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Wednesday, June 15, 2022

House Meets at...

Votes Predicted at...

10:00 a.m. Morning Hour
12:00 p.m. Legislative Business    
Fifteen "One Minutes" per side                  

First/Last Votes: 2:15 p.m. - 3:45 p.m.                



Floor Schedule and Procedure:

H.R. 2543Financial Services Racial Equity, Inclusion, and Economic Justice Act (Rep. Waters – Financial Services)

This package promotes racial and economic justice in housing, borrowing, and lending.


This bill requires the Federal Reserve to carry out monetary policy and its other duties in a manner that supports minimizing racial and ethnic disparities, which in turn lowers costs for everyone. It also requires diversity and inclusion data disclosure from federally regulated financial firms, and requires financial institutions to take steps to combat discriminatory practices against LGBTQ+ business owners. The bill establishes language access requirements for mortgage creditors and servicers; clarifies and extends anti-discrimination laws in lending to include sexual orientation and gender identity; implements reforms to support minority depository institutions, community development financial institutions, minority lending institutions, “impact banks” that predominantly lend to low-income borrowers; and promotes the creation of newly chartered depository institutions to serve communities of color.


The bill also encourages federal banking regulators to promote diversity and inclusion; requires public companies to disclose the gender, race, ethnicity, and veteran status of their board directors; codifies the Treasury’s Financial Agent Mentor-Protégé Program and Minority Bank Deposit Program; reauthorizes the CDFI Bond Guarantee Program for 4 years while reducing the minimum issuance threshold; and increases banking opportunities in underserved areas by allowing federal credit unions to  provide services in areas not served by banks. These efforts will help provide access to credit to millions of consumers, lower the start-up costs for young entrepreneurs and diverse-owned small businesses, and create jobs and boost growth for the entire economy.


Click here for bill text.


Click here for a fact sheet from the Financial Services Committee.


Click here for a section-by-section from the Financial Services Committee.

The Rule provides for one hour of general debate equally divided and controlled by the Chair and Ranking Member of the Committee on Financial Services.

The Rule makes in order 27 amendments and allows for amendments to be offered en bloc.  A full list of amendments can be found here and below:

Bowman Amendment

Requires Treasury and HUD to issue a report that examines how community development financial institutions can affirmatively further fair housing and expand wealth building opportunities in low income and minority communities through collective ownership models.

Beatty Amendment

Requires that diverse candidates be considered when there is a vacancy among the Federal Reserve Bank presidents and adjusts gendered titles of Chairman to non-gendered titles of Chair across the Federal Reserve.

Brown (OH) Amendment

Revises the Board's report on labor trends to include individuals with dependent children under the age of 18.

Bush Amendment

Includes age as demographic to be included in the study of labor trends. Requires the Fed to study the cross-sectional interaction between race, ethnicity, age, and educational attainment and how these identities interact with one another in the labor force

Cicilline Amendment

Adds additional definitions to the Equal Credit Opportunity Act and rules of construction to provide protections for sexual orientation and gender identity.

Rodney Davis Amendment

Fully repeals the small business loan data collection requirements under the Equal Credit Opportunity Act as amended by Section 1071 of the Dodd-Frank Act, which would make it harder to identify trends and discriminatory practices with respect to loans made to small businesses, including those owned by people of color, women, and LGBTQ+ individuals.

DeSaulnier Amendment #7

Requires mortgage data collection on veteran status and disability status.

DeSaulnier Amendment #8

Includes reducing the unbanked and underbanked population in the allowable uses of funds for the MDI and CDFI technology grant program

Garcia (TX) Amendment

Requires the Government Accountability Office to conduct a study to identify barriers to reducing homelessness by providing housing assistance under the Public Housing and Housing Choice Voucher programs

Gonzalez (TX) Amendment

Ensures nothing prevents community banks from opening branches in underserved areas in relation to this Title.

Houlahan Amendment #11

Amends the Young Entrepreneurs Program to give focus to young women entrepreneurs, entrepreneurs who are Black, Hispanic, Asian/Pacific Islander and Native American/Native Alaskan and from other historically underrepresented groups or first time business owners.

Houlahan Amendment #12

Requires a description of financial education and awareness programs offered to the community in the Credit Union's mandatory report

Jackson Lee Amendment

Requires a report to Congress containing the plans, activities, and actions of the Board of Governors of the Federal Reserve System to minimize and eliminate disparities across racial and ethnic groups with respect to access to financial products for the purpose of restoration, renovations, or repair following a federally-declared disaster. Federal Disaster Declarations provide homeowners with access to SBA loans to repair damaged homes that are not covered by disaster specific casualty insurance coverage for losses caused by floods, wildfires, or earth movement.

Jayapal Amendment

Revises the Board's report to include economic data disaggregated by ethnic subgroup, to the extent available.

Johnson (TX) Amendment

Amends Section 102 to ensure individuals with disabilities are included in reports to Congress made by the Federal Reserve.

Kuster Amendment

Requires a study on the effects of implementation of the program on community banks with less than 10 billion dollars in assets associated with abiding by mortgage services required by the Act.

Lawrence Amendment

Inserts language requiring various reports to include breakdowns by State (including DC and U.S. territories), Tribal areas, and, for some reports, by congressional district.

Lee (NV) Amendment

Directs the heads of Treasury and HUD to create an interagency working group focused on the housing crisis in America that would report to the Committee on Financial Services on the state of housing in the United States and make recommendations on housing affordability and supply.

Payne Amendment

Adds the text of the bipartisan Payment Choice Act, with technical edits, which protects the right to pay in cash at retail establishments for transactions under $2,000.

Pressley Amendment #20

Requires certain issuers of securities to disclose the disability status, based on voluntary self-identification, of any of their board of directors or executive officers

Pressley Amendment #21

Requires creditors to provide American Sign Language interpretation services to consumers who have indicated that language as a preference.

Pressley Amendment #22

Prohibits creditors from discriminating against credit applicants on the basis of disability status.

Scott (GA) Amendment

Includes LGBTQ as a designation in a Diversity and Advisory Group study that will identify strategies to increase gender, racial, and ethnic diversity among members of boards of directors of issuers.

Timmons Amendment

Strikes all of titles I, II, and III, subtitle B in title IV and subtitle B in title V of the bill, which would remove critical reforms with respect to: enhancing supervision and penalties for discriminatory lending; improve language access regarding mortgages for borrowers; supporting MDIs and CDFIs through capital investments, technology grants, and technical assistance; incentivizing CDFIs providing start-up capital for Millennials and young entrepreneurs; ensuring the Federal Reserve pursues its monetary policy dual mandate of price stability and maximum employment to the benefit of all individuals; promoting diversity and inclusion at financial institutions; improving transparency of lending to LGBTQ+ owned small businesses to combat discriminatory practices; and more.

Tlaib Amendment

Removes references to specific racial/ethnic groups and replaces them with a definition of "ethnic subgroup" that is designed to be all encompassing, with regards to the demographic information required to be reported for this Act.

Torres (NY) Amendment

Directs HUD to produce a report to Congress describing all efforts they have been or are going to do regarding access to affordable permanent and temporary housing for LGBTQ+ youth, elderly, and the homeless.

Williams Amendment

Codifies a provision of Regulation B that tasks lenders with considering additional data not found on a credit report in the underwriting of a mortgage at the request of a consumer, increasing mortgage access for individuals with little or no credit history.


“Not everything that is faced can be changed, but nothing can be changed until it is faced.”

 -James Baldwin

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