Federal Reserve Racial and Economic Equity Act

S 2257, the Federal Reserve Racial and Economic Equity Act, requires the Federal Reserve to actively work toward eliminating racial and economic disparities in its operations. The bill mandates that the Federal Reserve consider racial equity when conducting monetary policy, regulating financial institutions, and enforcing fair lending laws. It also requires the Federal Reserve to annually report to Congress with detailed data on disparities in employment, income, and wealth across racial, ethnic, and gender groups. This bill directly affects the Federal Reserve's duties and reporting obligations under the Federal Reserve Act.