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Beatty Diversity & Inclusion Bills Pass House

June 15, 2022

Package includes two bills authored by Financial Services Diversity and Inclusion Subcommittee Chair Beatty

Washington, D.C. — Today, the U.S. House of Representatives passed H.R. 2543, the Financial Services Racial Equity, Inclusion and Economic Justice Act, a package of thirteen bills focused on promoting racial and economic justice throughout the financial services sector. The package included two bills authored by U.S. Congresswoman and Congressional Black Caucus Chair Joyce Beatty (OH-03):  H.R. 2123, the Diversity and Inclusion Data Accountability and Transparency Act, and H.R.7953, the Expanding Opportunity for MDIs Act. An additional Beatty bill, the Ensuring Diverse Leadership Act, was adopted as an amendment to the bill before its passage.

 

Beatty, who chairs the Financial Services Subcommittee on Diversity and Inclusion, praised the legislation on the House Floor ahead of its passage, emphasizing her committee’s role in creating the robust package.  “The bill before us today is very much the product of the subcommittee’s work over the past three plus years, and I am proud to say that many of its provisions were authored by subcommittee members,” said Beatty. “These policies reflect the work of the Diversity and Inclusion Subcommittee, but it is not the culmination of our efforts, only the continuation of them.”

 

If signed into law, the Diversity and Inclusion Data Accountability and Transparency Act would require diversity and inclusion data disclosure from federally regulated financial firms, while the Expanding Opportunity for MDIs Act would codify the Treasury’s Financial Agent Mentor-Protégé Program, providing Minority Depository Institutions (MDIs) and other small financial institutions with mentorship opportunities from larger institutions. The Ensuring Diverse Leadership Act would require the Federal Reserve to consider ethnically and gender-diverse candidates when filling a vacancy for any of the 12 Federal Reserve Bank presidents.

 

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