 
politicize our regulatory agencies.
  Families in middle Tennessee can't find baby formula and are 
struggling to pay for groceries and gas while Democrats are jamming 
through a partisan bill just to score political points with their 
leftwing progressive base. We must do better for our constituents and 
for our country.
  Mr. GREEN of Texas. Mr. Speaker, I yield myself such time as I may 
consume.
  People of color are constituents. People of color are Americans. 
People of color deserve the opportunity to have equality of 
opportunity.
  Hundreds of years have gone by, and this is what we are getting as a 
result of those who would ignore the concerns of Americans of color.
  Mr. Speaker, I yield 2 minutes to the gentleman from Massachusetts 
(Mr. Auchincloss), a member of the Financial Services Committee.
  Mr. AUCHINCLOSS. Mr. Speaker, our economy has not always worked for 
everyone equally. This is evident in the glaring wealth disparities for 
American families emphasized in the 2019 Survey of Consumer Finances 
Federal Reserve report. Chairwoman Waters' Financial Services Racial 
Equity, Inclusion, and Economic Justice Act is an effort to ease 
economic disparities across racial and ethnic groups. The bill will 
also expand access to financial services for consumers and small 
businesses in underserved communities.

  Consumers should have access to affordable banking services, which 
requires competition in the market. Over the last several decades, 
there has been consolidation amongst banks and credit unions. This has 
effectively limited the products available to consumers and 
artificially driven up costs while closing banking branches for people 
who already did not have many choices.
  The Financial Services Racial Equity, Inclusion, and Economic Justice 
Act includes my bipartisan bill, the Promoting New and Diverse 
Depository Institutions Act, which is the first step to expand 
competition and increase the supply of banking services. My bill 
directs banking regulators to work together to address the challenges 
that new depository institutions, including MDIs and CDFIs, face when 
applying for a charter.
  Starting and maintaining a new bank or credit union is hard work. It 
is the banking regulators' responsibility to measure and mitigate the 
challenges that new banks face. My bill will help new banks, and in 
doing so will expand access to affordable services for underbanked 
communities.
  The legislation we are considering today also includes other 
necessary equity bills, such as Congresswoman Garcia's, which expands 
language access in mortgage services. Congressman Green's bill would 
clarify that sexual orientation and gender identity are protected 
classes under credit discrimination.
  I applaud Chairwoman Waters' leadership on this bill, and I urge my 
colleagues to support it.

                              {time}  1300

  Mr. McHENRY. Mr. Speaker, I yield 1\1/2\ minutes to the gentleman 
from North Carolina (Mr. Budd), my friend and colleague.
  Mr. BUDD. Mr. Speaker, in the month of June, I asked a poll question 
on one of my telephone town halls. I asked: Has your family noticed a 
sharp rise in prices? And 94 percent of them said: Yes. The crazy part 
of this is that I am not talking about this June, I am talking about 
last June.
  The average family will be spending $5,200 more this year because of 
Joe Biden's inflation. We are not debating solutions to this crisis 
today, we are debating economic justice. But for most Americans, the 
most economically just thing that we can do right now is to lower gas 
prices for everyone, and to help seniors on fixed incomes afford their 
groceries.
  This crisis is real. It is not transitory. It is not a so-called 
high-class problem. It is a tax and a burden on every citizen in our 
country. And as long as the Democrat majority in this Congress remains 
plagued by denial and distraction, the harder life will become for 
American families.
  Mr. GREEN of Texas. Mr. Speaker, I yield myself 1 minute.
  Mr. Speaker, the Brookings Institution indicates that the Black and

[[Page H5572]]

White wealth gap reflects a society that has not and does not afford 
equality of opportunity to all of its citizens. This is evidenced today 
by the responses that we are getting.
  No effort to deal with the centuries of inequality. No desire to deal 
with invidious discrimination. Always a reason why we can't get to it 
right now. I have been in Congress for years--never addressing this 
problem.
  Mr. Speaker, today is a day of reckoning for all of those who have 
been hiding behind other issues. Today they have to confront the truth. 
There is invidious discrimination in America, it impacts the LGBTQ-
plus, it impacts people of color, and women as well, and today we have 
legislation because of the Honorable Maxine Waters' efforts that can 
deal with these issues.
  Mr. Speaker, I reserve the balance of my time.
  Mr. McHENRY. Mr. Speaker, I yield 1\1/2\ minutes to the gentleman 
from Wisconsin (Mr. Steil), a leader on the Financial Services 
Committee.
  Mr. STEIL. Mr. Speaker, we are here at a point in time when prices 
are out of control. The American people are getting punched in the face 
by higher prices every day.
  Gas is over $5 a gallon. The American people are paying hundreds of 
dollars more per month because prices are out of control. The Federal 
Reserve has a mandate to maintain price stability. The Federal Reserve 
is failing in that mandate. My colleagues across the aisle--the 
outgoing majority--continue to try to add another mandate to the 
Federal Reserve.
  The Federal Reserve is failing on step one--price stability. Let's 
address price stability so people aren't getting clobbered every day by 
higher prices; so people aren't getting clobbered when they go to fill 
up their car with gas; clobbered when they go to the gas station; 
clobbered when they go to the grocery store to get groceries.
  The outgoing majority wants to add another mandate to the Federal 
Reserve at a period of time when the Federal Reserve is failing in 
their current mandate. Nothing could be more illogical. We need to get 
prices under control.
  We can do that by unleashing American energy and we can do that by 
controlling wasteful spending in Washington, D.C. This bill is 
misplaced. This bill moves us in another direction. Instead, we should 
be focusing on actually controlling costs.
  Mr. GREEN of Texas. Mr. Speaker, I yield myself 30 seconds.
  Mr. Speaker, people of color are clobbered every day by higher 
interest rates. They are clobbered every day by loans that have fees 
that are higher than loans for people of a different hue. These are the 
things that are being perpetuated when they tolerate this kind of 
behavior. For centuries they tolerated it.
  Now we have the opportunity to do something about it. Let's eliminate 
these costs for some people so that we can deal with the costs for 
everybody. Until that is done, we have to have this bill.
  Mr. Speaker, I reserve the balance of my time.
  Mr. McHENRY. Mr. Speaker, I yield 2 minutes to the gentleman from 
Florida (Mr. Donalds).
  Mr. DONALDS. Mr. Speaker, the measure in front of us today just makes 
no sense. This measure is actually going to make inflation worse. Why? 
Because you are going to put a third mandate on the Federal Reserve--a 
Federal Reserve that has done a poor job of actually managing price 
stability.
  The same price stability that hurts poor Americans whether you are 
Black, whether you are Hispanic, or whether you are White. The same 
price stability that hurts middle-income Americans whether you are 
Black, whether you are Hispanic, or whether you are White.
  The only group of Americans who might even escape the sting of 
inflation in the United States are rich Americans who happen to be 
Black, rich Americans who happen to be Hispanic, and rich Americans who 
happen to be White.
  The common denominator with massive inflation is that if you are 
poor, regardless of your race, you are being crippled. To have the 
majority party say today that they are going to add a third mandate 
onto the Federal Reserve is ludicrous. That does not address the 
systemic disparities that exist with respect to wealth in America 
between Black families and White families.
  We all know the history. We understand why there are Black families 
who do not have the same size of net worth as White families on an 
average basis. What you do not do is saddle our economy with more 
regulation and more silly policies, which will actually make our 
economy more efficient.
  How are Black families in the future going to actually increase their 
net worth if being able to apply for loans is more expensive? How do 
Black families actually increase their wages if our economy is saddled 
with more inflation? It does not help Black people going forward, it 
actually hurts them, and it hurts everybody along the way.

  We should be getting the Federal Reserve back to one mandate--of 
sound money. That would actually help matters for poor Americans, 
regardless of their race. That is a bill myself and my colleague from 
Arkansas (Mr. Hill) have sponsored to get the Federal Reserve back into 
the right place.
  If you want to seriously have a conversation about systemic 
inequities, if you want to have a conversation about the difference in 
net worth between Black Americans and White Americans, what you cannot 
do is shut off the economy, which would actually hurt Black families 
from growing their wealth into the future.
  Mr. GREEN of Texas. Mr. Speaker, I yield myself 10 seconds.
  Mr. Speaker, we have just heard a great recitation on how to do 
nothing; how to maintain the status quo; how to be proud that you can 
stand up in the House of Representatives and defend the status quo for 
some 300 years.
  Mr. Speaker, I yield 1 minute to the gentlewoman from California (Ms. 
Lee).
  Ms. LEE of California. Mr. Speaker, first of all, let me thank 
Congressman Green who is a lifelong warrior for racial justice, for his 
tremendous leadership, and for the time to speak this morning.
  Mr. Speaker, I rise in strong support of H.R. 2543, and I thank 
Chairwoman Waters and the full committee and the Speaker for bringing 
this important bill to the floor.
  America's racial wealth gap divide directly results from generations 
of slavery, segregation, and institutional racism. Black and Brown 
communities have never had--I mean, never have had--the same 
opportunities to build wealth as White communities. The gap has only 
increased and widened in recent decades. This is a fact.
  This bill will ensure that Federal monetary policy focuses on 
reducing racial and ethnic disparities. It will reorient our financial 
systems to support wealth creation in historically underserved 
communities. It will support a more level playing field for Black and 
Brown families--whether they are buying a home or building equity.
  The SPEAKER pro tempore. The time of the gentlewoman has expired.
  Mr. GREEN of Texas. Mr. Speaker, I yield the gentlewoman an 
additional 30 seconds.
  Ms. LEE of California. Mr. Speaker, to close the racial wealth gap, 
we must confront the systemic and institutional racism that has long 
stunted wealth creation in communities of color. In California, my home 
State, we didn't even have a fair housing law until I believe it was 
1964. Come on. That is generations of my family who weren't even able 
to buy a house. They didn't acquire equity to be able to live the life 
that White people live in this country.
  Come on, please. H.R. 2543 is an important step in the direction to 
close these racial gaps. I urge my colleagues to support it.
  Mr. McHENRY. Mr. Speaker, I yield 1 minute to the gentlewoman from 
California (Mrs. Kim).
  Mrs. KIM of California. Mr. Speaker, I rise in opposition to H.R. 
2543. This bill threatens the independence of the Federal Reserve and 
does nothing to address the rising cost of living and the highest 
inflation that our country has seen in over four decades. In my home 
State of California, gas prices are averaging $6.40 per gallon, and the 
cost of everyday goods continues to rise.


 =========================== NOTE =========================== 

  
  June 15, 2022, on page H5572, in the third column, the following 
appeared: Mrs. KIM. Mr. Speaker, I rise in opposition to H.R. 
2543. This bill threat-
  
  The online version has been corrected to read: Mrs. KIM of 
California. Mr. Speaker, I rise in opposition to H.R. 2543. This 
bill threat-


 ========================= END NOTE ========================= 

  The way the Fed can address socioeconomic disparities for all groups, 
including our most vulnerable communities, is by focusing on the 
existing

[[Page H5573]]

dual mandate of price stability and maximum employment. Instead of 
letting the Fed use its existing tools, my colleagues on the other side 
of the aisle are attempting to politicize it.
  Congress should be focusing on addressing real wages being down 4.2 
percent and helping the Fed achieve a price stability mandate instead 
of enacting partisan policies.
  Mr. Speaker, I urge a ``no'' vote on H.R. 2543.
  Mr. GREEN of Texas. Mr. Speaker, I reserve the balance of my time.
  Mr. McHENRY. Mr. Speaker, I yield 1\1/2\ minutes to the gentleman 
from Oklahoma (Mr. Lucas), a longtime member and leader on the 
Agriculture Committee and the Financial Services Committee.
  Mr. LUCAS. Mr. Speaker, I rise in opposition to H.R. 2543. The U.S. 
economy faces tremendous challenges. We have 40-year high inflation, 
persistent supply chain disruptions, and tight labor markets.
  The American people are grappling with increased costs across every 
aspect of their life. Food is more expensive, energy and gasoline 
prices have skyrocketed, and the cost of housing is surging.
  In 1977, when I first started out as a young farmer, we slid into the 
inflationary period of the Carter years, and went through Chairman 
Volker's dramatic tightening of the money supply. This period was 
devastating to my neighbors and the entire U.S. economy, and left a 
profound impact on how I view fiscal and monetary policy.
  Now is not the time to take the Federal Reserve's eyes off the ball. 
Congress should be focused on the issues that currently weigh on the 
economy and aim to strengthen the financial well-being of the American 
people.
  Mr. Speaker, I oppose H.R. 2543.
  Mr. GREEN of Texas. Mr. Speaker, I reserve the balance of my time.
  Mr. McHENRY. Mr. Speaker, I yield 5 minutes to the gentleman from 
Arkansas (Mr. Hill), a great leader on the Financial Services 
Committee.
  Mr. HILL. Mr. Speaker, I do rise in opposition to H.R. 2543. I thank 
my friend from Houston, Texas, and our colleagues on both sides of the 
aisle that worked on many of the bills that are in the package today.

                              {time}  1315

  It is a shame that that package was not put together in such a way 
that we could be here in a bipartisan visit about the ones that we 
actually support and that we think could be enacted into law. Instead, 
Democrats have put together a partisan package of bills that politicize 
our central bank and do nothing to address the insidious inflation that 
is hurting all American families and workers--Black, Brown, and White.
  Mr. Speaker, one thing I know is that H.R. 2543 will not become law. 
Mr. Speaker, on Monday, Arkansans woke up and as they went to work and 
filled up their tanks for the week, they had to pay $5 for gas. That is 
not as high as it is here in Washington, but $5 is hurting all of the 
hardworking families in my State.
  While Treasury Secretary Janet Yellen is still toeing the 
economically illiterate party line on inflation, even economists from 
the left of center admit that government spending was too much and not 
targeted.
  Don't believe me?
  Listen to President Biden's key advisers.
  Former Treasury Secretary Larry Summers predicted, a month after 
President Biden took office, that the proposed American Rescue Plan 
would ``set off inflationary pressures of a kind we have not seen in a 
generation.''
  Now Larry Summers is forecasting a recession.
  Steve Rattner, Mr. Obama's former economic adviser on his staff, said 
Mr. Biden was ``wrong to omit the important contribution to inflation 
from excessive fiscal and monetary stimulus.''
  The truth is, after the CARES Act and the December appropriations 
bill of 2020, there was plenty of COVID money left over, and the 
economy was well on its way to recovery with vaccines being 
distributed.
  But House Democrats supercharged demand-side stimulus by adding 
another $2 trillion in unpaid-for spending in that so-called American 
Rescue Plan. Mr. Speaker, Americans aren't feeling rescued. They are 
feeling like hostages--hostages to the daily theft of the Biden 
inflation.
  Now, Mr. Speaker, the President fashions himself as a budget hawk, 
saying last month that he personally reduced the deficit last year, and 
he is complaining that we on this side of the aisle aren't giving him 
any credit. But what he doesn't tell you, Mr. Speaker, is that he is 
taking credit for deficits that were falling due to those expiring 
COVID programs.
  The facts are, Mr. Biden has not reduced deficits. In fact, he has 
increased them. The Congressional Budget Office's latest numbers 
project $16 trillion in additional debt between now and 2032.
  So I hear a lot of talk about deflection on our House floor today, 
and the deflection of this bill, Mr. Speaker, is the deflection from 
the insidious inflation that our families are facing. If House 
Democrats were serious, then they would target and spend less money. 
They would stop blaming Putin and accusing American companies of price 
gouging. They would stop cutting off capital to American energy 
companies through ESG mandates and intimidating banks, and they would 
stop threatening trillions in more taxes.
  While government spending and supply chain constraints have 
contributed to higher prices, this inflation also stems from the Fed's 
loose monetary policy--too loose, too lax, and for too long.
  Just as House and Senate Republicans worked to tailor and end the 
COVID funds at the end of 2020, we also urged the Federal Reserve to 
end zero interest rates and begin shrinking their balance sheet. 
Instead of doing anything to address these root causes of inflation, 
H.R. 2543 on the House floor would instead expand the Fed's mandate to 
address socioeconomic disparities.
  Two weeks ago, Mr. Biden met with Fed Chair Jerome Powell in the Oval 
Office where Mr. Biden said that he embraced the Fed's independence. 
Apparently, House Democrats didn't get the memo. At a time when our 
central bank has failed to carry out its current mandate for sound 
money and price stability, Democrats want the Fed to not only be a 
climate regulator but also to end racial inequity. Expanding the Fed's 
mandate to address socioeconomic disparities would further inject 
uncertainty and risk into the Fed's monetary policy and politicize our 
historically independent central bank.
  House Republicans believe Congress should return to pre-pandemic 
debates on our spending priorities, abandon economic pop science fads 
like modern monetary theory, and urge our Federal Reserve to return to 
its core mission.
  Mr. Speaker, I urge my colleagues to reject this bill, H.R. 2543.
  Mr. GREEN of Texas. Mr. Speaker, I have no additional speakers, and I 
am prepared to close.
  Mr. Speaker, I reserve the balance of my time.
  Mr. McHENRY. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, 80 percent of Americans say inflation is the most 
important issue facing the country, that is according to ABC News/Ipsos 
poll. We can't get 80 percent of the American people to agree on 
anything in our political discussion, but they agree that this economy 
and this inflation are problematic.
  We have been given our marching orders. Congress must act to address 
skyrocketing prices and provide relief to struggling families. That is 
what the American people are telling us we should be focused on.
  Instead, here we are debating a messaging bill that stands no chance 
of becoming law.
  I have already run through a long list of bad things in this bill. I 
did that in my opening, so I would rather spend the rest of my time 
discussing what western North Carolinians are most worried about, what 
my constituents are most worried about.
  In the core part of my district known as the Catawba Valley, the cost 
of housing alone has increased more than 15 percent since last year. 
Where I live in the Lake Norman region, local food banks are struggling 
to keep up with the surging cost of food and increased demand stemming 
from those costs.
  One food bank operator said: ``We are out of staples.''
  That is a frightening thing.
  They also added: We are tired of high grocery bills. We are tired of 
gas prices

[[Page H5574]]

going up. One of my constituents from Winston-Salem said that on a 
local Fox affiliate.
  North Carolinians are fed up. The American people are fed up. They 
don't like what they see economically, and they deserve real answers 
and real solutions to address that core problem--the core issue of 
inflation.
  So let me be clear. There is no mystery of why we have runaway 
inflation. It is Democrats' reckless spending that is the driver of 
this. They have managed the fiscal house for a year and a half, and 
they have managed to drive our economy into the ditch.
  So we have got to get it out of the ditch. We have got to get it back 
on the road. We have to be in the right direction with a growing 
economy, not a shrinking economy, and with wages increasing more than 
the cost of the goods that people need to live.
  So instead of addressing this crisis of their own making, Democrats 
would rather distract Americans with a bill that does nothing to bring 
down costs. This is yet another attempt to distract the American people 
from that basic challenge and that basic fact of high inflation.
  But to my colleagues on the other side of the aisle: you aren't 
fooling anyone. The American people are on to who caused inflation, who 
started inflation, and who is driving up the cost of energy bills, both 
at home and in their car. They understand why, and there are real 
consequences for not addressing the needs of the American people.
  Thankfully, I have faith in the American people to get this right. I 
hope our elected officials will follow suit. We, on the Republican side 
of the aisle, are hearing this loud and clear, and that is why we are 
trying to return to fiscal stability and fiscal sanity and return to 
sound money. That is our focus.
  Mr. Speaker, this bill doesn't address the core problems the American 
people are telling us we should address, and that is why we should 
reject this bill that does nothing to answer the call the American 
people have made.
  Mr. Speaker, I urge a ``no'' vote.
  Mr. Speaker, I yield such time as he may consume to the gentleman 
from Arkansas (Mr. Hill).
  Mr. HILL. Mr. Speaker, I thank my good friend, the ranking member on 
the House Financial Services Committee, Mr. McHenry, for his 
leadership.
  Mr. Speaker, I have a motion to recommit. It addresses the core flaw 
that House Republicans believe presides today. We hear the voices of 
those 80 percent of Americans who say that $5,000 extra coming out of 
our pockets is what is hurting the working families, Black, White, and 
Brown, in my home State of Arkansas. We know inflation is the top issue 
facing this House and facing our families that we represent.
  That is why if we were to adopt my motion to recommit, we would 
instruct the Committee on Financial Services to adopt my amendment to 
H.R. 2543. This amendment, Mr. Speaker, is straightforward. It would 
simply focus the Federal Reserve, as Representative Byron Donalds so 
eloquently outlined, on a single mandate: price stability.
  Mr. Speaker, I ask unanimous consent to include the text of my 
amendment in the Record immediately prior to the vote on the motion to 
recommit.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from Arkansas?
  There was no objection.
  Mr. McHENRY. Mr. Speaker, I urge a ``no'' vote, and I yield back the 
balance of my time.
  Mr. GREEN of Texas. Mr. Speaker, I yield myself the balance of my 
time.
  Mr. Speaker, it is painful to hear a Member of Congress talk about 
reckless spending when that spending is what was necessary during the 
pandemic.
  Is it reckless spending to allow people to receive some sort of help 
when they couldn't go to work, Mr. Speaker?
  My colleagues across the aisle would not have helped the American 
people who were out of work during a pandemic because it would be 
reckless spending.
  Is it reckless spending to keep people in their homes and not allow 
them to be foreclosed on?
  My colleagues across the aisle would have allowed people to be 
evicted and their things thrown in the streets because to them, helping 
people in a time of crisis is reckless spending.
  Is it reckless spending to put food on the table of people who can't 
go to work?
  Is it reckless spending to make sure babies and children who are 
going to school get proper schools that can protect them during a virus 
and a pandemic that was killing people worldwide?
  We put money into schools. We put money into police departments and 
fire departments. But that is reckless spending to my colleagues across 
the aisle.
  They are the best on the planet at doing nothing. Do-nothing politics 
is what that is all about. They find clever ways to find an opportunity 
to do nothing by saying things that mean nothing to the people who need 
help.
  Reckless spending. How dare they call it reckless spending when 
people are suffering and need help.
  Now, let me continue with the Brookings Institution with my final 
minutes.
  This is from the Brookings Institution: ``Efforts by Black Americans 
to build wealth can be traced back throughout American history. But 
these efforts have been impeded in a host of ways, beginning with 246 
years of chattel slavery and followed by congressional mismanagement . 
. . `'
  Let me repeat that: by congressional mismanagement.
  `` . . . of the Freedmans Savings Bank, which left 61,144 depositors 
with losses of nearly $3 million in 1874, the violent massacre 
decimating Tulsa's Greenwood District in 1921, a population of 10,000 
that thrived as the epicenter of African-American business and culture, 
commonly referred to as Black Wall Street, and discriminatory policies 
throughout the 20th century including the Jim Crow Eras `Black Codes' 
strictly limiting opportunity in many Southern States . . . . `'

  Mr. Speaker, today has been the best evidence we need of why 
invidious discrimination exists in this country, because there are 
people across the aisle who will tolerate it and who will come to this 
floor and talk about Americans as though you have to be White to be an 
American, as though people of color don't count, as though the LGBTQ-
plus community doesn't count, and that women don't count. To them, Mr. 
Speaker, if you are a White man, you are an American.
  But what about the rest of the people in this country who suffer?
  Mr. Speaker, it is a sad day to hear my colleagues across the aisle 
speak of reckless spending when people were suffering.
  I thank God that we have the courage to help people in a time of 
need. If I could do it again, I would do it because I saw the 
suffering. Perhaps they don't see the suffering that I see. But I saw 
it, and I was prepared to do something about it.
  I believe that in the final analysis, those who refuse to tolerate 
the kind of invidious discrimination that we suffer each day in this 
country, they will be vindicated. They will be vindicated.
  I am grateful for the time, Mr. Speaker, and I yield back the balance 
of my time.
  Mr. CICILLINE. Mr. Speaker, this Pride Month we need to both 
celebrate the LGBTQI+ community and take action to further LGBTQI+ 
equality. A vote for today's bill is a vote to do just that.
  The Financial Services Racial Equity, Inclusion, and Economic Justice 
Act includes a portion of my bill--the Equality Act--to explicitly 
prohibit discrimination on the basis of sexual orientation and gender 
identity in credit.
  I urge my colleagues to support this bill and my amendment to 
explicitly clarify that all forms of sex discrimination are prohibited 
by the Equal Credit Opportunity Act. Importantly, my amendment makes 
clear that discrimination on the basis of sex stereotypes, pregnancy, 
childbirth, sexual orientation, gender identity, and sex 
characteristics, including intersex traits, are all forms of unlawful 
sex discrimination under the Equal Credit Opportunity Act.
  No one should be denied access to credit because of who they are or 
who they love. Yet, 7.7 million LGBT adults 18 and older live in states 
without statutes explicitly prohibiting LGBT discrimination in credit.
  A vote for today's bill and my amendment will ensure long-lasting 
explicit nondiscrimination protections for the LGBTQI+ community and 
others in credit.
  I thank Chairwoman Waters for introducing this bill and ensuring it 
is inclusive of the LGBTQI+ community. I urge my colleagues to

[[Page H5575]]

stand with the LGBTQI+ community this Pride Month and vote for my 
amendment and the underlying bill.
  Ms. JOHNSON of Texas. Mr. Speaker, I rise today in strong support of 
H.R. 2543, the Financial Services Racial Equity, Inclusion, and 
Economic Justice Act.
  The Financial Services Racial Equity, Inclusion, and Economic Justice 
Act would direct the Federal Reserve to provide reports on racial and 
ethnic disparities in employment, income, wealth, and access to 
affordable credit. It also includes provisions that would establish 
language access requirements for creditors and servicers to better 
serve borrowers with limited English proficiency, allow all federal 
credit unions to expand their membership to include underserved 
communities, and clarify that financial institutions be required to 
collect their self-identified sexual orientation and gender identity 
information to help combat discriminatory practices against lesbian, 
gay, bisexual, transgender and queer (LGBTQ+) business owners. This 
bill also includes an amendment that I authored with my colleague from 
Rhode Island, Congressman Jim Langevin, to require disparities for 
individuals with disabilities to be published in the Federal Reserve's 
reports.
  Let me share a brief example of why this legislation is necessary. 
Last year, a local news agency led an investigation in my district that 
revealed a long and tragic pattern of discriminatory lending practices 
in South Dallas. It became apparent that several banks refused to give 
home loans to residents in low-income areas, in direct contradiction to 
federal laws protecting borrowers regardless of race or economic 
status. This is a failure of both policy and oversight, and is the 
exact type of issue that this bill would require the Federal Reserve to 
address.
  I want to thank Chairwoman Waters and the members of the Financial 
Services Committee for bringing the Financial Services Racial Equity, 
Inclusion, and Economic Justice Act to the floor. I also want to thank 
the Chairwoman for joining my roundtable on the discriminatory lending 
practices in South Dallas last year. These stories are not unique to my 
district--they are found in communities across the country. That's why 
we need a federal approach, and I urge all my colleagues to join me in 
supporting this bill.

                              {time}  1330

  The SPEAKER pro tempore. All time for debate has expired.
  Each further amendment printed in part B of House report 117-366 not 
earlier considered as part of amendments en bloc pursuant to section 3 
of House Resolution 1170 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.
  It shall be in order at any time after debate for the chair of the 
Committee on Financial Services or her designee to offer amendments en 
bloc consisting of further amendments printed in part B of House Report 
117-366, 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 respective designees, shall 
not be subject to amendment, and shall not be subject to a demand for 
division of the question.


         Amendments En Bloc No. 1 Offered by Mr. Green of Texas

  Mr. GREEN of Texas. Mr. Speaker, pursuant to section 3 of House 
Resolution 1170, I offer amendments en bloc No. 1.
  The SPEAKER pro tempore. The Clerk will designate the amendments en 
bloc.


Amendments en bloc No. 1 consisting of amendment Nos. 1, 2, 3, 4, 5, 7, 
 8, 9, 11, 12, 13, 14, 15, 16, 17, 18, 20, 21, 22, 23, 25, 26, and 27, 
  printed in part B of House Report 117-366, offered by Mr. Green of 
                                 Texas:


           amendment no. 1 offered by mr. bowman of new york

       Page 43, after line 4, insert the following:
       (3) Promoting fair housing and collective ownership 
     opportunities.--
       (A) Initial report.--Not later than 18 months after the 
     date of the enactment of this subsection, the Secretary of 
     Treasury, jointly with the Secretary of Housing and Urban 
     Development, shall issue a report to the covered agencies and 
     the Congress examining different ways financial institutions, 
     including community development financial institutions, can 
     affirmatively further fair housing and be encouraged and 
     incentivized to carry out activities that expand long-term 
     wealth-building opportunities within low-income and minority 
     communities that support collective ownership opportunities, 
     including through investments in worker cooperatives, 
     consumer cooperatives, community land trusts, not-for-profit-
     led shared equity homeownership, and limited-equity 
     cooperatives, and to provide recommendations to the covered 
     agencies and the Congress in the furtherance of these 
     objectives.
       (B) Progress updates.--Beginning not later than three years 
     after the date of the enactment of this subsection, and every 
     five years thereafter, the Secretary of the Treasury and the 
     Secretary of Housing and Urban Development shall, after 
     receiving the necessary updates from the covered agencies, 
     issue a report examining the progress made on implementing 
     relevant recommendations, and providing any additional 
     recommendations to the covered agencies and the Congress in 
     furtherance of the objectives under subparagraph (A).
       (C) Covered agencies.--For purposes of this subsection, the 
     term ``covered agencies'' means the Community Development 
     Financial Institutions Fund, the Department of Housing and 
     Urban Development. the Board of Governors of the Federal 
     Reserve System, the Federal Deposit Insurance Corporation, 
     the Office of the Comptroller of the Currency, the National 
     Credit Union Administration, and the Federal Housing Finance 
     Agency.
       Page 43, line 5, strike ``(3)'' and insert ``(4)''.


             amendment no. 2 offered by mrs. beatty of ohio

       Add at the end the following:

      TITLE VI--ENSURING DIVERSE LEADERSHIP OF THE FEDERAL RESERVE

     SEC. 601. SHORT TITLE.

       This title may be cited as the ``Ensuring Diverse 
     Leadership Act of 2022''.

     SEC. 602. 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. 603. 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. 604. 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

[[Page H5576]]

     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
       (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.

[[Page H5577]]

  



              amendment no. 3 offered by ms. brown of ohio

       Page 5, line 25, after ``gender,'' insert ``individuals 
     with dependent children under the age of 18 (to the extent 
     possible),''.


            amendment no. 4 offered by ms. bush of missouri

       Page 5, line 25, after ``gender,'' insert ``age,''.
       Page 5, line 25, insert before the first period the 
     following: ``, and shall also provide cross-sectional data on 
     the interaction between these groups and note any 
     statistically significant findings, to the extent 
     available''.


        amendment no. 5 offeed by mr. cicilline of rhode island

       Page 29, after line 4, insert the following:
       (c) ECOA Definitions.--Section 702 of the Equal Credit 
     Opportunity Act (15 U.S.C. 1691a), as amended by subsection 
     (b), is further amended by adding at the end the following:
       ``(h) The term `gender identity' means the gender-related 
     identity, appearance, mannerisms, or other gender-related 
     characteristics of an individual, regardless of the 
     individual's designated sex at birth.
       ``(i) The term `sex' includes--
       ``(1) a sex stereotype;
       ``(2) pregnancy, childbirth, or a related medical 
     condition;
       ``(3) sexual orientation or gender identity; and
       ``(4) sex characteristics, including intersex traits.
       ``(j) The term `sexual orientation' means homosexuality, 
     heterosexuality, or bisexuality.
       ``(k) The term `race', `color', `religion', `national 
     origin', `sex' (including `sexual orientation' and `gender 
     identity'), `marital status', or `age', used with respect to 
     an individual, includes--
       ``(1) the race, color, religion, national origin, sex 
     (including sexual orientation and gender identity), marital 
     status, or age, respectively, of another person with whom the 
     individual is associated or has been associated; and
       ``(2) a perception or belief, even if inaccurate, 
     concerning the race, color, religion, national origin, sex 
     (including sexual orientation and gender identity), marital 
     status, or age, respectively, of the individual.''.
       (d) Rules of Construction.--Section 701 of the Equal Credit 
     Opportunity Act (15 U.S.C. 1691) is amended by adding at the 
     end the following:
       ``(f) Rules of Construction.--
       ``(1) Claims and remedies not precluded.--Nothing in this 
     title shall be construed to limit the claims or remedies 
     available to any individual for an unlawful practice on the 
     basis of race, color, religion, sex (including sexual 
     orientation and gender identity), or national origin, 
     including claims brought pursuant to section 1979 or 1980 of 
     the Revised Statutes (42 U.S.C. 1983, 1985) or any other law, 
     including a Federal law, regulation, or policy.
       ``(2) No negative inference.--Nothing in this title shall 
     be construed to support any inference that any Federal law 
     prohibiting a practice on the basis of sex does not prohibit 
     discrimination on the basis of pregnancy, childbirth, or a 
     related medical condition, sexual orientation, gender 
     identity, or a sex stereotype.''.


        amendment no. 7 offered by mr. desaulnier of california

       Page 32, line 4, after ``identity,'' insert ``disability 
     status, veteran status,''.


        amendment no. 8 offered by mr. desaulnier of california

       Page 47, line 23, strike ``and''.
       Page 48, line 3, strike ``or'' and insert ``; and''.
       Page 48, after line 3, insert the following:

       ``(VI) reduce the unbanked and underbanked population; 
     or''.


             amendment no. 9 offered by ms. garcia of texas

       Add at the end the following:

                 TITLE VI--STUDYING BARRIERS TO HOUSING

     SEC. 601. SHORT TITLE.

       This title may be cited as the ``Studying Barriers to 
     Housing Act''.

     SEC. 602. GAO STUDY AND REPORT ON REDUCING HOMELESSNESS 
                   THROUGH PUBLIC HOUSING AND SECTION 8 RENTAL 
                   ASSISTANCE.

       (a) Study.--The Comptroller General of the United States 
     shall conduct a study to identify any barriers that limit the 
     ability of a public housing agency in attempting to provide 
     housing assistance under the Public Housing and Housing 
     Choice Voucher programs under title I of the United States 
     Housing Act of 1937 (42 U.S.C. 1437 et seq.) for populations 
     experiencing homelessness, which shall include--
       (1) identification of any laws, regulations, and any other 
     notices or guidance pertaining to--
       (A) waiting lists, documentation requirements, or tenant 
     screening that effect the ability of a public housing agency 
     to accept persons and families experiencing homelessness into 
     the public housing or voucher program; and
       (B) funding formulas and performance measures that may 
     penalize public housing agencies trying to serve persons and 
     families experiencing homelessness;
       (2) analyzing and determining the effect of the limitation 
     under section 8(o)(13)(B) of the United States Housing Act of 
     1937 (42 U.S.C. 1437f(o)(13)(B); relating to the maximum 
     amount of housing voucher assistance that a public housing 
     agency may use for project-based assistance) has on the 
     ability of public housing agencies to serve persons and 
     families experiencing homelessness; and
       (3) identification of barriers to fair housing and the 
     coordination of Federal housing assistance and homelessness 
     funds, including outreach and marketing of such funds, to 
     affirmatively further fair housing for protected classes 
     under the Fair Housing Act of 1968 (42 U.S.C. 3601 et seq.) 
     that are disproportionately experiencing homelessness.
       (b) Report.--Not later than the expiration of the 12-month 
     period beginning on the date of the enactment of this Act, 
     the Comptroller General shall submit a report to the Congress 
     describing the study conducted pursuant to subsection (a) and 
     setting forth the results and conclusions of the study.


        amendment no. 11 offered by ms. houlahan of pennsylvania

       Page 50, line 18, insert before the period the following: 
     ``, with a focus on supporting young women entrepreneurs, 
     entrepreneurs who are Black, Hispanic, Asian or Pacific 
     Islander, and Native American or Native Alaskan and other 
     historically underrepresented groups or first time business 
     owners''.


        amendment no. 12 offered by ms. houlahan of pennsylvania

       Page 103, line 22, strike ``and''.
       Page 103, line 25, strike the first period and all that 
     follows and insert ``; and''.
       Page 103, after line 25, insert the following:
       ``(D) a description of the types of financial education 
     programs made available to members of the credit union, 
     including those who are members by reason of the application 
     and those in rural areas, where applicable.''.


          amendment no. 13 offered by ms. jackson lee of texas

       Page 4, line 12, strike ``Section'' and insert the 
     following:
       (a) Section
       Page 5, after line 25, insert the following:
       (b) The Board of Governors of the Federal Reserve System, 
     in consultation with the Federal Deposit Insurance 
     Corporation, the Office of the Comptroller of the Currency, 
     the National Credit Union Administration, and the Bureau of 
     Consumer Financial Protection, shall issue 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.


         amendment no. 14 offered by ms. jayapal of washington

       Page 5, line 21, strike ``include a comparison'' and insert 
     ``include--
       ``(i) a comparison''.
       Page 5, line 25, strike the first period and all that 
     follows and insert ``; and
       ``(ii) data disaggregated by ethnic subgroup, to the extent 
     available.''.


            amendment no. 15 offered by ms. johnson of texas

       Page 5, line 25, after ``gender,'' insert ``disability (as 
     such term is defined in section 3 of the Americans with 
     Disabilities Act of 1990),''.


        amendment no. 16 offered by ms. kuster of new hampshire

       Page 20, after line 21, insert the following (and 
     redesignate subsequent subsections and conform cross-
     references accordingly):
       (e) Community Financial Institutions Report.--Not later 
     than 2 years after the date of the enactment of this Act, the 
     Comptroller General of the United States shall study and 
     report to Congress on the effects of the implementation of 
     this section and the amendments made by this section on 
     insured depository institutions with less than 
     $10,000,000,000 in total assets, and the communities they 
     serve, along with any regulatory or legislative 
     recommendations to advance the purposes of this section.


         amendment no. 17 offered by mrs. lawrence of michigan

       Page 36, line 19, insert before the semicolon the 
     following: ``, including breakdowns by each State (including 
     the District of Columbia and each territory of the United 
     States) and Tribal government entity''.
       Page 51, line 17, insert before the period the following: 
     ``, including breakdowns by each State (including the 
     District of Columbia and each territory of the United 
     States), Tribal government entity, and congressional 
     district''.
       Page 53, line 17, insert before the semicolon the 
     following: ``, including overall impact breakdowns by each 
     State (including the District of Columbia and each territory 
     of the United States) and Tribal government entity''.
       Page 67, line 21, insert before the period the following: 
     ``, including breakdowns by each State (including the 
     District of Columbia and each territory of the United 
     States), Tribal government entity, and congressional 
     district''.
       Page 70, line 3, insert before the period the following: 
     ``, including breakdowns by each State (including the 
     District of Columbia and each territory of the United 
     States), Tribal government entity, and congressional 
     district''.
       Page 92, line 22, insert before the period the following: 
     ``, including breakdowns by

[[Page H5578]]

     each State (including the District of Columbia and each 
     territory of the United States) and Tribal government 
     entity''.
       Page 98, line 22, insert before the semicolon the 
     following: ``, including breakdowns by each State (including 
     the District of Columbia and each territory of the United 
     States), Tribal government entity, and congressional 
     district''.
       Page 103, line 18, insert before the period the following: 
     ``, including breakdowns by each State (including the 
     District of Columbia and each territory of the United 
     States), Tribal government entity, and congressional 
     district''.


             amendment no. 18 offered by mrs. lee of nevada

       Add at the end the following:

            TITLE VI--STATE OF HOUSING IN THE UNITED STATES

     SEC. 601. INTERAGENCY WORKING GROUP REPORTS.

       There is established an interagency working group 
     consisting of the Secretary of the Treasury, the Secretary of 
     Housing and Urban Development, and the Director of the 
     Federal Housing Finance Agency, which shall produce two 
     reports, in consultation with the Attorney General, the 
     Secretary of Agriculture, the Secretary of Veterans Affairs, 
     the Secretary of Transportation, and the Executive Director 
     of the United States Interagency Council on Homelessness, 
     each year detailing the state of housing in the United 
     States, including recommendations related to housing 
     fairness, affordability. and supply.

     SEC. 602. TESTIMONY ON THE STATE OF HOUSING AFFORDABILITY AND 
                   SUPPLY.

       After each report is produced under section 601, each 
     member of the interagency working group described under 
     section 601 shall appear before the Committee on Financial 
     Services of the House of Representatives and the Committee on 
     Banking, Housing, and Urban Affairs of the Senate to testify 
     on the contents of such report.


       amendment no. 20 offered by ms. pressley of massachusetts

       Page 67, after line 2, insert the following:
       ``(D) The disability status, based on voluntary self-
     identification, of any member of the board of directors of 
     the issuer, any nominee for the board of directors of the 
     issuer, or any executive officer of the issuer.''.


       amendment no. 21 offered by ms. pressley of massachusetts

       Page 9, line 21, after ``orally'' insert ``, in American 
     Sign Language,''.
       Page 11, line 4, after ``orally'' insert ``, in American 
     Sign Language,''.
       Page 11, after line 20, insert the following:
       ``(C) American sign language interpretation services.--If a 
     creditor is required under subparagraph (A) to provide oral 
     interpretation services to a consumer, and if such consumer 
     has indicated a preference for American Sign Language, such 
     creditor shall ensure qualified American Sign Language 
     interpretation services, as defined by the Director of the 
     Bureau, are made available to the consumer for all oral 
     communications between such creditor and the consumer, where 
     such American Sign Language interpretation services may be 
     provided by qualified staff of the creditor or a qualified 
     third party.''.
       Page 11, line 24, after ``orally'' insert ``, in American 
     Sign Language,''.


       amendment no. 22 offered by ms. pressley of massachusetts

       Page 27, line 1, strike ``or''.
       Page 27, line 2, insert before the semicolon the following: 
     ``, or disability (as such term is defined in section 3 of 
     the Americans with Disabilities Act of 1990)''.


         amendment no. 23 offered by mr. david scott of georgia

       Page 69, line 6, insert ``, and diversity with respect to 
     individuals self-identifying as lesbian, gay, bisexual, 
     transgender, or queer,'' after ``diversity''.
       Page 69, line 18, insert ``, and diversity with respect to 
     individuals self-identifying as lesbian, gay, bisexual, 
     transgender, or queer,'' after ``diversity''.
       Page 70, line 2, insert ``, and the status of diversity 
     with respect to individuals self-identifying as lesbian, gay, 
     bisexual, transgender, or queer,'' after ``diversity''.


           amendment no. 25 offered by ms. tlaib of michigan

       Page 5 beginning on line 23, strike ``(White, African-
     American, Latino, Native American, and Asian populations),''.
       Page 5, after line 25, insert the following:
       ``(C) Ethnic subgroup defined.--The term `ethnic subgroup' 
     means a social group that--
       ``(i) has a distinct social, racial, geographic, national 
     origin, or cultural identity; and
       ``(ii) is susceptible to being disadvantaged.''.


           amendment no. 26 offered by mr. torres of new york

       Add at the end the following:

             TITLE VI--REPORT ON HOUSING FOR LGBTQ+ PERSONS

     SEC. 601. HUD REPORT.

       Not later than the expiration of the 6-month period 
     beginning on the date of the enactment of this Act, the 
     Secretary of Housing and Urban Development shall submit a 
     report to the Congress describing all efforts and activities 
     of the Department of Housing and Urban Development, recently 
     taken, ongoing, or planned, to provide or facilitate access 
     to affordable permanent and temporary housing for persons who 
     identify as lesbian, gay, bisexual, transgender, questioning/
     queer, or another identity other than heterosexual, including 
     such person who are youth, elderly, and homeless.


          amendment no. 27 offered by ms. williams of georgia

       Add at the end the following:

 TITLE VI--``EXPANDING ACCESS TO CREDIT THROUGH CONSUMER-PERMISSIONED 
                                 DATA''

     SEC. 601. SHORT TITLE.

       This title may be cited as the ``Expanding Access to Credit 
     through Consumer-Permissioned Data Act''.

     SEC. 602. FINDINGS.

       The Congress finds the following:
       (1) Using alternative data in mortgage lending (either 
     through alternative credit scores or in underwriting) has the 
     potential to increase access to credit for individuals with 
     little or no credit history with the national credit 
     reporting agencies (NCRAs), according to a review of 
     alternative data use in mortgage lending by the Government 
     Accountability Office in December 2021.
       (2) Approximately 45 million consumers do not have any 
     credit history with the NCRAs or did not have enough credit 
     history to be scored, according to a 2015 report by the 
     Bureau of Consumer Financial Protection (CFPB), entitled 
     ``Data Point: Credit Invisibles''. The CFPB also reported 
     that this population disproportionately included low-income 
     consumers, younger consumers, and consumers of color.
       (3) The use of alternative data to establish a low- or 
     moderate-income borrower's credit history for the purpose of 
     extending mortgage credit can help lenders meet goals of the 
     Community Reinvestment Act.
       (4) Mortgage underwriting systems that allow lenders to use 
     consumer-permissioned alternative credit information may help 
     expand access to mortgages for borrowers with lower credit 
     scores and communities of color. On September 21, 2021, 
     Fannie Mae updated its automated underwriting system so that 
     it notifies lenders that a borrower may benefit from the 
     inclusion of consistent rental payment information, and with 
     the consumer's permission, the underwriting system will 
     automatically identify rental payments within bank statement 
     data and include this in its credit assessment. According to 
     a fair lending and credit risk analysis by Fannie Mae and the 
     Federal Housing Finance Agency, the populations most likely 
     to benefit from this change are applicants with lower credit 
     scores, who are disproportionately consumers of color.

     SEC. 603. REQUIREMENT TO CONSIDER ADDITIONAL CREDIT 
                   INFORMATION WHEN MAKING MORTGAGE LOANS.

       (a) In General.--The Equal Credit Opportunity Act (15 
     U.S.C. 1691 et seq.) is amended by inserting after section 
     701 the following:

     ``Sec. 701A. Requirement to consider additional credit 
       information when making mortgage loans

       ``(a) In General.--A creditor extending a mortgage loan 
     shall, in evaluating the creditworthiness of an applicant, 
     consider credit information not reported through a consumer 
     reporting agency, if--
       ``(1) the applicant--
       ``(A) requests such consideration, and has not retracted 
     such request;
       ``(B) provides the credit information to be considered; and
       ``(C) states that the applicant does not believe that 
     credit information reported through consumer reporting 
     agencies fully or accurately reflects the applicant's 
     creditworthiness in the absence of such information; and
       ``(2) the credit information relates to the types of 
     information that the creditor would consider if otherwise 
     reported and includes current payment and transaction 
     information, such as bank statement information or rental 
     payment information.
       ``(b) Treatment of Additional Information.--A creditor 
     shall treat any information provided pursuant to subsection 
     (a) in the same manner and with the same weight as the 
     creditor would treat the same information if it were provided 
     by a consumer reporting agency, unless the creditor 
     reasonably determines that the information is the result of a 
     material misrepresentation.
       ``(c) Notice to Applicants.--
       ``(1) In general.--A creditor described under subsection 
     (a) shall provide each applicant for a mortgage loan with a 
     notice that includes--
       ``(A) an explanation of the applicant's right under this 
     section to provide additional credit information to the 
     creditor for consideration, including examples of such 
     additional information, as well as the benefits of providing 
     such information;
       ``(B) the right of the creditor to disregard any such 
     information if the creditor determines that the information 
     is the result of a material misrepresentation; and
       ``(C) the right of an applicant to retract the applicant's 
     request to use such additional credit information at any 
     point in the application process.
       ``(2) Notice languages.--Notices required under paragraph 
     (1) shall be made available in each of the 8 languages most 
     commonly spoken by individuals with limited English 
     proficiency, as determined by the Director of the Bureau 
     using information published by the Director of the Bureau of 
     the Census.

[[Page H5579]]

       ``(3) Form language.--The Director of the Bureau shall 
     establish form language, which shall be used by each creditor 
     when providing the notices required under this subsection, 
     providing--
       ``(A) the examples described under paragraph (1)(A);
       ``(B) the description of the benefits described under 
     paragraph (1)(A); and
       ``(C) the non-English language versions of the notices 
     described under paragraph (2).
       ``(d) Consideration of Alternative Data; Treatment of 
     Underwriting Systems.--A creditor shall ensure that the 
     alternative data provided under the requirements of 
     subsection (a) shall be considered as part of the decisioning 
     process. Any creditor who develops or maintains an 
     underwriting system for mortgage loans shall ensure such 
     system complies with the requirements described under 
     subsection (a).
       ``(e) Consumer Reporting Agency Defined.--In this section, 
     the term `consumer reporting agency' has the meaning given 
     that term under section 603 of the Fair Credit Reporting 
     Act.''.
       (b) Clerical Amendment.--The table of contents for the 
     Equal Credit Opportunity Act is amended by inserting after 
     the item relating to section 701 the following:
``701A. Requirement to consider additional credit information when 
              making mortgage loans.''.
  The SPEAKER pro tempore. Pursuant to House Resolution 1170, the 
gentleman from Texas (Mr. Green) and the gentleman from North Carolina 
(Mr. McHenry) each will control 10 minutes.
  The Chair recognizes the gentleman from Texas.
  Mr. GREEN of Texas. Mr. Speaker, I yield myself such time as I may 
consume.
  Mr. Speaker, the 23 amendments offered in this en bloc are a terrific 
example of a working legislative process, a process through which well-
considered legislation is further strengthened by the intellect, 
experience, and values of the House Democratic Caucus.
  These amendments broaden this package's commitment to equity by 
ensuring that information is gathered regarding loans made to veterans, 
people with disabilities, and the LGBTQ-plus community, which will help 
reveal unfair or discriminatory practices against these communities.
  We also have amendments that will ensure economic data are 
disaggregated within racial and ethnic groups, in recognition of the 
lived experiences across different communities.
  The package is further bolstered by timely and necessary reporting 
ensuring that communities of color and low-income communities have 
access to wealth-building opportunities, including purchasing their 
first home and accessing capital.
  Furthermore, this package includes amendments that will help us to 
better understand and address the country's growing affordable housing 
and homelessness crises that have disproportionately affected people of 
color.
  For these reasons, I urge my colleagues to support these amendments 
being considered en bloc.
  Mr. Speaker, I reserve the balance of my time.
  Mr. McHENRY. Mr. Speaker, I claim the time in opposition.
  Mr. Speaker, I oppose the amendment en bloc. We know that Democrats' 
reckless spending and bad economic policies are hurting the American 
people.
  Let's look at the inflation numbers. You have fuel oil, gasoline, 
used cars, groceries, and public transit all dramatically up.
  Inflation is the big issue. Inflation is at a 40-year high of 8.6 
percent--a 40-year high. Food is up 10 percent, gas 50 percent, shelter 
5.5 percent from just last year. This is a result of Democrat policies.
  The American people will pay $5,200 more this year than last year for 
the same goods and services. This is a direct result of bad economic 
policies.
  Instead of working with Republicans to address these crises, 
Democrats are jamming through a partisan messaging bill that stands no 
chance of becoming law. This is bad policy. It is bad politics, bad 
process, the whole thing. The en bloc is more of the same.
  Now, I will say that there are a few of the amendments that 
Republicans could support. I will give you an example.
  Ms. Garcia offered an amendment that focused on onerous HUD 
regulations or unfair funding formulas. Committee Republicans and House 
Republicans agree that HUD should not get in the way of local public 
housing authorities' ability to provide assistance to the homeless.
  A recent Government Accountability Office study examines--well, there 
is a request in the bill that we have a study to examine and report on 
the impediments that HUD is putting in place so that we can actually 
better serve the very people that we intend for the Housing and Urban 
Development Department to serve and for public housing authorities to 
serve.
  But rather than work with committee Republicans on this issue, 
Democrats poisoned the well with partisan amendments to score political 
wins with their progressive base.
  For example, in this en bloc, Democrats want to further politicize 
the Federal Reserve by adding a third mandate to address socioeconomic 
issues. This will divert the Fed's attention from its dual mandate of 
maximum sustainable employment and price stability. It will also 
threaten the stability of the monetary policy authorities we have given 
the Fed and add uncertainty and risk to the Fed's responsibilities.
  The Federal Reserve is independent for a reason. It ensures that it 
is accountable to the American people and long-term economic growth, 
not to political whims or serving one party here in Washington. Even 
President Biden acknowledged the importance of the Fed's independence 
in his so-called plan for fighting inflation.
  Additionally, this en bloc continues Democrats' government-knows-best 
approach. For example, it directs HUD and Treasury to create another 
interagency task force to focus on the state of housing in this 
country. Housing doesn't need another task force. It needs results.
  To be clear, HUD's mission is to ``create strong, sustainable, 
inclusive communities and quality affordable homes for all.''
  After 50 years, and nearly $2 trillion in spending, this amendment 
says that HUD is not getting the job done. An additional interagency 
task force isn't going to fix that.
  Congress needs to reform how HUD operates so that it can assist the 
families and individuals it is tasked with serving.
  In conclusion, this en bloc is more of the same. It will politicize 
the Fed, expand the CFPB's authority, and make credit harder to access 
and more expensive, ultimately harming the very consumers Democrats are 
claiming to help.
  Mr. Speaker, I urge my colleagues to oppose this en bloc, and I urge 
my colleagues to oppose the bill. I reserve the balance of my time.
  Mr. GREEN of Texas. Mr. Speaker, I yield myself 15 seconds.
  Mr. Speaker, this is not another mandate. This is simply a 
requirement that the Fed fulfill its two mandates, the dual mandates to 
all of its people, to make sure that all people have price stability. 
This is what it is about.

  Mr. Speaker, I yield 1 minute to the gentlewoman from New York (Ms. 
Velazquez).
  Ms. VELAZQUEZ. Mr. Speaker, I rise in strong support of the en bloc 
amendment.
  The COVID-19 pandemic exacerbated the wealth and economic 
inequalities faced by many individuals, families, and small business 
owners in our Nation's LMI and communities of color.
  As chair of the House Small Business Committee, I fought to ensure 
our Nation's women-, LGBTQ-, and minority-owned small businesses had 
access to Federal recovery programs and mainstream sources of credit to 
the same degree as White-owned firms or those with preestablished 
relationships with the big banks. Unfortunately, structural barriers 
and historical inequities in our society continue to cause women and 
small business owners of color to face ongoing challenges when applying 
for affordable and timely credit.
  This bill will help break down these structural barriers, root out 
discrimination where it exists, and promote entrepreneurship and other 
wealth-building opportunities for women, LGBTQ individuals, and people 
of color. By addressing these disparities, we can create a more 
resilient economy and one that works for everyone.
  Mr. Speaker, I urge a ``yes'' vote on this bill.
  Mr. McHENRY. Mr. Speaker, I reserve the balance of my time.
  Mr. GREEN of Texas. Mr. Speaker, how much time do we have remaining?

[[Page H5580]]

  The SPEAKER pro tempore. The gentleman from Texas has 7\1/4\ minutes 
remaining. The gentleman from North Carolina has 6 minutes remaining.
  Mr. GREEN of Texas. Mr. Speaker, I yield 1 minute to the gentlewoman 
from Michigan (Ms. Tlaib).
  Ms. TLAIB. Mr. Speaker, I thank our incredible Chairwoman Waters and 
our committee staff for working with me on an amendment and, again, for 
their leadership on the bill as a whole.
  I am proud to represent Michigan's 13th Congressional District, a 
community that is incredibly diverse. Our diversity, as we all know, is 
our strength.
  We also know, though, that the way our government currently tracks 
race and ethnicity is outdated and definitely needs to change. Our 
government currently considers all people of Middle Eastern and North 
African descent to be ``White,'' a categorization that myself and many 
in our community consider to be very inaccurate. Our government 
currently has broad categories that lump together whole continents, 
ignoring the vast diversity of our people living here.
  So my amendment simply builds on Congresswoman Jayapal's amendment to 
ensure that we are providing the maximum flexibility possible to 
Americans so that they can accurately reflect their race and ethnicity 
on government forms. This, in turn, will help us in Congress and our 
government at large to better identify issues affecting specific 
communities so that we can have programs that effectively serve our 
diverse communities.
  Mr. McHENRY. Mr. Speaker, I am prepared to close, and I reserve the 
balance of my time.
  Mr. GREEN of Texas. Mr. Speaker, I yield 1 minute to the gentlewoman 
from Massachusetts (Ms. Pressley).
  Ms. PRESSLEY. Mr. Speaker, for too long, our policies and financial 
systems have exacerbated inequities and disparities throughout our 
country. I rise in support of our disabled neighbors who have been 
subjected to a second-class standard of living.
  By passing the Financial Services Racial Equity, Inclusion, and 
Economic Justice Act, the House will move one step closer to addressing 
these systemic injustices.
  Today, I rise in support of a series of amendments I have offered to 
advance disability justice. My amendments will prohibit financial 
creditors from discriminating against consumers who are disabled and 
increase access to interpretation services, including American Sign 
Language.
  My amendment will also hold corporations accountable to disclose the 
disability status, based on voluntary self-identification, of their 
board of directors and executive officers.
  The status quo will not change until we recognize that disability 
rights are human rights and call out and address the barriers the 
disability community faces.
  Mr. Speaker, I urge my colleagues to support my amendments and 
support the underlying bill.
  Mr. GREEN of Texas. Mr. Speaker, I yield 1 minute to the gentlewoman 
from Ohio (Ms. Brown).
  Ms. BROWN of Ohio. Mr. Speaker, I thank Congressman Green for 
yielding. I thank Chairwoman Waters for her leadership on this bill.
  For far too long, consumers and businesses in the underserved 
communities have been blocked from accessing safe and affordable 
capital and credit. These systemic barriers worsen racial and economic 
inequality and cut off opportunity for too many Americans.
  This critical bill recognizes these changes and supports efforts to 
eliminate racial disparities in lending.
  My amendment is simple. It requires the Federal Reserve's ``Monetary 
Policy Report'' to include demographic information on individuals with 
dependent children in its analysis of labor force trends.
  Why is it important? Because while the unemployment rate is near 
historic lows, women with children have been one of the slowest groups 
to return to work. Solutions like the child tax credit and affordable 
childcare would help working families better balance childcare 
responsibilities and their careers. This amendment would ensure we have 
the data to understand this problem and begin to address it.
  I thank Chairwoman Waters, again, for her leadership.
  Mr. Speaker, I urge my colleagues to support my amendment and the 
underlying bill.

                              {time}  1345

  Mr. GREEN of Texas. Mr. Speaker, I yield 1 minute to the gentlewoman 
from Texas (Ms. Jackson Lee).
  Ms. JACKSON LEE. Mr. Speaker, H.R. 2543 represents a seismic and 
powerful response to racial discrimination in financial products. Thank 
you to Chairwoman Waters, and to my colleague who is managing, for the 
leadership given.
  My amendment is very important. I am pleased that my amendment is 
included in the en bloc amendment that the Financial Services Committee 
has today.
  It requires the Federal Reserve Board to submit a report to Congress 
about the prevalence of racial discrimination in lending to victims of 
a Federally declared disaster. I know it well.
  This amendment merits the support of all of my colleagues because no 
district is exempt from natural disasters. I am reminded of 2017, among 
others, in my district where it was devastated by Hurricane Harvey over 
an area of 41,500 square miles, 21 trillion gallons of rainfall, and 
one-third of Houston underwater.
  There was major discrimination against Black and Brown Houstonians 
who sought loans or home loans or financing to pay for repairs. They 
faced obstacles, delays, and outcomes that were different than their 
neighbors.
  Mr. Speaker, this endemic discrimination was seen in efforts to gain 
assistance from the Small Business Administration.
  Mr. Speaker, as an outspoken advocate for equity in this country's 
economy, I rise in support of the Financial Services Racial Equity, 
Inclusion, and Economic Justice Act.
  This bill requires that financial services regulators and companies 
establish procedures to ensure racial equity and eliminate racial 
disparities in all aspects of their operations including employment, 
income, wealth, and access to affordable credit.
  In addition to the reforms in H.R. 2543, the bill requires regulators 
to provide reports to Congress about economic inequality, especially 
within the labor force, and enact plans to minimize said inequalities.
  America's economy has only rarely worked to the advantage of working-
class people. Worse still, there has been an endemic and vile trend of 
implicit and perhaps explicit discrimination against people of color 
within policies and overall economic policy.
  However, unfair monetary policy is not just an anachronism from long 
ago or a relic from a different era. It is happening now.
  Recent analyses have found that algorithms used by lenders often are 
designed in such a way that they result in black and brown Americans 
being charged higher interest rates.
  This legislation takes a major step toward fixing long-overdue--
disparities and fundamentally changing the financial services industry 
to make it proactive in fighting economic discrimination.
  I am also very pleased that my amendment is included in the En Bloc 
Amendment that the Financial Services committee is bringing before the 
House today.
  My amendment requires the Federal Reserve Board to submit a report to 
Congress about the prevalence of racial discrimination in lending to 
victims of a federally declared disaster.
  This amendment merits the support of all of my colleagues because no 
district is exempt from natural disasters, and with the acceleration of 
climate change, it is increasingly likely that these events will occur 
even in areas of the country that previously felt insulated from them.
  When disasters occur, our Nation has a moral and legal duty to 
facilitate their recovery and rebuilding. It is totally unacceptable 
and abhorrent for racial or ethnic discrimination to be injected into 
decisions on financial factors impacting remedial action.
  However, in some instances, discrimination--whether by intent or 
effect--has occurred during these moments of greatest need.
  For example, in 2017, my district in Houston was one of the many in 
Texas devastated by Hurricane Harvey. Over an area of 41,500 square 
miles spanning Texas and Louisiana, the storm dropped nearly 21 
trillion gallons of rainfall and damaged 203,000 homes, of which 12,700 
were destroyed.
  At its peak on September 1, 2017, one third of Houston was 
underwater, and over 300,000 structures of all types were flooded in 
southeastern Texas, where extreme rainfall hit many areas that are 
densely populated.
  Hurricane Harvey was the largest housing disaster to strike the U.S. 
in our Nation's history. When the cleanup began, thousands of 
Houstonians needed loans to help rebuild their homes and their lives.

[[Page H5581]]

  But black and brown Houstonians who sought loans or home loan 
refinancing to pay for repairs faced obstacles, delays, and outcomes 
that were different from their other neighbors. This endemic 
discrimination was seen in efforts to gain assistance from the Small 
Business Administration.
  If there was ever a moment when our financial systems need to fully 
support minority communities, it is after they have been decimated by a 
natural disaster.
  For majority Houstonians who applied and received a $200,000 loan 
from the Small Business Administration or $25,000 by virtue of a 
government declaration, the process was streamlined. They could also 
apply for and receive $40,000 from the SBA to replace or repair 
personal property--such as clothing, furniture, cars, and appliances--
that was damaged or destroyed in the disaster.
  The SBA asks applicants for collateral, such as a first or second 
mortgage on the damaged real estate, which are common forms of 
collateral for an SBA disaster loan.
  In the case of majority applicants, it was found that the SBA usually 
would not decline a loan for lack of collateral.
  However, for black and brown families, the system worked differently. 
Financing was difficult to access. Applications for loans from black 
and brown residents were less likely to be approved than applications 
from their white counterparts.
  My amendment protects black and brown Americans who face the 
consequences of a debilitating natural disaster. It would guarantee 
their protection from unfair policies in their most vulnerable moments.
  Fighting economic discrimination should be a bipartisan issue. No 
American deserves to be left behind because of antiquated monetary 
policy or a federal government that refuses to fight on their behalf.
  Mr. Speaker, I ask my colleagues to recognize the discrimination and 
to fix it by adding the Jackson Lee amendment.
  I include in the Record an article titled: ``Black Communities are 
Last in Line for Disaster Planning in Texas.''

                [From the Washington Post, May 12, 2022]

   Black Communities Are Last in Line for Disaster Planning in Texas

       Houston.--Lawrence Hester worries every time it rains. 
     During heavy storms, water overflows the dirt drainage ditch 
     fronting his yard and the bayou at the end of his block--
     flooding the street, creeping up his front steps, pooling 
     beneath the house, and trapping his family inside. ``We are 
     always underwater here,'' said Hester, 61. And yet, the state 
     of Texas allocated none of the $1 billion in federal funds it 
     received to protect communities from future disasters to 
     neighborhoods in Houston that flood regularly, according to 
     an investigation by the U.S. Department of Housing and Urban 
     Development.
       HUD has now found the exclusion of those majority Black and 
     Hispanic urban communities to be discriminatory. The state 
     ``shifted money away from the areas and people that needed it 
     the most,'' disproportionately benefiting White residents 
     living in smaller towns, the agency concluded. Houston has 
     faced seven federally declared disasters in the last seven 
     years and suffered an estimated $2 billion in damage from 
     Hurricane Harvey in 2017. That storm devastated Kashmere 
     Gardens, where Hester has lived his entire life. The 
     floodwaters from Harvey deposited black mold throughout 
     Hester's home and left his daughter chronically short of 
     breath.
       The state, which is appealing HUD's findings, denied 
     discriminating, saying the Texas General Land Office 
     administered the federal grant program based on HUD approval. 
     The situation in Texas illustrates the challenge facing the 
     Eiden administration, which has pledged to focus on racial 
     equity but is struggling to protect low-income communities of 
     color from the growing threat of climate change. Even after 
     HUD's finding of discrimination, the agency said it does not 
     have the power at this time to suspend the rest of the $4.3 
     billion in disaster mitigation money awarded to the state 
     under criteria approved by the Trump administration. ``What 
     is happening here with these federal dollars going through 
     the state and not one dime coming to the City of Houston 
     post-Hurricane Harvey is absolutely crazy, and it cannot be 
     justified,'' said Houston Mayor Sylvester Turner. ``What do I 
     say to the people in Kashmere Gardens when these storms keep 
     coming, and we are not putting in the infrastructure that 
     they desperately need to mitigate the risk of future 
     flooding?''
       Black and Hispanic communities in northeast Houston, 
     including Kashmere Gardens, are especially vulnerable to the 
     more frequent storms and catastrophic flooding expected due 
     to climate change, according to the Federal Emergency 
     Management Agency. Many of the residential streets lack curbs 
     and gutters--common storm drainage infrastructure in 
     predominantly White neighborhoods in Houston--and rely 
     instead on open ditches dating back to the 1930s.
       ``Sometimes we can't get out because the water is so 
     high,'' said Jackie Spradley, Hester's wife. ``You're 
     literally trapped until the water starts to subside.'' She 
     can't get to work. Their 12-year-old daughter can't get to 
     school. The whoosh of traffic and trains permeates the 
     triangular neighborhood of modest single-family homes penned 
     between two highways and two sets of railroad tracks. During 
     large storms, runoff from impervious highway surfaces flows 
     onto residential streets.
       Piles of trash--old tires, mattresses, furniture, home 
     insulation--accumulate for weeks in the drainage ditches 
     along many streets, blocking water from flowing through the 
     ditches to the bayou. Silt and other debris clog many of the 
     culverts beneath narrow driveways and footpaths spanning the 
     ditches. In the summers, standing water breeds mosquitoes. 
     The city of Houston had hoped to use $95 million in federal 
     grants to upgrade Kashmere Gardens' storm drainage 
     infrastructure. The proposed improvements, including 
     converting some of the ditches to a curb and gutter system, 
     would have removed the flood risk to nearly 1,400 properties. 
     But without the money, the city shelved those plans.
       Hester's daughter Ashlei was 7 years old in 2017 when 
     Harvey floodwaters breached their family room, lapping at the 
     legs of the card table on which the family played dominoes. 
     Her cough worsened, and doctors prescribed four different 
     medications for asthma. She was hospitalized in 2018 for more 
     than a week. But doctors still did not know what was causing 
     her illness. It wasn't until December 2019, more than two 
     years after Harvey, when Hester and his wife discovered the 
     black mold that was making their daughter so sick. A city 
     inspector recommended that the house be condemned.
       ``I was so ashamed,'' Hester said. ``We didn't have nowhere 
     else to go.''
       His mother had purchased the home in 1960, paying the 
     mortgage with wages from her job flipping burgers 16 hours a 
     day. Hester was born in the house months later. He had stayed 
     in the house after Hurricane Alicia flooded the home in 1983. 
     And after Ike in 2008. Even after Harvey, Hester stayed, 
     hoping to someday pass the three-bedroom ranch-style home 
     onto his daughter. But Hester, who is on disability for 
     herniated disks in his back and neck from his years as a 
     long-haul truck driver, and his wife, who sells insurance, 
     never had the money to adequately repair the storm-ravaged 
     roof and mold-covered walls. Hester said the city informed 
     him after Harvey that he was ineligible for funding to fix 
     the home because of unpaid property taxes ``It's not just 
     about the storm drainage,'' Hester said. ``It's about 
     everything.''
       Hester said that the rainbow-hued oily waters he had 
     splashed in while playing in the drainage ditches as a child 
     had been polluted with cancer-causing creosote used to treat 
     wooden railroad ties and utility poles. A 2019 state health 
     department investigation confirmed elevated cancer rates 
     among residents in the southern end of Kashmere Gardens, 
     located near two Superfund sites. Residents fear that 
     flooding will carry toxic deposits into their yards. Hester's 
     mother had died of cancer. So had his father. And one of his 
     brothers. ``Cancer is killing the whole neighborhood,'' said 
     Hester, who is too afraid to visit the doctor about his own 
     health problems.
       Federal disaster mitigation grants are supposed to improve 
     the inferior flood infrastructure in lower income 
     communities. But the HUD investigation found that competition 
     rules set by the Texas General Land Office unfairly favored 
     smaller towns with less urgent needs and where residents are 
     more likely to be White and less likely to be lower income. 
     The state knowingly adopted scoring criteria that prioritized 
     lower-density areas and excluded communities that HUD 
     designated as the most impacted by disasters from half the 
     grants, HUD said. ``Because the criteria had these 
     unjustified discriminatory effects, their use failed to 
     comply with HUD's regulations,'' the agency found.
       No other state adopted Texas' method of distributing the 
     funds, according to HUD's Office of Fair Housing and Equal 
     Opportunity. The agency concluded that without Texas's 
     discriminatory criteria, nearly four times as many Black 
     residents and more than twice as many Hispanic residents 
     would have benefited from the grants. The General Land Office 
     said in its April 1 appeal that the state ``does not 
     discriminate, and the projects it has funded help minority 
     beneficiaries across Texas.'' The state said more than two-
     thirds of residents in communities that received awards are 
     Black, Hispanic or Asian. The state pointed out that its plan 
     was approved two years ago and characterized HUD's new 
     objections as ``politically motivated.''
       In addition to Houston and surrounding Harris County, the 
     General Land Office denied grants to the predominantly Black 
     and Hispanic cities of Port Arthur, Beaumont and Corpus 
     Christi as well as Jefferson and Nueces counties--all of 
     which experienced significant flooding from Harvey, according 
     to the civil rights complaint. Texas Housers, a nonprofit 
     focused on housing in low-income communities, and Northeast 
     Action Collective, a grassroots advocacy group of Houston 
     residents, filed the complaint with HUD last year. Instead, 
     funds were steered toward inland, Whiter communities that 
     were far less severely impacted by hurricanes and used to 
     fund routine infrastructure, the complaint said. That 
     includes $17.5 million for a new community center in Caldwell 
     County that is supposed to double as an evacuation center; 
     $10.8 million to install a sewage system in the 379-person 
     town of Iola; $6 million for a new sheriffs department radio 
     tower and

[[Page H5582]]

     radios for Gonzales County; and $4.2 million for a 2,000-
     foot-long road in Bastrop County to connect a Walmart parking 
     lot and a Home Depot, justified as an alternate path for 
     emergency vehicles in case the adjacent freeway is clogged 
     with hurricane evacuees from the Gulf Coast 161 miles away.
       ``These mitigation funds are a strategy to undo the 
     systemic racism of the past, but that's not what we're seeing 
     Texas interested in at all,'' said John Henneberger, co-
     director of Texas Housers. ``This is a test of how serious 
     HUD and the Biden administration are in enforcing civil 
     rights.'' HUD's Office of Community Planning and Development, 
     which oversees disaster mitigation aid, wrote to the Texas 
     General Land Office in March expressing ``grave concerns'' 
     over the distribution of the first round of grants. ``The 
     State has not identified a plan to protect communities while 
     guarding against competition criteria that could disadvantage 
     minority residents,'' HUD wrote. If a voluntary resolution 
     cannot be reached, HUD said it could refer the matter to the 
     Department of Justice for enforcement. But advocates worry 
     that could come too late for communities like Kashmere 
     Gardens. While HUD said it cannot stop the state from 
     awarding the rest of the grants ``due to prior decisions,'' 
     it would begin monitoring how the money is distributed and 
     warned it could claw back the funds if necessary.
       ``Texas has a history of sending money to those who are 
     politically connected,'' said Shannon Van Zandt, a professor 
     of urban planning at Texas A&M University whose research 
     focuses on hazard reduction and housing. She noted that 
     racial disparities occurred with the distribution of disaster 
     funds after Hurricane Ike in 2008. Civil rights advocates say 
     HUD has the authority to suspend Texas's ability to spend 
     federal grant money; it has done so under previous 
     administrations. But Sara Pratt, former deputy assistant 
     secretary in HUD's fair housing office who is now 
     representing Texas Housers as an attorney, said there is 
     long-standing division among HUD staff over enforcing civil 
     rights violations when making funding decisions.
       ``There is deep disagreement internally,'' Pratt said. 
     ``The secretary's job is to resolve disputes like this.'' HUD 
     Secretary Marcia L. Fudge declined to comment because the 
     Texas investigation remains open, HUD spokesman Michael Burns 
     said. ``Her commitment to civil rights and fair housing is 
     well documented and unwavering, and she is committed to 
     ensuring that all HUD funds are used in compliance with all 
     relevant laws and program requirements,'' Burns said. In 
     response to widespread criticism over how the first $1 
     billion in Harvey disaster grants was distributed, Texas now 
     plans to allocate $750 million to Harris County. Houston is 
     due to receive an additional $9 million out of $488 million 
     that the state plans to send to the Houston-Galveston region. 
     City officials point out that the $9 million amounts to less 
     than one tenth of the cost of its proposed improvements to 
     Kashmere Gardens.
       In Kashmere Gardens on a recent morning after a 
     thunderstorm inundated streetside drainage ditches, 
     bulldozers and dump trucks worked to widen and deepen Hunting 
     Bayou to absorb runoff from future storms. The work is a 
     small portion of a $2.5 billion flood protection bond that 
     Harris County passed in 2018. The bulk of the bond money was 
     directed to wealthier neighborhoods because the county 
     expected to receive federal disaster funds for poorer ones, 
     according to county commissioner Rodney Ellis. But without 
     money to upgrade the ditch system to drain storm water from 
     neighborhood streets, it's unclear if the bayou expansion 
     will be effective.
       ``This is the Texas two-step in Houston. You have to get 
     the water from the neighborhoods to the bayous. And then you 
     have to get the water from the bayous to the Gulf of 
     Mexico,'' said Ellis, who represents the area. Residents, 
     too, remain skeptical. ``It's a wait and see situation,'' 
     said Dorothy Wanza, another Kashmere Gardens resident whose 
     street turned into a river during Harvey and flooded her home 
     with more than a foot of water. The experience left the So-
     year-old so traumatized that ``every time it rains, I get the 
     hell out of dodge.''
       She spent the previous night fully dressed, prepared to 
     evacuate to one of her children's homes. ``The ditches 
     overflow, and once they are full, the water comes back on 
     you,'' Wanza said. On the other side of the bayou, Hester 
     said the city had recently cleaned out part of a ditch lining 
     his street for the first time he could recall in more than a 
     decade. Dirt and bricks still block some of the culverts.
       ``Right up under there, look,'' he said, pointing beneath 
     the concrete walkway leading from the street to his front 
     yard. ``It's stopped up on both sides.'' He nodded farther 
     down the street to another culvert: ``That whole drain hole 
     was flooded.'' He and his next door neighbor had removed as 
     many bricks as they could to move the water through. ``If we 
     don't do things around here, ain't nothing going to get done. 
     I have to go around here and try to help, and I'm in bad 
     shape myself.'' Hester limped around the perimeter of his 
     home and pointed two feet up the siding where Harvey 
     floodwaters had reached--a reminder of the catastrophe he 
     says he failed to protect his daughter from.
       A nonprofit had removed the mold inside when it fixed up 
     the house in 2020, installing new cabinets, a new roof and 
     laminate flooring. But the entryway still slopes. The floor 
     joists need to be repaired. The porch is lopsided, its wood 
     rotted. Hester is stooped from years of pain. Yet he remains 
     intent on doing what he can to make things right. ``It's not 
     my life I'm worried about. It's my daughter's,'' Hester said. 
     ``I'm half dead.''

  Mr. McHENRY. Mr. Speaker, I reserve the balance of my time.
  Mr. GREEN of Texas. Mr. Speaker, I yield 1 minute to the gentlewoman 
from Pennsylvania (Ms. Houlahan).
  Ms. HOULAHAN. Mr. Speaker, I rise today in support of my commonsense 
amendments that, one, ensure community banking institutions will work 
better to support young women and people of color, and two, that credit 
unions help us advance financial literacy.
  As a businessowner and entrepreneur myself, I understand the 
challenges of getting product from the garage or trunk of your car into 
a storefront window or onto the online sales opportunities.
  We know that Community Development Financial Institutions, or CDFIs, 
are all key partners in successful business development, but they 
cannot do it alone.
  My first amendment builds on past successes by revising the Young 
Entrepreneurs Program to ensure that women and people of color receive 
the focus and financial support that they need.
  Simply put, our local economies truly grow and thrive when we support 
all of our budding entrepreneurs. We have an established partner to 
help us do that already, which is credit unions. That brings me to my 
second effort, which would require credit unions to include a 
description of financial education programs in their reports to ensure 
that information is accessible and transparent.
  Financial management, budgeting, and making informed and effective 
decisions with resources are keys to business success.
  I thank Chairwoman Waters for bringing this.
  Mr. GREEN of Texas. Mr. Speaker, I yield myself the balance of my 
time.
  Mr. Speaker, according to a recent National Bureau of Economic 
Research report, the racial wealth gap is on track to grow wider in the 
coming decades. It is estimated that the White-to-Black wealth ratio 
will increase from 5.6 to 1 in 2019 to 8.4 to 1 by 2200.
  The time to act is now. These amendments will help ensure that 
everyone will have a fair chance, and in too many instances, a first 
chance at economic opportunity.
  I thank our colleagues for offering their amendments, and I urge my 
colleagues to vote in support of these amendments because these 
amendments are principally about transparency.
  If you have nothing to hide, you celebrate transparency. If you have 
something to hide, you want to eschew transparency.
  These amendments seek to provide transparency so that we can get a 
better understanding of how we can better cure the invidious 
discrimination that has plagued our country for centuries.
  Mr. Speaker, I yield back the balance of my time.
  Mr. McHENRY. Mr. Speaker, I yield myself the balance of my time.
  Mr. Speaker, let's focus on the main thing. The main thing to the 
American people right now is what they see when they fill up their tank 
at the pumps and buy gas. It is what they see when they go to the 
grocery store. It is what they see in their daily lives.
  What they are seeing in their daily lives is inflation at a 40-year 
high. Here are fantastic examples that are horrible, horrible things to 
see, but they are important that we see because this is what the 
American people are facing.
  Inflation is at a 40-year high. Food prices are up 10 percent, gas 50 
percent, and shelter 5.5 percent from just last year. The American 
people will pay $5,200 more this year than they did last year for the 
same goods and services.
  This is a direct result of Democrats' fiscal plans. It is a direct 
result of the Democrats' economic strategy, and we are suffering the 
consequences from it.
  This bill, and the amendments that pass on the floor today, will do 
nothing to help struggling American families. Nothing.
  Instead, they will politicize the Fed, expand the CFPB's authority, 
and make credit more expensive and harder to get. This is bad news. It 
is bad policy. It is a bad process.
  We should reject it. We should make sure this bill does not become 
law.

[[Page H5583]]

  I urge a ``no'' vote, and I yield back the balance of my time.
  The SPEAKER pro tempore. Pursuant to House Resolution Number 1170, 
the previous question is ordered on the amendments en bloc offered by 
the gentleman from Texas (Mr. Green).
  The question is on the amendments en bloc.
  The question was taken; and the Speaker pro tempore announced that 
the ayes appeared to have it.
  Mr. McHENRY. Mr. Speaker, on that I demand the yeas and nays.
  The SPEAKER pro tempore. Pursuant to section 3(s) of House Resolution 
8, the yeas and nays are ordered.
  Pursuant to clause 8 of rule XX, further proceedings on this question 
are postponed.


         Amendments En Bloc No. 2 Offered by Mr. Green of Texas

  Mr. GREEN of Texas. Mr. Speaker, pursuant to section 3 of House 
Resolution 1170, I offer amendments en bloc No. 2.
  The SPEAKER pro tempore. The Clerk will designate the amendments en 
bloc.
  Amendments en bloc No. 2, consisting of amendment Nos. 6 and 24, 
printed in part B of House Report 117-366, offered by Mr. Green of 
Texas.


        Amendment No. 6 Offered by Mr. Rodney Davis of Illinois

       Strike subtitle B of title II and insert the following:

       Subtitle B--Repeal of Small Business Loan Data Collection

     SEC. 221. REPEAL.

       (a) In General.--Section 704B of the Equal Credit 
     Opportunity Act (15 U.S.C. 1691c-2) is hereby repealed.
       (b) Conforming Amendments.--The Equal Credit Opportunity 
     Act is amended--
       (1) in section 701(b) (15 U.S.C. 1691(b))--
       (A) in paragraph (3), by adding ``or'' at the end;
       (B) in paragraph (4), by striking ``; or'' and inserting a 
     period; and
       (C) by striking paragraph (5); and
       (2) in the table of contents for such Act, by striking the 
     item relating to section 704B.
       Page 86, strike lines 14 and 15.


       Amendment No. 24 Offered by Mr. Timmons of South Carolina

       Strike title I, title II, title III, subtitle B of title 
     IV, and subtitle B of title V.

  The SPEAKER pro tempore. Pursuant to House Resolution 1170, the 
gentleman from Texas (Mr. Green) and the gentleman from North Carolina 
(Mr. McHenry) each will control 10 minutes.
  The Chair recognizes the gentleman from Texas.
  Mr. GREEN of Texas. Mr. Speaker, I yield myself such time as I may 
consume.
  Mr. Speaker, the Republican amendments presented here today stand as 
a testament to Republican values; namely, a tolerance for wealth 
inequality and racial discrimination.
  Let's be clear. The amendment from Mr. Timmons will strike large 
portions of the bill and make no attempt to improve it.
  As for the amendment from Mr. Davis, it will strike provisions 
requiring the reporting of small business lending data, effectively 
allowing banks to continue to hide the extent to which they are denying 
small business owners of color access to affordable credit.
  According to a Fed survey, 46 percent of Black-owned firms that 
applied for financing received none of the financing they sought 
compared to just 22 percent of White-owned firms. We need more granular 
data on these trends to root out discrimination in lending once and for 
all.
  For these reasons, I urge my colleagues to oppose this amendment, and 
I reserve the balance of my time.
  Mr. McHENRY. Mr. Speaker, I rise in support of the Republican en 
bloc, and I yield myself such time as I may consume.
  The amendments in this en bloc are where we should have started this 
debate. These amendments would improve the bill and provide real 
solutions for the American people who are suffering under the weight of 
misguided Democrat economic policies.
  In whole, this amendment package would make the bill bipartisan and 
give us a real chance to pass the Senate and become law. These 
amendments would preserve the sections of the bill that Republicans 
supported during committee consideration, such as promoting new and 
diverse depository institutions, improving corporate governance through 
diversity, ensuring diversity in community banking, expanding 
opportunity for minority depository institutions, and improving the 
CDFI Bond Guarantee Program.
  These are the bipartisan pieces of the bill. These five bills are the 
result of bipartisan discussions and compromise. They show that 
Congress is capable of working together and putting the American people 
first rather than really a far-left agenda that the rest of the bill is 
pushing.
  These bills collectively would help to identify and implement 
solutions to support small banks and credit unions in the communities 
they serve.
  Furthermore, this amendment en bloc would strike section 1071 of the 
Dodd-Frank Act which requires the Consumer Financial Protection 
Bureau--which is an unaccountable agency, by the way--to issue a rule 
to force banks and credit unions to collect and report demographic data 
on small business loan applications.
  We have seen what the CFPB can do under Director Chopra's scorched-
earth policies. This proposed rule will make small business lending 
more costly and difficult for financial institutions of all shapes and 
sizes. It will also choke off the very access to credit those small 
businesses need right now.
  So instead of limiting small business credit options and saddling 
them with unnecessary regulations, as the underlying bill does, we 
should focus on fostering growth and help small businesses succeed.
  Mr. Speaker, I urge my colleagues to support this en bloc, and I 
reserve the balance of my time.
  Mr. GREEN of Texas. Mr. Speaker, I reserve the balance of my time, 
and I am prepared to close.
  Mr. McHENRY. Mr. Speaker, I yield myself the balance of my time.
  In closing, I would just reiterate the amendments in this en bloc are 
how we should have started this debate and how we should have started 
this bill.
  These amendments would improve the bill and provide real solutions 
for American people who are suffering under the weight of misguided 
Democrat policies.
  I urge my colleagues to vote ``yes'' on this en bloc, and I yield 
back the balance of my time.
  Mr. GREEN of Texas. Mr. Speaker, I yield myself the balance of my 
time.
  Mr. Speaker, what we have been witnessing today is the behavior of 
persons who chose not to help the American people in a time of need.
  When the American people were being evicted from their homes, they 
chose not to help. When schools were plagued by a virus and needed 
funding so that they could secure our children from the virus, they 
chose not to help. When people were out of work and needed help to put 
food on the table, fuel in their cars, they chose not to help.
  Because they chose not to help, they have to call any help that was 
given reckless, and they have to call it bad policy.
  But the truth is, if you do nothing, you put yourself in a position 
such that you cannot appreciate the suffering of people who are in the 
midst of a worldwide pandemic. They chose not to help. We choose to 
help, and we continue to help.
  Mr. Speaker, it is a sad day when people will call saving homes and 
keeping children safe from a virus reckless policy.
  Mr. Speaker, I yield back the balance of my time.
  The SPEAKER pro tempore. Pursuant to House Resolution Number 1170, 
the previous question is ordered on the amendments en bloc offered by 
the gentleman from Texas (Mr. Green).
  The question is on the amendments en bloc.
  The question was taken; and the Speaker pro tempore announced that 
the ayes appeared to have it.
  Mr. GREEN of Texas. Mr. Speaker, on that I demand the yeas and nays.
  The SPEAKER pro tempore. Pursuant to section 3(s) of House Resolution 
8, the yeas and nays are ordered.
  Pursuant to clause 8 of rule XX, further proceedings on this question 
are postponed.

                              {time}  1400


       Amendment No. 10 Offered by Mr. Vicente Gonzalez of Texas

  The SPEAKER pro tempore. It is now in order to consider amendment No. 
10 printed in part B of House Report 117-366.
  Mr. VICENTE GONZALEZ of Texas. Mr. Speaker, I have an amendment at 
the desk made in order by the rule.

[[Page H5584]]

  The SPEAKER pro tempore. The Clerk will designate the amendment.
  The text of the amendment is as follows:

       Insert after section 524 the following:

     SEC. 525. RULE OF CONSTRUCTION.

       Nothing in this subtitle or the amendments made by this 
     subtitle may be construed to prevent or otherwise impede the 
     ability of insured depository institutions (as defined in 
     section 3 of the Federal Deposit Insurance Act) to establish 
     branches and provide banking services in underserved areas.

  The SPEAKER pro tempore. Pursuant to House Resolution 1170, the 
gentleman from Texas (Mr. Vicente Gonzalez) and a Member opposed each 
will control 5 minutes.
  The Chair recognizes the gentleman from Texas.
  Mr. VICENTE GONZALEZ of Texas. Mr. Speaker, I yield myself such time 
as I may consume.
  My amendment to H.R. 2543, the Federal Reserve Racial and Economic 
Equity Act, ensures no changes made by this bill will prohibit 
community banks from expanding into underserved areas as defined by the 
bill.
  Access to credit is a building block for aspiring entrepreneurs and 
small business owners and helps create jobs and boost local economic 
power and growth.
  My amendment helps increase banking opportunities in rural and 
underserved areas, and I urge my colleagues to support it and the base 
legislation.
  Mr. Speaker, I reserve the balance of my time.
  Mr. McHENRY. Mr. Speaker, I claim time in opposition, but I am not 
opposed to the amendment.
  The SPEAKER pro tempore. Without objection, the gentleman from North 
Carolina is recognized for 5 minutes.
  There was no objection.
  Mr. McHENRY. Mr. Speaker, I appreciate Mr. Gonzalez's attempt to help 
community banks. I would say that this amendment really doesn't do 
anything substantive to the bill. It doesn't help community banks 
compete and survive in the current regulatory environment.
  In fact, if we were really serious about helping community banks, we 
would be looking at the Dodd-Frank Act and the additional regulatory 
burdens in place on these financial institutions, but we are not. This 
bill doesn't do that. We would be looking at the regulatory burdens 
that Dodd-Frank keeps on institutions that keeps them from lending to 
their consumers, the compliance cost burdens that make accessing credit 
more difficult, especially for hard-to-reach communities.
  Last year, Democrats got rid of the true lender doctrine, which 
focused on providing legal certainty to banks and fintech partnerships. 
The true lender doctrine would have actually helped provide clarity and 
lower the cost and access to credit. It is these partnerships between 
fintechs and community banks that harness and scale technology and 
provide consumers with the financial products that they want and need, 
particularly in underserved communities.
  If we are really serious about reaching underserved communities--and 
I think we should be--we should restore the true lender doctrine and 
rightsize overly burdensome regulations on community banks.
  Those are the important points I would like to make in light of this 
amendment. I welcome a discussion about those issues. I think we have a 
lot of mutual concerns about the challenges the American people are 
facing, but I think it is important that we get to the big issues that 
are central in this economy, given the economic circumstances we are 
currently in as a result of Democrat policies, and we should be working 
to fix those big issues.
  While I am not opposed to the amendment--I think it is fine; I am not 
going to oppose it--I think it is important that we highlight the big 
and essential things we should be about.
  Mr. Speaker, I reserve the balance of my time.
  Mr. VICENTE GONZALEZ of Texas. Mr. Speaker, I have no further 
remarks. I am prepared to close, and I reserve the balance of my time.
  Mr. McHENRY. Mr. Speaker, I yield myself the balance of my time.
  I just reiterate that this amendment really doesn't do anything 
substantive. If we are serious about helping community banks, 
rightsizing burdensome regulations would be the way to go, and 
reinstating the true lender doctrine would be a strong first step. 
There are bigger things that we should be doing to help these 
institutions.
  While I am not opposed to the amendment, I think we should be doing 
the big, substantive items that are important for us to have a 
competitive economic situation for working Americans. We should be 
about these bigger items and focus on them.
  Mr. Speaker, I yield back the balance of my time.
  Mr. VICENTE GONZALEZ of Texas. Mr. Speaker, again I urge my 
colleagues to support this amendment and the chairwoman's underlying 
bill.
  Mr. Speaker, I yield back the balance of my time.
  The SPEAKER pro tempore. Pursuant to House Resolution 1170, the 
previous question is ordered on the amendment offered by the gentleman 
from Texas (Mr. Vicente Gonzalez).
  The question is on the amendment offered by the gentleman from Texas 
(Mr. Vicente Gonzalez).
  The question was taken; and the Speaker pro tempore announced that 
the ayes appeared to have it.
  Mr. POSEY. Mr. Speaker, on that I demand the yeas and nays.
  The SPEAKER pro tempore. Pursuant to section 3(s) of House Resolution 
8, the yeas and nays are ordered.
  Pursuant to clause 8 of rule XX, further proceedings on this question 
are postponed.


                 Amendment No. 19 Offered by Mr. Payne

  The SPEAKER pro tempore. It is now in order to consider amendment No. 
19 printed in part B of House Report 117-366.
  Mr. PAYNE. Mr. Speaker, I have an amendment at the desk.
  The SPEAKER pro tempore. The Clerk will designate the amendment.
  The text of the amendment is as follows:

       Add at the end the following:

                        TITLE VI--PAYMENT CHOICE

     SEC. 601. SHORT TITLE.

       This subtitle may be cited as the ``Payment Choice Act of 
     2022''.

     SEC. 602. SENSE OF CONGRESS.

       It is the sense of Congress that every consumer has the 
     right to use cash at retail businesses who accept in-person 
     payments.

     SEC. 603. RETAIL BUSINESSES PROHIBITED FROM REFUSING CASH 
                   PAYMENTS.

       (a) In General.--Subchapter I of chapter 51 of title 31, 
     United States Code, is amended by adding at the end the 
     following:

     ``Sec. 5104. Retail businesses prohibited from refusing cash 
       payments.

       ``(a) In General.--Any person engaged in the business of 
     selling or offering goods or services at retail to the public 
     with a person accepting in-person payments at a physical 
     location (including a person accepting payments for 
     telephone, mail, or internet-based transactions who is 
     accepting in-person payments at a physical location)--
       ``(1) shall accept cash as a form of payment for sales of 
     less than $2,000 (or, for loan payments, payments made on a 
     loan with an original principal amount of less than $2,000) 
     made at such physical location; and
       ``(2) may not charge cash-paying customers a higher price 
     compared to the price charged to customers not paying with 
     cash.
       ``(b) Exceptions.--
       ``(1) In general.--Subsection (a) shall not apply to a 
     person if such person--
       ``(A) is unable to accept cash because of--
       ``(i) a sale system failure that temporarily prevents the 
     processing of cash payments; or
       ``(ii) a temporary insufficiency in cash on hand needed to 
     provide change; or
       ``(B) provides customers with the means, on the premises, 
     to convert cash into a card that is either a general-use 
     prepaid card, a gift card, or an access device for electronic 
     fund transfers for which--
       ``(i) there is no fee for the use of the card;
       ``(ii) there is not a minimum deposit amount greater than 1 
     dollar;
       ``(iii) amounts loaded on the card do not expire, except as 
     permitted under paragraph (2);
       ``(iv) there is no collection of any personal identifying 
     information from the customer;
       ``(v) there is no fee to use the card; and
       ``(iv) there may be a limit to the number of transactions.
       ``(2) Inactivity.--A person seeking exception from 
     subsection (a) may charge an inactivity fee in association 
     with a card offered by such person if--
       ``(A) there has been no activity with respect to the card 
     during the 12-month period ending on the date on which the 
     inactivity fee is imposed;
       ``(B) not more than 1 inactivity fee is imposed in any 1-
     month period; and
       ``(C) it is clearly and conspicuously stated, on the face 
     of the mechanism that issues the card and on the card--
       ``(i) that an inactivity fee or charge may be imposed;
       ``(ii) the frequency at which such inactivity fee may be 
     imposed; and
       ``(iii) the amount of such inactivity fee.

[[Page H5585]]

       ``(c) Right to Not Accept Large Bills.--
       ``(1) In general.--Notwithstanding subsection (a), for the 
     5-year period beginning on the date of enactment of this 
     section, this section shall not require a person to accept 
     cash payments in $50 bills or any larger bill.
       ``(2) Rulemaking.--
       ``(A) In general.--The Secretary of the Treasury, in this 
     section referred to as the Secretary, shall issue a rule on 
     the date that is 5 years after the date of the enactment of 
     this section with respect to any bills a person is not 
     required to accept.
       ``(B) Requirement.--When issuing a rule under subparagraph 
     (A), the Secretary shall require persons to accept $1, $5, 
     $10, $20, and $50 bills.
       ``(d) Enforcement.--
       ``(1) Preventative relief.--Whenever any person has 
     engaged, or there are reasonable grounds to believe that any 
     person is about to engage, in any act or practice prohibited 
     by this section, a civil action for preventive relief, 
     including an application for a permanent or temporary 
     injunction, restraining order, or other order may be brought 
     against such person.
       ``(2) Civil penalties.--Any person who violates this 
     section shall--
       ``(A) be liable for actual damages;
       ``(B) be fined not more than $2,500 for a first offense; 
     and
       ``(C) be fined not more than $5,000 for a second or 
     subsequent offense.
       ``(3) Jurisdiction.--An action under this section may be 
     brought in any United States district court, or in any other 
     court of competent jurisdiction.
       ``(4) Intervention of attorney general.--Upon timely 
     application, a court may, in its discretion, permit the 
     Attorney General to intervene in a civil action brought under 
     this subsection, if the Attorney General certifies that the 
     action is of general public importance.
       ``(5) Authority to appoint court-paid attorney.--Upon 
     application by an individual and in such circumstances as the 
     court may determine just, the court may appoint an attorney 
     for such individual and may authorize the commencement of a 
     civil action under this subsection without the payment of 
     fees, costs, or security.
       ``(6) Attorney's fees.--In any action commenced pursuant to 
     this section, the court, in its discretion, may allow the 
     prevailing party, other than the United States, a reasonable 
     attorney's fee as part of the costs, and the United States 
     shall be liable for costs the same as a private person.
       ``(7) Requirements in certain states and local areas.--In 
     the case of an alleged act or practice prohibited by this 
     section which occurs in a State, or political subdivision of 
     a State, which has a State or local law prohibiting such act 
     or practice and establishing or authorizing a State or local 
     authority to grant or seek relief from such act or practice 
     or to institute criminal proceedings with respect thereto 
     upon receiving notice thereof, no civil action may be brought 
     hereunder before the expiration of 30 days after written 
     notice of such alleged act or practice has been given to the 
     appropriate State or local authority by registered mail or in 
     person, provided that the court may stay proceedings in such 
     civil action pending the termination of State or local 
     enforcement proceedings.
       ``(e) Greater Protection Under State Law.--This section 
     shall not preempt any law of a State, the District of 
     Columbia, a Tribal government, or a territory of the United 
     States if the protections that such law affords to consumers 
     are greater than the protections provided under this section.
       ``(f) Rulemaking.--The Secretary shall issue such rules as 
     the Secretary determines are necessary to implement this 
     section, which may prescribe additional exceptions to the 
     application of the requirements described in subsection 
     (a).''.
       (b) Clerical Amendment.--The table of contents for chapter 
     51 of title 31, United States Code, is amended by inserting 
     after the item relating to section 5103 the following:

``5104. Retail businesses prohibited from refusing cash payments.''.
       (c) Rule of Construction.--The amendments made by this 
     section may not be construed to have any effect on section 
     5103 of title 31, United States Code.

  The SPEAKER pro tempore. Pursuant to House Resolution 1170, the 
gentleman from New Jersey (Mr. Payne) and a Member opposed each will 
control 5 minutes.
  The Chair recognizes the gentleman from New Jersey.
  Mr. PAYNE. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, I rise today to encourage everyone to support adding our 
bipartisan amendment, the text of the bipartisan Payment Choice Act, to 
the bill.
  Recently, the bill passed the Financial Services Committee on a 
bipartisan vote. I thank Chairwoman Waters for her work in helping to 
advance my legislation. I thank the gentlewoman from Texas (Ms. Garcia) 
and the gentleman from New Jersey (Mr. Smith) for their leadership and 
support of it.
  The Payment Choice Act guarantees that every consumer has the choice 
to pay cash for goods and services. Right now, there is an attack on 
American currency. Companies are trying to ban cash in their stores, 
but cash is simple, common, and anonymous. And it is the necessary form 
of payment for 55 million Americans. That is right, 55 million 
Americans in this country.
  The bill does not prohibit digital or other payments. Instead, it 
protects cash as a payment in this Nation, as it has been throughout 
our history. It protects Americans from being rejected from stores 
because they can only pay in cash.
  Several cities and States have enacted their own laws to protect the 
right to pay cash already. This bill would provide a single law to 
protect cash nationwide. More important, the bill would protect the 
privacy of Americans. There is no data collection with cash 
transactions. Cash is a private transaction.
  Customers should have the right to refuse to hand over their personal 
information for a simple purchase. It is not a partisan issue because 
Democrats and Republicans support this bill. Therefore, it is an 
American issue to protect American currency. I encourage all Members to 
support my amendment.
  Mr. Speaker, I reserve the balance of my time.
  Mr. McHENRY. Mr. Speaker, I claim the time in opposition to this 
amendment.
  The SPEAKER pro tempore. The gentleman from North Carolina is 
recognized for 5 minutes.
  Mr. McHENRY. Mr. Speaker, this amendment is a solution in search of a 
problem and provides a pathway for frivolous lawsuits in Federal court. 
Cash continues to be an important form of payment in many communities 
across America. However, businesses that have a substantial number of 
customers who wish to transact in cash already accept cash.
  The amendment's requirements will impact small business owners in 
particular, who will be required to accept cash payment whether or not 
it makes economic or business sense.
  Additionally, this amendment would give preferential treatment to 
ancillary service providers that may be facing a downturn in demand for 
services due to an increasing electronic payment usage desire among 
consumers.
  Let's look at the bill. Let me try to explain it. The bill would 
prohibit retail businesses from refusing cash payments below $2,000. It 
would prohibit the retail business from charging a higher price to any 
customer who pays by cash than is customarily going to be charged for 
using other forms of payment. It provides a private right of action--
that means that they can sue--in Federal court for consumers who are 
aggrieved.
  The amendment provides exceptions to these prohibitions, including if 
the business provides a mechanism to convert cash to prepaid cards.
  This is really the desire to force basically ATMs into retail 
establishments. That is the construct of the bill. So imagine you are a 
small business, and now under Federal law, you are required to take a 
$2,000 cash payment. That seems onerous. Imagine you are a small 
businessperson who is now going to be faced potentially with lawsuits 
in Federal court for a failure to provide an ATM machine in your 
establishment. This seems quite onerous.
  We can get into the question of the soundness of a fully digitized 
world. There is a serious debate to be had here, and there is an 
economic inclusion debate that is necessary for us to have. In a world 
of digital payments, not everyone is digital, so we have to make sure 
that we get to those key issues.
  But this bill is rather convoluted, and it provides a number of 
requirements for businesses that are not in keeping with trying to get 
at the question of cash acceptance. I think we should have some serious 
discussions about cash acceptance, especially for our communities 
across America that are not online and don't have credit cards or 
prepaid cards in their pocket.
  I think there are things we can still work on in this space. 
Unfortunately, this bill is too convoluted with too many mechanisms 
that would provide too many opportunities for new lawsuits, so I oppose 
it. I think it is important that we oppose this amendment, as I did in 
committee.
  Mr. Speaker, I reserve the balance of my time.

[[Page H5586]]

  

  Mr. PAYNE. Mr. Speaker, I really appreciate the gentleman's wonderful 
summary of my bill up until the point where he raised the issue around 
preferential businesses, such as ATMs. There is no preferential 
treatment for any industry in this bill. All retail transactions are 
treated the same.
  As the gentleman speaks on businesses being able to charge a higher 
price, I don't know about North Carolina, but in New Jersey, when I go 
to the gas station, there is a higher price charged for credit, not 
cash. So I think he kind of had that in reverse.
  Mr. Speaker, this is an opportunity for 55 million Americans who 
don't have banking accounts or are underbanked, to continue to be a 
part of this economy. There is a population in this country, believe it 
or not, who would rather not be in the banking system.

                              {time}  1415

  I am just trying to protect the underserved and the underbanked. I 
don't know the makeup of the gentleman's district in North Carolina, 
although I think his attire is splendid with the bowtie. But back in 
his district, I don't know if they are affluent or not. I have some of 
the poorest Americans in my district, and they are reaching out to me 
saying: What do I do?
  What happens to the grandmother who lives in a two-flight walkup and 
the store that she uses is on the first floor? Mr. Speaker, now, this 
business decides that they are not going to accept her cash anymore. 
You are asking this woman to walk another three or four blocks to find 
someone, like a pauper: ``Who will take my cash? Who will take my cash? 
Will you take my money? Will you take my cash?''
  ``No, no cash allowed here. Be gone.''
  That is what we are looking at. That is what we are trying to 
prevent.
  Mr. Speaker, I just say that we are here to fight for the 
underserved, the underbanked, and the unbanked.
  Mr. Speaker, I yield back the balance of my time.
  Mr. McHENRY. Mr. Speaker, has the gentleman's time fully expired?
  The SPEAKER pro tempore. The gentleman's time has entirely expired.
  Mr. McHENRY. Mr. Speaker, I yield myself the balance of my time.
  Mr. Speaker, I agree with the gentleman from New Jersey. I agree with 
Mr. Payne on his choice of attire. I think the fact that two of us, who 
are very well dressed--appropriately dressed, I would say--are having a 
debate and are on different sides of this issue is very unbecoming of 
the bowtie community. We stand together more closely than this.
  Mr. Speaker, I welcome my colleague--the fact that he has an 
undertaking in this arena to talk about the question of cash 
acceptance, I think, is important.
  There are a number of questions that I have raised about this bill 
that I think are important. The private right of action in Federal 
court is problematic for us on this side of the aisle. The requirement 
to have a machine on site--on page 2 of the bill, it says the retail 
facility, or whatever the facility is, that is accepting payment, they 
have to provide customers with the means on the premises to convert 
cash into a card that is either a general-use prepaid card, a gift 
card, or an access device for electronic funds transfer. So it is a 
very specific requirement to have on premises.
  Imagine the same scenario of this nice lady that lives in his 
district, Mr. Payne's district, who goes downstairs to purchase 
whatever, whether it is from a grocery store or whatever. Now, imagine 
they had an ATM that was two doors down. Under the construct of this 
bill, that wouldn't be sufficient.
  There are important things to get at here. I oppose the amendment, 
but I welcome the debate.
  Mr. Speaker, I yield back the balance of my time.
  The SPEAKER pro tempore. Pursuant to House Resolution 1170, the 
previous question is ordered on the amendment offered by the gentleman 
from New Jersey (Mr. Payne).
  The question is on the amendment offered by the gentleman from New 
Jersey (Mr. Payne).
  The question was taken; and the Speaker pro tempore announced that 
the ayes appeared to have it.
  Mr. McHENRY. Mr. Speaker, on that I demand the yeas and nays.
  The SPEAKER pro tempore. Pursuant to section 3(s) of House Resolution 
8, the yeas and nays are ordered.
  Pursuant to clause 8 of rule XX, further proceedings on this question 
are postponed.

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