Amendments to H.R. 2543 – Financial Services Racial Equity, Inclusion, and Economic Justice Act
Each amendment receives up to 10 minutes of debate. Each En Bloc receives up to 20 minutes of debate.
Democratic En Bloc #1: VOTE REQUESTED
Bowman (D-NY) – Amendment No. 1 – 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 (D-OH) – Amendment No. 2 Requires that diverse candidates be considered when there is a vacancy among the Federal Reserve Bank presidents
Brown (D-OH) – Amendment No. 3 – Revises the Board’s report on labor trends to include individuals with dependent children under the age of 18
Bush (D-MO) – Amendment No. 4 – 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 (D-RI) – Amendment No. 5 – Adds additional definitions to the Equal Credit Opportunity Act and rules of construction
DeSaulnier (D-CA) – Amendment No. 7 – Requires mortgage data collection on veteran status and disability status
DeSaulnier (CA) – Amendment No. 8 – Includes reducing the unbanked and underbanked population in the allowable uses of funds for the MDI and CDFI technology grant program
Garcia (D-TX) – Amendment No. 9 – 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
Houlahan (D-PA) – Amendment No. 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 other historically underrepresented groups or first time business owners
Houlahan (D-PA) – Amendment No. 12 – Requires a description of financial education and awareness programs offered to the community in the Credit Union’s mandatory report
Jackson Lee (D-TX) – Amendment No. 13 – 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 provides 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 (D-WA) – Amendment No. 14 – Revises the Board’s report to include economic data disaggregated by ethnic subgroup, to the extent available
Johnson (D-TX) – Amendment No. 15 – Amends Section 102 to ensure individuals with disabilities are included In reports to Congress made by the Federal Reserve
Kuster (D-NH) – Amendment No. 16 – Requires a study to be done on the implementation of the program in community banks with less than 10 billion dollars in assets associated with abiding by mortgage services required by the Act
Lawrence (D-MI) – Amendment No. 17 – 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 (D-NV) – Amendment No. 18 – Directs the heads of Treasury and HUD to create an interagency working group focused on the housing crisis in America to report to the Committee on Financial Services on the state of housing in the United States and make recommendations on housing affordability and supply
Pressley (D-MA) – Amendment No. 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 (D-MA) – Amendment No. 21 – Requires creditors to provide American Sign Language interpretation services to consumers who have indicated that language as a preference
Pressley (D-MA) – Amendment No. 22 – Prohibits creditors from discriminating against credit applicants on the basis of disability status
Scott (D-GA) – Amendment No. 23 – Includes LGBTQ as a designation in Diversity and Advisory Group study that will identify strategies to increase gender, racial, and ethnic diversity among members of boards of directors of issuers
Tlaib (D-MI) – Amendment No. 25 – 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, Ritchie (D-NY) – Amendment No. 26 – 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 (D-GA) – Amendment No. 27 – 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
Republican En Bloc #2: VOTE REQUESTED
Davis, Rodney (R-IL) – Amendment No. 6 – Repeals the Small Business Loan Data Collection requirement under the Equal Credit Opportunity Act which will require effectively all Financial Institutions (FI) to collect and report demographic data to the Consumer Financial Protection Bureau on applications for credit for small businesses which would require a FI to report ethnicity and race based on visual observation and/or surname if an applicant refuses to self-report demographic data. This requirement would also mandate that an employee or officer of a FI involved in making any determination concerning the application would be prohibited from accessing an applicant’s responses, which will require additional staff at and IT infrastructure at smaller FIs
Timmons (R-SC) – Amendment No. 24 – Strikes all of titles I, II, and III, subtitle B in title IV and subtitle B in title V
Gonzalez (D-TX) – Amendment No. 10 – Ensures nothing prevents community banks from opening in underserved areas in relation to this Title – VOTE REQUESTED
Payne, Jr. (D-NJ) – Amendment No. 19 – Adds the text of the bipartisan Payment Choice Act, which protects the right to pay in cash at all retail establishments for transactions under $2,000 – VOTE REQUESTED