,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #fhia  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,may #ae1 #bjbj,mrs4  
,beatty introduc$ ! foll[+ bill2 :i* 0  
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to am5d ! ,f$]al  
,res]ve ,act to require ! ,bo>d (       
,gov]nors ( ! ,f$]al ,res]ve ,sy/em to  
e/abli% goals = ! use ( div]se inve/m5t 
advis]s1 brok]s1 & deal]s 9 inve/m5t    
managem5t agreem5ts relat$ to ! ,bo>d ( 
,gov]nor's unusual & exig5t circum/ances
 au?ority1 & = o!r purposes4  #a4       
,requirem5ts = inve/m5t managem5t       
agreem5ts ,section #ac7c7 ( ! ,f$]al    
,res]ve ,act 7#ab ,u4,s4,c4 #cdg;d7#c77 
is am5d$ by add+ at ! end ! foll[+3     
7,f7 ,requirem5ts = inve/m5t managem5t  
agreem5ts  7i7 ,9 g5]al ,) respect to   
any inve/m5t managem5t agreem5t ent]$   
into by ! ,bo>d ( ,gov]nors ( ! ,f$]al  
,res]ve ,sy/em ) respect to any program 
or facility e/abli%$ "u ?is p>agraph1 ! 
,bo>d ( ,gov]nors %all set goals 9 su*  
agreem5t t require inve/m5t manag]s1 to 

! maximum ext5t possible1 to utilize--  
7,i7 inve/m5t advis]s & sub-advis]s t   
are div]se individual-own$ & controll$  
firms z int]m$i>ies2 &  7,,ii7 brok]s & 
deal]s t are div]se individual-own$ &   
controll$ firms4  7ii7 ,report ,! ,bo>d 
( ,gov]nors %all include1 9 ! report    
requir$ "u subp>agraph 7,c71 a          
description ( goals set pursuant to     
clause 7i74  7iii7 ,def9itions ,= !     
purposes ( ?is subp>agraph3 7,i7        
,affiliat$ p]son ,! t]m affiliat$ p]son 
has ! mean+ giv5 t t]m "u section #b7;a7
 ( ! ,inve/m5t ,company ,act ( #aidj4   
7,,ii7 ,brok] ,! t]m brok] has ! mean+  
giv5 t t]m "u section #c ( ! ,securities
 ,ex*ange ,act ( #aicd4  7,,iii7 ,deal] 
,! t]m deal] has ! mean+ giv5 t t]m "u  
section #c ( ! ,securities ,ex*ange ,act
 ( #aicd4  7,,iv7 ,div]se               
individual-own$ & controll$ firm ,! t]m 
div]se individual-own$ & controll$ firm 
means a firm-- 7aa7 :i* is at lea/ #ea  
p]c5t own$ by "o or m individuals :o are
 wom51 m9orities1 or vet]ans2 or  7bb7  

^: managem5t & daily bus9ess op]ations  
are-- 7,,aa7 9 ! case ( a firm ! %>es ( 
:i* are trad$ on a national securities  
ex*ange1 controll$ by a bo>d ) a        
majority ( memb]s :o are wom51          
m9orities1 or vet]ans2 & 7,,bb7 9 ! case
 ( any o!r firm1 at lea/ #ea p]c5t      
controll$ by "o or m individuals :o are 
wom51 m9orities1 or vet]ans4  7,v7      
,inve/m5t advis] ,! t]m inve/m5t advis] 
has ! mean+ giv5 ! t]m 9 section        
#bjb7;a77#aa7 ( ! ,inve/m5t ,advis]s    
,act ( #aidj4  7,,vi7 ,m9ority ,! t]m   
m9ority has ! mean+ giv5 ! t]m 9 section
 #cjh7;b7 ( ! ,f9ancial ,in/itutions    
,re=m1 ,recov]y1 & ,en=cem5t ,act (     
#aihi & also includes any indig5\s p]son
 9 ! ,unit$ ,/ates or its t]ritories4   
7,,vii7 ,vet]an ,! t]m vet]an has !     
mean+ giv5 ! t]m 9 section #aja ( title 
#ch1 ,unit$ ,/ates ,code4  4