,i  #aafth ,,congress  #b;d ,session    
,h4 ,r4 #fhia  ,,in ,,the ,,house ,,of  
,,representatives  ,may #ae1 #bjbj,mrs4 
,beatty introduced the following bill2  
which was referred to the ,committee on 
,financial ,services  ,a ,,bill  ,to    
amend the ,federal ,reserve ,act to     
require the ,board of ,governors of the 
,federal ,reserve ,system to establish  
goals for the use of diverse investment 
advisers1 brokers1 and dealers in       
investment management agreements related
 to the ,board of ,governor's unusual   
and exigent circumstances authority1 and
 for other purposes4  #a4 ,requirements 
for investment management agreements    
,section #ac7c7 of the ,federal ,reserve
 ,act 7#ab ,u4,s4,c4 #cdg;d7#c77 is     
amended by adding at the end the        
following3  7,f7 ,requirements for      
investment management agreements  7i7   
,in general ,with respect to any        
investment management agreement entered 
into by the ,board of ,governors of the 
,federal ,reserve ,system with respect  

to any program or facility established  
under this paragraph1 the ,board of     
,governors shall set goals in such      
agreement that require investment       
managers1 to the maximum extent         
possible1 to utilize-- 7,i7 investment  
advisers and sub-advisers that are      
diverse individual-owned and controlled 
firms as intermediaries2 and  7,,ii7    
brokers and dealers that are diverse    
individual-owned and controlled firms4  
7ii7 ,report ,the ,board of ,governors  
shall include1 in the report required   
under subparagraph 7,c71 a description  
of goals set pursuant to clause 7i74    
7iii7 ,definitions ,for the purposes of 
this subparagraph3 7,i7 ,affiliated     
person ,the term affiliated person has  
the meaning given that term under       
section #b7;a7 of the ,investment       
,company ,act of #aidj4  7,,ii7 ,broker 
,the term broker has the meaning given  
that term under section #c of the       
,securities ,exchange ,act of #aicd4    
7,,iii7 ,dealer ,the term dealer has the

 meaning given that term under section  
#c of the ,securities ,exchange ,act of 
#aicd4  7,,iv7 ,diverse individual-owned
 and controlled firm ,the term diverse  
individual-owned and controlled firm    
means a firm-- 7aa7 which is at least   
#ea percent owned by one or more        
individuals who are women1 minorities1  
or veterans2 or  7bb7 whose management  
and daily business operations are--     
7,,aa7 in the case of a firm the shares 
of which are traded on a national       
securities exchange1 controlled by a    
board with a majority of members who are
 women1 minorities1 or veterans2 and    
7,,bb7 in the case of any other firm1 at
 least #ea percent controlled by one or 
more individuals who are women1         
minorities1 or veterans4  7,v7          
,investment adviser ,the term investment
 adviser has the meaning given the term 
in section #bjb7;a77#aa7 of the         
,investment ,advisers ,act of #aidj4    
7,,vi7 ,minority ,the term minority has 
the meaning given the term in section   

#cjh7;b7 of the ,financial ,institutions
 ,reform1 ,recovery1 and ,enforcement   
,act of #aihi and also includes any     
indigenous person in the ,united ,states
 or its territories4  7,,vii7 ,veteran  
,the term veteran has the meaning given 
the term in section #aja of title #ch1  
,united ,states ,code4  4