Coretta Scott King Full Employment Federal Reserve Act of 2024

This bill amends the Federal Reserve Act to redefine "maximum employment" as a labor market where job seekers can find work, involuntary part-time work is minimal, median wages rise with productivity, and disparities in unemployment and pay across racial, gender, and other groups are at their lowest practicable level (Section 2). It requires the Federal Reserve to appoint leaders reflecting gender diversity, racial/ethnic diversity, and consumer/labor advocacy experience, and mandates annual reports on applicant demographics to Congress (Section 3). The bill also requires the Fed to conduct new studies on inflation targets, unemployment estimates, and the demographic impact of monetary policy, including analysis of how policies affect groups with higher unemployment rates (Section 4). These changes aim to reshape the Fed’s policy focus toward equitable labor market outcomes through specific metrics and transparency measures.