Emergency Lending Diversity Act of 2024

The Emergency Lending Diversity Act of 2024 requires the Federal Reserve to set diversity goals in its investment management agreements for lending programs. Specifically, it mandates that the Fed’s investment managers prioritize using firms owned or controlled by women, minorities, or veterans - defined as at least 51% owned by these groups or having majority leadership from them - as advisers, sub-advisors, brokers, and dealers. This applies to all investment management agreements under Federal Reserve lending programs. The bill aims to increase participation of diverse-owned firms in federal lending initiatives without changing existing lending terms or beneficiary eligibility.