Federal Reserve Racial and Economic Equity Act

The Federal Reserve Racial and Economic Equity Act would expand the mission of the Federal Reserve to include a specific focus on reducing racial and ethnic economic gaps. It would require the Federal Reserve Board to consider the elimination of disparities in employment, wealth, and access to credit when making national monetary policy decisions. Additionally, the bill mandates that the Federal Reserve regularly report to Congress on current labor force trends across different demographic groups and outline the specific actions it is taking to minimize those inequities.