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HR10530FEDERALIN_COMMITTEE
High Impact

Coretta Scott King Full Employment Federal Reserve Act of 2024

December 19, 2024

Federal ReserveEmploymentMonetary PolicyEconomic InequalityBanking Regulation

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Where This Stands

Introduced
Committee
Floor Vote
Passed
Signed

Currently IN_COMMITTEE. The next step in the legislative lifecycle is Floor Vote.

Version history

Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.

View official text →

The Frame

What this does

The bill would shift the Federal Reserve's legal mandate from balancing 'stable prices' to maintaining 'a stable rate of inflation' while explicitly defining '' to include closing unemployment and pay gaps across racial, gender, and geographic groups.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Federal Reserve Board of Governors

The Board must adopt new policy goals, change its reporting requirements, and oversee a new appointment process for bank directors.

Federal Reserve Bank Presidents

The appointment process for these positions must now include mandatory interviews with diverse candidates and labor/consumer advocates.

Demographic groups experiencing high unemployment

The Federal Reserve is required to specifically analyze and report on how its interest rate decisions impact these groups.

What changed

Current stage: IN_COMMITTEE.

What's next

Floor Vote.

Summary

This bill changes the Federal Reserve's primary goals to prioritize full employment and requires the agency to report on how its interest rate decisions affect different demographic groups. It also removes the current three-class structure for Federal Reserve bank directors to change how those boards are appointed.

Key Facts

You don't have to trust us. Each fact below is taken straight from the official document - click any one to see the exact passage, highlighted in the original.

Why It Matters

The bill would shift the Federal Reserve's legal mandate from balancing 'stable prices' to maintaining 'a stable rate of inflation' while explicitly defining '' to include closing unemployment and pay gaps across racial, gender, and geographic groups.

Frequently Asked Questions

How does this bill change the Federal Reserve's job?
It shifts the focus from 'stable prices' to 'a stable rate of inflation' and adds a specific, multi-part definition of '' that includes reducing economic inequality.
What happens to the board of directors at Federal Reserve banks?
The bill removes the current three-class (A, B, and C) system for directors, consolidating them into a single group appointed by the Board of Governors.
Will the Federal Reserve have to report more information?
Yes, the bill requires new annual reports on bank leadership diversity and detailed studies on how interest rate policies affect different demographic groups.

News Coverage

No news coverage found yet. Articles are indexed twice daily.

Sponsors

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Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift100% confidence

Redefining Monetary Policy Goals

The bill moves the Federal Reserve away from a singular focus on price stability toward a multi-dimensional mandate that includes social and demographic equity metrics.

Federal Reserve

Connected Entities

personTlaib, Ms.“Co-sponsor of the bill in the House of Representatives.”Map →
person Khanna, Mr.“Lead sponsor of the bill in the House of Representatives.”Map →
organizationOffice of the Inspector General“The investigative arm of the Federal Reserve System.”Map →
organizationCommittee on Banking, Housing, and Urban Affairs“The committee in the Senate responsible for reviewing the bill.”Map →
organizationConsumer Financial Protection Bureau“Agency created to protect consumers in the financial system.”Map →
personJackson of Illinois, Mr.“Co-sponsor of the bill in the House of Representatives.”Map →
organizationBoard of Governors of the Federal Reserve System“The governing body of the Federal Reserve System.”Map →
personWilson of Florida, Ms.“Co-sponsor of the bill in the House of Representatives.”Map →
bill_numberFederal Reserve Act“The primary legislation governing the Federal Reserve System.”Map →
personNorton, Ms.“Co-sponsor of the bill in the House of Representatives.”Map →
organizationCommittee on Financial Services“The committee in the House of Representatives responsible for reviewing the bill”Map →
personClarke of New York, Ms.“Co-sponsor of the bill in the House of Representatives.”Map →
personSchakowsky, Ms.“Co-sponsor of the bill in the House of Representatives.”Map →

Analysis Score

0–100
  • Significance85
    How much this matters to a regular citizen
  • Controversy75
    Intensity of disagreement among stakeholders
  • Entertainment20
    Compellingness for a non-policy-wonk reader
  • Buzz40
    Current news / social attention level

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