,i  #aae? ,,congress  #b;d ,session  ,h4
 ,r4 #gjie  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,octob] #bf1 #bjah,mr4
 ,khanna 7= himself1 ,mr4 ,ha/+s1 ,ms4  
,cl>ke ( ,new ,york1 ,ms4 ,wilson (     
,florida1 ,mr4 ,pocan1 ,ms4 ,norton1    
,mr4 ,ellison1 ,mr4 ,payne1 & ,ms4      
,s*ak[sky7 introduc$ ! foll[+ bill2 :i* 
0 ref]r$ to ! ,committee on ,f9ancial   
,s]vices  ,a ,,bill  ,to am5d ! ,f$]al  
,res]ve ,act to modify ! goals ( ! ,bo>d
 ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 
to elim9ate class ,a & ,b directors f ! 
bo>d ( directors ( ea* ,f$]al res]ve    
bank1 & to e/abli% c]ta9 report+        
requirem5ts = ! ,bo>d ( ,gov]nors1 & =  
o!r purposes4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,coretta ,scott ,k+    
,full ,employm5t ,f$]al ,res]ve ,act (  
#bjah4  #b4 ,modification ( ! goals ( ! 
,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    
,sy/em & ! ,f$]al ,op5 ,m>ket ,committee
 ,section #b;,a ( ! ,f$]al ,res]ve ,act 
7#ab ,u4,s4,c4 #bbe;a7 is am5d$--  7#a7 
by /rik+ ,! ,bo>d ( ,gov]nors & ins]t+  

7a7 ,9 g5]al4--,! ,bo>d ( ,gov]nors     
%all2  7#b7 by /rik+ /able prices &     
ins]t+ a /able rate ( inflation2 &  7#c7
 by ins]t+ at ! end ! foll[+3  7b7      
,g5]al policy3 ,congressional review ,9 
?is section1 ! t]m maximum employm5t    
means a labor m>ket 9 ! ,unit$ ,/ates 9 
:i*--  7#a7 job seek]s c f9d "w2  7#b7  
involunt>y "p-"t "w is at a m9imum2     
7#c7 m$ian wages are ris+ ) work]       
productivity2 &  7#d7 disp>ities 9 rates
 ( unemploym5t & pay betwe5 & among     
racial1 g5d]1 urban1 rural1 & o!r       
demographic gr\ps h rea*$ _! l[e/       
practicable level4  4  #c4 ,promot+ a   
div]se1 repres5tative ,f$]al ,res]ve    
,section #d ( ! ,f$]al ,res]ve ,act 7#ch
 ,/at4 #bea7 is am5d$-- 7#a7 9 !        
provision designat$ ,fif? ( ! f\r?      
undesignat$ p>agraph1 by ins]t+ aft]    
employees4 ! foll[+3 ,9 mak+ ! appo9tm5t
 ( a presid5t1 ! bank %all int]view at  
lea/ "o individual reflective ( g5d]    
div]sity1 "o individual reflective (    
racial or e?nic div]sity1 & "o          

individual :o has exp]i5ce 9 s*ol>%ip or
 advocacy on behalf ( ! int]e/s (       
consum]s1 labor1 or o!r sectors (       
society ^: int]e/s are di/9ct f ^? ( !  
bank+ & f9ancial s]vices sector4 ,n lat]
 ?an ,janu>y #a ( ea* ye>1 ! bank %all  
submit a report describ+ ! applicant    
pool demographics = ! proce$+ fiscal ye>
 to ! ,committee on ,f9ancial ,s]vices (
 ! ,h\se ( ,repres5tatives1 ! ,committee
 on ,bank+1 ,h\s+1 & ,urban ,affairs ( !
 ,s5ate1 & ! ,(fice ( ! ,inspector      
,g5]al = ! ,bo>d ( ,gov]nors ( ! ,f$]al 
,res]ve ,sy/em & ! ,consum] ,f9ancial   
,protection ,bureau42  7#b7 9 ! n9?     
undesignat$ p>agraph1 by /rik+ 1 &      
divid$ into ?ree classes1 designat$ z   
classes ,a1 ,b1 & ,c2  7#c7 by /rik+ !  
t5?1 elev5?1 f\rte5?1 sixte5?1 sev5te5?1
 & eighte5? undesignat$ p>agraphs2  7#d7
 9 ! twelf? undesignat$ p>agraph-- 7,a7 
by /rik+ ,class ,c %all consi/ ( ?ree   
memb]s :o %all be designat$ by ! ,bo>d (
 ,gov]nors ( ! ,f$]al ,res]ve ,sy/em4 & 
ins]t+ ,memb]s ( ! bo>d ( directors %all

 be designat$ by ! ,bo>d ( ,gov]nors ( !
 ,f$]al ,res]ve ,sy/em42 &  7,b7 by     
/rik+ class ,c2  7#e7 9 ! fifte5?       
undesignat$ p>agraph1 by /rik+ ( class  
,c2  7#f7 9 ! tw5tie? undesignat$       
p>agraph-- 7,a7 by /rik+ ,class ,c      
directors & ins]t+ ,directors2  7,b7 by 
/rik+ ( class ,c2 &  7,c7 by /rik+ !    
?ird class ,c director & ins]t+ ano!r   
director ( ! ,bo>d1 designat$ by ! ,bo>d
 ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em12
 &  7#g7 9 ! tw5ty-f\r? undesignat$     
p>agraph-- 7,a7 by /rik+ ( classes ,a1  
,b & ,c1 respectively12  7,b7 by /rik+  
"o ! fir/ place x appe>s & ins]t+ ?ree2 
7,c7 by /rik+ ( ea* class ^: t]m !      
second place x appe>s & ins]t+ ^: t]ms2 
7,d7 by /rik+ "o ^: t]m ! fir/ place x  
appe>s & ins]t+ ?ree ^: t]ms2  7,e7 by  
/rik+ "o ^: t]m ! second place x appe>s 
& ins]t+ ?ree ^: t]ms2 &  7,f7 by /rik+ 
9 ! sev]al classes ( & ins]t+ on ! bo>d 
(4  #d4 ,/udies ,section #b;,b7b7 ( !   
,f$]al ,res]ve ,act 7#ab ,u4,s4,c4      
#bbe;b7b77 is am5d$--  7#a7 by /rik+ ,! 

,bo>d %all & ins]t+ 7#a7 ,9 g5]al4--,!  
,bo>d %all2 &  7#b7 by ins]t+ at ! end !
 foll[+3  7#b7 ,inflation & employm5t   
figures ,9 ea* report requir$ "u        
p>agraph 7#a71 ! ,bo>d %all include--   
7,a7 ! results ( a /udy ( ! pa/ e/imates
 ( ! ,bo>d on long]-run unemploym5t     
rates1 includ+--  7i7 an assessm5t ( !  
accuracy ( su* e/imates2  7ii7 an       
assessm5t ( ! effect ( su* e/imates on  
decisions ( ! ,bo>d2 &  7iii7           
recomm5dations ( ! ,bo>d to improve !   
accuracy ( su* e/imates2  7,b7 a /udy ( 
! inflation t>get1 includ+--  7i7       
in=mation on ea* measurem5t ( inflation 
us$ to calculate su* t>get2  7ii7       
in=mation on ea* p]iod dur+ :i* ! ,bo>d 
det]m9es t any su* measurem5t is above  
or bel[ su* t>get2 &  7iii7 a summ>y ( !
 argum5ts = & aga9/ sett+ ! inflation   
t>get at #b p]c5t inflation2  7,c7 an   
e/imate ( ! impact t ! project$ pa?way =
 ! ,f$]al funds rate is likely to h on  
labor m>ket conditions & on a v>iety (  
demographic gr\ps1 includ+ demographic  

gr\ps t exp]i5ce unemploym5t rates above
 ! national rate2  7,d7 an assessm5t (  
:e!r alt]native monet>y policy approa*es
 w\ld affect su* conditions & on su*    
gr\ps2 &  7,e7 a description ( !        
confid5ce int]val on ea* projection t ! 
,f$]al ,res]ve ,sy/em1 or any p>ticipant
 9 ! ,f$]al ,op5 ,m>ket ,committee1     
provides = ! long]-run rate (           
unemploym5t4  4