H.R. 2543: Federal Reserve Racial and Economic Equity Act

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H.R. 2543: Federal Reserve Racial and Economic Equity Act

117th Congress · introduced 2021-04-14 · Finance and Financial Sector · Latest: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

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Official title

Federal Reserve Racial and Economic Equity Act

Plain summary

Financial Services Racial Equity, Inclusion, and Economic Justice Act This bill address access to financial services, diversity in various financial institutions and establishments, and other related issues. Access to credit, mortgages, and banking services are expanded, including by prohibiting discrimination with respect to credit transactions on the basis of an applicant's sexual orientation, gender identity, or location based on zip code or census tract; establishing language translation requirements for residential mortgage applications; and providing funding set-asides for minority lending institutions. The bill expands the support of, and access to, minority depository institutions and community development financial institutions and establishes an impact bank designation for small institutions that predominately lend to low-income borrowers. Further, the Federal Reserve Board must carry out its duties in a manner that supports the elimination of racial and ethnic disparities in employment, income, wealth, and access to affordable credit. Additionally, the bill requires financial institutions to report information relating to diversity policies and lending practices. Retail businesses must accept cash as a form of payment for sales in amounts less than $2,000 and are prohibited from charging cash-paying customers a higher price. Finally, the bill commissions various reports and studies, including a report from the Government Accountability Office on public housing for the homeless.

Congressional Research Service summary (Passed House), quoted unchanged (nonpartisan). Read the source.

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Alternatives

Needs sources: no published alternatives yet (for example a different bill, a law instead of an amendment, or keeping current law). We only show items backed by a published source. Suggest one.

How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Waters, Maxine [D-CA-43] · 5 cosponsors

Cost estimate: CBO cost estimate: H.R. 2543, Federal Reserve Racial and Economic Equity Act (2021-05-27)

Cosponsors on this site

Jesús G. "Chuy" García (D-IL), Joyce Beatty (D-OH), Brad Sherman (D-CA), Nikema Williams (D-GA)

Sponsor's campaign money: Rep. Waters, Maxine [D-CA-43] reported raising $1.1 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

Recorded votes

• House roll call 270 (2022): On Agreeing to the Amendment, HR2543 (2022-06-15): Agreed to
• House roll call 271 (2022): On Agreeing to the Amendment, HR2543 (2022-06-15): Failed
• House roll call 272 (2022): On Agreeing to the Amendment, HR2543 (2022-06-15): Agreed to
• House roll call 273 (2022): On Agreeing to the Amendment, HR2543 (2022-06-15): Agreed to
• House roll call 274 (2022): On Motion to Recommit, HR2543 (2022-06-15): Failed
• House roll call 275 (2022): On Passage, HR2543 (2022-06-15): Passed

Sources

• Congressional Research Service summary (Passed House)
• Congress.gov
• Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-117hr2543.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/117/hr>

Record fed-us-cong117-hr2543 · catalog fed-us-congress-bills-cong117 · updated 2026-11-15 by psicol fed-bills-cong117