,i  #aaeth ,,congress  #b;d ,session    
,h4 ,r4 #gjie  ,,in ,,the ,,house ,,of  
,,representatives  ,october #bf1        
#bjah,mr4 ,khanna 7for himself1 ,mr4    
,hastings1 ,ms4 ,clarke of ,new ,york1  
,ms4 ,wilson of ,florida1 ,mr4 ,pocan1  
,ms4 ,norton1 ,mr4 ,ellison1 ,mr4       
,payne1 and ,ms4 ,schakowsky7 introduced
 the following bill2 which was referred 
to the ,committee on ,financial         
,services  ,a ,,bill  ,to amend the     
,federal ,reserve ,act to modify the    
goals of the ,board of ,governors of the
 ,federal ,reserve ,system1 to eliminate
 class ,a and ,b directors from the     
board of directors of each ,federal     
reserve bank1 and to establish certain  
reporting requirements for the ,board of
 ,governors1 and for other purposes4    
#a4 ,short title ,this ,act may be cited
 as the ,coretta ,scott ,king ,full     
,employment ,federal ,reserve ,act of   
#bjah4  #b4 ,modification of the goals  
of the ,board of ,governors of the      
,federal ,reserve ,system and the       

,federal ,open ,market ,committee       
,section #b;,a of the ,federal ,reserve 
,act 7#ab ,u4,s4,c4 #bbe;a7 is amended--
  7#a7 by striking ,the ,board of       
,governors and inserting 7a7 ,in        
general4--,the ,board of ,governors     
shall2  7#b7 by striking stable prices  
and inserting a stable rate of          
inflation2 and  7#c7 by inserting at the
 end the following3  7b7 ,general       
policy3 ,congressional review ,in this  
section1 the term maximum employment    
means a labor market in the ,united     
,states in which--  7#a7 job seekers can
 find work2  7#b7 involuntary part-time 
work is at a minimum2  7#c7 median wages
 are rising with worker productivity2   
and  7#d7 disparities in rates of       
unemployment and pay between and among  
racial1 gender1 urban1 rural1 and other 
demographic groups have reached their   
lowest practicable level4  4  #c4       
,promoting a diverse1 representative    
,federal ,reserve ,section #d of the    
,federal ,reserve ,act 7#ch ,stat4 #bea7

 is amended-- 7#a7 in the provision     
designated ,fifth of the fourth         
undesignated paragraph1 by inserting    
after employees4 the following3 ,in     
making the appointment of a president1  
the bank shall interview at least one   
individual reflective of gender         
diversity1 one individual reflective of 
racial or ethnic diversity1 and one     
individual who has experience in        
scholarship or advocacy on behalf of the
 interests of consumers1 labor1 or other
 sectors of society whose interests are 
distinct from those of the banking and  
financial services sector4 ,not later   
than ,january #a of each year1 the bank 
shall submit a report describing the    
applicant pool demographics for the     
proceeding fiscal year to the ,committee
 on ,financial ,services of the ,house  
of ,representatives1 the ,committee on  
,banking1 ,housing1 and ,urban ,affairs 
of the ,senate1 and the ,office of the  
,inspector ,general for the ,board of   
,governors of the ,federal ,reserve     

,system and the ,consumer ,financial    
,protection ,bureau42  7#b7 in the ninth
 undesignated paragraph1 by striking 1  
and divided into three classes1         
designated as classes ,a1 ,b1 and ,c2   
7#c7 by striking the tenth1 eleventh1   
fourteenth1 sixteenth1 seventeenth1 and 
eighteenth undesignated paragraphs2     
7#d7 in the twelfth undesignated        
paragraph-- 7,a7 by striking ,class ,c  
shall consist of three members who shall
 be designated by the ,board of         
,governors of the ,federal ,reserve     
,system4 and inserting ,members of the  
board of directors shall be designated  
by the ,board of ,governors of the      
,federal ,reserve ,system42 and  7,b7 by
 striking class ,c2  7#e7 in the        
fifteenth undesignated paragraph1 by    
striking of class ,c2  7#f7 in the      
twentieth undesignated paragraph-- 7,a7 
by striking ,class ,c directors and     
inserting ,directors2  7,b7 by striking 
of class ,c2 and  7,c7 by striking the  
third class ,c director and inserting   

another director of the ,board1         
designated by the ,board of ,governors  
of the ,federal ,reserve ,system12 and  
7#g7 in the twenty-fourth undesignated  
paragraph-- 7,a7 by striking of classes 
,a1 ,b and ,c1 respectively12  7,b7 by  
striking one the first place it appears 
and inserting three2  7,c7 by striking  
of each class whose term the second     
place it appears and inserting whose    
terms2  7,d7 by striking one whose term 
the first place it appears and inserting
 three whose terms2  7,e7 by striking   
one whose term the second place it      
appears and inserting three whose terms2
 and  7,f7 by striking in the several   
classes of and inserting on the board   
of4  #d4 ,studies ,section #b;,b7b7 of  
the ,federal ,reserve ,act 7#ab         
,u4,s4,c4 #bbe;b7b77 is amended--  7#a7 
by striking ,the ,board shall and       
inserting 7#a7 ,in general4--,the ,board
 shall2 and  7#b7 by inserting at the   
end the following3  7#b7 ,inflation and 
employment figures ,in each report      

required under paragraph 7#a71 the      
,board shall include-- 7,a7 the results 
of a study of the past estimates of the 
,board on longer-run unemployment rates1
 including--  7i7 an assessment of the  
accuracy of such estimates2  7ii7 an    
assessment of the effect of such        
estimates on decisions of the ,board2   
and  7iii7 recommendations of the ,board
 to improve the accuracy of such        
estimates2  7,b7 a study of the         
inflation target1 including--  7i7      
information on each measurement of      
inflation used to calculate such target2
  7ii7 information on each period during
 which the ,board determines that any   
such measurement is above or below such 
target2 and  7iii7 a summary of the     
arguments for and against setting the   
inflation target at #b percent          
inflation2  7,c7 an estimate of the     
impact that the projected pathway for   
the ,federal funds rate is likely to    
have on labor market conditions and on a
 variety of demographic groups1         

including demographic groups that       
experience unemployment rates above the 
national rate2  7,d7 an assessment of   
whether alternative monetary policy     
approaches would affect such conditions 
and on such groups2 and  7,e7 a         
description of the confidence interval  
on each projection that the ,federal    
,reserve ,system1 or any participant in 
the ,federal ,open ,market ,committee1  
provides for the longer-run rate of     
unemployment4  4