Beatty Rule Gets Greenlight, Next Stop House Floor

WASHINGTON, D.C.—Yesterday, the House Financial Services Committee voted 56-2 to advance U.S. Congresswoman Joyce Beatty's (OH-03) signature piece of legislation, the Ensuring Diverse Leadership Act,H.R. 281, also known as the ‘Beatty Rule.' If enacted, the Beatty Rule would require that at least one gender diverse candidate and one racially or ethnically diverse candidate are interviewed when there is vacancy among the Federal Reserve Bank presidents.

"My bill will have far reaching effects beyond the Federal Reserve because diversity in the boardroom results in better jobs, increased wages, more affordable housing, and a stronger economy that benefits all Americans—whether that be women, African-Americans, homebuyers, millennials, seniors, rural or urban communities, and the list goes on," Beatty said. "I thank my Committee colleagues for overwhelmingly supporting this all-too important bill and look forward to working with them and other Members of Congress to create an economy that works for all of our constituents."

H.R. 281 is modeled after the National Football League's (NFL) ‘Rooney Rule,' which was instituted in 2003 to increase diversity among top positions in the League. In the 12 years before the Rule went into effect, the NFL had only six non-white head coaches. Since the Rule went into effect, the League has had 18 total head coaches of color.

The Ensuring Diverse Leadership Act is now awaiting further consideration by the entire U.S. House of Representatives and a vote on the bill will likely occur in the near future.

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