Congressional Record, House, June 15, 2022 — H.R. 2543 Federal Reserve Racial and Economic Equity Act
Summary
This House section of the Congressional Record (H5556 and H5557, June 15, 2022) opens with one-minute speeches, including tributes to Renee Van Nett of Duluth, Florida Fish and Wildlife Senior Investigator Kyle Patterson, and Eugene Talmadge Maddox, a veterinarian. Green of Texas then calls up the Federal Reserve Racial and Economic Equity Act pursuant to House Resolution 1170, and the text of the bill follows. Its short title is the Financial Services Racial Equity, Inclusion, and Economic Justice Act. Section 101 is titled Duty to minimize and eliminate racial disparities, and other titles cover Diversity Data Collection and Reporting and Access to Housing and Lending.
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“Congressional Record, House, June 15, 2022 — H.R. 2543 Federal Reserve Racial and Economic Equity Act.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/crec-crec-2022-06-15-crec-2022-06-15-pt1-pgh5556-5-93b4dd2182/
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H5556 CONGRESSIONAL RECORD — HOUSE June 15, 2022
minute and to revise and extend his re- b 1215 Mr. Speaker, 1954 was an eventful
marks.) CELEBRATING THE LIFE OF year for Gene, as he graduated from
Mr. CLINE. Mr. Speaker, I rise today Alexander Baldwin Agricultural Col-
RENEE VAN NETT
to recognize the Liberty Christian lege and married the love of his life,
Academy Bulldogs on winning the (Mr. STAUBER asked and was given Patsy Copeland. He went on to receive
VHSL baseball Class 3 State title permission to address the House for 1 his veterinary degree from the Univer-
game. minute and to revise and extend his re- sity of Georgia in 1959.
The academy was founded in 1967, marks.) Following his graduation, they
and in addition to its academic and Mr. STAUBER. Mr. Speaker, I rise moved to Thomasville, Georgia, where
biblical teachings, the school excels in today to celebrate and honor the life of he worked at Clanton Veterinary Hos-
sports. Their baseball State title this Renee Van Nett from Duluth, Min- pital. He founded his own animal hos-
year marked their second State crown, nesota, who bravely battled her diag- pital, Cairo Animal Hospital, in 1963,
as they won the 4A State title in 2017. nosis of terminal cancer and recently and served Grady and surrounding cit-
This game all came down to the sev- passed away. ies until he retired in 2004 to serve as a
enth inning at the field in Spotsyl- Renee was well-known and well-loved
Georgia State representative for Grady
vania, Virginia. Their opponent, the across the northland. She was a dedi-
and Decatur counties in 2012.
Abingdon Falcons, had taken the lead cated mother, city council member,
In 2006, he was honored by the Geor-
in the top of the seventh when Lane and active community member. Her
gia Veterinary Medical Association as
Duff of the academy walked three tragic passing has affected many,
Veterinarian of the Year. In 2015, he re-
straight batters, sending home Cole showing the countless lives she
ceived the prestigious J.T. Mercer Life-
Lambert for the go-ahead run. touched and made a difference in.
Though the loss leaves a hole in the time Achievement Award.
The Falcons scored again on a bases- An active member of his community,
loaded walk to Jack Ferguson that lives of many, the work Renee accom-
plished has left a legacy that will live Gene was the former president of the
scored Daniel Fellhauer and made it 5 American Veterinary Medical Associa-
to 3. on beyond any of us.
As the first Native American person tion, the Georgia Veterinary Medical
Yet, when the Bulldogs got their
to have been elected to the Duluth City Association, and a member of the Geor-
chance in the bottom of the seventh,
Council, Renee will always be remem- gia Cattlemen’s Association. He also
they started a rally as Logan Duff led
bered as an inspiration to her fellow served as chief veterinary medical ex-
off with a triple. Then a sac fly by Tan-
Red Lake Nation members and to the aminer under four Governors during
ner Thomas scored Duff to cut the
entire Native American community. his career.
Abingdon Falcons’ lead to 5 to 4.
Finally, Lane Duff’s two-run, walk- I am grateful for Renee sharing her A loving father and husband, an out-
off single marked a three-run Liberty compassion, dedication, and love for doorsman, a community advocate, and
Christian Academy rally that propelled Duluth and all its people. May we all a dedicated veterinarian, Gene is sure
the Bulldogs to a 6 to 5 win last Satur- continue to help carry on her legacy. to be missed.
day in the coveted VHSL Class 3 State f f
title game.
CRISIS AT OUR SOUTHERN
Congratulations to the players, FEDERAL RESERVE RACIAL AND
BORDER
coaches, and parents on a great season. ECONOMIC EQUITY ACT
f (Mr. ROSE asked and was given per-
mission to address the House for 1 Mr. GREEN of Texas. Mr. Speaker,
HONORING KYLE PATTERSON minute and to revise and extend his re- pursuant to House Resolution 1170, I
(Mr. MAST asked and was given per- marks.) call up the bill (H.R. 2543) to amend the
mission to address the House for 1 Mr. ROSE. Mr. Speaker, our Nation Federal Reserve Act to add additional
minute and to revise and extend his re- is facing a lot of problems: historic in- demographic reporting requirements,
marks.) flation, sky-high prices at the pump, to modify the goals of the Federal Re-
Mr. MAST. Mr. Speaker, I rise today and a shortage of baby formula. serve System, and for other purposes,
to honor the life of Florida Fish and But it is important not to lose sight and ask for its immediate consider-
Wildlife Senior Investigator Kyle Pat- of another crisis going on more than ation in the House.
terson. 1500 miles southwest of where we are The Clerk read the title of the bill.
Just 5 days ago on June 9, Senior In- gathered right now: 2.6 million illegal The SPEAKER pro tempore. Pursu-
vestigator Patterson was involved in a immigrants have been apprehended at ant to House Resolution 1170, in lieu of
fatal crash while on duty. our southern border since President the amendment in the nature of a sub-
Senior Investigator Patterson faith- Biden took the oath of office. stitute recommended by the Com-
fully served the people of St. Lucie There were more than 234,000 migrant mittee on Financial Services printed in
County for more than 15 years. From encounters at the border just in April. the bill, an amendment in the nature of
his first assignment at the age of 19 to That is the most for any month in his- a substitute consisting of the text of
time spent with the Agriculture Crimes tory. That is also a 1,268 percent in- Rules Committee Print 117–49, modified
Intelligence Unit and Marine Intel- crease from April of 2020. by the amendment printed in part A of
ligence Unit, he was dedicated. He was Border Patrol seized more than House Report 117–366, is adopted and
a public servant, committed to the 340,000 pounds of drugs since last Octo- the bill, as amended, is considered
safety of our homes and our commu- ber, including enough fentanyl to kill read.
nity. more than 2 billion people. The text of the bill is as follows:
Senior Investigator Patterson was Yet, this administration is still fight- H.R. 2543
passionate about baseball, steer, his ing to repeal title 42. It is past time to Be it enacted by the Senate and House of Rep-
family, and God. He dedicated his time put an end to these open border poli- resentatives of the United States of America in
to numerous organizations, including cies and put the American people first. Congress assembled,
the St. Lucie County Farm Bureau and f SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
Christ Fellowship, the church that we (a) SHORT TITLE.—This Act may be cited as
share. REMEMBERING DR. EUGENE
the ‘‘Financial Services Racial Equity, Inclu-
His memory will absolutely live on TALMADGE MADDOX
sion, and Economic Justice Act’’.
with those who knew him and loved (Mr. CARTER of Georgia asked and (b) TABLE OF CONTENTS.—The table of con-
him best: his wife, Alisha; his children, was given permission to address the tents for this Act is as follows:
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Kole and Kinsley; and his parents and House for 1 minute and to revise and Sec. 1. Short title; table of contents.
sisters. extend his remarks.) TITLE I—EQUITY IN MONETARY POLICY
Please honor the life of Special In- Mr. CARTER of Georgia. Mr. Speak- Sec. 101. Duty to minimize and eliminate racial
vestigator Patterson and salute him er, I rise today in memory of Dr. Eu- disparities.
because he gave a lifetime of service, gene Talmadge Maddox, a veterinarian Sec. 102. Appearances before and reports to the
and service did take his life. and a remarkable Georgian. Congress.
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June 15, 2022 CONGRESSIONAL RECORD — HOUSE H5557
TITLE II—DIVERSITY DATA COLLECTION Sec. 454. Task force on lending to small busi- shall include a comparison among different de-
AND REPORTING ness concerns. mographic groups, including race (White, Afri-
Subtitle A—Diversity and Inclusion Data Subtitle E—Expanding Opportunity for can-American, Latino, Native American, and
Accountability and Transparency Minority Depository Institutions Asian populations), ethnicity, gender, and edu-
Sec. 461. Establishment of Financial Agent cational attainment.’’.
Sec. 211. Disclosures by regulated entities.
Subtitle B—LGBTQ Business Equal Credit Mentor-Protégé Program. TITLE II—DIVERSITY DATA COLLECTION
Enforcement and Investment TITLE V—COMMUNITY DEVELOPMENT AND REPORTING
Sec. 221. Small business loan data collection. Subtitle A—CDFI Bond Guarantee Program Subtitle A—Diversity and Inclusion Data
Improvement Accountability and Transparency
TITLE III—ACCESS TO HOUSING AND
Sec. 511. Sense of Congress. SEC. 211. DISCLOSURES BY REGULATED ENTI-
LENDING
TIES.
Subtitle A—Improving Language Access in Sec. 512. Guarantees for bonds and notes issued
for community or economic devel- Section 342(b) of the Dodd-Frank Wall Street
Mortgage Servicing Reform and Consumer Protection Act (12 U.S.C.
opment purposes.
Sec. 311. Language access requirements and re- Sec. 513. Report on the CDFI bond guarantee 5452(b)) is amended by adding at the end the
sources. program. following:
Subtitle B—Fair Lending for All ‘‘(5) DISCLOSURES BY REGULATED ENTITIES.—
Subtitle B—Expanding Financial Access for
Sec. 321. Office of Fair Lending Testing. The Director of each Office shall require entities
Underserved Communities
Sec. 322. Prohibition on credit discrimination. with 100 employees or greater regulated by the
Sec. 521. Credit union service to underserved applicable agency to provide such information
Sec. 323. Criminal penalties for violations of the
areas. as may be required to carry out the duties of the
Equal Credit Opportunity Act. Sec. 522. Member business lending in under-
Sec. 324. Review of loan applications. Director.’’.
served areas.
Sec. 325. Mortgage data collection. Sec. 523. Underserved area defined. Subtitle B—LGBTQ Business Equal Credit
Subtitle C—Promoting and Advancing Commu- Sec. 524. Reports by the National Credit Union Enforcement and Investment
nities of Color Through Inclusive Lending Administration. SEC. 221. SMALL BUSINESS LOAN DATA COLLEC-
Sec. 331. Strengthening diverse and mission- TION.
TITLE I—EQUITY IN MONETARY POLICY
driven community financial insti- (a) IN GENERAL.—Section 704B of the Equal
SEC. 101. DUTY TO MINIMIZE AND ELIMINATE RA-
tutions. CIAL DISPARITIES. Credit Opportunity Act (15 U.S.C. 1691c–2) is
Sec. 332. Capital investments, grants, and tech- The Federal Reserve Act (12 U.S.C. 221 et seq.) amended—
nology support for MDIs and is amended by inserting after section 2B the fol- (1) by inserting ‘‘LGBTQ-owned,’’ after ‘‘mi-
CDFIs. lowing: nority-owned,’’ each place such term appears;
Sec. 333. Supporting Young Entrepreneurs Pro- (2) in subsection (e)(2)(G), by inserting ‘‘, sex-
‘‘SEC. 2C. DUTY TO MINIMIZE AND ELIMINATE RA-
gram. CIAL DISPARITIES.
ual orientation, gender identity’’ after ‘‘sex’’;
Sec. 334. Map of minority depository institu- and
‘‘The Board of Governors of the Federal Re-
tions and community development (3) in subsection (h), by adding at the end the
serve System and the Federal Open Market
financial institutions. following:
Committee shall exercise all duties and func-
Sec. 335. Report on certified community devel- ‘‘(7) LGBTQ-OWNED BUSINESS.—The term
tions in a manner that fosters the elimination of
opment financial institutions. ‘LGBTQ-owned business’ means a business—
disparities across racial and ethnic groups with
Sec. 336. Consultation and minimization of data ‘‘(A) more than 50 percent of the ownership or
respect to employment, income, wealth, and ac-
requests. control of which is held by 1 or more individuals
cess to affordable credit, including actions in
Sec. 337. Access to the discount window of the self-identifying as lesbian, gay, bisexual,
carrying out—
Federal Reserve System for MDIs transgender, or queer; and
‘‘(1) monetary policy;
and CDFIs. ‘‘(2) regulation and supervision of banks, ‘‘(B) more than 50 percent of the net profit or
Sec. 338. Study on securitization by CDFIs. thrifts, bank holding companies, savings and loss of which accrues to 1 or more individuals
TITLE IV—DIVERSITY IN FINANCIAL loan holding companies, and nonbank financial self-identifying as lesbian, gay, bisexual,
INSTITUTIONS AND CORPORATIONS companies and systemically important financial transgender, or queer.’’.
market utilities designated by the Financial Sta- (b) SENSE OF CONGRESS.—It is the sense of the
Subtitle A—Promoting New and Diverse
bility Oversight Council; Congress that the term ‘‘sex’’, as used within
Depository Institutions
‘‘(3) operation of payment systems; the Equal Credit Opportunity Act, includes an
Sec. 411. Study and strategic plan. individual’s sexual orientation and gender iden-
‘‘(4) implementation of the Community Rein-
Subtitle B—Promoting Diversity and Inclusion vestment Act of 1977; tity, and that this section, in part, clarifies that
in Banking ‘‘(5) enforcement of fair lending laws; and the sex, sexual orientation, and gender identity
Sec. 421. Diversity and inclusion ratings. ‘‘(6) community development functions.’’. of the principal owners of a business should be
SEC. 102. APPEARANCES BEFORE AND REPORTS collected under section 704B of the Equal Credit
Subtitle C—Improving Corporate Governance
TO THE CONGRESS. Opportunity Act as three separate forms of in-
Through Diversity
Section 2B of the Federal Reserve Act (12 formation.
Sec. 431. Submission of data relating to diver-
U.S.C. 225b) is amended— TITLE III—ACCESS TO HOUSING AND
sity by issuers.
Sec. 432. Diversity advisory group. (1) in subsection (a)(1)— LENDING
(A) in subparagraph (A), by striking ‘‘and’’ at Subtitle A—Improving Language Access in
Subtitle D—Ensuring Diversity in Community the end; and
Banking Mortgage Servicing
(B) by striking subparagraph (B) and insert-
SEC. 311. FINDINGS
Sec. 441. Short title. ing the following:
Sec. 442. Sense of Congress on funding the ‘‘(B) economic developments and prospects for The Congress finds the following:
loan-loss reserve fund for small the future described in the report required in (1) Housing is the largest portion of most
dollar loans. subsection (b), including a discussion of dispari- household budgets in the United States and
Sec. 443. Definitions. ties in employment, income, and wealth across therefore a foundational component of financial
Sec. 444. Inclusion of women’s banks in the def- racial and ethnic groups as well as other spe- access and opportunity.
inition of minority depository in- cific segments of the population; and (2) Due in part to a legacy of discrimination
stitution. ‘‘(C) plans, activities, and actions of the in the United States, people of color are dis-
Sec. 445. Establishment of impact bank designa- Board and the Federal Open Market Committee proportionately experiencing homelessness, are
tion. to minimize and eliminate disparities across ra- disproportionately renting, and disproportion-
Sec. 446. Minority Depositories Advisory Com- cial and ethnic groups with respect to employ- ately paying unaffordable rents, which acts as
mittees. ment, wages, wealth, and access to affordable a barrier to homeownership.
Sec. 447. Federal deposits in minority deposi- credit pursuant to section 2C.’’; and (3) Access to fair and affordable housing, both
tory institutions. (2) in subsection (b)— rental and homeownership opportunities, is crit-
Sec. 448. Minority Bank Deposit Program. (A) by striking ‘‘The Board’’ and inserting the ical to upward economic mobiity. This includes
Sec. 449. Diversity report and best practices. following: addressing language barriers in mortgage serv-
Sec. 450. Investments in minority depository in- ‘‘(1) IN GENERAL.—The Board’’; and icing to ensure borrowers have culturally sen-
stitutions and impact banks. (B) by adding at the end the following: sitive, in-language access to critical lending in-
Sec. 451. Report on covered mentor-protege pro- ‘‘(2) TREND INFORMATION.— formation, can enter into fair and sustainable
homeownership, and preserve their home equity.
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grams. ‘‘(A) IN GENERAL.—Each report required under
Sec. 452. Custodial deposit program for covered paragraph (1) shall include recent trends in the SEC. 312. LANGUAGE ACCESS REQUIREMENTS
minority depository institutions unemployment rate, labor force participation AND RESOURCES.
and impact banks. rate, employment to population ratio, median (a) IN GENERAL.—Chapter 2 of title I of the
Sec. 453. Streamlined community development household income, and change in real earnings. Truth in Lending Act (15 U.S.C. 1631 et seq.) is
financial institution applications ‘‘(B) DEMOGRAPHIC INFORMATION.—The trends amended by inserting after section 129H the fol-
and reporting. required to be reported under subparagraph (A) lowing:
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H5558 CONGRESSIONAL RECORD — HOUSE June 15, 2022
‘‘§ 129I. Language access requirements. ‘‘(ii) may provide such services through quali- ‘‘(i) any notice required under section
‘‘(a) STANDARD LANGUAGE PREFERENCE fied staff of the creditor or a third party. 1024.39(b) of title 12, Code of Federal Regula-
FORM.—Not later than 90 days after the date of ‘‘(4) NOTICE OF AVAILABLE LANGUAGE SERV- tions;
the enactment of this section, the Director of the ICES.—If a creditor receives information about a ‘‘(ii) any notice required under section 5(c);
Bureau of Consumer Financial Protection shall, language preference of a consumer through the ‘‘(iii) any notice required under section
after consulting with the Secretary of Agri- standard language preference form from another 1024.41(b)(2) of title 12, Code of Federal Regula-
culture, the Director of the Federal Housing Fi- creditor or a servicer or a borrower, such cred- tions;
nance Agency, the Secretary of Veterans Af- itor shall not later than 30 business days after ‘‘(iv) any notice required under section
fairs, and the Commissioner of the Federal receiving such information and not less than 14 1024.41(c)(2)(iii) of title 12, Code of Federal Reg-
Housing Authority, issue a rule establishing a days before any closing, notify such consumer ulations; and
standard language preference form that in- in writing, in the preferred language of the con- ‘‘(v) any other additional notice as the Direc-
cludes a standard language preference question sumer, of any language services available, in- tor of the Bureau of Consumer Financial Pro-
asked in each of the 8 languages most commonly cluding the services described in paragraphs (2) tection determines necessary.
and (3). ‘‘(B) INCLUSION OF DISCLOSURES.—A servicer
spoken by individuals with limited English pro-
‘‘(5) TRANSFER OF LANGUAGE PREFERENCE IN- may include with the standard language pref-
ficiency, as determined by the Director of the
FORMATION.—If a creditor transfers the serv- erence form a disclosure stating that documents
Bureau using information published by the Di-
icing associated with a residential mortgage and services may not be available in the pre-
rector of the Bureau of the Census.
‘‘(b) REQUIREMENTS FOR CREDITORS.— loan, such creditor shall notify the transferee ferred language of the borrower indicated by the
‘‘(1) USE OF STANDARD LANGUAGE PREFERENCE servicer at the time of transfer of any known consumer on the standard language preference
FORM BY CREDITORS.— language preference of the consumer associated form.
‘‘(A) INCLUSION IN APPLICATION.—Each cred- with such residential mortgage loan. ‘‘(C) DOCUMENTATION AND TRANSFER OF PRE-
itor shall include, as part of the application FERRED LANGUAGE INFORMATION.—If a servicer
‘‘(6) INFORMATION ON WEBSITE.—Each creditor
package used in connection with a residential shall publish on the website of the creditor— receives information about a language pref-
mortgage loan, the standard language pref- ‘‘(A) links to and explanatory information erence of a borrower through the standard lan-
erence form established by the Director of the about the websites maintained by the Secretary guage preference form from another servicer or
Bureau under subsection (a). of Housing and Urban Development and the Di- creditor or from the borrower, such servicer
‘‘(B) INCLUSION OF DISCLOSURE.—Each cred- rector of the Bureau of Consumer Financial shall document this language preference in each
itor may include with such standard language Protection that identify housing counselors ap- file or electronic file of information associated
preference form a disclosure stating that— proved by the Department of Housing and with such borrower.
‘‘(i) documents and services may not be avail- ‘‘(2) REQUIRED LANGUAGE SERVICES FOR
Urban Development; and
able in the preferred language indicated by the SERVICERS.—
‘‘(B) a link to and explanatory information
consumer on the standard language preference ‘‘(A) PROVISION OF TRANSLATED DOCUMENTS.—
about the language resources website estab-
form; and If a Federal agency, or a State or local agency
lished by the Director of the Bureau of Con-
‘‘(ii) the English version of any document to in the State or locality in which the property se-
sumer Financial Protection, the Secretary of
which such form applies is the official and oper- curing the federally related mortgage loan is to
Housing and Urban Development, the Director
ative document and the translated version is for be located has produced a translation of a docu-
of the Federal Housing Finance Agency, the
informational purposes only. ment used in asociation with the servicing of a
Secretary of Agriculture, and the Secretary of
‘‘(C) DOCUMENTATION AND TRANSFER OF PRE- federally related mortgage loan in the preferred
Veterans Affairs under section 311(e) of the Fi-
FERRED LANGUAGE INFORMATION.—If a creditor, language of a borrower as documented by the
nancial Services Racial Equity, Inclusion, and
receives information about a language pref- servicer pursuant to paragraph (1)(C), the
Economic Justice Act.
erence of a consumer through the standard lan- servicer shall—
‘‘(c) TRANSLATION OF MORTGAGE DOCU- ‘‘(i) provide such translated document in ad-
guage preference form, from another creditor or MENTS.—With respect to each document pub-
a servicer or a borrower, such creditor shall doc- dition to any English version of such document
lished by the Federal Housing Finance Agency, that is provided to such borrower; and
ument this language preference in each file and the Bureau of Consumer Financial Protection,
electronic file of information associated with ‘‘(ii) include a notice on the English and
the Department of Housing and Urban Develop- translated versions, in the preferred language of
such consumer and shall transfer such informa- ment, the Department of Veterans Affairs, and
tion and the standard language preference form the borrower, indicating that the English
the Department of Agriculture and used in asso- version is the official and operative document
to any servicer of the loan. ciation with a residential mortgage loan, includ-
‘‘(2) PROVISION OF TRANSLATED DOCUMENTS.— and the translated version is for informational
ing origination and servicing documents, the Di- purposes only.
If a Federal agency or a State or local agency
rector of the Bureau of Consumer Financial ‘‘(B) ORAL INTERPRETATION SERVICES.—
in the State or locality in which the residential
Protection and the Director of the Federal ‘‘(i) IN GENERAL.—If a servicer receives infor-
property is located has produced a translation
Housing Finance Agency shall jointly— mation about a language preference of a bor-
of a document used in association with the
‘‘(1) not later than 180 days after the date of rower through the standard language preference
origination of a residential mortgage loan in the
the enactment of this section, publish versions form, from another creditor or a servicer or from
preferred language of a consumer documented
of such documents translated into each of the 8 the borrower, such servicer shall provide oral in-
by a creditor pursuant to paragraph (1)(C), such
languages most commonly spoken by individuals terpretation to such borrower.
creditor shall—
with limited English proficiency, as determined ‘‘(ii) ORAL INTERPRETATION SERVICES.—If a
‘‘(A) provide such translated document in ad-
by the Director of the Bureau of Consumer Fi- servicer is required under subparagraph (A) to
dition to any English version of such document
nancial Protection using information published provide oral interpretation services to a bor-
that is provided to such consumer who indicated
by the Director of the Bureau of the Census; rower, such servicer—
such preferred language; and
‘‘(B) include in the English and translated and (I) shall ensure qualified oral interpretation
versions— ‘‘(2) not later than 3 years after the date of services, as defined by the Director of the Bu-
‘‘(i) a notice indicating that the English the enactment of this section, publish versions reau, are made available in the preferred lan-
version of such document is the official and op- of such documents translated into at least 4 ad- guage of the borrower for all oral communica-
erative document and the translated version is ditional languages spoken by individuals with tions between the servicer and the borrower;
for informational purposes only; limited English proficiency that are regionally and
‘‘(ii) the website established under paragraph prevalent in the United States, as determined by (II) may provide such services through quali-
(6); and the Director of the Bureau of Consumer Finan- fied staff of the borrower or a qualified third
‘‘(iii) a notice of any available oral interpreta- cial Protection using information published by party.
tion services described in paragraph (3). the Director of the Bureau of the Census. ‘‘(3) NOTICE OF AVAILABLE LANGUAGE SERV-
‘‘(3) ORAL INTERPRETATION SERVICES.— ‘‘(d) RULEMAKING.—The Director of the Bu- ICES.—If a servicer receives information about a
‘‘(A) IN GENERAL.—If a creditor receives infor- reau of Consumer Financial Protection shall, language preference of a borrower through the
mation about a language preference of a con- not later than 1 year after the date of the enact- standard language preference form from another
sumer through the standard language pref- ment of this section, issue regulations to imple- creditor or a servicer or from the borrower, such
erence form, from another creditor or a servicer ment this section that shall take effect not later servicer shall, not later than 30 business days
or a borrower, such creditor shall provide oral than 18 months after the date of the enactment after receiving such information and not less
interpretation services to such consumer. of this section.’’. than 30 days before any foreclosure sale of the
‘‘(B) CREDITOR-PROVIDED ORAL INTERPRETA- (b) REQUIREMENTS FOR SERVICERS.—Section 6 property secured by the federally related mort-
TION SERVICES.—If a creditor is required under of the Real Estate Settlement Procedures Act of gage loan of the borrower, notify such borrower
subparagraph (A) to provide oral interpretation 1974 is amended by adding at the end the fol- in writing, in the preferred language of the bor-
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to a consumer, such creditor— lowing: rower, of any language services available, in-
‘‘(i) shall ensure qualified oral interpretation ‘‘(n) LANGUAGE ACCESS REQUIREMENTS.— cluding the services required under paragraph
services, as defined by the Director of the Bu- ‘‘(1) IN GENERAL.— (2).
reau, are made available in the preferred lan- ‘‘(A) INCLUSION IN NOTICES.—Each servicer ‘‘(4) TRANSFER OF LANGUAGE PREFERENCE IN-
guage of the borrower for all oral communica- shall include the standard language preference FORMATION.—If a servicer transfers the servicing
tions between the creditor and the borrower; form established by the Director of the Bureau associated with a federally related mortgage
and under subsection (a) with— loan, such servicer shall notify the transferee
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June 15, 2022 CONGRESSIONAL RECORD — HOUSE H5559
servicer at the time of the transfer of servicing (3) a description of any progress on the imple- Truth in Lending Act and shall include any as-
of any known language preference of the bor- mentation of any legislative or regulatory rec- signee of a creditor.
rower associated with such federally related ommendation made in a previous report. (2) DIRECTOR.—The term ‘‘Director’’ means
mortgage loan. (e) LANGUAGE RESOURCE WEBSITE.— the Director of the Bureau of Consumer Finan-
‘‘(5) STANDARD LANGUAGE PREFERENCE FORM (1) IN GENERAL.—The Director of the Bureau cial Protection.
DEFINED.—The term ‘standard language pref- of Consumer Financial Protection, the Secretary (3) SECRETARY.—The term ‘‘Secretary’’ means
erence form’ means the standard language pref- of Housing and Urban Development, the Direc- the Secretary of Housing and Urban Develop-
erence form established by the Director of the tor of the Federal Housing Finance Agency, the ment.
Bureau under section 129I of the Truth in Lend- Secretary of Agriculture, and the Secretary of (4) SERVICER.—The term ‘‘servicer’’ has the
ing Act. Veterans Affairs shall jointly not later than 1 meaning given the term in section 6(i) of the
‘‘(6) INFORMATION ON WEBSITE.—Each servicer year after the date of the enactment of this sec- Real Estate Settlement Procedures Act of 1974.
shall publish on its website, in a clear and con- tion establish and maintain a website that pro- (5) RESIDENTIAL MORTGAGE LOAN.—The term
spicuous manner— vides language resources for creditors, servicers, ‘‘residential mortgage loan’’ has the meaning
‘‘(A) links to and information about the and consumers. given the term in section 103 of the Truth in
websites maintained by the Secretary of Housing (2) WEBSITE REQUIREMENTS.—The website de- Lending Act.
and Urban Development and the Director of the veloped pursuant to paragraph (1) shall in- (6) FEDERALLY RELATED MORTGAGE LOAN.—
Bureau of Consumer Financial Protection that clude— The term ‘‘federally related mortgage loan’’ has
identify housing counselors approved by the De- (A) the translations of documents published the meaning given the term in section 3 of the
partment of Housing and Urban Development; pursuant to section 129I(c) of the Truth in Real Estate Settlement Procedures Act of 1974.
and Lending Act and section 6(n)(7) of the Real Es- Subtitle B—Fair Lending for All
‘‘(B) a link to and information about the lan- tate Settlement Procedures Act of 1974;
guage resources website established by the Di- SEC. 321. OFFICE OF FAIR LENDING TESTING.
(B) a glossary of terms relating to residential
rector of the Bureau of Consumer Financial mortgage loans and federally related mortgage (a) ESTABLISHMENT.—There is established
Protection, the Secretary of Housing and Urban loans, provided in each commonly spoken lan- within the Bureau of Consumer Financial Pro-
Development, the Director of the Federal Hous- guage; tection an Office of Fair Lending Testing (here-
ing Finance Agency, the Secretary of Agri- (C) guidance for creditors and servicers work- inafter referred to as the ‘‘Office’’).
culture, and the Secretary of Veterans Affairs ing with persons who have a preferred language (b) DIRECTOR.—The head of the Office shall
under section 311(e) of the Financial Services that is not English; and be a Director, who shall—
Racial Equity, Inclusion, and Economic Justice (D) examples of notices that may be used by (1) be appointed to a 5-year term by, and re-
Act. creditors and servicers to inform persons of port to, the Director of the Bureau of Consumer
‘‘(7) TRANSLATION OF MORTGAGE DOCU- available language services, provided in accord- Financial Protection;
MENTS.—With respect to each document pub- ance with section 6(n)(2) of the Real Estate Set- (2) appoint and fix the compensation of such
lished by the Federal Housing Finance Agency tlement Procedures Act of 1974 and section 129I employees as are necessary to carry out the du-
and the Bureau of Consumer Financial Protec- of the Truth in Lending Act. ties of the Office under this section; and
tion, and used in association with a federally (f) ADVISORY GROUP.— (3) provide an estimated annual budget to the
related mortgage loan, including origination (1) IN GENERAL.—The Director of the Bureau Director of the Bureau of Consumer Financial
and servicing documents, the Director of the of Consumer Financial Protection shall estab- Protection.
Bureau of Consumer Financial Protection and lish an advisory group consisting of stake- (c) CIVIL SERVICE POSITION.—The position of
the Director of the Federal Housing Finance holders, including industry groups, consumer the Director shall be a career position within the
Agency shall, jointly— groups, civil rights groups, and groups that civil service.
‘‘(A) not later than 180 days after the date of have experience improving language access in (d) TESTING.—
the enactment of this section, publish versions housing finance transactions, to provide advice (1) IN GENERAL.—The Office, in consultation
of such documents translated into each of the 8 to the Director about— with the Attorney General and the Secretary of
languages most commonly spoken by individuals (A) issues that arise relating to mortgage Housing and Urban Development, shall conduct
with limited English proficiency, as determined origination and servicing processes for persons testing of compliance with the Equal Credit Op-
by the Director of the Bureau of Consumer Fi- with a preferred language that is not English; portunity Act by creditors, through the use of
nancial Protection using information published (B) the development of the standard language individuals who, without any bona fide intent
by the Director of the Bureau of the Census; preference form by the Director under section to receive a loan, pose as prospective borrowers
and 129I(a) of the Truth in Lending Act; and for the purpose of gathering information.
‘‘(B) not later than 3 years after the date of (C) updates to the language resource website (2) REFERRAL OF VIOLATIONS.—If, in carrying
the enactment of this section, publish versions established by the Director, the Secretary of out the testing described under paragraph (1),
of such documents translated into at least 4 ad- Housing and Urban Development, the Director the Office believes a person has violated the
ditional languages spoken by individuals with of the Federal Housing Finance Agency, the Equal Credit Opportunity Act, the Office shall
limited English proficiency that are regionally Secretary of Agriculture, and the Secretary of refer such violation in writing to the Attorney
prevalent in the United States, as determined by Veterans Affairs under subsection (e). General for appropriate action.
the Director of the Bureau of Consumer Finan- (2) REQUIRED CONSULTING.—The Director of (e) REPORT TO CONGRESS.—Section 707 of the
cial Protection using information published by the Bureau of Consumer Financial Protection Equal Credit Opportunity Act (15 U.S.C. 1691f)
the Director of the Bureau of the Census.’’. shall consult with the advisory group estab- is amended by adding at the end the following:
‘‘(8) RULEMAKING.—The Director of the Bu- lished pursuant to paragraph (1) with respect to ‘‘In addition, each report of the Bureau shall
reau of Consumer Financial Protection shall any issues that arise relating to mortgage origi- include an analysis of the testing carried out
issue regulations to implement this subsection. A nation and servicing processes for persons with pursuant to section 321 of the Financial Services
final rule shall be issued by the Director not a preferred language that is not English. Racial Equity, Inclusion, and Economic Justice
later than 12 months after the date of enactment (g) HOUSING COUNSELING AGENCY LANGUAGE Act, and each report of the Bureau and the At-
of this subsection, and the effective date shall be RESOURCES.— torney General shall include a summary of
not later than 18 months after the date of enact- (1) ENHANCED SEARCH CAPABILITIES.—Not later criminal enforcement actions taken under sec-
ment of this subsection.’’. than 1 year after the date of the enactment of tion 706A.’’.
(c) CLERICAL AMENDMENT.—The table of sec- this section— SEC. 322. PROHIBITION ON CREDIT DISCRIMINA-
tions in chapter 2 of the Truth in Lending Act (A) the Secretary shall update the website TION.
(15 U.S.C. 1631 et seq) is amended by inserting maintained by the Secretary that identifies (a) IN GENERAL.—Subsection (a) of section 701
after the item relating to section 129H the fol- housing counselors approved by the Department of the Equal Credit Opportunity Act (15 U.S.C.
lowing: of Housing and Urban Development, to allow 1691) is amended to read as follows:
‘‘129I. Preferred language requirements.’’. for searching for housing counseling agencies ‘‘(a) It shall be unlawful to discriminate
(d) REPORT.—Not later than 1 year after the based on provided language services; and against any person, with respect to any aspect
date of the enactment of this section, and each (B) the Director shall update the website of a credit transaction—
year thereafter, the Director of the Bureau of maintained by the Director that identifies hous- ‘‘(1) on the basis of race, color, religion, na-
Consumer Financial Protection, the Secretary of ing counselors approved by the Secretary to tional origin, sex (including sexual orientation
Housing and Urban Development, the Director allow for searching for housing counseling and gender identity), marital status, or age
of the Federal Housing Finance Agency, the agencies based on provided language services. (provided the applicant has the capacity to con-
Secretary of Agriculture, and the Secretary of (2) AUTHORIZATION OF APPROPRIATIONS.— tract);
Veterans Affairs shall submit a report to the There is authorized to be appropriated to the ‘‘(2) on the basis of the person’s zip code, or
Congress that contains— Secretary of Housing and Urban Development, census tract;
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(1) regulatory recommendations to enhance such sums as are necessary to support language ‘‘(3) because all or part of the person’s income
mortgage origination and servicing processes for training for housing counselors, housing coun- derives from any public assistance program; or
persons with a preferred language that is not seling agencies, and staff that are approved by ‘‘(4) because the person has in good faith ex-
English; the Secretary. ercised any right under the Consumer Credit
(2) a description of any legislative changes (h) DEFINITIONS.—In this section: Protection Act.’’.
needed to provide authority necessary to imple- (1) CREDITOR.—The term ‘‘creditor’’ has the (b) REMOVAL OF CERTAIN REFERENCES TO
ment the regulatory recommendations; and meaning given the term in section 103 of the CREDITORS AND APPLICANTS AND DEFINITION
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H5560 CONGRESSIONAL RECORD — HOUSE June 15, 2022
ADDED.—The Equal Credit Opportunity Act (15 et seq.) is amended by adding at the end the fol- (c) REPORTING ON MINORITY LENDING INSTITU-
U.S.C. 1691 et seq.) is amended— lowing: TIONS.—Section 117 of the Riegle Community De-
(1) in section 701(b)— ‘‘SEC. 1038. REVIEW OF LOAN APPLICATIONS. velopment and Regulatory Improvement Act of
(A) by striking ‘‘applicant’’ each place such ‘‘(a) IN GENERAL.—The Bureau shall carry 1994 (12 U.S.C. 4716) is amended by adding at
term appears and inserting ‘‘person’’; and out reviews of loan applications and the process the end the following:
(B) in paragraph (2), by striking ‘‘appli- of taking loan applications being used by cov- ‘‘(g) REPORTING ON MINORITY LENDING INSTI-
cant’s’’ each place such term appears and in- ered persons to ensure such applications and TUTIONS.—Each report required under sub-
serting ‘‘person’s’’; processes do not violate the Equal Credit Oppor- section (a) shall include a description of the ex-
(2) in section 702— tunity Act or any other Federal consumer finan- tent to which assistance from the Fund are pro-
(A) by redesignating subsection (g) as sub- cial law. vided to minority lending institutions.’’.
section (h); and ‘‘(b) PROHIBITION AND ENFORCEMENT.—If the (d) SUBMISSION OF DEMOGRAPHIC DATA RE-
(B) by inserting after subsection (f) the fol- Bureau determines under subsection (a) that LATING TO DIVERSITY BY COMMUNITY DEVELOP-
lowing: any loan application or process of taking a loan MENT FINANCIAL INSTITUTIONS.—Section 104 of
‘‘(g) The term ‘aggrieved person’ includes any application violates the Equal Credit Oppor- the Riegle Community Development and Regu-
person who— tunity Act or any other Federal consumer finan- latory Improvement Act of 1994 (12 U.S.C. 4703),
‘‘(1) claims to have been injured by a discrimi- cial law, the Bureau shall— as amended by subsection (b), is further amend-
natory credit practice; or ‘‘(1) prohibit the covered person from using ed by adding at the end the following:
‘‘(2) believes that such person will be injured such application or process; and ‘‘(m) SUBMISSION OF DEMOGRAPHIC DATA RE-
by a discriminatory credit practice.’’; ‘‘(2) take such enforcement or other actions LATING TO DIVERSITY.—
(3) in section 704A— with respect to the covered person as the Bu- ‘‘(1) DEFINITIONS.—In this subsection—
(A) in subsection (b)(1), by striking ‘‘appli- reau determines appropriate.’’. ‘‘(A) the term ‘executive officer’ has the mean-
cant’’ each place such term appears and insert- (b) CLERICAL AMENDMENT.—The table of con- ing given the term in section 230.501(f) of title
ing ‘‘aggrieved person’’; and tents in section 1 of the Dodd-Frank Wall Street 17, Code of Federal Regulations, as in effect on
(B) in subsection (c), by striking ‘‘applicant’’ Reform and Consumer Protection Act is amend- the date of enactment of this subsection;
and inserting ‘‘aggrieved person’’; ed by inserting after the item relating to section ‘‘(B) the term ‘gender identity’ means the gen-
(4) in section 705— 1037 the following: der-related identity, appearance, mannerisms,
(A) by striking ‘‘the applicant’’ each place or other gender-related characteristics of an in-
such term appears and inserting ‘‘persons’’; and ‘‘Sec. 1038. Review of loan applications.’’.
dividual, regardless of the individual’s des-
(B) in subsection (a)— SEC. 325. MORTGAGE DATA COLLECTION.
ignated sex at birth;
(i) by striking ‘‘a creditor to take’’ and insert- (a) IN GENERAL.—Section 304(b)(4) of the ‘‘(C) the term ‘sexual orientation’ means ho-
ing ‘‘taking’’; and Home Mortgage Disclosure Act of 1975 (12 U.S.C. mosexuality, heterosexuality, or bisexuality;
(ii) by striking ‘‘applicant’’ and inserting 2803(b)(4)) is amended by striking ‘‘census tract, and’’.
‘‘person’’; and income level, racial characteristics, age, and ‘‘(B) the term ‘veteran’ has the meaning given
(5) in section 706— gender’’ and inserting ‘‘the applicant or bor- the term in section 101 of title 38, United States
(A) by striking ‘‘creditor’’ each place such rower’s zip code, census tract, income level, Code.
term appears and inserting ‘‘person’’; race, color, religion, national origin, sex, mar- ‘‘(2) SUBMISSION OF DISCLOSURE.—Each Fund
(B) by striking ‘‘creditor’s’’ each place such ital status, sexual orientation, gender identity, applicant and recipient shall provide data re-
term appears and inserting ‘‘person’s’’; and age’’. garding such factors as may be determined by
(C) by striking ‘‘creditors’’ each place such (b) PROTECTION OF PRIVACY INTERESTS.—Sec- the Fund, which may include:
term appears and inserting ‘‘persons’’; and tion 304(h)(3)(A) of the Home Mortgage Disclo- ‘‘(A) Demographic data, based on voluntary
(D) in subsection (f), by striking ‘‘applicant’’ sure Act of 1975 (12 U.S.C. 2803(h)(3)(A)) is self-identification, on the racial, ethnic, gender
and inserting ‘‘aggrieved person’’. amended— identity, and sexual orientation position of—
SEC. 323. CRIMINAL PENALTIES FOR VIOLATIONS (1) in clause (i), by striking ‘‘and’’ at the end; ‘‘(i) the board of directors of the institution;
OF THE EQUAL CREDIT OPPOR- (2) by redesignating clause (ii) as clause (iii); and
TUNITY ACT. and ‘‘(ii) the executive officers of the institution.
(a) IN GENERAL.—The Equal Credit Oppor- (3) by inserting after clause (i) the following: ‘‘(B) The status of any member of the board of
tunity Act (15 U.S.C. 1691 et seq.) is amended by ‘‘(ii) zip code, census tract, and any other cat- directors of the institution, any nominee for the
inserting after section 706 the following: egory of data described in subsection (b)(4), as board of directors of the institution, or any ex-
‘‘§ 706A. Criminal penalties the Bureau determines to be necessary to satisfy ecutive officer of the institution, based on vol-
the purpose described in paragraph (1)(E), and untary self-identification, as a veteran.
‘‘(a) INDIVIDUAL VIOLATIONS.—Any person in a manner consistent with that purpose; and’’.
who knowingly and willfully violates this title ‘‘(C) Whether the board of directors of the in-
Subtitle C—Promoting and Advancing Com- stitution, or any committee of that board of di-
shall be fined not more than $50,000, or impris-
munities of Color Through Inclusive Lend- rectors, has, as of the date on which the institu-
oned not more than 1 year, or both.
ing tion makes a disclosure under this paragraph,
‘‘(b) PATTERN OR PRACTICE.—
‘‘(1) IN GENERAL.—Any person who engages in SEC. 331. STRENGTHENING DIVERSE AND MIS- adopted any policy, plan, or strategy to promote
a pattern or practice of knowingly and willfully SION-DRIVEN COMMUNITY FINAN- racial, ethnic, and gender diversity among—
violating this title shall be fined not more than
CIAL INSTITUTIONS. ‘‘(i) the board of directors of the institution;
$100,000 for each violation of this title, or im- (a) MINORITY LENDING INSTITUTION SET-ASIDE ‘‘(ii) nominees for the board of directors of the
prisoned not more than twenty years, or both. IN PROVIDING ASSISTANCE.— institution; or
(1) IN GENERAL.—Section 108 of the Riegle ‘‘(iii) the executive officers of the institution.
‘‘(2) PERSONAL LIABILITY OF EXECUTIVE OFFI-
Community Development and Regulatory Im- ‘‘(3) REPORT TO CONGRESS.—Not later than 24
CERS AND DIRECTORS OF THE BOARD.—Any exec-
provement Act of 1994 (12 U.S.C. 4707) is amend- months after the date of enactment of this sub-
utive officer or director of the board of an entity
ed by adding at the end the following: section, and every other year thereafter, the
who knowingly and willfully causes the entity
‘‘(i) SUPPORTING MINORITY INSTITUTIONS.— Fund shall submit to the Committee on Bank-
to engage in a pattern or practice of knowingly
Notwithstanding any other provision of law, in ing, Housing, and Urban Affairs of the Senate
and willfully violating this title (or who directs
providing any assistance to community develop- and the Committee on Financial Services of the
another agent, senior officer, or director of the
ment financial institutions, the Fund shall re- House of Representatives, and make publicly
entity to commit such a violation or engage in
serve 40 percent of such assistance for minority available on the website of the Fund, a report—
such acts that result in the director or officer
lending institutions.’’. ‘‘(A) on the demographic data and trends of
being personally unjustly enriched) shall be—
(2) DEFINITIONS.—Section 103 of the Riegle the diversity information made available pursu-
‘‘(A) fined in an amount not to exceed 100 per-
Community Development and Regulatory Im- ant to paragraph (2); and
cent of the compensation (including stock op-
provement Act of 1994 (12 U.S.C. 4702) is amend- ‘‘(B) containing any administrative or legisla-
tions awarded as compensation) received by
ed by adding at the end the following: tive recommendations of the Fund to enhance
such officer or director from the entity—
‘‘(22) MINORITY LENDING INSTITUTION.—The the implementation of this title or to promote di-
‘‘(i) during the time period in which the viola-
term ‘minority lending institution’ has the versity and inclusion within community devel-
tions occurred; or
meaning given that term under section 523(c) of opment financial institutions.’’.
‘‘(ii) in the one to three year time period pre-
division N of the Consolidated Appropriations (e) OFFICE OF DIVERSE AND MISSION-DRIVEN
ceding the date on which the violations were
Act, 2021.’’. COMMUNITY FINANCIAL INSTITUTIONS.—
discovered; and
(b) OFFICE OF MINORITY LENDING INSTITU- (1) ESTABLISHMENT.—There is established
‘‘(B) imprisoned for not more than 5 years.’’.
TIONS.—Section 104 of the Riegle Community De- within the Department of the Treasury the Of-
(b) CLERICAL AMENDMENT.—The table of con-
velopment and Regulatory Improvement Act of fice of Diverse and Mission-Driven Community
tents for the Equal Credit Opportunity Act (15
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1994 (12 U.S.C. 4703) is amended by adding at Financial Institutions.
U.S.C. 1691 et seq.) is amended by inserting after
the end the following: (2) LEADERSHIP.—The Office of Diverse and
the item relating to section 706 the following:
‘‘(l) CDFI OFFICE OF MINORITY LENDING IN- Mission-Driven Community Financial Institu-
‘‘706A. Criminal penalties.’’. STITUTIONS.—There is established within the tions shall be led by a Deputy Assistant Sec-
SEC. 324. REVIEW OF LOAN APPLICATIONS. Fund an Office of Minority Lending Institu- retary for Diverse and Mission-Driven Commu-
(a) IN GENERAL.—Subtitle C of the Consumer tions, which shall oversee assistance provided nity Financial Institutions, who shall be ap-
Financial Protection Act of 2010 (12 U.S.C. 5531 by the Fund to minority lending institutions.’’. pointed by the Secretary of the Treasury, in
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June 15, 2022 CONGRESSIONAL RECORD — HOUSE H5561
consultation with the Department of the Treas- the Board of Directors of the Federal Deposit (1) in subsection (c), by striking paragraph
ury’s Director of Office of Minority and Women Insurance Corporation; (2); and
Inclusion. (F) to carry out other duties of the Secretary (2) in subsection (e), by striking paragraph
(3) FUNCTIONS.—The Office of Diverse and of the Treasury required by this Act and the (2).
Mission-Driven Community Financial Institu- amendments made by this Act, and to perform (c) USE OF FUNDS FOR CDFI FINANCIAL AND
tions, pursuant to the direction of the Secretary, such other duties and authorities as may be as- TECHNICAL ASSISTANCE.—Section 104A of the
shall seek to provide support for diverse and signed by the Secretary. Riegle Community Development and Regulatory
mission-driven community financial institutions (f) STRENGTHENING FEDERAL EFFORTS AND Improvement Act of 1994 (12 U.S.C. 4703a) is
and have the authority— INTERAGENCY COORDINATION TO PROMOTE DI- amended by adding at the end the following:
(A) to monitor and issue reports regarding— VERSE AND MISSION-DRIVEN COMMUNITY FINAN- ‘‘(p) USE OF FUNDS FOR CDFI FINANCIAL AND
(i) community development financial institu- CIAL INSTITUTIONS.— TECHNICAL ASSISTANCE.—The Secretary shall
tions, minority depository institutions, and mi- (1) SENIOR OFFICIALS DESIGNATED.—The transfer no less than $1,000,000,000 in the Emer-
nority lending institutions; and Chairman of the Board of Governors of the Fed- gency Capital Investment Fund to the Fund for
(ii) the role such institutions play in the fi- eral Reserve System, the Comptroller of the Cur- the purpose of providing financial and technical
nancial system of the United States, including rency, the Chairman of the National Credit assistance grants to community development fi-
the impact they have on providing financial ac- Union Administration, the Chairperson of the nancial institutions certified by the Secretary.
cess to low- and moderate-income communities, Board of Directors of the Federal Deposit Insur- The Fund shall provide such grants using a for-
communities of color, and other underserved ance Corporation, and the Director of the Bu- mula that takes into account criteria such as
communities; reau of Consumer Financial Protection shall certification status, financial and compliance
(B) to serve as a resource and Federal liaison each, in consultation with their respective Di- performance, portfolio and balance sheet
for current and prospective community develop- rector of Office of Minority and Women Inclu- strength, diversity of CDFI business model
ment financial institutions, minority depository sion, designate a senior official to be their re- types, and program capacity.’’.
institutions, and minority lending institutions spective agency’s officer responsible for pro- (d) TECHNOLOGY GRANTS FOR MDIS AND
seeking to engage with the Department of the moting minority depository institutions, commu- CDFIS.—
Treasury, the Community Development Finan- nity development financial institutions, and mi- (1) STUDY AND REPORT ON CERTAIN TECH-
cial Institutions Fund (‘‘CDFI Fund’’), other nority lending institutions, including to fulfill NOLOGY CHALLENGES.—
Federal government agencies, including by pro- obligations under section 308 of the Financial (A) STUDY.—The Secretary of the Treasury
viding contact information for other offices of Institutions Reform, Recovery, and Enforcement shall carry out a study on the technology chal-
the Department of the Treasury or other Federal Act of 1989 (12 U.S.C. 1463 note) to preserve and lenges impacting minority depository institu-
Government agencies, resources, technical as- promote minority depository institutions. tions and community development financial in-
(2) INTERAGENCY WORKING GROUP.—The De-
sistance, or other support for entities wishing— stitutions with respect to—
partment of the Treasury shall regularly con-
(i) to become certified as a community devel- (i) internal technology capabilities and capac-
vene meetings, no less than once a quarter, of
opment financial institution, and maintain the ity of the institutions to process loan applica-
an interagency working group to be known as
certification; tions and otherwise serve current and potential
(ii) to obtain a banking charter, deposit insur- the ‘‘Interagency Working Group to Promote Di-
customers through the internet, mobile phone
verse and Mission-Driven Community Financial
ance, or otherwise carry on banking activities in applications, and other tools;
Institutions’’, which shall consist of the senior
a safe, sound, and responsible manner; (ii) technology capabilities and capacity of the
(iii) to obtain financial support through pri- officials designated by their respective agencies
institutions, provided in partnership with third
vate sector deposits, investments, partnerships, under paragraph (1), along with the Deputy As-
party companies, to process loan applications
sistant Secretary for Diverse and Mission-Driv-
and other means; and otherwise serve current and potential cus-
(iv) to expand their operations through inter- en Community Finanical Institutions, the Direc-
tor of the Community Development Financial tomers through the internet, mobile phone appli-
nal growth and acquisitions; cations, and other tools;
(v) to develop and upgrade their technology, Institutions Fund, and such other government
(iii) cybersecurity; and
cybersecurity resilience, compliance systems, officials as the Secretary of the Treasury may
(iv) challenges and solutions related to algo-
data reporting systems, and their capacity to choose to invite, to examine and discuss the
rithmic bias in the deployment of technology.
support their communities, including through state of minority depository institutions, com-
(B) REPORT.—Not later than 18 months after
partnerships with third-party companies; munity development financial institutions, and
the date of the enactment of this subsection, the
(vi) to obtain grants, awards, investments and minority lending institutions, and actions the
Secretary shall submit a report to the Committee
other financial support made available through relevant agencies can take to preserve, promote,
on Financial Services of the House of Represent-
the CDFI Fund, the Board of Governors of the and strengthen these institutions.
(3) ANNUAL REPORT TO CONGRESS.—Not later atives and the Committee on Banking, Housing,
Federal Reserve System, the Central Liquidity and Urban Affairs of the Senate that includes
than 1 year after the date of the enactment of
Facility, the Federal Home Loan Banks, and the results of the study required under subpara-
this subsection, and annually thereafter, the
other Federal programs; graph (A).
Secretary of the Treasury, the Chairman of the
(vii) to participate as a financial intermediary (2) TECHNOLOGY GRANT PROGRAM.—
Board of Governors of the Federal Reserve Sys-
with respect to various Federal and State pro- (A) PROGRAM AUTHORIZED.—The Secretary
tem, the Comptroller of the Currency, the Chair-
grams and agencies, including the State Small shall carry out a technology grant program to
man of the National Credit Union Administra-
Business Credit Initiative and programs of the make grants to minority depository institutions
tion, the Chairperson of the Board of Directors
Small Business Administration; and of the Federal Deposit Insurance Corporation, and community development financial institu-
(viii) to participate in Financial Agent Men- tions to address technology challenges impact-
and the Director of the Bureau of Consumer Fi-
tor-Protégé Program of the Department of the ing such institutions.
nancial Protection shall submit a joint report to
Treasury and other Federal programs designed the Committee on Financial Services of the (B) APPLICATION.—To be eligible to be award-
to support private sector partnerships; House of Representatives and the Committee on ed a grant under this paragraph, a minority de-
(C) to provide resources to the public wishing pository institution or community development
Banking, Housing, and Urban Affairs of the
to learn more about minority depository institu- Senate regarding the work that has been done financial institution shall submit an application
tions, community development financial institu- the prior year to preserve, promote, and to the Secretary at such time, in such manner,
tions, and minority lending institutions, includ- strengthen community development financial in- and containing such information as the Sec-
ing helping the Secretary implement the require- stitutions, minority depository institutions, and retary may require.
ments under section 334, publishing reports minority lending institutions, along with any (C) USE OF FUNDS.—A minority depository in-
issued by the Office on the website of the De- policy recommendations on actions various gov- stitution or community development financial
partment of the Treasury and providing ernment agencies and Congress should take to institution that is awarded a grant under this
hyperlinks to other relevant reports and mate- preserve, promote, and strengthen community paragraph may use the grant funds to—
rials from other Federal agencies; development financial institutions, minority de- (i) enhance or adopt technologies that—
(D) to provide policy recommendations to pository institutions, and minority lending insti- (I) shorten loan approval processes;
other relevant Federal agencies and Congress on tutions. (II) improve customer experience;
ways to further strengthen Federal support for SEC. 332. CAPITAL INVESTMENTS, GRANTS, AND (III) provide additional services to customers;
community development financial institutions, TECHNOLOGY SUPPORT FOR MDIS (IV) facilitate compliance with applicable
minority depository institutions, and minority AND CDFIS. laws, regulations, and program requirements,
lending institutions; (a) AUTHORIZATION OF APPROPRIATION.— including testing to ensure that the use of tech-
(E) to assist the Secretary in carrying out the There is authorized to be appropriated to the nology does not result in discrimination, and
Secretary’s responsibilities under section 308 of Emergency Capital Investment Fund helping to satisfy data reporting requirements;
the Financial Institutions Reform, Recovery, $4,000,000,000. Such funds may be used for ad- and
ctelli on DSK11ZRN23PROD with HOUSE
and Enforcement Act of 1989 (12 U.S.C. 1463 ministrative expenses of the Department of the (V) help ensure privacy of customer records
note) to preserve and promote minority deposi- Treasury. and cybersecurity resilience; or
tory institutions in consultation with the Chair- (b) CONFORMING AMENDMENTS TO ALLOW FOR (ii) carry out such other activities as the Sec-
man of the Board of Governors of the Federal ADDITIONAL PURCHASES OF CAPITAL.—Section retary determines appropriate.
Reserve System, the Comptroller of the Cur- 104A of the Riegle Community Development and (3) FUNDING.—The Secretary may use amounts
rency, the Chairman of the National Credit Regulatory Improvement Act of 1994 (12 U.S.C. in the Emergency Capital Investment Fund to
Union Administration, and the Chairperson of 4703a) is amended— implement and make grants under paragraph
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H5562 CONGRESSIONAL RECORD — HOUSE June 15, 2022
(2), but not to exceed $250,000,000 in the aggre- (12 U.S.C. 4707), as amended by section ‘‘(C) the lines of business for different types of
gate.’’. 331(a)(1), is further amended by adding at the certified CDFIs;
(4) DEFINITIONS.—In this subsection, the terms end the following: ‘‘(D) human resources and staffing informa-
‘‘community development financial institution’’ ‘‘(j) SUPPORTING YOUNG ENTREPRENEURS PRO- tion for different types of certified CDFIs, in-
and ‘‘minority depository institution’’ have the GRAM.— cluding—
meaning given those terms, respectively, under ‘‘(1) IN GENERAL.—The Fund shall establish a ‘‘(E) the types of development services pro-
section 103 of the Riegle Community Develop- Supporting Young Entrepreneurs Program vided by different types of certified CDFIs;
ment and Regulatory Improvement Act of 1994 under which the Fund may provide financial ‘‘(F) the target markets of different types of
(12 U.S.C. 4702). awards to the community development financial certified CDFIs and the amount of products and
(e) PILOT PROGRAM FOR ESTABLISHING DE institutions that the Fund determines have the services offered by CDFIs to those target mar-
NOVO CDFIS AND MDIS.— best programs to help young entrepreneurs get kets, including—
(1) IN GENERAL.—The Secretary of the Treas- the start up capital needed to start a small busi- ‘‘(i) the number and amount of loans and loan
ury, in consultation with the Fund and the ap- ness. guarantees made in those target markets;
propriate Federal banking agencies, shall estab- ‘‘(2) NO MATCHING REQUIREMENT.—The match- ‘‘(ii) the number and amount of other invest-
lish a pilot program to provide competitive ing requirement under subsection (e) shall not ments made in those target markets; and
grants to a person for the purpose of providing apply to awards made under this subsection. ‘‘(iii) the number and amount of development
capital for such person to establish a minority ‘‘(3) FUNDING.—In carrying out this sub- services offered in those target markets; and
depository institution or a community develop- section, the Fund may use— ‘‘(G) such other information as the Director of
ment financial institution. ‘‘(A) amounts in the Emergency Capital In- the Fund may determine necessary to promote
(2) APPLICATION.—A person desiring a grant vestment Fund, but not to exceed $100,000,000 in transparency of the impact of different types of
under this subsection shall submit to the Sec- the aggregate; and CDFIs, while carrying out this report in a man-
retary an application in such form and con- ‘‘(B) such other funds as may be appropriated ner that seeks to minimize data reporting re-
taining such information as the Secretary deter- by Congress to the Fund to carry out the Sup- quirements from certified CDFIs when feasible,
mines appropriate. porting Young Entrepreneurs Program.’’. including utilizing information gathered from
(3) DISBURSEMENT.—Before disbursing grant SEC. 334. MAP OF MINORITY DEPOSITORY INSTI- other regulators under section 104(l).’’.
amounts to a person selected to receive a grant TUTIONS AND COMMUNITY DEVEL- SEC. 336. CONSULTATION AND MINIMIZATION OF
under this subsection, the Secretary shall ensure OPMENT FINANCIAL INSTITUTIONS. DATA REQUESTS.
that such person has received approval from the (a) IN GENERAL.—The Secretary of the Treas- Section 104 of the Riegle Community Develop-
appropriate Federal banking agency (or such ury, in consultation with the CDFI Fund and ment and Regulatory Improvement Act of 1994
other Federal or State agency from whom ap- the Federal banking agencies, shall establish an (12 U.S.C. 4703) is amended by adding at the end
proval is required) to establish a minority depos- interactive, searchable map showing the geo- the following:
itory institution or a community development fi- graphic locations of the headquarters and ‘‘(l) CONSULTATION AND MINIMIZATION OF
nancial institution, as applicable. branch locations of minority depository institu- DATA REQUESTS.—
(4) FUNDING.—The Secretary may use amounts tions, which shall be provided by the Federal ‘‘(1) IN GENERAL.—In carrying out its duties,
in the Emergency Capital Investment Fund to banking agencies, and community development the Fund shall—
implement and make grants under paragraph financial institutions that have been certified by ‘‘(A) periodically, and no less frequent than
(2), but not to exceed $100,000,000 in the aggre- the Secretary. Such map shall also provide a once a year, consult with the applicable Federal
gate.’’. link to the website of each such minority deposi- regulator of certified CDFIs and applicants to
(5) DEFINITIONS.—In this subsection, the terms tory institution and community development fi- be a certified CDFI (‘applicants)’;
‘‘appropriate Federal banking agency’’, ‘‘com- nancial institution. ‘‘(B) seek to gather any information necessary
munity development financial institution’’, (b) DEFINITIONS.—In this section: related to Fund certification and award deci-
‘‘Fund’’, and ‘‘minority depository institution’’ (1) CDFI FUND.—The term ‘‘CDFI Fund’’ sions on certified CDFIs and applicants from
have the meaning given those terms, respec- means the Community Development Financial the applicable Federal regulator, and such regu-
tively, under section 103 of the Riegle Commu- Institutions Fund established under section lators shall use reasonable efforts to provide
nity Development and Regulatory Improvement 104(a) of the Riegle Community Development such information to the Fund, to minimize du-
Act of 1994 (12 U.S.C. 4702). and Regulatory Improvement Act of 1994. plicative data collection requests made by the
(f) GUIDANCE FOR SUBCHAPTER S AND MUTUAL (2) COMMUNITY DEVELOPMENT FINANCIAL IN- Fund of certified CDFIs and applicants and to
BANKS.—Not later than 30 days after the date of STITUTION.—The term ‘‘community development expedite certification, award, or other relevant
enactment of this Act, the Board of Governors of financial institution’’ has the meaning given in processes administered by the Fund.
the Federal Reserve System and the Secretary section 103 of the Riegle Community Develop- ‘‘(2) APPLICABLE FEDERAL REGULATOR DE-
shall issue guidance regarding how Emergency ment and Regulatory Improvement Act of 1994. FINED.—In this subsection, the term ‘applicable
Capital Investment Program investments (3) FEDERAL BANKING AGENCY.—The term Federal regulator’ means—
(whether made before or after the date of enact- ‘‘Federal banking agency’’— ‘‘(A) with respect to a certified CDFI or an
ment of this Act) are considered for purposes of (A) has the meaning given in section 3 of the applicant that is regulated by both an appro-
various prudential requirements, including debt Federal Deposit Insurance Act; and priate Federal banking agency and the Bureau
to equity, leverage ratio, and double leverage (B) means the National Credit Union Adminis- of Consumer Financial Protection, the Bureau
ratio requirements with respect to subchapter S tration. of Consumer Financial Protection;
and mutual bank recipients of such investments. (4) MINORITY DEPOSITORY INSTITUTION.—The ‘‘(B) with respect to a certified CDFI or an
(g) COLLECTION OF DATA.—Section 111 of the term ‘‘minority depository institution’’ has the applicant that is not regulated by the Bureau of
Riegle Community Development and Regulatory meaning given in section 308(b) of the Financial Consumer Financial Protection, the appropriate
Improvement Act of 1994 (12 U.S.C. 4710) is Institutions Reform, Recovery, and Enforcement Federal banking agency for such applicant; or
amended— Act of 1989. ‘‘(C) the Bureau of Consumer Financial Pro-
(1) by striking ‘‘The Fund’’ and inserting the SEC. 335. REPORT ON CERTIFIED COMMUNITY DE- tection, with respect to a certified CDFI or an
following: VELOPMENT FINANCIAL INSTITU- applicant—
‘‘(a) IN GENERAL.—The Fund’’; and TIONS. ‘‘(i) that is not regulated by an appropriate
(2) by adding at the end the following: Section 117(a) of the Riegle Community Devel- Federal banking agency; and
‘‘(b) COLLECTION OF CERTAIN DATA BY opment and Regulatory Improvement Act of 1994 ‘‘(ii) that offers or provides consumer finan-
CDFIS.—Notwithstanding the Equal Credit Op- (12 U.S.C. 4716(a)) is amended— cial products or services (as defined in section
portunity Act (15 U.S.C. 1691 et seq.)— (1) by striking ‘‘The Fund’’ and inserting the 1002 of the Consumer Financial Protection Act
‘‘(1) a community development financial insti- following: of 2010 (12 U.S.C. 5481).’’.
tution may collect data described in section ‘‘(1) IN GENERAL.—The Fund’’; SEC. 337. ACCESS TO THE DISCOUNT WINDOW OF
701(a)(1) of that Act (15 U.S.C. 1691(a)(1)) from (2) by striking ‘‘and the Congress’’ and insert- THE FEDERAL RESERVE SYSTEM FOR
borrowers and applicants for credit for the sole ing ‘‘, the Congress, and the public’’; and MDIS AND CDFIS.
purpose and exclusive use to ensure that tar- (3) by adding at the end the following: Within 1 year after the date of enactment of
geted populations and low-income residents of ‘‘(2) REPORT ON CERTIFIED COMMUNITY DEVEL- this Act, the Board of Governors of the Federal
investment areas are adequately served and to OPMENT FINANCIAL INSTITUTIONS.—The annual Reserve System shall establish a process under
report the level of service provided to such popu- report required under paragraph (1) shall in- which minority depository institutions and com-
lations and areas to the Fund; and clude a report on community development finan- munity development financial institutions may
‘‘(2) a community development financial insti- cial institutions (‘CDFIs’) that have been cer- have access to the discount window, at the sea-
tution that collects the data described in para- tified by the Secretary of the Treasury, includ- sonal credit interest rate most recently published
graph (1) shall not be subject to adverse action ing a summary with aggregate data and anal- on the Federal Reserve Statistical Release on se-
lected interest rates (daily or weekly).
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related to that collection by the Bureau of Con- ysis, to the fullest extent practicable, regard-
sumer Financial Protection or any other Federal ing— SEC. 338. STUDY ON SECURITIZATION BY CDFIS.
agency.’’. ‘‘(A) a list of the types of organizations that (a) IN GENERAL.—The Secretary of the Treas-
SEC. 333. SUPPORTING YOUNG ENTREPRENEURS are certified as CDFIs, and the number of each ury, in consultation with the Community Devel-
PROGRAM. type of organization; opment Financial Institutions Fund and such
Section 108 of the Riegle Community Develop- ‘‘(B) the geographic location and capacity of other Federal agencies as the Secretary deter-
ment and Regulatory Improvement Act of 1994 different types of certified CDFIs; mines appropriate, shall carry out a study on—
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June 15, 2022 CONGRESSIONAL RECORD — HOUSE H5563
(1) the use of securitization by CDFIs; (d) DEFINITIONS.—In this section: inclusion component described under subsection
(2) any barriers to the use of securitization as (1) DEPOSITORY INSTITUTION.—The term ‘‘de- (a).
a source of liquidity by CDFIs; and pository institution’’ has the meaning given in ‘‘(c) DEFINITIONS.—In this section:
(3) any authorities available to the Govern- section 3 of the Federal Deposit Insurance Act, ‘‘(1) DEPOSITORY INSTITUTION.—The term ‘de-
ment to support the use of securitization by and includes a ‘‘Federal credit union’’ and a pository institution’ means a depository institu-
CDFIs to the extent it helps serve underserved ‘‘State credit union’’ as such terms are defined, tion or a credit union.
communities. respectively, under section 101 of the Federal ‘‘(2) MINORITY DEPOSITORY INSTITUTION.—The
(b) REPORT.—Not later than the end of the 1- Credit Union Act. term ‘minority depository institution’ means an
year period beginning on the date of enactment (2) COMMUNITY DEVELOPMENT FINANCIAL IN- entity that is—
of this Act, the Secretary shall issue a report to STITUTION.—The term ‘‘community development ‘‘(A) a minority depository institution, as de-
the Committee on Financial Services of the financial institution’’ has the meaning given in fined in section 308 of the Financial Institutions
House of Representatives and the Committee on section 103 of the Riegle Community Develop- Reform, Recovery, and Enforcement Act of 1989
Banking, Housing, and Urban Affairs of the ment and Regulatory Improvement Act of 1994. (12 U.S.C. 1463 note); or
Senate containing— (3) FEDERAL BANKING REGULATORS.—The term ‘‘(B) considered to be a minority depository
(1) all findings and determinations made in ‘‘Federal banking regulators’’ means the Board institution by—
carrying out the study required under sub- of Governors of the Federal Reserve System, the ‘‘(i) the appropriate Federal banking agency;
section (a); and Comptroller of the Currency, the Federal De- or
(2) any legislative or administrative rec- posit Insurance Corporation, the National Cred- ‘‘(B) the term ‘gender identity’ means the gen-
ommendations of the Secretary that would pro- it Union Administration, and the Director of the der-related identity, appearance, mannerisms,
mote the responsible use of securitization to help Bureau of Consumer Financial Protection. or other gender-related characteristics of an in-
CDFIs in reaching more underserved commu- (4) MINORITY DEPOSITORY INSTITUTION.—The dividual, regardless of the individual’s des-
nities. term ‘‘minority depository institution’’ has the ignated sex at birth;
(c) CDFI DEFINED.—The term ‘‘CDFI’’ has the meaning given in section 308(b) of the Financial ‘‘(C) the term ‘sexual orientation’ means ho-
meaning given the term ‘‘community develop- Institutions Reform, Recovery, and Enforcement mosexuality, heterosexuality, or bisexuality; and
ment financial institution’’ under section 103 of Act of 1989. ‘‘(ii) the National Credit Union Administra-
the Riegle Community Development and Regu- tion, in the case of an insured credit union.’’.
Subtitle B—Promoting Diversity and (b) CLERICAL AMENDMENT.—The table of con-
latory Improvement Act of 1994.
Inclusion in Banking tents for the Dodd-Frank Wall Street Reform
TITLE IV—DIVERSITY IN FINANCIAL
SEC. 421. DIVERSITY AND INCLUSION RATINGS. and Consumer Protection Act is amended by in-
INSTITUTIONS AND CORPORATIONS
(a) IN GENERAL.—The Dodd-Frank Wall Street serting after the item relating to section 342 the
Subtitle A—Promoting New and Diverse
Reform and Consumer Protection Act (12 U.S.C. following:
Depository Institutions
5301 et seq.) is amended by inserting after sec- ‘‘Sec. 342A. Diversity and inclusion rat-
SEC. 411. STUDY AND STRATEGIC PLAN. tion 342 the following: ings.’’.
(a) IN GENERAL.—The Federal banking regu- ‘‘SEC. 342A. DIVERSITY AND INCLUSION RATINGS.
lators shall jointly— Subtitle C—Improving Corporate Governance
‘‘(a) IN GENERAL.—The Board of Governors, Through Diversity
(1) conduct a study about the challenges faced
the Comptroller of the Currency, the Corpora-
by proposed depository institutions, including SEC. 431. SUBMISSION OF DATA RELATING TO DI-
tion, and the National Credit Union Administra- VERSITY BY ISSUERS.
proposed minority depository institutions, seek-
tion Board, in assigning a rating to a depository
ing de novo depository institution charters; and Section 13 of the Securities Exchange Act of
(2) submit to the Committee on Financial Serv- institution under the Uniform Financial Institu-
1934 (15 U.S.C. 78m) is amended by adding at
ices of the House of Representatives and the tions Rating System (or an equivalent rating by
the end the following:
Committee on Banking, Housing, and Urban Af- any such agency under a comparable rating sys- ‘‘(s) SUBMISSION OF DATA RELATING TO DIVER-
fairs of the Senate and publish publically, not tem) shall include a diversity and inclusion com- SITY.—
later than 18 months after the date of the enact- ponent that examines— ‘‘(1) DEFINITIONS.—In this subsection—
‘‘(1) whether the depository institution has ef- ‘‘(A) the term ‘executive officer’ has the mean-
ment of this section—
(A) an analysis based on the study conducted fective policies in place to encourage diversity ing given the term in section 230.501(f) of title
pursuant to paragraph (1); and inclusion in the hiring practices of the in- 17, Code of Federal Regulations, as in effect on
(B) any findings from the study conducted stitution; the date of enactment of this subsection; and
pursuant to paragraph (1); and ‘‘(2) whether the depository institution pro- ‘‘(B) the term ‘veteran’ has the meaning given
(C) any legislative recommendations that the vides training to the employees of the institu- the term in section 101 of title 38, United States
Federal banking regulators developed based on tion, that is appropriate to the size and re- Code.
the study conducted pursuant to paragraph (1). sources of the institution, on diversity and in- ‘‘(2) SUBMISSION OF DISCLOSURE.—Each issuer
(b) STRATEGIC PLAN.— clusion; required to file an annual report under sub-
(1) IN GENERAL.—Not later than 18 months ‘‘(3) whether the depository institution has section (a) shall disclose in any proxy statement
after the date of the enactment of this section, policies in place that ensure that employees are and any information statement relating to the
the Federal banking regulators shall jointly sub- able to report workplace discrimination without election of directors filed with the Commission
mit to the Committee on Financial Services of fear of wrongful retaliation, threats, or coer- the following:
the House of Representatives and the Committee cion; and ‘‘(A) Data, based on voluntary self-identifica-
on Banking, Housing, and Urban Affairs of the ‘‘(4)(A) with respect to a depository institution tion, on the racial, ethnic, gender identity, and
Senate and publish publically a strategic plan with total consolidated assets of $1,000,000,000 or sexual orientation composition of—
based on the study conducted pursuant to sub- less, whether such depository institution has ‘‘(i) the board of directors of the issuer;
section (a) and designed to help proposed depos- designated an individual to serve as a Diversity ‘‘(ii) nominees for the board of directors of the
itory institutions (including proposed minority and Inclusion Officer who reports to the Chief issuer; and
depository institutions) successfully apply for de Executive Officer of the institution on all diver- ‘‘(iii) the executive officers of the issuer.
novo depository institution charters in a manner sity and inclusion matters; or ‘‘(B) The status of any member of the board of
that promotes increased availability of banking ‘‘(B) with respect to a depository institution directors of the issuer, any nominee for the
and financial services, safety and soundness, with total consolidated assets of more than board of directors of the issuer, or any executive
consumer protection, community reinvestment, $1,000,000,000, whether such depository institu- officer of the issuer, based on voluntary self-
financial stability, and a level playing field. tion— identification, as a veteran.
(2) CONTENTS OF STRATEGIC PLAN.—The stra- ‘‘(i) has designated an individual to serve as ‘‘(C) Whether the board of directors of the
tegic plan described in paragraph (1) shall— a Diversity and Inclusion Officer; and issuer, or any committee of that board of direc-
(A) promote the chartering of de novo deposi- ‘‘(ii) has established a committee for diversity tors, has, as of the date on which the issuer
tory institutions, including— and inclusion that holds meetings quarterly and makes a disclosure under this paragraph, adopt-
(i) proposed minority depository institutions; that includes in its membership the Diversity ed any policy, plan, or strategy to promote ra-
and and Inclusion Officer designated under clause cial, ethnic, and gender diversity among—
(ii) proposed depository institutions that could (i) and the Chief Executive Officer of the insti- ‘‘(i) the board of directors of the issuer;
be certified as community development financial tution. ‘‘(ii) nominees for the board of directors of the
institutions; and ‘‘(b) APPLICATION TO MINORITY DEPOSITORY issuer; or
(B) describe actions the Federal banking regu- INSTITUTIONS.—In carrying out subsection (a) ‘‘(iii) the executive officers of the issuer.
lators may take that would increase the number with respect to minority depository institutions, ‘‘(3) ALTERNATIVE SUBMISSION.—In any 1-year
of depository institutions located in geographic the Board of Governors, the Comptroller of the period in which an issuer required to file an an-
areas where consumers lack access to a branch Currency, the Corporation, and the National nual report under subsection (a) does not file
ctelli on DSK11ZRN23PROD with HOUSE
of a depository institution. Credit Union Administration Board shall— with the Commission a proxy statement or an
(c) PUBLIC INVOLVEMENT.—When conducting ‘‘(1) assign such institutions the most favor- information statement relating to the election of
the study and developing the strategic plan re- able rating with respect to the diversity and in- directors, the issuer shall disclose the informa-
quired by this section, the Federal banking reg- clusion component described under subsection tion required under paragraph (2) in the first
ulators shall invite comments and other feed- (a); and annual report of issuer that the issuer submits
back from the public to inform the study and ‘‘(2) exempt such institutions from any exam- to the Commission after the end of that 1-year
strategic plan. ination procedures related to the diversity and period.
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H5564 CONGRESSIONAL RECORD — HOUSE June 15, 2022
‘‘(4) ANNUAL REPORT.—Not later than 18 (1) The Community Development Financial grams administered by the Community Develop-
months after the date of enactment of this sub- Institutions Fund (the ‘‘CDFI Fund’’) is an ment Financial Institution Fund.
section, and annually thereafter, the Commis- agency of the Department of the Treasury, and SEC. 443. DEFINITIONS.
sion shall submit to the Committee on Financial was established by the Riegle Community Devel- In this subtitle:
Services of the House of Representatives and the opment and Regulatory Improvement Act of (1) COMMUNITY DEVELOPMENT FINANCIAL IN-
Committee on Banking, Housing, and Urban Af- 1994. The mission of the CDFI Fund is ‘‘to ex- STITUTION.—The term ‘‘community development
fairs of the Senate, and publish on the website pand economic opportunity for underserved peo- financial institution’’ has the meaning given
of the Commission, a report that analyzes the ple and communities by supporting the growth under section 103 of the Riegle Community De-
information disclosed under paragraphs (2) and and capacity of a national network of commu- velopment and Regulatory Improvement Act of
(3) and identifies any trends with respect to nity development lenders, investors, and finan- 1994 (12 U.S.C. 4702).
such information. cial service providers’’. A community develop- (2) MINORITY DEPOSITORY INSTITUTION.—The
‘‘(5) BEST PRACTICES.— ment financial institution (a ‘‘CDFI’’) is a spe- term ‘‘minority depository institution’’ has the
‘‘(A) IN GENERAL.—The Director of the Office cialized financial institution serving low-income meaning given under section 308 of the Finan-
of Minority and Women Inclusion of the Com- communities and a Community Development En- cial Institutions Reform, Recovery, and Enforce-
mission shall, not later than 3 years after the tity (a ‘‘CDE’’) is a domestic corporation or ment Act of 1989 (12 U.S.C. 1463 note), as
date of enactment of this subsection, and every partnership that is an intermediary vehicle for amended by this Act.
3 years thereafter, publish best practices for the provision of loans, investments, or financial SEC. 444. INCLUSION OF WOMEN’S BANKS IN THE
compliance with this subsection. counseling in low-income communities. The DEFINITION OF MINORITY DEPOSI-
‘‘(B) COMMENTS.—The Director of the Office CDFI Fund certifies CDFIs and CDEs. Becom- TORY INSTITUTION.
of Minority and Women Inclusion of the Com- ing a certified CDFI or CDE allows organiza- Section 308(b)(1) of the Financial Institutions
mission may, pursuant to subchapter II of chap- tions to participate in various CDFI Fund pro- Reform, Recovery, and Enforcement Act of 1989
ter 5 of title 5, United States Code, solicit public grams as follows: (12 U.S.C. 1463 note) is amended—
comments related to the best practices published (A) The Bank Enterprise Award Program, (1) by redesignating subparagraphs (A), (B),
under subparagraph (A).’’. which provides FDIC-insured depository institu- and (C) as clauses (i), (ii), and (iii), respectively;
SEC. 432. DIVERSITY ADVISORY GROUP. tions awards for a demonstrated increase in (2) by striking ‘‘means any’’ and inserting the
(a) DEFINITIONS.—For the purposes of this lending and investments in distressed commu- following: ‘‘means—
section: nities and CDFIs. ‘‘(A) any’’; and
(1) ADVISORY GROUP.—The term ‘‘Advisory (B) The CDFI Program, which provides Fi- (3) in clause (iii) (as so redesignated), by strik-
Group’’ means the Diversity Advisory Group es- nancial and Technical Assistance awards to ing the period at the end and inserting ‘‘; or’’;
tablished under subsection (b). CDFIs to reinvest in the CDFI, and to build the and
(2) COMMISSION.—The term ‘‘Commission’’ capacity of the CDFI, including financing prod- (4) by inserting at the end the following new
means the Securities and Exchange Commission. uct development and loan loss reserves. subparagraph:
(3) ISSUER.—The term ‘‘issuer’’ has the mean- (C) The Native American CDFI Assistance ‘‘(B) any bank described in clause (i), (ii), or
ing given the term in section 3(a) of the Securi- Program, which provides CDFIs and sponsoring (iii) of section 19(b)(1)(A) of the Federal Reserve
ties Exchange Act of 1934 (15 U.S.C. 78c(a)). entities Financial and Technical Assistance Act—
(b) ESTABLISHMENT.—The Commission shall awards to increase lending and grow the num- ‘‘(i) more than 50 percent of the outstanding
establish a Diversity Advisory Group, which ber of CDFIs owned by Native Americans to shares of which are held by 1 or more women;
shall be composed of representatives from— help build capacity of such CDFIs.
(1) the Federal Government and State and and
(D) The New Market Tax Credit Program, ‘‘(ii) the majority of the directors on the board
local governments; which provides tax credits for making equity in-
(2) academia; and of directors of which are women.’’.
vestments in CDEs that stimulate capital invest-
(3) the private sector. SEC. 445. ESTABLISHMENT OF IMPACT BANK DES-
ments in low-income communities. IGNATION.
(c) STUDY AND RECOMMENDATIONS.—The Ad- (E) The Capital Magnet Fund, which provides
visory Group shall— awards to CDFIs and nonprofit affordable (a) IN GENERAL.—Each Federal banking agen-
(1) carry out a study that identifies strategies housing organizations to finance affordable cy shall establish a program under which a de-
that can be used to increase gender, racial, and housing solutions and related economic develop- pository institution with total consolidated as-
ethnic diversity among members of boards of di- ment activities. sets of less than $10,000,000,000 may elect to be
rectors of issuers; and (F) The Bond Guarantee Program, a source of designated as an impact bank if the total dollar
(2) not later than 270 days after the date on long-term, patient capital for CDFIs to expand value of the loans extended by such depository
which the Advisory Group is established, submit lending and investment capacity for community institution to low-income borrowers is greater
to the Commission, the Committee on Financial and economic development purposes. than or equal to 50 percent of the assets of such
Services of the House of Representatives, and (2) The Department of the Treasury is author- bank.
the Committee on Banking, Housing, and Urban ized to create multi-year grant programs de- (b) NOTIFICATION OF ELIGIBILITY.—Based on
Affairs of the Senate a report that— signed to encourage low-to-moderate income in- data obtained through examinations of deposi-
(A) describes any findings from the study con- dividuals to establish accounts at federally in- tory institutions, the appropriate Federal bank-
ducted under paragraph (1); and sured banks, and to improve low-to-moderate in- ing agency shall notify a depository institution
(B) makes recommendations regarding strate- come individuals’ access to such accounts on if the institution is eligible to be designated as
gies that issuers could use to increase gender, reasonable terms. an impact bank.
racial, and ethnic diversity among board mem- (3) Under this authority, grants to partici- (c) APPLICATION.—Regardless of whether or
bers. pants in CDFI Fund programs may be used for not it has received a notice of eligibility under
(d) ANNUAL REPORT.—Not later than 1 year loan-loss reserves and to establish small-dollar subsection (b), a depository institution may sub-
after the date on which the Advisory Group sub- loan programs by subsidizing related losses. mit an application to the appropriate Federal
mits the report required under subsection (c)(2), These grants also allow for the providing recipi- banking agency—
and annually thereafter, the Commission shall ents with the financial counseling and edu- (1) requesting to be designated as an impact
submit to the Committee on Financial Services cation necessary to conduct transactions and bank; and
of the House of Representatives and the Com- manage their accounts. These loans provide (2) demonstrating that the depository institu-
mittee on Banking, Housing, and Urban Affairs low-cost alternatives to payday loans and other tion meets the applicable qualifications.
of the Senate a report that describes the status nontraditional forms of financing that often im- (d) LIMITATION ON ADDITIONAL DATA RE-
of gender, racial, and ethnic diversity among pose excessive interest rates and fees on bor- QUIREMENTS.—The Federal banking agencies
members of the boards of directors of issuers. rowers, and lead millions of Americans to fall may only impose additional data collection re-
(e) PUBLIC AVAILABILITY OF REPORTS.—The into debt traps. Small-dollar loans can only be quirements on a depository institution under
Commission shall make all reports of the Advi- made pursuant to terms, conditions, and prac- this section if such data is—
sory Group available to issuers and the public, tices that are reasonable for the individual con- (1) necessary to process an application sub-
including on the website of the Commission. sumer obtaining the loan. mitted by the depository institution to be des-
(f) INAPPLICABILITY OF FEDERAL ADVISORY (4) Program participation is restricted to eligi- ignated an impact bank; or
COMMITTEE ACT.—The Federal Advisory Com- ble institutions, which are limited to organiza- (2) with respect to a depository institution
mittee Act (5 U.S.C. App.) shall not apply with tions listed in section 501(c)(3) of the Internal that is designated as an impact bank, necessary
respect to the Advisory Group or the activities of Revenue Code and exempt from tax under 501(a) to ensure the depository institution’s ongoing
the Advisory Group. of such Code, federally insured depository insti- qualifications to maintain such designation.
Subtitle D—Ensuring Diversity in Community tutions, community development financial insti- (e) REMOVAL OF DESIGNATION.—If the appro-
Banking tutions and State, local, or Tribal government priate Federal banking agency determines that
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SEC. 441. SHORT TITLE. entities. a depository institution designated as an impact
This subtitle may be cited as the ‘‘Ensuring (5) According to the CDFI Fund, some pro- bank no longer meets the criteria for such des-
Diversity in Community Banking Act’’. grams attract as much as $10 in private capital ignation, the appropriate Federal banking agen-
SEC. 442. SENSE OF CONGRESS ON FUNDING THE for every $1 invested by the CDFI Fund. The cy shall rescind the designation and notify the
LOAN-LOSS RESERVE FUND FOR Administration and the Congress should depository institution of such rescission.
SMALL DOLLAR LOANS. prioritize appropriation of funds for the loan (f) RECONSIDERATION OF DESIGNATION; AP-
The sense of Congress is the following: loss reserve fund and technical assistance pro- PEALS.—Under such procedures as the Federal
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June 15, 2022 CONGRESSIONAL RECORD — HOUSE H5565
banking agencies may establish, a depository in- (ii) one member of the majority party and one ‘‘(2) ADMINISTRATION.—The Secretary of the
stitution may— member of the minority party of any relevant Treasury, acting through the Fiscal Service,
(1) submit to the appropriate Federal banking subcommittees of such committees. shall—
agency a request to reconsider a determination (e) NO TERMINATION OF ADVISORY COMMIT- ‘‘(A) on application by a depository institu-
that such depository institution no longer meets TEES.—The termination requirements under sec- tion or credit union, certify whether such depos-
the criteria for the designation; or tion 14 of the Federal Advisory Committee Act (5 itory institution or credit union is a minority de-
(2) file an appeal of such determination. U.S.C. app.) shall not apply to a Minority De- pository institution;
(g) RULEMAKING.—Not later than 1 year after positories Advisory Committee established pur- ‘‘(B) maintain and publish a list of all deposi-
the date of the enactment of this Act, the Fed- suant to this section. tory institutions and credit unions that have
eral banking agencies shall jointly issue rules to (f) DEFINITIONS.—In this section: been certified pursuant to subparagraph (A);
carry out the requirements of this section, in- (1) COVERED REGULATOR.—The term ‘‘covered and
cluding by providing a definition of a low-in- regulator’’ means the Comptroller of the Cur- ‘‘(C) periodically distribute the list described
come borrower. rency, the Board of Governors of the Federal in subparagraph (B) to—
(h) REPORTS.—Each Federal banking agency Reserve System, the Federal Deposit Insurance ‘‘(i) all Federal departments and agencies;
shall submit an annual report to the Congress Corporation, and the National Credit Union Ad- ‘‘(ii) interested State and local governments;
containing a description of actions taken to ministration. and
carry out this section. (2) COVERED MINORITY INSTITUTION.—The ‘‘(iii) interested private sector companies.
(i) FEDERAL DEPOSIT INSURANCE ACT DEFINI- term ‘‘covered minority institution’’ means a mi- ‘‘(3) INCLUSION OF CERTAIN ENTITIES ON
TIONS.—In this section, the terms ‘‘depository nority depository institution (as defined in sec- LIST.—A depository institution or credit union
institution’’, ‘‘appropriate Federal banking tion 308(b) of the Financial Institutions Reform, that, on the date of the enactment of this sec-
agency’’, and ‘‘Federal banking agency’’ have Recovery, and Enforcement Act of 1989 (12 tion, has a current certification from the Sec-
the meanings given such terms, respectively, in U.S.C. 1463 note)). retary of the Treasury stating that such deposi-
section 3 of the Federal Deposit Insurance Act (3) DEPOSITORY INSTITUTION.—The term ‘‘de- tory institution or credit union is a minority de-
(12 U.S.C. 1813). pository institution’’ has the meaning given pository institution shall be included on the list
SEC. 446. MINORITY DEPOSITORIES ADVISORY under section 3 of the Federal Deposit Insur- described under paragraph (2)(B).
COMMITTEES. ance Act (12 U.S.C. 1813). ‘‘(b) EXPANDED USE AMONG FEDERAL DEPART-
(a) ESTABLISHMENT.—Each covered regulator (4) INSURED CREDIT UNION.—The term ‘‘in- MENTS AND AGENCIES.—
shall establish an advisory committee to be sured credit union’’ has the meaning given in ‘‘(1) IN GENERAL.—Not later than 1 year after
called the ‘‘Minority Depositories Advisory Com- section 101 of the Federal Credit Union Act (12 the establishment of the program described in
mittee’’. U.S.C. 1752). subsection (a), the head of each Federal depart-
(b) DUTIES.—Each Minority Depositories Ad- (g) TECHNICAL AMENDMENT.—Section 308(b) of ment or agency shall develop and implement
visory Committee shall provide advice to the re- the Financial Institutions Reform, Recovery, standards and procedures to prioritize, to the
spective covered regulator on meeting the goals and Enforcement Act of 1989 (12 U.S.C. 1463 maximum extent possible as permitted by law
established by section 308 of the Financial Insti- note) is amended by adding at the end the fol- and consistent with principles of sound finan-
tutions Reform, Recovery, and Enforcement Act lowing new paragraph: cial management, the use of minority depository
of 1989 (12 U.S.C. 1463 note) to preserve the ‘‘(3) DEPOSITORY INSTITUTION.—The term ‘de- institutions to hold the deposits of each such de-
present number of covered minority institutions, pository institution’ means an ‘insured deposi- partment or agency.
preserve the minority character of minority- tory institution’ (as defined in section 3 of the ‘‘(2) REPORT TO CONGRESS.—Not later than 2
owned institutions in cases involving mergers or Federal Deposit Insurance Act (12 U.S.C. 1813)) years after the establishment of the program de-
acquisitions, provide technical assistance, and and an insured credit union (as defined in sec- scribed in subsection (a), and annually there-
encourage the creation of new covered minority tion 101 of the Federal Credit Union Act (12 after, the head of each Federal department or
institutions. The scope of the work of each such U.S.C. 1752)).’’. agency shall submit to Congress a report on the
Minority Depositories Advisory Committee shall SEC. 447. FEDERAL DEPOSITS IN MINORITY DE-
actions taken to increase the use of minority de-
include an assessment of the current condition POSITORY INSTITUTIONS. pository institutions to hold the deposits of each
of covered minority institutions, what regu- (a) IN GENERAL.—Section 308 of the Financial such department or agency.
latory changes or other steps the respective Institutions Reform, Recovery, and Enforcement ‘‘(c) DEFINITIONS.—For purposes of this sec-
agencies may be able to take to fulfill the re- Act of 1989 (12 U.S.C. 1463 note) is amended— tion:
quirements of such section 308, and other issues (1) by adding at the end the following new ‘‘(1) CREDIT UNION.—The term ‘credit union’
of concern to covered minority institutions. subsection: has the meaning given the term ‘insured credit
(c) MEMBERSHIP.— ‘‘(d) FEDERAL DEPOSITS.—The Secretary of union’ in section 101 of the Federal Credit
(1) IN GENERAL.—Each Minority Depositories the Treasury shall ensure that deposits made by Union Act (12 U.S.C. 1752).
Advisory Committee shall consist of no more Federal agencies in minority depository institu- ‘‘(2) DEPOSITORY INSTITUTION.—The term ‘de-
than 10 members, who— tions and impact banks are collateralized or in- pository institution’ has the meaning given in
(A) shall serve for one two-year term; sured, as determined by the Secretary. Such de- section 3 of the Federal Deposit Insurance Act
(B) shall serve as a representative of a deposi- posits shall include reciprocal deposits as de- (12 U.S.C. 1813).
tory institution or an insured credit union with ‘‘(3) MINORITY DEPOSITORY INSTITUTION.—The
fined in section 337.6(e)(2)(v) of title 12, Code of
respect to which the respective covered regulator term ‘minority depository institution’ has the
Federal Regulations (as in effect on March 6,
is the covered regulator of such depository insti- meaning given that term under section 308 of
2019).’’; and
tution or insured credit union; and this Act.’’.
(2) in subsection (b), as amended by section
(C) shall not receive pay by reason of their (b) CONFORMING AMENDMENTS.—The fol-
6(g), by adding at the end the following new
service on the advisory committee, but may re- lowing provisions are amended by striking
paragraph:
ceive travel or transportation expenses in ac- ‘‘1204(c)(3)’’ and inserting ‘‘1204(c)’’:
‘‘(4) IMPACT BANK.—The term ‘impact bank’
cordance with section 5703 of title 5, United (1) Section 808(b)(3) of the Community Rein-
means a depository institution designated by the
States Code. vestment Act of 1977 (12 U.S.C. 2907(b)(3)).
appropriate Federal banking agency pursuant (2) Section 40(g)(1)(B) of the Federal Deposit
(2) DIVERSITY.—To the extent practicable,
to section 445 of the Ensuring Diversity in Com- Insurance Act (12 U.S.C. 1831q(g)(1)(B)).
each covered regulator shall ensure that the
munity Banking Act.’’. (3) Section 704B(h)(4) of the Equal Credit Op-
members of the Minority Depositories Advisory
(b) TECHNICAL AMENDMENTS.—Section 308 of portunity Act (15 U.S.C. 1691c–2(h)(4)).
Committee of such agency reflect the diversity of
the Financial Institutions Reform, Recovery, SEC. 449. DIVERSITY REPORT AND BEST PRAC-
covered minority institutions.
and Enforcement Act of 1989 (12 U.S.C. 1463 TICES.
(d) MEETINGS.—
(1) IN GENERAL.—Each Minority Depositories note) is amended— (a) ANNUAL REPORT.—Each covered regulator
Advisory Committee shall meet not less fre- (1) in the matter preceding paragraph (1), by shall submit to Congress an annual report on di-
quently than twice each year. striking ‘‘section—’’ and inserting ‘‘section:’’; versity including the following:
(2) NOTICE AND INVITATIONS.—Each Minority and (1) Data, based on voluntary self-identifica-
Depositories Advisory Committee shall— (2) in the paragraph heading for paragraph tion, on the racial, ethnic, and gender composi-
(A) notify the Committee on Financial Serv- (1), by striking ‘‘FINANCIAL’’ and inserting ‘‘DE- tion of the examiners of each covered regulator,
ices of the House of Representatives and the POSITORY’’. disaggregated by length of time served as an ex-
Committee on Banking, Housing, and Urban Af- SEC. 448. MINORITY BANK DEPOSIT PROGRAM. aminer.
fairs of the Senate in advance of each meeting (a) IN GENERAL.—Section 1204 of the Finan- (2) The status of any examiners of covered
of the Minority Depositories Advisory Com- cial Institutions Reform, Recovery, and Enforce- regulators, based on voluntary self-identifica-
mittee; and ment Act of 1989 (12 U.S.C. 1811 note) is amend- tion, as a veteran.
(B) invite the attendance at each meeting of ed to read as follows: (3) Whether any covered regulator, as of the
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the Minority Depositories Advisory Committee ‘‘SEC. 1204. EXPANSION OF USE OF MINORITY DE- date on which the report required under this
of— POSITORY INSTITUTIONS. section is submitted, has adopted a policy, plan,
(i) one member of the majority party and one ‘‘(a) MINORITY BANK DEPOSIT PROGRAM.— or strategy to promote racial, ethnic, and gender
member of the minority party of the Committee ‘‘(1) ESTABLISHMENT.—There is established a diversity among examiners of the covered regu-
on Financial Services of the House of Represent- program to be known as the ‘Minority Bank De- lator.
atives and the Committee on Banking, Housing, posit Program’ to expand the use of minority de- (4) Whether any special training is developed
and Urban Affairs of the Senate; and pository institutions. and provided for examiners related specifically
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H5566 CONGRESSIONAL RECORD — HOUSE June 15, 2022
to working with depository institutions and (b) DEFINITIONS.—In this section: (4) QUALIFYING ACCOUNT.—The term ‘‘quali-
credit unions that serve communities that are (1) COVERED MENTOR-PROTEGE PROGRAM.— fying account’’ means any account established
predominantly minorities, low income, or rural, The term ‘‘covered mentor-protege program’’ in the Department of the Treasury that—
and the key focus of such training. means a mentor-protege program established by (A) is controlled by the Secretary; and
(b) BEST PRACTICES.—Each Office of Minority the Secretary of the Treasury pursuant to sec- (B) is expected to maintain a balance greater
and Women Inclusion of a covered regulator tion 45 of the Small Business Act (15 U.S.C. than $200,000,000 for the following 24-month pe-
shall develop, provide to the head of the covered 657r). riod.
regulator, and make publicly available best (2) LARGE FINANCIAL INSTITUTION.—The term SEC. 453. STREAMLINED COMMUNITY DEVELOP-
practices— ‘‘large financial institution’’ means any entity— MENT FINANCIAL INSTITUTION AP-
(1) for increasing the diversity of candidates (A) regulated by the Comptroller of the Cur- PLICATIONS AND REPORTING.
applying for examiner positions, including rency, the Board of Governors of the Federal (a) APPLICATION PROCESSES.—Not later than
through outreach efforts to recruit diverse can- Reserve System, the Federal Deposit Insurance 12 months after the date of the enactment of this
didate to apply for entry-level examiner posi- Corporation, or the National Credit Union Ad- Act and with respect to any person having as-
tions; and ministration; and sets under $3,000,000,000 that submits an appli-
(2) for retaining and providing fair consider- (B) that has total consolidated assets greater cation for deposit insurance with the Federal
ation for promotions within the examiner staff than or equal to $50,000,000,000. Deposit Insurance Corporation that could also
for purposes of achieving diversity among exam- SEC. 452. CUSTODIAL DEPOSIT PROGRAM FOR become a community development financial in-
iners. COVERED MINORITY DEPOSITORY stitution, the Federal Deposit Insurance Cor-
(c) COVERED REGULATOR DEFINED.—In this INSTITUTIONS AND IMPACT BANKS. poration, in consultation with the Administrator
section, the term ‘‘covered regulator’’ means the (a) IN GENERAL.—Not later than one year of the Community Development Financial Insti-
Comptroller of the Currency, the Board of Gov- after the date of the enactment of this Act, the tutions Fund, shall—
ernors of the Federal Reserve System, the Fed- Secretary of the Treasury shall issue rules es- (1) develop systems and procedures to record
eral Deposit Insurance Corporation, and the tablishing a custodial deposit program under necessary information to allow the Adminis-
National Credit Union Administration. which a covered bank may receive deposits from trator to conduct preliminary analysis for such
SEC. 450. INVESTMENTS IN MINORITY DEPOSI- a qualifying account. person to also become a community development
TORY INSTITUTIONS AND IMPACT (b) REQUIREMENTS.—In issuing rules under financial institution; and
BANKS. subsection (a), the Secretary of the Treasury (2) develop procedures to streamline the appli-
(a) CONTROL FOR CERTAIN INSTITUTIONS.— shall— cation and annual certification processes and to
Section 7(j)(8)(B) of the Federal Deposit Insur- (1) consult with the Federal banking agencies; reduce costs for such person to become, and
ance Act (12 U.S.C. 1817(j)(8)(B)) is amended to (2) ensure each covered bank participating in maintain certification as, a community develop-
read as follows: the program established under this section— ment financial institution.
‘‘(B) ‘control’ means the power, directly or in- (A) has appropriate policies relating to man- (b) IMPLEMENTATION REPORT.—Not later than
directly— agement of assets, including measures to ensure 18 months after the date of the enactment of this
‘‘(i) to direct the management or policies of an the safety and soundness of each such covered Act, the Federal Deposit Insurance Corporation
insured depository institution; or bank; and shall submit to Congress a report describing the
‘‘(ii)(I) with respect to an insured depository (B) is compliant with applicable law; and systems and procedures required under sub-
institution, of a person to vote 25 per centum or (3) ensure, to the extent practicable that the section (a).
more of any class of voting securities of such in- rules do not conflict with goals described in sec- (c) ANNUAL REPORT.—
stitution; or tion 308(a) of the Financial Institutions Reform, (1) IN GENERAL.—Section 17(a)(1) of the Fed-
‘‘(II) with respect to an insured depository in- Recovery, and Enforcement Act of 1989 (12 eral Deposit Insurance Act (12 U.S.C. 1827(a)(1))
stitution that is an impact bank (as designated U.S.C. 1463 note). is amended—
pursuant to section 445 of the Ensuring Diver- (A) in subparagraph (E), by striking ‘‘and’’ at
(c) LIMITATIONS.—
sity in Community Banking Act) or a minority (1) DEPOSITS.—With respect to the funds of an the end;
(B) by redesignating subparagraph (F) as sub-
depository institution (as defined in section individual qualifying account, an entity may
paragraph (G);
308(b) of the Financial Institutions Reform, Re- not deposit an amount greater than the insured (C) by inserting after subparagraph (E) the
covery, and Enforcement Act of 1989), of an in- amount in a single covered bank. following new subparagraph:
dividual to vote 30 percent or more of any class (2) TOTAL DEPOSITS.—The total amount of ‘‘(F) applicants for deposit insurance that
of voting securities of such an impact bank or a funds deposited in a covered bank under the could also become a community development fi-
minority depository institution.’’. custodial deposit program described under this nancial institution (as defined in section 103 of
(b) RULEMAKING.—The Federal banking agen- section may not exceed the lesser of— the Riegle Community Development and Regu-
cies (as defined in section 3 of the Federal De- (A) 10 percent of the average amount of depos-
latory Improvement Act of 1994), a minority de-
posit Insurance Act (12 U.S.C. 1813)) shall joint- its held by such covered bank in the previous
pository institution (as defined in section 308 of
ly issue rules for de novo minority depository in- quarter; or
the Financial Institutions Reform, Recovery,
stitutions and de novo impact banks (as des- (B) $100,000,000 (as adjusted for inflation).
(d) REPORT.—Each quarter, the Secretary of and Enforcement Act of 1989), or an impact
ignated pursuant to section 445) to allow 3 years bank (as designated pursuant to section 445 of
to meet the capital requirements otherwise ap- the Treasury shall submit to Congress a report
on the implementation of the program estab- the Ensuring Diversity in Community Banking
plicable to minority depository institutions and Act); and’’.
impact banks. lished under this section including information
(2) APPLICATION.—The amendment made by
(c) REPORT.—Not later than 1 year after the identifying participating covered banks and the
this subsection shall apply with respect to the
date of the enactment of this Act, the Federal total amount of deposits received by covered
first report to be submitted after the date that is
banking agencies shall jointly submit to Con- banks under the program.
2 years after the date of the enactment of this
gress a report on— (e) DEFINITIONS.—In this section:
(1) COVERED BANK.—The term ‘‘covered bank’’ Act.
(1) the principal causes for the low number of
SEC. 454. TASK FORCE ON LENDING TO SMALL
de novo minority depository institutions during means—
BUSINESS CONCERNS.
the 10-year period preceding the date of the re- (A) a minority depository institution that is
well capitalized, as defined by the appropriate (a) IN GENERAL.—Not later than 6 months
port; after the date of the enactment of this Act, the
(2) the main challenges to the creation of de Federal banking agency; or
(B) a depository institution designated pursu- Administrator of the Small Business Administra-
novo minority depository institutions and de
ant to section 445 of the Ensuring Diversity in tion shall establish a task force to examine
novo impact banks; and
(3) regulatory and legislative considerations to Community Banking Act that is well capital- methods for improving relationships between the
promote the establishment of de novo minority ized, as defined by the appropriate Federal Small Business Administration and community
depository institutions and de novo impact banking agency. development financial institutions, minority de-
banks. (2) INSURED AMOUNT.—The term ‘‘insured pository institutions, and impact banks (as des-
amount’’ means the amount that is the greater ignated pursuant to section 445) to increase the
SEC. 451. REPORT ON COVERED MENTOR-PRO-
TEGE PROGRAMS. of— volume of loans provided by such institutions to
(a) REPORT.—Not later than 6 months after (A) the standard maximum deposit insurance small business concerns (as defined under sec-
the date of the enactment of this Act and annu- amount (as defined in section 11(a)(1)(E) of the tion 3 of the Small Business Act (15 U.S.C. 632)).
Federal Deposit Insurance Act (12 U.S.C. (b) REPORT TO CONGRESS.—Not later than 18
ally thereafter, the Secretary of the Treasury
1821(a)(1)(E))); or months after the establishment of the task force
shall submit to Congress a report on partici-
(B) such higher amount negotiated between described in subsection (a), the Administrator of
pants in a covered mentor-protege program, in-
the Secretary of the Treasury and the Federal the Small Business Administration shall submit
cluding—
(1) an analysis of outcomes of such program; Deposit Insurance Corporation under which the to Congress a report on the findings of such task
force.
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(2) the number of minority depository institu- Corporation will insure all deposits of such
tions that are eligible to participate in such pro- higher amount. Subtitle E—Expanding Opportunity for
gram but do not have large financial institution (3) FEDERAL BANKING AGENCIES.—The terms Minority Depository Institutions
mentors; and ‘‘appropriate Federal banking agency’’ and SEC. 461. ESTABLISHMENT OF FINANCIAL AGENT
(3) recommendations for how to match such ‘‘Federal banking agencies’’ have the meaning MENTOR-PROTÉGÉ PROGRAM.
minority depository institutions with large fi- given those terms, respectively, under section 3 (a) IN GENERAL.—Section 308 of the Financial
nancial institution mentors. of the Federal Deposit Insurance Act. Institutions Reform, Recovery, and Enforcement
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June 15, 2022 CONGRESSIONAL RECORD — HOUSE CORRECTION H5567
Act of 1989 (12 U.S.C. 1463 note) is amended by SEC. 512. GUARANTEES FOR BONDS AND NOTES SEC. 523. UNDERSERVED AREA DEFINED.
adding at the end the following new subsection: ISSUED FOR COMMUNITY OR ECO- Section 101 of the Federal Credit Union Act
‘‘(d) FINANCIAL AGENT MENTOR-PROTÉGÉ PRO- NOMIC DEVELOPMENT PURPOSES. (12 U.S.C. 1752) is amended—
GRAM.— Section 114A of the Community Development (1) in paragraph (8), by striking ‘‘; and’’ and
‘‘(1) IN GENERAL.—The Secretary of the Treas- Banking and Financial Institutions Act of 1994 inserting a period;
ury shall establish a program to be known as (12 U.S.C. 4713a) is amended— (2) in paragraph (9), by striking the period at
the ‘Financial Agent Mentor-Protégé Program’ (1) in subsection (c)(2), by striking ‘‘, multi- the end and inserting ‘‘; and’’; and
(in this subsection referred to as the ‘Program’) plied by an amount equal to the outstanding (3) by adding at the end the following:
under which a financial agent designated by the principal balance of issued notes or bonds’’; ‘‘(10) The term ‘underserved area’ means a ge-
Secretary or a large financial institution may (2) in subsection (e)(2)(B), by striking ographic area consisting of one or more popu-
serve as a mentor, under guidance or regula- ‘‘$100,000,000’’ and inserting ‘‘$25,000,000’’; and lation census tracts or one or more counties,
tions prescribed by the Secretary, to a small fi- (3) in subsection (k), by striking ‘‘September that encompass or are located within—
nancial institution to allow such small financial 30, 2014’’ and inserting ‘‘the date that is 4 years ‘‘(A) an investment area, as defined under
institution— after the date of enactment of the CDFI Bond section 103(16) of the Community Development
‘‘(A) to be prepared to perform as a financial Guarantee Program Improvement Act of 2022’’. Banking and Financial Institutions Act of 1994;
agent; or SEC. 513. REPORT ON THE CDFI BOND GUAR- ‘‘(B) groups of contiguous census tracts in
‘‘(B) to improve capacity to provide services to ANTEE PROGRAM. which at least 85 percent individually qualify as
the customers of the small financial institution. Not later than 1 year after the date of enact- low-income communities, as defined under sec-
‘‘(2) OUTREACH.—The Secretary shall hold ment of this Act, and not later than 3 years tion 45D(e) of the Internal Revenue Code of
outreach events to promote the participation of after such date of enactment, the Secretary of 1986; or
financial agents, large financial institutions, the Treasury shall issue a report to the Com- ‘‘(C) an area that is more than ten miles, as
and small financial institutions in the Program mittee on Financial Services of the House of measured from each point along the area’s pe-
at least once a year. Representatives and the Committee on Banking, rimeter, from the nearest branch of a depository
‘‘(3) EXCLUSION.—The Secretary shall issue Housing, and Urban Affairs of the Senate on institution (as defined under section 3 of the
guidance or regulations to establish a process the effectiveness of the CDFI bond guarantee Federal Deposit Insurance Act) or credit
under which a financial agent, large financial program established under section 114A of the union.’’.
institution, or small financial institution may be Community Development Banking and Finan- SEC. 524. REPORTS BY THE NATIONAL CREDIT
excluded from participation in the Program. cial Institutions Act of 1994 (12 U.S.C. 4713a). UNION ADMINISTRATION.
‘‘(4) REPORT.—The Office of Minority and Subtitle B—Expanding Financial Access for (a) INITIAL REPORT.—Not later than 3 years
Women Inclusion of the Department of the Underserved Communities after the date of enactment of this Act, but no
Treasury shall include in the report submitted sooner than 2 years after the date of enactment
SEC. 521. CREDIT UNION SERVICE TO UNDER-
to Congress under section 342(e) of the Dodd- of this Act, the National Credit Union Adminis-
SERVED AREAS.
Frank Wall Street Reform and Consumer Protec- tration shall issue a report to the Committee on
Section 109 of the Federal Credit Union Act
tion Act information pertaining to the Program, Financial Services of the House of Representa-
(12 U.S.C. 1759) is amended—
including— tives and the Committee on Banking, Housing,
‘‘(A) the number of financial agents, large fi- (1) in subsection (c)(2)—
(A) by striking ‘‘the field of membership cat- and Urban Affairs of the Senate on the imple-
nancial institutions, and small financial institu- mentation of the amendments made by this sub-
egory of which is described in subsection
tions participating in such Program; and title.
‘‘(B) the number of outreach events described (b)(2),’’;
(B) by amending subparagraph (A) to read as (b) UPDATE.—The National Credit Union Ad-
in paragraph (2) held during the year covered ministration shall issue an updated report on
follows:
by such report. the implementation of the amendments made by
‘‘(5) DEFINITIONS.—In this subsection: ‘‘(A) the Board determines that the local com-
munity, neighborhood, or rural district is an un- this subtitle to the committees described under
‘‘(A) FINANCIAL AGENT.—The term ‘financial
derserved area; and’’; and subsection (a) on the date that is 5 years after
agent’ means any national banking association
(C) in subparagraph (B), by inserting ‘‘not the date on which the Administration issues the
designated by the Secretary of the Treasury to
later than 2 years after having such under- initial report under subsection (a).
be employed as a financial agent of the Govern-
ment. served area added to the credit union’s char- The SPEAKER pro tempore. The bill,
‘‘(B) LARGE FINANCIAL INSTITUTION.—The term ter,’’ before ‘‘the credit union’’; and as amended, shall be debatable for 1
‘large financial institution’ means any entity (2) by adding at the end the following:
hour equally divided and controlled by
regulated by the Comptroller of the Currency, ‘‘(h) CHANGE OF FIELD OF MEMBERSHIP TO IN-
CLUDE UNDERSERVED AREAS.—
the chair and ranking minority mem-
the Board of Governors of the Federal Reserve ber of the Committee on Financial
‘‘(1) IN GENERAL.—If an existing Federal cred-
System, the Federal Deposit Insurance Corpora-
it union applies to the Board to alter or expand Services or their respective designees.
tion, or the National Credit Union Administra-
tion that has total consolidated assets greater
the field of membership of the credit union to The gentleman from Texas (Mr.
serve an underserved area, the credit union GREEN) and the gentleman from North
than or equal to $50,000,000,000.
‘‘(C) SMALL FINANCIAL INSTITUTION.—The term shall submit a business and marketing plan with Carolina (Mr. MCHENRY) each will con-
‘small financial institution’ means— such application that explains the credit trol 30 minutes.
‘‘(i) any entity regulated by the Comptroller of union’s ability and intent to serve the popu-
The Chair recognizes the gentleman
the Currency, the Board of Governors of the lation of the underserved area through the
change in field of membership. from Texas (Mr. GREEN).
Federal Reserve System, the Federal Deposit In-
‘‘(2) REPORT BY CREDIT UNION.—Not later GENERAL LEAVE
surance Corporation, or the National Credit
Union Administration that has total consoli- than 2 years after the date on which a Federal Mr. GREEN of Texas. Mr. Speaker, I
dated assets lesser than or equal to credit union’s application described under para- ask unanimous consent that all Mem-
$2,000,000,000; or graph (1) is approved, the credit union, as part bers may have 5 legislative days in
‘‘(ii) a minority depository institution.’’. of the ordinary course of the examination cycle which to revise and extend their re-
(b) EFFECTIVE DATE.—This section and the and supervision process, shall submit a report to
the Administration that includes—
marks on H.R. 2543 and to insert extra-
amendments made by this section shall take ef-
‘‘(A) an estimate of the number of members of neous material thereon.
fect 90 days after the date of the enactment of
this Act. the credit union who are members by reason of The SPEAKER pro tempore. Is there
the application; objection to the request of the gen-
TITLE V—COMMUNITY DEVELOPMENT
‘‘(B) a description of the types of financial tleman from Texas?
Subtitle A—CDFI Bond Guarantee Program services utilized by members of the credit union There was no objection.
Improvement who are members by reason of the application; Mr. GREEN of Texas. Mr. Speaker, I
SEC. 511. SENSE OF CONGRESS. and yield myself such time as I may con-
It is the sense of Congress that the authority ‘‘(C) an update of the credit union’s imple-
to guarantee bonds under section 114A of the sume.
mentation of the business and marketing plan
Community Development Banking and Finan- described under paragraph (1).’’. Mr. Speaker, I rise in strong support
of H.R. 2543, the Financial Services Ra-
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cial Institutions Act of 1994 (12 U.S.C. 4713a) SEC. 522. MEMBER BUSINESS LENDING IN UNDER-
(commonly referred to as the ‘‘CDFI Bond Guar- SERVED AREAS. cial Equity, Inclusion, and Economic
antee Program’’) provides community develop- Section 107A(c)(1)(B) of the Federal Credit Justice Act, landmark legislation fo-
ment financial institutions with a sustainable Union Act (12 U.S.C. 1757a(c)(1)(B)) is amend- cused on promoting racial and eco-
source of long-term capital and furthers the mis- ed— nomic justice.
sion of the Community Development Financial (1) in clause (iv), by striking ‘‘or’’ at the end; This bill was introduced by Financial
Institutions Fund (established under section (2) in clause (v), by striking the period and in- Services Committee Chairwoman, the
104(a) of such Act (12 U.S.C. 4703(a)) to increase serting ‘‘; or’’; and
economic opportunity and promote community (3) by adding at the end the following: Honorable MAXINE WATERS, and it in-
development investments for underserved popu- ‘‘(vi) that is made to a member or associated cludes several provisions authored by
lations and distressed communities in the United borrower that lives in or operates in an under- members of the committee. Unfortu-
States. served area.’’. nately, Chairwoman WATERS couldn’t
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H5568 CONGRESSIONAL RECORD — HOUSE June 15, 2022
be here today, but I would like the fond of saying, a rising tide lifts all these disparities, and that is precisely
RECORD to reflect not only her author- boats. what Chairwoman WATERS’ bill will do.
ship of this bill but also her unwaver- We also know that general inflation Hence, I urge my colleagues to vote
ing commitment to achieving equity disproportionately hurts people of ‘‘yes’’ on H.R. 2543, the Financial Serv-
and inclusion on behalf of communities color, which is why this bill directs the ices Racial Equity, Inclusion, and Eco-
of color. Federal Reserve, as it carries out its nomic Justice Act.
Today’s House consideration of H.R. duties to rein inflation in and promote Mr. Speaker, I reserve the balance of
2543 is historic in that for the first full employment, to also consider ra- my time.
time in our Nation’s history, the U.S. cial disparities so that all people—all b 1230
House of Representatives is voting on a people—will benefit from the Fed’s
comprehensive package of legislation dual mandate. Mr. MCHENRY. Mr. Speaker, I rise in
to finally address inequity with equity Members of the LGBTQIA-plus com- opposition to H.R. 2543, and I yield my-
and inclusion in terms of financial ac- munity also face discrimination in self such time as I may consume.
cess, economic mobility, and fair treat- lending. This is why it leads to higher This week, Democrats have a bill on
ment. costs for them as well. We shouldn’t the floor to ‘‘address inflation and help
Today, I boldly and proudly say that stand for this during any time of the bring costs down for Americans.’’
this would not have been possible with- year, but I am pleased to be among Just last week, President Biden stat-
out the Honorable Chairwoman those fighting for LGBTQIA-plus jus- ed that inflation is his ‘‘top domestic
WATERS’ leadership. This bill is needed tice during Pride Month. This is why priority.’’ So, let’s talk about inflation
because racial disparities in lending, H.R. 2543 includes my bill H.R. 166, the if we are going to talk about the Fed-
homeownership, and wealth creation Fair Lending for All Act, which fur- eral Reserve. Let’s look at the num-
are all too real. thers fair lending by clarifying that bers. Let’s look at the stats.
For some, invidious discrimination, lending discrimination is prohibited The President announced that his
Mr. Speaker, is only a phrase. However, not only on the basis of race, Mr. focus is going to be on the economy
for too many others, it is a fact of life. Speaker, but also on the basis of gen- this month. To kick it off, his Treasury
According to the Brookings Institu- der identity, sexual orientation, and Secretary, Secretary Yellen, finally ad-
tion, the racial wealth gap between geography. This bill enhances super- mitted that she was wrong when she
White and Black households is more vision and establishes criminal pen- called inflation transitory last year.
than $10 trillion. The onerous wealth alties for fair lending violations. To the Biden administration and con-
gap is perpetuated by the toleration of Let’s take a closer look at fair lend- gressional Democrats, I would like to
ongoing discrimination, redlining, and ing at this time. Every person who pur- say to you: Welcome to the party. You
systemic barriers to accessing finan- chases a home should be able to read are a year late. The American people
cial credit and services. and understand their mortgage docu- have been feeling this pain of inflation,
Some of my colleagues across the ments. This is why common sense and I am glad you are coming to the re-
aisle may say that the House shouldn’t should prevail. However, that is not alization that we have to do something
address this important issue. They may the reality for many home buyers in about it. Republicans welcome the con-
say that the House should ignore these our country today. This is why the bill versation.
very real, well-documented disparities includes robust language, robust lan- Inflation has surged to a 40-year
and focus on getting inflation under guage to access the requirements for a high. Stats across the board are ter-
control, to which I say, this bill deals mortgage, and these mortgage condi- rible. Everyday goods and services are
with the very real inflationary pres- tions should be made clear in lan- more unaffordable today, especially for
sures that people of color experience in guages that people understand. It re- low-and middle-income Americans and
their daily lives. Too often, Mr. Speak- quires servicers to expand and preserve those on fixed incomes. Skyrocketing
er, consumers and businesses from low- the dream of homeownership for bor- consumer prices are outpacing wage
income communities and communities rowers with limited English pro- gains. U.S. households will spend an
of color suffer invidious discrimination ficiency. Chairwoman WATERS’ bill will extra $5,200 this year compared to last
as they struggle to access capital and also support the efforts of community year for the same basket of goods and
credit. development financial institutions, or services they normally buy.
Chairwoman WATERS said it best, and CDFIs, and minority depository insti- The national average for the price of
I was there to hear her say it, when she tutions, or MDIs, that fill a historic gasoline has reached a staggering $5 a
spoke before the Rules Committee this lending gap in underserved commu- gallon. If that weren’t bad enough, our
week. She noted that this type of dis- nities across this country. And it would economy is now shrinking. The U.S.
crimination is a form of inflation in mitigate banking deserts by allowing GDP came in at a negative 1.4 percent
communities of color. She indicated credit unions to serve areas that banks in the first quarter of this year. That is
that when you add up inflated fees in have ignored or abandoned. problematic. That is bad.
tandem with inflated interest rates, Moreover, this legislation includes Democrats want to blame everything
simple loans cost more for people of another bill of mine, H.R. 2516, the Pro- from Putin to so-called corporate prof-
color than others taking out the same moting Diversity and Inclusion in iteering for the inflation crisis. They
loan in a different community. Banking Act, which would require Fed- are still looking for who did it. Well,
This, of course, assumes that you are eral banking regulators to evaluate guess what, folks. The call is coming
lucky enough to qualify for the loan in policies and procedures banks and cred- from within the house. They are the
the first place. If you are not, then it unions have to promote diversity ones that put this on the American
your options to build wealth are se- and inclusion. people.
verely limited because you can’t buy a I thank Chairwoman WATERS for her This is all the result of Democrats’
home or start a small business. In fact, continued leadership, her bold leader- bad economic policies, and this crisis is
your only option for credit might be an ship, as well as my colleagues and of their own making. The American
inflated predatory payday loan that members of the Financial Services people know it. They see it. They feel
leaves you worse off, not better. Committee for their tireless work, in- it. They experience it.
This is inflation that people of color cluding Representatives MEEKS, In a recent poll released by The Wall
experience each day, and we should be CLEAVER, BEATTY, GARCIA of Texas, Street Journal, 83 percent of respond-
just as outraged and concerned about TORRES, and AUCHINCLOSS. ents rated current economic conditions
these needlessly inflated high costs as Mr. Speaker, the pandemic has exac- as poor or not good. This is the result
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we are about the general inflation we erbated and exposed many truths about of Democrat economic policies. Since
are experiencing during the pandemic. our Nation’s inequitable housing and they control the fullness of the Federal
And I would further argue that ad- financial systems, as well as its out- Government, they have put their eco-
dressing this form of inflation will sized impact on low-income families nomic policies into place, and we are
bring down costs for everyone because, and communities of color. It is incum- living with the bad consequences. All
as my colleagues across the aisle are bent on this Congress to finally address across the board, inflation is way up.
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June 15, 2022 CONGRESSIONAL RECORD — HOUSE H5569
In another poll released by President has specifically said he is fo- First, they said it was transitory.
RealClearPolitics, 60 percent of the cused on this month, if they were seri- Then, they played it down as a high-
American people disapprove specifi- ous, they would abandon a partisan class problem. Now, President Biden ri-
cally of President Biden’s handling of messaging bill like the one we have on diculously and falsely refers to rising
the economy. the House floor. prices as Putin’s price hike.
What is the Democrats’ strategy? It Mr. Speaker, I urge my colleagues to But the American people know that
is to distract struggling families with vote ‘‘no,’’ and I reserve the balance of Democrats’ failed policies created this
this bill that we have on the floor my time. inflation crisis. Their overspending
today, a bill that might sound good but Mr. GREEN of Texas. Mr. Speaker, I created excess demand. Their war
does nothing to bring down consumer yield 2 minutes to the gentleman from against domestic energy production
prices or help struggling families. New York (Mr. MEEKS), my dear friend. constrained supply. And this supply-de-
Let’s talk about the contents of the Mr. MEEKS. Mr. Speaker, I thank mand mismatch pushed prices to a
bill. Republicans support improving di- Representative GREEN for yielding, four-decade high.
versity in financial services, but H.R. and, of course, I thank Chairwoman
In March 2021, the Consumer Price
2543, this bill, misses the mark. Com- Waters for bringing this important
Index was at 2.6 percent and gas prices
mittee Democrats had the opportunity piece of legislation to the floor.
I heard Ranking Member MCHENRY were $2.70 per gallon. That month,
to work with Republicans on a bipar- President Biden’s American inflation
tisan legislative package to achieve talk today, and I think that the Amer-
ican people understand that inflation is plan was signed into law. What hap-
that goal. In fact, five of the bills that pened as a result? We have 8.6 percent
make up this package received some all over the world. It is not a United
States problem; it is a global problem inflation on the CPI from last Friday,
Republican support, either in markup, the highest in over 40 years. On top of
in committee, or on the floor in pre- predicated by Putin’s aggression in
Ukraine and coming out of the greatest that, we are seeing historic energy
vious Congresses. But instead of work- prices. Fuel oil is up 106 percent, the
ing with Republicans, committee pandemic that we have had in over 100
years. Democrats are focused on work- highest ever, and regular gasoline is up
Democrats injected this package with over 50 percent year over year. For the
ing with the globe to make a dif-
another eight partisan poison pills. first time ever, gas prices reached $5
First, this bill blatantly politicizes ference.
I want to focus on this bill and talk per gallon nationally last week.
the Federal Reserve. In fact, it tasks Instead of addressing the cause of in-
about the Improving Corporate Govern-
the Fed with a third mandate, and that flation, such as Big Government spend-
ance Through Diversity Act and the
third mandate is to close socio- ing, radical energy policies, and
Ensuring Diversity in Community
economic disparities instead of focus- politicization of access to capital, they
Banking Act portions of this bill. On
ing on what we have asked the Fed to that, I thank Ranking Member continue to push partisan packages
focus on, which is price stability and MCHENRY and other Republicans for that will do absolutely nothing to cor-
maximum employment possible. So the bipartisan support both bills re- rect historic inflation that is plaguing
much for the President saying he is not ceived when they unanimously passed the middle class. Case in point is this
going to politicize the Fed or he is out of the Financial Services Com- bill, the Racial Equity, Inclusion, and
going to respect the Fed’s independ- mittee. Economic Justice Act.
ence. This bill goes completely counter We need to continue all efforts to At a time of historic inflation, the
to that. promote racial and economic justice in central responsibility, the core job, of
This bill will make credit more ex- our communities, and this package of the Federal Reserve is to ensure price
pensive and less accessible to those legislation does exactly that. Investors stability. But instead of responding to
who need it the most. want to know whether the C-suites and Democrats’ fiscal policy errors, the Fed
This bill will also pile regulatory the boardrooms in corporate America failed to tighten monetary policy fast
costs on small businesses, forcing them are actually working in their interests enough to address this inflation crisis,
to divert resources from business oper- and reflecting their ideals. I, along especially at this time when they
ations to report on diversity and inclu- with Representatives CAROLYN B. should be focused on price stability.
sion metrics outlined in this bill. Cur- MALONEY and RITCHIE TORRES, worked What does the Democrat majority
rently, businesses can self-assess the to enhance the SEC’s disclosure regime do? They want to give the Fed more re-
makeup of their workforce. This bill by requiring public companies to dis- sponsibilities. They want to give them
would impose a one-size-fits-all man- close race, ethnicity, gender identity, responsibilities beyond their core com-
date on all job creators, regardless of sexual orientation, and veteran status petency or expertise.
size, geographic location, or business of these companies. We want these
model. The SPEAKER pro tempore. The
spaces to truly reflect the diversity of time of the gentleman has expired.
This bill is a boon for litigious trial this Nation.
lawyers, and it is a boon for them be- Mr. MCHENRY. Mr. Speaker, I yield
Also included in this package is my
cause it expands ECOA, and it opens an additional 30 seconds to the gen-
bill that emphasizes the importance of
businesses up to new lawsuits. This tleman from Kentucky.
minority banks and credit unions in
creates uncertainty in the credit mar- serving our communities. The Ensuring Mr. BARR. Mr. Speaker, instead of
kets, ultimately increasing the cost of Diversity in Community Banking sec- diverting the Fed’s focus away from
credit and making it more difficult to tion will address the issue of banking their responsibility of tackling infla-
assess credit risks for financial institu- deserts and strengthen programs that tion, the Federal Reserve should be fo-
tions and businesses. provide capital to these critical and cused on dealing with inflation.
Finally, while Americans are reeling crucial institutions. It also creates an If Democrats were truly interested in
from higher prices, this bill will make impact bank designation in order to helping low- and moderate-income
it more expensive for families to pur- promote banks that predominantly households, fixed-income households,
chase a home. This bill will impose ad- serve low-income communities. and communities of color, who are suf-
ditional costs on creditors and Mr. MCHENRY. Mr. Speaker, I yield 2 fering the most under Biden’s inflation
servicers, which will inevitably be minutes to the gentleman from Ken- crisis, they need to keep the Fed’s eye
passed on to those applying for loans. tucky (Mr. BARR), my colleague and on the ball. Don’t have them weigh
The bottom line, this is just another friend and the ranking member of the into social policies and controversial
attempt by House Democrats to divert National Security, International De- policies that are in the responsibility
voters’ attention from the big issues of velopment, and Monetary Policy Sub- and jurisdiction of Congress. The Fed
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the day, and that is their dismal eco- committee of the Financial Services needs to be focused on helping tame in-
nomic record that they have foisted Committee. flation. This bill gives the Fed respon-
upon the American people. Mr. BARR. Mr. Speaker, for over a sibilities it doesn’t need to have.
If House Democrats are serious about year, Democrats have dismissed the Mr. GREEN of Texas. Mr. Speaker, I
addressing inflation, as the Biden ad- historic inflation crushing American yield myself such time as I may con-
ministration has claimed and as the households. sume.
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H5570 CONGRESSIONAL RECORD — HOUSE June 15, 2022
Mr. Speaker, we are witnessing now derlying causes restricting access to Congressman WILLIAM TIMMONS from
why we have the invidious discrimina- credit or inflation that has eroded South Carolina for his partnership in
tion that exists in this country. Not many Americans’ borrowing power. It advancing the bill through the Finan-
one word has been said about the invid- is just a mixed bag of extra mandates cial Services Committee by voice vote
ious discrimination, the high cost in on the Federal Reserve and new regu- in committee markup last month.
loans that people of color suffer. Not latory burdens on small businesses. According to the CDFI Fund in 2019,
one word is being said about it. Rather, I don’t hear my small businesses ask- 33 percent of CDFI lending was in high-
there is always an effort to deflect. ing for more regulation, additional poverty areas, but we have got to do
This has been going on for centuries, compliance burdens, or the imposition better. Seventeen percent was in rural
but not today. It ends today. of a sweeping social agenda. areas.
Mr. Speaker, I yield 2 minutes to the Families are struggling to afford food CDFIs are instrumental in providing
gentlewoman from Ohio (Mrs. BEATTY). and gas. Small businesses are strug- affordable capital to communities typi-
Mrs. BEATTY. Mr. Speaker, let me gling to hire employees, and my local cally excluded or underserved by the
first thank Chairman GREEN for yield- banks and credit unions are feeling the mainstream financial system. I am
ing and for his outstanding job of man- pinch of inflation and rising interest proud of committee efforts to provide
aging the floor today. rates every day. additional resources to these mission-
I also thank Chairwoman MAXINE If the majority was serious about driven community institutions that
WATERS for her leadership in bringing helping Americans, they would have have faced several challenges in recent
diversity and inclusion to the forefront made my amendments in order to ex- years.
of the conversation in the financial amine the effects of inflation and bank Prior to the CDFI Bond Guarantee
services industry. It was her vision to consolidation on access to credit for Program, CDFIs were extremely lim-
create the Financial Services Commit- those in low-income census tracts, ited in their ability to access capital to
tee’s Subcommittee on Diversity and rural counties, racial minorities, make large-scale investments in com-
Inclusion, and I have had the honor to women, and veterans, the very commu- munity facilities, basic infrastructure
serve as its chair since its inception. nities that Democrat policies have hurt projects, or job-generating businesses.
The racial justice equity package be- the most. My amendments would have The CDFI Bond Guarantee Program
fore us today is very much the product been a step in the right direction, but was enacted to provide long-term, low-
of the subcommittee’s work over the the Democrat majority blocked them. cost capital to CDFIs which use the
past 3-plus years, and I am proud to say Mr. Speaker, digging the hole deeper funding for economic development ac-
that many of its provisions were au- is no way to get out of the crisis the tivities in low-income urban, rural, and
thored by subcommittee members. Re- Democrat administration and Demo- indigenous communities.
publicans participated in the hearing, My bill would authorize the program
crat majorities in Congress have cre-
and today, when we deflect to issues and reduce the minimum issuance from
ated.
like what we are hearing, it is very $100 million to $25 million, opening up
Mr. GREEN of Texas. Mr. Speaker, I
alarming. There is nothing controver- the program to smaller CDFIs and to
yield myself such time as I may con-
sial in this package or the bills I am support more community development
sume.
going to reference. I will read from an article entitled: projects such as loans to small busi-
Two of my bills are included in this nesses, commercial real estate, afford-
‘‘Examining the Black-White wealth
package, the Diversity and Inclusion able housing, and healthcare facilities
gap’’ from the Brookings Institution
Data Accountability and Transparency all across the Nation.
dated February 27, 2020. ‘‘A close exam- Mr. Speaker, I urge the passage of
Act, referred to as the D&I DATA Act, ination of wealth in the U.S. finds evi-
that will direct the Office of Minority this bill.
dence of staggering racial disparities. Mr. MCHENRY. Mr. Speaker, I yield 1
and Women Inclusion to collect data on At $171,000, the net worth of a typical
the financial institutions they oversee. minute to the gentleman from Ohio
White family is nearly 10 times greater (Mr. DAVIDSON), the ranking member of
This will allow us to measure the than that of a Black family ($17,150) in
progress that banks and other financial the Fintech Task Force on the Finan-
2016. Gaps in wealth between Black and cial Services Committee.
institutions are making on diversity White households reveal the effects of Mr. DAVIDSON. Mr. Speaker, I rise
performance. accumulated inequality and discrimi- to oppose this bill. The Fed is not
b 1245 nation, as well as differences in power meant to be a political weapon. With
My second bill is the Expanding Op- and opportunity that can be traced inflation above 8 percent and the econ-
portunity for Minority Depository In- back to this Nation’s inception.’’ omy on the verge of a recession, this is
stitutions Act that will codify a pro- And this is why it continues, because one of the most inopportune times in
gram at Treasury that pairs mentor people on that side of the aisle are will- our Nation’s history to suggest that we
businesses with protege MDIs, giving ing to tolerate invidious discrimina- turn the Fed into a political pawn.
the smaller lenders access to things tion. They will talk about anything Our Nation is suffering from too
like technical assistance and con- but invidious discrimination. They much government. Inflation is a policy
tracting opportunities. have no remedies. choice, and this delivers more govern-
I am so pleased; in my Third Congres- Mr. Speaker, I yield 2 minutes to the ment to an agency that is supposed to
sional District of Ohio a new MDI has gentleman from Missouri (Mr. be insulated from it.
been approved. CLEAVER), my friend. We know the recipe. We need more
I also note that my bill, the Ensuring Mr. CLEAVER. Mr. Speaker, first of freedom, less government, and sound
Diverse Leadership Act, has been made all, I thank the floor manager, Mr. money. This thing distracts the Fed-
in order as an amendment and will be GREEN of Texas, and I stand with my eral Reserve.
considered later. That amendment will colleagues and Chairwoman MAXINE Inflation doesn’t care about your
require the Fed to consider candidates WATERS of California who I know is race. The price of groceries, the price
of diverse ethnicity and gender when watching this debate in support of the of healthcare, education, rent, it
filling vacancies in the Federal Reserve Financial Services Racial Equity, In- doesn’t care about your race or your
Bank. clusion, and Economic Justice Act. I gender. We have to stop the
Mr. MCHENRY. Mr. Speaker, I yield 1 wish her a speedy return, but I thank politicization of our government agen-
minute to the gentleman from Arkan- her for the tremendous amount of work cies as Democrats—really the radical
sas (Mr. WESTERMAN), the ranking put into this piece of legislation, which left—stays committed to this long
member of the Natural Resources Com- would transform countless American march through our Nation’s institu-
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mittee. lives for the better. tions to try to push an agenda at odds
Mr. WESTERMAN. Mr. Speaker, I I specifically highlight the inclusion with the American public. If this bill
thank the ranking member for yield- of the CDFI Bond Guarantee Program does anything, it highlights that dis-
ing. Improvement Act—Community Devel- connect.
I rise today to speak against H.R. opment Financial Institutions—a pri- Mr. Speaker, I urge every one of our
2543. This bill does not address the un- ority of the CDFI community. I thank colleagues to oppose this bill.
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June 15, 2022 CONGRESSIONAL RECORD — HOUSE H5571
Mr. GREEN of Texas. Mr. Speaker, I Ms. GARCIA of Texas. Mr. Speaker, Consumers should have access to af-
yield myself such time as I may con- this legislation will require the GAO to fordable banking services, which re-
sume. conduct a study to identify housing quires competition in the market. Over
Mr. Speaker, inflation does care barriers that contribute to the issue of the last several decades, there has been
about your race if you happen to be a homelessness. consolidation amongst banks and cred-
person of color and you are applying This study will find laws, regula- it unions. This has effectively limited
for a loan. tions, common practices, and funding the products available to consumers
Inflation does care about your race if formulas that create barriers to hous- and artificially driven up costs while
you happen to have fees added on that ing in an effort to pinpoint the prob- closing banking branches for people
you shouldn’t have simply because you lems in our system that cause home- who already did not have many
are a person of color. lessness to continue and grow. choices.
People of color have to deal with gen- I am proud of both of these bills, and The Financial Services Racial Eq-
eral inflation and the specific inflation I hope that both of these bills pass to uity, Inclusion, and Economic Justice
associated with invidious discrimina- increase expanded language access and Act includes my bipartisan bill, the
tion, and it is the intolerance by my to find the root causes of homelessness. Promoting New and Diverse Depository
colleagues across the aisle through the Mr. MCHENRY. Mr. Speaker, I yield 1 Institutions Act, which is the first step
centuries that has perpetuated this minute to the gentleman from Ten- to expand competition and increase the
level of inflation. nessee (Mr. ROSE), my friend and col- supply of banking services. My bill di-
The SPEAKER pro tempore. Mem- rects banking regulators to work to-
league, and a leader on the Financial
bers are reminded to direct their re- gether to address the challenges that
marks to the Chair. Services Committee.
Mr. ROSE. Mr. Speaker, I thank the new depository institutions, including
Mr. GREEN of Texas. Mr. Speaker, I
gentleman for yielding. MDIs and CDFIs, face when applying
yield 2 minutes to the gentlewoman
H.R. 2543 will do nothing to resolve for a charter.
from Texas (Ms. GARCIA). Starting and maintaining a new bank
Ms. GARCIA of Texas. Mr. Speaker, I the long list of crises the Biden admin-
istration’s policies have caused, such or credit union is hard work. It is the
rise in support of H.R. 2543, the Finan-
as runaway, devastating inflation; banking regulators’ responsibility to
cial Services Racial Equity, Inclusion,
and Economic Justice Act. Let me re- massive Federal debt; unacceptably measure and mitigate the challenges
peat the words, this is what we are high gas prices; a skyrocketing crime that new banks face. My bill will help
talking about: racial equity, inclusion, rate; and an open border that allows new banks, and in doing so will expand
and economic justice. millions of illegal immigrants and tons access to affordable services for under-
I thank Chairwoman WATERS for of deadly fentanyl into our country. banked communities.
bringing this legislation forward and This bill, which has no chance of be- The legislation we are considering
for her leadership on all these impor- coming law and is dead on arrival in today also includes other necessary eq-
tant issues. I thank Chairman GREEN the Senate, would impose additional uity bills, such as Congresswoman
who is the chair of the Subcommittee and burdensome reporting require- GARCIA’s, which expands language ac-
on Oversight and Investigations for ments on public companies, reduce ac- cess in mortgage services. Congress-
navigating us through this bill being cess to credit, distract the Federal Re- man GREEN’s bill would clarify that
heard today. serve from pursuing its statutory man- sexual orientation and gender identity
Specifically, I will speak about two date, and further politicize our regu- are protected classes under credit dis-
bills which have been included in this latory agencies. crimination.
important package, such as the Im- Families in middle Tennessee can’t I applaud Chairwoman WATERS’ lead-
proving Language Access in Mortgage find baby formula and are struggling to ership on this bill, and I urge my col-
Servicing Act. pay for groceries and gas while Demo- leagues to support it.
According to the U.S. Census, over 20 crats are jamming through a partisan b 1300
percent—that is one out of five—house- bill just to score political points with
holds in the United States speak a lan- Mr. MCHENRY. Mr. Speaker, I yield
their leftwing progressive base. We 11⁄2 minutes to the gentleman from
guage other than English, and nearly 9 must do better for our constituents and
percent of households lack a proficient North Carolina (Mr. BUDD), my friend
for our country. and colleague.
English speaker. Mr. GREEN of Texas. Mr. Speaker, I
Homeownership is an opportunity to Mr. BUDD. Mr. Speaker, in the
yield myself such time as I may con- month of June, I asked a poll question
build generational wealth and speaking sume.
another language should never be a on one of my telephone town halls. I
People of color are constituents. Peo- asked: Has your family noticed a sharp
barrier in home buying and mort- ple of color are Americans. People of
gaging. rise in prices? And 94 percent of them
color deserve the opportunity to have said: Yes. The crazy part of this is that
This legislation will establish lan-
equality of opportunity. I am not talking about this June, I am
guage access requirements in the eight
Hundreds of years have gone by, and talking about last June.
most commonly spoken languages in
this is what we are getting as a result The average family will be spending
the United States, besides English, for
of those who would ignore the concerns $5,200 more this year because of Joe
creditors and servicers to ensure that
of Americans of color. Biden’s inflation. We are not debating
Americans who lack English pro-
Mr. Speaker, I yield 2 minutes to the solutions to this crisis today, we are
ficiency are not at a disadvantage
gentleman from Massachusetts (Mr. debating economic justice. But for
while buying a home.
Imagine getting something from your AUCHINCLOSS), a member of the Finan- most Americans, the most economi-
mortgage company telling you you owe cial Services Committee. cally just thing that we can do right
something or that you are at risk of Mr. AUCHINCLOSS. Mr. Speaker, now is to lower gas prices for everyone,
maybe being foreclosed on, but it is all our economy has not always worked and to help seniors on fixed incomes af-
in English, and you speak no English. for everyone equally. This is evident in ford their groceries.
Of course, you will end up being in the glaring wealth disparities for This crisis is real. It is not transi-
foreclosure because you don’t under- American families emphasized in the tory. It is not a so-called high-class
stand the notice that you are getting. 2019 Survey of Consumer Finances Fed- problem. It is a tax and a burden on
This is what my bill is about. eral Reserve report. Chairwoman every citizen in our country. And as
The second bill is the Studying Bar- WATERS’ Financial Services Racial Eq- long as the Democrat majority in this
riers to Housing Act, which has also uity, Inclusion, and Economic Justice Congress remains plagued by denial
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been included in this package. Act is an effort to ease economic dis- and distraction, the harder life will be-
The SPEAKER pro tempore. The parities across racial and ethnic come for American families.
time of the gentlewoman has expired. groups. The bill will also expand access Mr. GREEN of Texas. Mr. Speaker, I
Mr. GREEN of Texas. Mr. Speaker, I to financial services for consumers and yield myself 1 minute.
yield an additional 20 seconds to the small businesses in underserved com- Mr. Speaker, the Brookings Institu-
gentlewoman. munities. tion indicates that the Black and
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H5572 CORRECTION CONGRESSIONAL RECORD — HOUSE June 15, 2022
White wealth gap reflects a society these costs for some people so that we Mr. GREEN of Texas. Mr. Speaker, I
that has not and does not afford equal- can deal with the costs for everybody. yield myself 10 seconds.
ity of opportunity to all of its citizens. Until that is done, we have to have this Mr. Speaker, we have just heard a
This is evidenced today by the re- bill. great recitation on how to do nothing;
sponses that we are getting. Mr. Speaker, I reserve the balance of how to maintain the status quo; how to
No effort to deal with the centuries my time. be proud that you can stand up in the
of inequality. No desire to deal with in- Mr. MCHENRY. Mr. Speaker, I yield 2 House of Representatives and defend
vidious discrimination. Always a rea- minutes to the gentleman from Florida the status quo for some 300 years.
son why we can’t get to it right now. I (Mr. DONALDS). Mr. Speaker, I yield 1 minute to the
have been in Congress for years—never Mr. DONALDS. Mr. Speaker, the gentlewoman from California (Ms.
addressing this problem. measure in front of us today just LEE).
Mr. Speaker, today is a day of reck- makes no sense. This measure is actu- Ms. LEE of California. Mr. Speaker,
oning for all of those who have been ally going to make inflation worse. first of all, let me thank Congressman
hiding behind other issues. Today they Why? Because you are going to put a GREEN who is a lifelong warrior for ra-
have to confront the truth. There is in- third mandate on the Federal Re- cial justice, for his tremendous leader-
vidious discrimination in America, it serve—a Federal Reserve that has done ship, and for the time to speak this
impacts the LGBTQ-plus, it impacts a poor job of actually managing price morning.
people of color, and women as well, and stability. Mr. Speaker, I rise in strong support
today we have legislation because of The same price stability that hurts of H.R. 2543, and I thank Chairwoman
the Honorable MAXINE WATERS’ efforts poor Americans whether you are Black, WATERS and the full committee and the
that can deal with these issues. whether you are Hispanic, or whether Speaker for bringing this important
Mr. Speaker, I reserve the balance of you are White. The same price stability bill to the floor.
my time. that hurts middle-income Americans America’s racial wealth gap divide
Mr. MCHENRY. Mr. Speaker, I yield whether you are Black, whether you directly results from generations of
11⁄2 minutes to the gentleman from Wis- are Hispanic, or whether you are slavery, segregation, and institutional
consin (Mr. STEIL), a leader on the Fi- White. racism. Black and Brown communities
nancial Services Committee. The only group of Americans who have never had—I mean, never have
Mr. STEIL. Mr. Speaker, we are here might even escape the sting of infla- had—the same opportunities to build
at a point in time when prices are out tion in the United States are rich wealth as White communities. The gap
of control. The American people are Americans who happen to be Black, has only increased and widened in re-
getting punched in the face by higher rich Americans who happen to be His- cent decades. This is a fact.
prices every day. panic, and rich Americans who happen This bill will ensure that Federal
Gas is over $5 a gallon. The American to be White. monetary policy focuses on reducing
people are paying hundreds of dollars The common denominator with mas- racial and ethnic disparities. It will re-
more per month because prices are out sive inflation is that if you are poor, orient our financial systems to support
of control. The Federal Reserve has a regardless of your race, you are being wealth creation in historically under-
mandate to maintain price stability. crippled. To have the majority party served communities. It will support a
The Federal Reserve is failing in that say today that they are going to add a more level playing field for Black and
mandate. My colleagues across the third mandate onto the Federal Re- Brown families—whether they are buy-
aisle—the outgoing majority—continue serve is ludicrous. That does not ad- ing a home or building equity.
to try to add another mandate to the dress the systemic disparities that The SPEAKER pro tempore. The
Federal Reserve. exist with respect to wealth in America time of the gentlewoman has expired.
The Federal Reserve is failing on step between Black families and White fam- Mr. GREEN of Texas. Mr. Speaker, I
one—price stability. Let’s address price ilies. yield the gentlewoman an additional 30
stability so people aren’t getting clob- We all know the history. We under- seconds.
bered every day by higher prices; so stand why there are Black families who Ms. LEE of California. Mr. Speaker,
people aren’t getting clobbered when do not have the same size of net worth to close the racial wealth gap, we must
they go to fill up their car with gas; as White families on an average basis. confront the systemic and institutional
clobbered when they go to the gas sta- What you do not do is saddle our econ- racism that has long stunted wealth
tion; clobbered when they go to the omy with more regulation and more creation in communities of color. In
grocery store to get groceries. silly policies, which will actually make California, my home State, we didn’t
The outgoing majority wants to add our economy more efficient. even have a fair housing law until I be-
another mandate to the Federal Re- How are Black families in the future lieve it was 1964. Come on. That is gen-
serve at a period of time when the Fed- going to actually increase their net erations of my family who weren’t even
eral Reserve is failing in their current worth if being able to apply for loans is able to buy a house. They didn’t ac-
mandate. Nothing could be more illogi- more expensive? How do Black families quire equity to be able to live the life
cal. We need to get prices under con- actually increase their wages if our that White people live in this country.
trol. economy is saddled with more infla- Come on, please. H.R. 2543 is an im-
We can do that by unleashing Amer- tion? It does not help Black people portant step in the direction to close
ican energy and we can do that by con- going forward, it actually hurts them, these racial gaps. I urge my colleagues
trolling wasteful spending in Wash- and it hurts everybody along the way. to support it.
ington, D.C. This bill is misplaced. This We should be getting the Federal Re- Mr. MCHENRY. Mr. Speaker, I yield 1
bill moves us in another direction. In- serve back to one mandate—of sound minute to the gentlewoman from Cali-
stead, we should be focusing on actu- money. That would actually help mat- fornia (Mrs. KIM).
ally controlling costs. ters for poor Americans, regardless of Mrs. KIM of California. Mr. Speaker,
Mr. GREEN of Texas. Mr. Speaker, I their race. That is a bill myself and my I rise in opposition to H.R. 2543. This
yield myself 30 seconds. colleague from Arkansas (Mr. HILL) bill threatens the independence of the
Mr. Speaker, people of color are clob- have sponsored to get the Federal Re- Federal Reserve and does nothing to
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bered every day by higher interest serve back into the right place. address the rising cost of living and the
rates. They are clobbered every day by If you want to seriously have a con- highest inflation that our country has
loans that have fees that are higher versation about systemic inequities, if seen in over four decades. In my home
than loans for people of a different hue. you want to have a conversation about State of California, gas prices are aver-
These are the things that are being the difference in net worth between aging $6.40 per gallon, and the cost of
perpetuated when they tolerate this Black Americans and White Ameri- everyday goods continues to rise.
kind of behavior. For centuries they cans, what you cannot do is shut off The way the Fed can address socio-
tolerated it. the economy, which would actually economic disparities for all groups, in-
Now we have the opportunity to do hurt Black families from growing their cluding our most vulnerable commu-
something about it. Let’s eliminate wealth into the future. nities, is by focusing on the existing
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June 15, 2022 CONGRESSIONAL RECORD — HOUSE H5573
dual mandate of price stability and up their tanks for the week, they had COVID funds at the end of 2020, we also
maximum employment. Instead of let- to pay $5 for gas. That is not as high as urged the Federal Reserve to end zero
ting the Fed use its existing tools, my it is here in Washington, but $5 is hurt- interest rates and begin shrinking
colleagues on the other side of the aisle ing all of the hardworking families in their balance sheet. Instead of doing
are attempting to politicize it. my State. anything to address these root causes
Congress should be focusing on ad- While Treasury Secretary Janet of inflation, H.R. 2543 on the House
dressing real wages being down 4.2 per- Yellen is still toeing the economically floor would instead expand the Fed’s
cent and helping the Fed achieve a illiterate party line on inflation, even mandate to address socioeconomic dis-
price stability mandate instead of en- economists from the left of center parities.
acting partisan policies. admit that government spending was Two weeks ago, Mr. Biden met with
Mr. Speaker, I urge a ‘‘no’’ vote on too much and not targeted. Fed Chair Jerome Powell in the Oval
H.R. 2543. Don’t believe me? Office where Mr. Biden said that he em-
Mr. GREEN of Texas. Mr. Speaker, I Listen to President Biden’s key ad- braced the Fed’s independence. Appar-
reserve the balance of my time. visers. ently, House Democrats didn’t get the
Mr. MCHENRY. Mr. Speaker, I yield Former Treasury Secretary Larry memo. At a time when our central
11⁄2 minutes to the gentleman from Summers predicted, a month after bank has failed to carry out its current
President Biden took office, that the mandate for sound money and price
Oklahoma (Mr. LUCAS), a longtime
proposed American Rescue Plan would stability, Democrats want the Fed to
member and leader on the Agriculture
‘‘set off inflationary pressures of a kind not only be a climate regulator but
Committee and the Financial Services
we have not seen in a generation.’’ also to end racial inequity. Expanding
Committee. Now Larry Summers is forecasting a
Mr. LUCAS. Mr. Speaker, I rise in op- the Fed’s mandate to address socio-
recession. economic disparities would further in-
position to H.R. 2543. The U.S. economy Steve Rattner, Mr. Obama’s former
faces tremendous challenges. We have ject uncertainty and risk into the
economic adviser on his staff, said Mr. Fed’s monetary policy and politicize
40-year high inflation, persistent sup- Biden was ‘‘wrong to omit the impor-
ply chain disruptions, and tight labor our historically independent central
tant contribution to inflation from ex-
markets. bank.
cessive fiscal and monetary stimulus.’’ House Republicans believe Congress
The American people are grappling The truth is, after the CARES Act
with increased costs across every as- should return to pre-pandemic debates
and the December appropriations bill
pect of their life. Food is more expen- on our spending priorities, abandon
of 2020, there was plenty of COVID
sive, energy and gasoline prices have economic pop science fads like modern
money left over, and the economy was
skyrocketed, and the cost of housing is monetary theory, and urge our Federal
well on its way to recovery with vac-
surging. Reserve to return to its core mission.
cines being distributed. Mr. Speaker, I urge my colleagues to
In 1977, when I first started out as a But House Democrats supercharged
young farmer, we slid into the infla- reject this bill, H.R. 2543.
demand-side stimulus by adding an-
Mr. GREEN of Texas. Mr. Speaker, I
tionary period of the Carter years, and other $2 trillion in unpaid-for spending
have no additional speakers, and I am
went through Chairman Volker’s dra- in that so-called American Rescue
prepared to close.
matic tightening of the money supply. Plan. Mr. Speaker, Americans aren’t Mr. Speaker, I reserve the balance of
This period was devastating to my feeling rescued. They are feeling like my time.
neighbors and the entire U.S. economy, hostages—hostages to the daily theft of Mr. MCHENRY. Mr. Speaker, I yield
and left a profound impact on how I the Biden inflation. myself such time as I may consume.
view fiscal and monetary policy. Now, Mr. Speaker, the President Mr. Speaker, 80 percent of Americans
Now is not the time to take the Fed- fashions himself as a budget hawk, say- say inflation is the most important
eral Reserve’s eyes off the ball. Con- ing last month that he personally re- issue facing the country, that is ac-
gress should be focused on the issues duced the deficit last year, and he is cording to ABC News/Ipsos poll. We
that currently weigh on the economy complaining that we on this side of the can’t get 80 percent of the American
and aim to strengthen the financial aisle aren’t giving him any credit. But people to agree on anything in our po-
well-being of the American people. what he doesn’t tell you, Mr. Speaker, litical discussion, but they agree that
Mr. Speaker, I oppose H.R. 2543. is that he is taking credit for deficits this economy and this inflation are
Mr. GREEN of Texas. Mr. Speaker, I that were falling due to those expiring problematic.
reserve the balance of my time. COVID programs. We have been given our marching or-
Mr. MCHENRY. Mr. Speaker, I yield 5 The facts are, Mr. Biden has not re- ders. Congress must act to address sky-
minutes to the gentleman from Arkan- duced deficits. In fact, he has increased rocketing prices and provide relief to
sas (Mr. HILL), a great leader on the Fi- them. The Congressional Budget Of- struggling families. That is what the
nancial Services Committee. fice’s latest numbers project $16 tril- American people are telling us we
Mr. HILL. Mr. Speaker, I do rise in lion in additional debt between now should be focused on.
opposition to H.R. 2543. I thank my and 2032. Instead, here we are debating a mes-
friend from Houston, Texas, and our So I hear a lot of talk about deflec- saging bill that stands no chance of be-
colleagues on both sides of the aisle tion on our House floor today, and the coming law.
that worked on many of the bills that deflection of this bill, Mr. Speaker, is I have already run through a long list
are in the package today. the deflection from the insidious infla- of bad things in this bill. I did that in
tion that our families are facing. If my opening, so I would rather spend
b 1315
House Democrats were serious, then the rest of my time discussing what
It is a shame that that package was they would target and spend less western North Carolinians are most
not put together in such a way that we money. They would stop blaming Putin worried about, what my constituents
could be here in a bipartisan visit and accusing American companies of are most worried about.
about the ones that we actually sup- price gouging. They would stop cutting In the core part of my district known
port and that we think could be en- off capital to American energy compa- as the Catawba Valley, the cost of
acted into law. Instead, Democrats nies through ESG mandates and in- housing alone has increased more than
have put together a partisan package timidating banks, and they would stop 15 percent since last year. Where I live
of bills that politicize our central bank threatening trillions in more taxes. in the Lake Norman region, local food
and do nothing to address the insidious While government spending and sup- banks are struggling to keep up with
inflation that is hurting all American ply chain constraints have contributed the surging cost of food and increased
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families and workers—Black, Brown, to higher prices, this inflation also demand stemming from those costs.
and White. stems from the Fed’s loose monetary One food bank operator said: ‘‘We are
Mr. Speaker, one thing I know is that policy—too loose, too lax, and for too out of staples.’’
H.R. 2543 will not become law. Mr. long. That is a frightening thing.
Speaker, on Monday, Arkansans woke Just as House and Senate Repub- They also added: We are tired of high
up and as they went to work and filled licans worked to tailor and end the grocery bills. We are tired of gas prices
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H5574 CONGRESSIONAL RECORD — HOUSE June 15, 2022
going up. One of my constituents from the Committee on Financial Services losses of nearly $3 million in 1874, the
Winston-Salem said that on a local Fox to adopt my amendment to H.R. 2543. violent massacre decimating Tulsa’s
affiliate. This amendment, Mr. Speaker, is Greenwood District in 1921, a popu-
North Carolinians are fed up. The straightforward. It would simply focus lation of 10,000 that thrived as the epi-
American people are fed up. They don’t the Federal Reserve, as Representative center of African-American business
like what they see economically, and BYRON DONALDS so eloquently outlined, and culture, commonly referred to as
they deserve real answers and real so- on a single mandate: price stability. Black Wall Street, and discriminatory
lutions to address that core problem— Mr. Speaker, I ask unanimous con- policies throughout the 20th century
the core issue of inflation. sent to include the text of my amend- including the Jim Crow Eras ‘Black
So let me be clear. There is no mys- ment in the RECORD immediately prior Codes’ strictly limiting opportunity in
tery of why we have runaway inflation. to the vote on the motion to recommit. many Southern States . . . . ‘’
It is Democrats’ reckless spending that The SPEAKER pro tempore. Is there Mr. Speaker, today has been the best
is the driver of this. They have man- objection to the request of the gen- evidence we need of why invidious dis-
aged the fiscal house for a year and a tleman from Arkansas? crimination exists in this country, be-
half, and they have managed to drive There was no objection. cause there are people across the aisle
our economy into the ditch. Mr. MCHENRY. Mr. Speaker, I urge a who will tolerate it and who will come
So we have got to get it out of the ‘‘no’’ vote, and I yield back the balance to this floor and talk about Americans
ditch. We have got to get it back on of my time. as though you have to be White to be
the road. We have to be in the right di- Mr. GREEN of Texas. Mr. Speaker, I an American, as though people of color
rection with a growing economy, not a yield myself the balance of my time. don’t count, as though the LGBTQ-plus
shrinking economy, and with wages in- Mr. Speaker, it is painful to hear a community doesn’t count, and that
creasing more than the cost of the Member of Congress talk about reck- women don’t count. To them, Mr.
goods that people need to live. less spending when that spending is Speaker, if you are a White man, you
So instead of addressing this crisis of what was necessary during the pan- are an American.
their own making, Democrats would demic. But what about the rest of the people
rather distract Americans with a bill Is it reckless spending to allow peo-
in this country who suffer?
that does nothing to bring down costs. ple to receive some sort of help when Mr. Speaker, it is a sad day to hear
This is yet another attempt to distract they couldn’t go to work, Mr. Speaker? my colleagues across the aisle speak of
the American people from that basic My colleagues across the aisle would
reckless spending when people were
challenge and that basic fact of high not have helped the American people
suffering.
inflation. who were out of work during a pan-
I thank God that we have the courage
But to my colleagues on the other demic because it would be reckless
to help people in a time of need. If I
side of the aisle: you aren’t fooling spending.
could do it again, I would do it because
Is it reckless spending to keep people
anyone. The American people are on to I saw the suffering. Perhaps they don’t
in their homes and not allow them to
who caused inflation, who started in- see the suffering that I see. But I saw
be foreclosed on?
flation, and who is driving up the cost My colleagues across the aisle would it, and I was prepared to do something
of energy bills, both at home and in have allowed people to be evicted and about it.
their car. They understand why, and their things thrown in the streets be- I believe that in the final analysis,
there are real consequences for not ad- cause to them, helping people in a time those who refuse to tolerate the kind of
dressing the needs of the American of crisis is reckless spending. invidious discrimination that we suffer
people. Is it reckless spending to put food on each day in this country, they will be
Thankfully, I have faith in the Amer- the table of people who can’t go to vindicated. They will be vindicated.
ican people to get this right. I hope our work? I am grateful for the time, Mr.
elected officials will follow suit. We, on Is it reckless spending to make sure Speaker, and I yield back the balance
the Republican side of the aisle, are babies and children who are going to of my time.
hearing this loud and clear, and that is school get proper schools that can pro- Mr. CICILLINE. Mr. Speaker, this Pride
why we are trying to return to fiscal tect them during a virus and a pan- Month we need to both celebrate the
stability and fiscal sanity and return demic that was killing people world- LGBTQI+ community and take action to fur-
to sound money. That is our focus. wide? ther LGBTQI+ equality. A vote for today’s bill
Mr. Speaker, this bill doesn’t address We put money into schools. We put is a vote to do just that.
the core problems the American people money into police departments and fire The Financial Services Racial Equity, Inclu-
are telling us we should address, and departments. But that is reckless sion, and Economic Justice Act includes a
that is why we should reject this bill spending to my colleagues across the portion of my bill—the Equality Act—to explic-
that does nothing to answer the call aisle. itly prohibit discrimination on the basis of sex-
the American people have made. They are the best on the planet at ual orientation and gender identity in credit.
Mr. Speaker, I urge a ‘‘no’’ vote. doing nothing. Do-nothing politics is I urge my colleagues to support this bill and
Mr. Speaker, I yield such time as he what that is all about. They find clever my amendment to explicitly clarify that all
may consume to the gentleman from ways to find an opportunity to do noth- forms of sex discrimination are prohibited by
Arkansas (Mr. HILL). ing by saying things that mean noth- the Equal Credit Opportunity Act. Importantly,
Mr. HILL. Mr. Speaker, I thank my ing to the people who need help. my amendment makes clear that discrimina-
good friend, the ranking member on Reckless spending. How dare they tion on the basis of sex stereotypes, preg-
the House Financial Services Com- call it reckless spending when people nancy, childbirth, sexual orientation, gender
mittee, Mr. MCHENRY, for his leader- are suffering and need help. identity, and sex characteristics, including
ship. Now, let me continue with the intersex traits, are all forms of unlawful sex
Mr. Speaker, I have a motion to re- Brookings Institution with my final discrimination under the Equal Credit Oppor-
commit. It addresses the core flaw that minutes. tunity Act.
House Republicans believe presides This is from the Brookings Institu- No one should be denied access to credit
today. We hear the voices of those 80 tion: ‘‘Efforts by Black Americans to because of who they are or who they love.
percent of Americans who say that build wealth can be traced back Yet, 7.7 million LGBT adults 18 and older live
$5,000 extra coming out of our pockets throughout American history. But in states without statutes explicitly prohibiting
is what is hurting the working fami- these efforts have been impeded in a LGBT discrimination in credit.
lies, Black, White, and Brown, in my host of ways, beginning with 246 years A vote for today’s bill and my amendment
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home State of Arkansas. We know in- of chattel slavery and followed by con- will ensure long-lasting explicit nondiscrimina-
flation is the top issue facing this gressional mismanagement . . . ‘’ tion protections for the LGBTQI+ community
House and facing our families that we Let me repeat that: by congressional and others in credit.
represent. mismanagement. I thank Chairwoman WATERS for introducing
That is why if we were to adopt my ‘‘ . . . of the Freedmans Savings this bill and ensuring it is inclusive of the
motion to recommit, we would instruct Bank, which left 61,144 depositors with LGBTQI+ community. I urge my colleagues to
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June 15, 2022 CONGRESSIONAL RECORD — HOUSE H5575
stand with the LGBTQI+ community this Pride to offer amendments en bloc consisting TITLE VI—ENSURING DIVERSE
Month and vote for my amendment and the of further amendments printed in part LEADERSHIP OF THE FEDERAL RESERVE
underlying bill. B of House Report 117–366, not earlier SEC. 601. SHORT TITLE.
Ms. JOHNSON of Texas. Mr. Speaker, I rise disposed of. Amendments en bloc shall This title may be cited as the ‘‘Ensuring
today in strong support of H.R. 2543, the Fi- be considered as read, shall be debat- Diverse Leadership Act of 2022’’.
SEC. 602. CONGRESSIONAL FINDINGS.
nancial Services Racial Equity, Inclusion, and able for 20 minutes equally divided and
The Congress finds that—
Economic Justice Act. controlled by the chair and ranking (1) while significant progress has occurred
The Financial Services Racial Equity, Inclu- minority member of the Committee on due to the antidiscrimination amendments
sion, and Economic Justice Act would direct Financial Services or their respective to the Federal Reserve Act, barriers con-
the Federal Reserve to provide reports on ra- designees, shall not be subject to tinue to pose significant obstacles for can-
cial and ethnic disparities in employment, in- amendment, and shall not be subject to didates reflective of gender diversity and ra-
come, wealth, and access to affordable credit. a demand for division of the question. cial or ethnic diversity for Federal Reserve
It also includes provisions that would establish bank president positions in the Federal Re-
AMENDMENTS EN BLOC NO. 1 OFFERED BY MR. serve System;
language access requirements for creditors GREEN OF TEXAS (2) the continuing barriers described in
and servicers to better serve borrowers with paragraph (1) merit the following amend-
limited English proficiency, allow all federal Mr. GREEN of Texas. Mr. Speaker,
pursuant to section 3 of House Resolu- ment;
credit unions to expand their membership to (3) Congress has received and reviewed tes-
include underserved communities, and clarify tion 1170, I offer amendments en bloc
timony and documentation of the historical
that financial institutions be required to collect No. 1. lack of gender, racial, and ethnic diversity
their self-identified sexual orientation and gen- The SPEAKER pro tempore. The from numerous sources, including congres-
der identity information to help combat dis- Clerk will designate the amendments sional hearings, scientific reports, reports
criminatory practices against lesbian, gay, bi- en bloc. issued by public and private agencies, news
stories, and reports of related barriers by or-
sexual, transgender and queer (LGBTQ+) AMENDMENTS EN BLOC NO. 1 CONSISTING OF ganizations and individuals, which show that
business owners. This bill also includes an AMENDMENT NOS. 1, 2, 3, 4, 5, 7, 8, 9, 11, 12, 13, race-, ethnicity-, and gender-neutral efforts
amendment that I authored with my colleague 14, 15, 16, 17, 18, 20, 21, 22, 23, 25, 26, AND 27, alone are insufficient to address the prob-
from Rhode Island, Congressman JIM LAN- PRINTED IN PART B OF HOUSE REPORT 117–366, lem;
GEVIN, to require disparities for individuals with OFFERED BY MR. GREEN OF TEXAS: (4) the testimony and documentation de-
disabilities to be published in the Federal Re- AMENDMENT NO. 1 OFFERED BY MR. BOWMAN OF scribed in paragraph (3) demonstrate that
serve’s reports. NEW YORK barriers across the United States prove prob-
Let me share a brief example of why this lematic for full and fair participation in de-
Page 43, after line 4, insert the following: veloping monetary policy by individuals re-
legislation is necessary. Last year, a local (3) PROMOTING FAIR HOUSING AND COLLEC- flective of gender diversity and racial or eth-
news agency led an investigation in my district TIVE OWNERSHIP OPPORTUNITIES.— nic diversity; and
that revealed a long and tragic pattern of dis- (A) INITIAL REPORT.—Not later than 18 (5) the testimony and documentation de-
criminatory lending practices in South Dallas. months after the date of the enactment of scribed in paragraph (3) provide a strong
It became apparent that several banks refused this subsection, the Secretary of Treasury, basis that there is a compelling need for the
to give home loans to residents in low-income jointly with the Secretary of Housing and below amendment to address the historical
Urban Development, shall issue a report to lack of gender, racial, and ethnic diversity in
areas, in direct contradiction to federal laws the covered agencies and the Congress exam-
protecting borrowers regardless of race or the Federal Reserve regional bank presidents
ining different ways financial institutions, selection process in the Federal Reserve Sys-
economic status. This is a failure of both pol- including community development financial tem.
icy and oversight, and is the exact type of institutions, can affirmatively further fair SEC. 603. FEDERAL RESERVE BANK PRESIDENTS.
issue that this bill would require the Federal housing and be encouraged and incentivized (a) IN GENERAL.—The provision designated
Reserve to address. to carry out activities that expand long-term ‘‘fifth’’ of the fourth undesignated paragraph
I want to thank Chairwoman WATERS and wealth-building opportunities within low-in- of section 4 of the Federal Reserve Act (12
the members of the Financial Services Com- come and minority communities that sup- U.S.C. 341) is amended by inserting after
port collective ownership opportunities, in- ‘‘employees.’’ the following: ‘‘In making the
mittee for bringing the Financial Services Ra- cluding through investments in worker co-
cial Equity, Inclusion, and Economic Justice appointment of a president, the bank shall
operatives, consumer cooperatives, commu- interview at least one individual reflective of
Act to the floor. I also want to thank the Chair- nity land trusts, not-for-profit-led shared eq- gender diversity and one individual reflec-
woman for joining my roundtable on the dis- uity homeownership, and limited-equity co- tive of racial or ethnic diversity.’’.
criminatory lending practices in South Dallas operatives, and to provide recommendations (b) REPORT.—Not later than January 1 of
last year. These stories are not unique to my to the covered agencies and the Congress in each year, each Federal reserve bank shall
district—they are found in communities across the furtherance of these objectives. submit to the Committee on Banking, Hous-
the country. That’s why we need a federal ap- (B) PROGRESS UPDATES.—Beginning not ing, and Urban Affairs of the Senate, the
later than three years after the date of the Committee on Financial Services of the
proach, and I urge all my colleagues to join enactment of this subsection, and every five
me in supporting this bill. House of Representatives, and the Office of
years thereafter, the Secretary of the Treas- Inspector General for the Board of Governors
b 1330 ury and the Secretary of Housing and Urban of the Federal Reserve System and the Bu-
Development shall, after receiving the nec- reau of Consumer Financial Protection a re-
The SPEAKER pro tempore. All time essary updates from the covered agencies, port describing the applicant pool demo-
for debate has expired. issue a report examining the progress made graphic for the position of the president of
Each further amendment printed in on implementing relevant recommendations, the Federal reserve bank for the preceding
part B of House report 117–366 not ear- and providing any additional recommenda- fiscal year, if applicable.
lier considered as part of amendments tions to the covered agencies and the Con- SEC. 604. TECHNICAL ADJUSTMENTS.
en bloc pursuant to section 3 of House gress in furtherance of the objectives under (a) AMERICAN COMPETITIVENESS AND WORK-
Resolution 1170 shall be considered subparagraph (A). FORCE IMPROVEMENT ACT OF 1998.—Section
(C) COVERED AGENCIES.—For purposes of 418(b) of the American Competitiveness and
only in the order printed in the report, this subsection, the term ‘‘covered agencies’’
may be offered only by a Member des- Workforce Improvement Act of 1998 (8 U.S.C.
means the Community Development Finan- 1184 note) is amended by striking ‘‘Chairman
ignated in the report, shall be consid- cial Institutions Fund, the Department of of the Board of Governors’’ and inserting
ered as read, shall be debatable for the Housing and Urban Development. the Board ‘‘Chair of the Board of Governors’’.
time specified in the report equally di- of Governors of the Federal Reserve System, (b) BRETTON WOODS AGREEMENTS ACT.—The
vided and controlled by the proponent the Federal Deposit Insurance Corporation, Bretton Woods Agreements Act (22 U.S.C. 286
and an opponent, may be withdrawn by the Office of the Comptroller of the Cur- et seq.) is amended—
the proponent at any time before the rency, the National Credit Union Adminis- (1) in section 4(a), by striking ‘‘Chairman
tration, and the Federal Housing Finance of the Board of Governors’’ and inserting
question is put thereon, shall not be Agency.
ctelli on DSK11ZRN23PROD with HOUSE
subject to amendment, and shall not be ‘‘Chair of the Board of Governors’’; and
Page 43, line 5, strike ‘‘(3)’’ and insert (2) in section 45(a)(1), by striking ‘‘chair-
subject to a demand for division of the ‘‘(4)’’. man of the board of Governors’’ and insert-
question. ing ‘‘Chair of the Board of Governors’’.
It shall be in order at any time after AMENDMENT NO. 2 OFFERED BY MRS. BEATTY OF
(c) DODD-FRANK WALL STREET REFORM AND
OHIO
debate for the chair of the Committee CONSUMER PROTECTION ACT.—The Dodd-
on Financial Services or her designee Add at the end the following: Frank Wall Street Reform and Consumer
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H5576 CONGRESSIONAL RECORD — HOUSE June 15, 2022
Protection Act (12 U.S.C. 5301 et seq.) is (F) in the twenty-first undesignated para- (2) in section 1001(a) (12 U.S.C. 1811 note),
amended by striking ‘‘Chairman of the graph, by striking ‘‘his’’ each place such by striking ‘‘Chairman of the Board of Gov-
Board’’ each place such term appears and in- term appears and inserting ‘‘the agent’s’’; ernors’’ and inserting ‘‘Chair of the Board of
serting ‘‘Chair of the Board’’. (5) in section 6, in the second undesignated Governors’’; and
(d) EMERGENCY ECONOMIC STABILIZATION paragraph, by striking ‘‘he’’ and inserting (3) in section 1205(b)(1)(A) (12 U.S.C. 1818
ACT OF 2008.—The Emergency Economic Sta- ‘‘the Comptroller of the Currency’’; note)—
bilization Act of 2008 (12 U.S.C. 5201 et seq.) (6) in section 9A(c)(2)(C), by striking ‘‘he’’ (A) by striking ‘‘Chairman of the Board of
is amended by striking ‘‘Chairman of the and inserting ‘‘the participant’’; Governors’’ and inserting ‘‘Chair of the
Board’’ each place such term appears and in- (7) in section 10— Board of Governors’’; and
serting ‘‘Chair of the Board’’. (A) by striking ‘‘he’’ each place such term (B) by striking ‘‘Chairman’s’’ and inserting
(e) EMERGENCY LOAN GUARANTEE ACT.— appears and inserting ‘‘the member’’; ‘‘Chair’s’’.
Section 2 of the Emergency Loan Guarantee (B) in the second undesignated paragraph, (l) FOOD, CONSERVATION, AND ENERGY ACT
Act (15 U.S.C. 1841) is amended by striking by striking ‘‘his’’ and inserting ‘‘the mem- OF 2008.—Section 13106(a) of the Food, Con-
‘‘Chairman of the Board of Governors’’ and ber’s’’; and servation, and Energy Act of 2008 (7 U.S.C. 2
inserting ‘‘Chair of the Board of Governors’’. (C) in the fourth undesignated paragraph— note) is amended by striking ‘‘Chairman of
(f) EMERGENCY STEEL LOAN GUARANTEE AND (i) in the second sentence, by striking the Board of Governors’’ and inserting
EMERGENCY OIL AND GAS GUARANTEED LOAN ‘‘his’’ and inserting ‘‘the chair’s’’;
ACT OF 1999.—The Emergency Steel Loan ‘‘Chair of the Board of Governors’’.
(ii) in the fifth sentence, by striking ‘‘his’’ (m) HOUSING AND COMMUNITY DEVELOPMENT
Guarantee and Emergency Oil and Gas Guar-
and inserting ‘‘the member’s’’; and ACT OF 1992.—Section 1313(a)(3) of the Hous-
anteed Loan Act of 1999 (15 U.S.C. 1841 note)
(iii) in the sixth sentence, by striking ing and Community Development Act of 1992
is amended—
‘‘his’’ and inserting ‘‘the member’s’’; (12 U.S.C. 4513(a)(3)) is amended—
(1) in section 101(e)(2)—
(8) in section 12, by striking ‘‘his’’ and in- (1) in the heading, by striking ‘‘CHAIRMAN’’
(A) by striking ‘‘Chairman of the Board of
serting ‘‘the member’s’’; and inserting ‘‘CHAIR’’;
Governors’’ and inserting ‘‘Chair of the
(9) in section 13, in the tenth undesignated (2) by striking ‘‘Chairman of the Board of
Board of Governors’’; and
paragraph, by striking ‘‘his’’ and inserting Governors’’ and inserting ‘‘Chair of the
(B) by striking ‘‘Chairman,’’ and inserting
‘‘the assured’s’’; Board of Governors’’; and
‘‘Chair,’’; and
(10) in section 16— (3) by striking ‘‘Chairman regarding’’ and
(2) in section 201(d)(2)(B)—
(A) by striking ‘‘he’’ each place such term inserting ‘‘Chair regarding’’.
(A) by striking ‘‘Chairman of the Board of
appears and inserting ‘‘the agent’’; (n) INSPECTOR GENERAL ACT OF 1978.—Sec-
Governors’’ and inserting ‘‘Chair of the
(B) in the seventh undesignated para- tion 8G of the Inspector General Act of 1978
Board of Governors’’; and
graph— is amended by striking ‘‘Chairman of the
(B) by striking ‘‘Chairman,’’ and inserting
(i) by striking ‘‘his’’ and inserting ‘‘the Board of Governors’’ each place such term
‘‘Chair,’’.
(g) FARM CREDIT ACT OF 1971.—Section agent’s’’; and appears and inserting ‘‘Chair of the Board of
4.9(d)(1)(C) of the Farm Credit Act of 1971 (12 (ii) by striking ‘‘himself’’ and inserting Governors’’.
U.S.C. 2160(d)(1)(C)) is amended by striking ‘‘the agent’’; (o) INTERNATIONAL LENDING SUPERVISION
‘‘Chairman of the Board of Governors’’ and (C) in the tenth undesignated paragraph, ACT OF 1983.—Section 908(b)(3)(C) of the
inserting ‘‘Chair of the Board of Governors’’. by striking ‘‘his’’ and inserting ‘‘the Sec- International Lending Supervision Act of
(h) FEDERAL DEPOSIT INSURANCE ACT.—The retary’s’’; and 1983 (12 U.S.C. 3907(b)(3)(C)) is amended by
Federal Deposit Insurance Act (12 U.S.C. 1811 (D) in the fifteenth undesignated para- striking ‘‘Chairman of the Board of Gov-
et seq.) is amended— graph, by striking ‘‘his’’ and inserting ‘‘the ernors’’ and inserting ‘‘Chair of the Board of
(1) in section 7(a)(3), by striking ‘‘Chair- agent’s’’; Governors’’.
man of the Board of Governors’’ and insert- (11) in section 18, in the eighth undesig- (p) NEIGHBORHOOD REINVESTMENT CORPORA-
ing ‘‘Chair of the Board of Governors’’; and nated paragraph, by striking ‘‘he’’ and in- TION ACT.—Section 604(a)(3) of the Neighbor-
(2) in section 10(k)(5)(B)(ii), by striking serting ‘‘the Secretary of the Treasury’’; hood Reinvestment Corporation Act (42
‘‘Chairman of the Board of Governors’’ and (12) in section 22— U.S.C. 8103(a)(3)) is amended by striking
inserting ‘‘Chair of the Board of Governors’’. (A) in subsection (f), by striking ‘‘his’’ and ‘‘Chairman’’ each place it appears and insert-
(i) FEDERAL RESERVE ACT.—The Federal inserting ‘‘the director’s or officer’s’’; and ing ‘‘Chair’’.
Reserve Act (12 U.S.C. 226 et seq.) is amend- (B) in subsection (g)— (q) PUBLIC LAW 93–495.—Section 202(a)(1) of
ed— (i) in paragraph (1)(D)— Public Law 93–495 (12 U.S.C. 2402(a)(1)) is
(1) by striking ‘‘chairman’’ each place such (I) by striking ‘‘him’’ and inserting ‘‘the amended—
term appears and inserting ‘‘chair’’; officer’’; and (1) by striking ‘‘Chairman of the Board of
(2) by striking ‘‘Chairman’’ each place such (II) by striking ‘‘he’’ and inserting ‘‘the of- Governors’’ and inserting ‘‘Chair of the
term appears other than in section 11(r)(2)(B) ficer’’; and Board of Governors’’; and
and inserting ‘‘Chair’’; (ii) in paragraph (2)(A), by striking ‘‘him as (2) by striking ‘‘his’’ and inserting ‘‘the
(3) in section 2, in the sixth undesignated his’’ and inserting ‘‘the officer as the offi- Chair’s’’.
paragraph— cer’s’’; and (r) SARBANES-OXLEY ACT OF 2002.—Section
(A) in the second sentence, by striking (13) in section 25A— 101(e)(4)(A) of the Sarbanes-Oxley Act of 2002
‘‘his’’ and inserting ‘‘the Comptroller of the (A) in the twelfth undesignated para- (15 U.S.C. 7211(e)(4)(A)) is amended by strik-
Currency’s’’; and graph— ing ‘‘Chairman of the Board of Governors’’
(B) in the third sentence, by striking ‘‘his’’ (i) by striking ‘‘he’’ each place such term and inserting ‘‘Chair of the Board of Gov-
and inserting ‘‘the director’s’’; appears and inserting ‘‘the member’’; and ernors’’.
(4) in section 4— (ii) by striking ‘‘his’’ and inserting ‘‘the (s) SECURITIES EXCHANGE ACT OF 1934.—Sec-
(A) in the third undesignated paragraph, member’s’’; tion 17A(f)(4)(C) of the Securities Exchange
by striking ‘‘his office’’ and inserting ‘‘the (B) in the fourteenth undesignated para- Act of 1934 (15 U.S.C. 78q–1(f)(4)(C)) is amend-
Office of the Comptroller of the Currency’’; graph, by striking ‘‘his’’ and inserting ‘‘the ed by striking ‘‘Chairman of the Board of
(B) in the fourth undesignated paragraph, director’s or officer’s’’; and Governors’’ and inserting ‘‘Chair of the
in the provision designated ‘‘fifth’’, by strik- (C) in the twenty-second undesignated Board of Governors’’.
ing ‘‘his’’ and inserting ‘‘the person’s’’; paragraph, by striking ‘‘his’’ each place such (t) TITLE 31.—Title 31, United States Code,
(C) in the eighth undesignated paragraph, term appears and inserting ‘‘such individ- is amended—
by striking ‘‘his’’ and inserting ‘‘the ual’s’’. (1) in section 1344(b)(7), by striking ‘‘Chair-
chair’s’’; (j) FEDERAL RESERVE REFORM ACT OF man of the Board of Governors’’ and insert-
(D) in the seventeenth undesignated para- 1977.—Section 204(b) of the Federal Reserve ing ‘‘Chair of the Board of Governors’’; and
graph— Reform Act of 1977 (12 U.S.C. 242 note) is (2) in section 5318A, by striking ‘‘Chairman
(i) by striking ‘‘his’’ and inserting ‘‘the of- amended by striking ‘‘Chairman or Vice of the Board of Governors’’ each place such
ficer’s’’; and Chairman of the Board of Governors’’ and in- term appears and inserting ‘‘Chair of the
(ii) by striking ‘‘he’’ and inserting ‘‘the in- serting ‘‘Chair or Vice Chair of the Board of Board of Governors’’.
dividual’’; Governors’’. (u) TRADE ACT OF 1974.—Section 163(b)(3) of
(E) in the twentieth undesignated para- (k) FINANCIAL INSTITUTIONS REFORM, RE- the Trade Act of 1974 (19 U.S.C. 2213(b)(3)) is
graph— COVERY, AND ENFORCEMENT ACT OF 1989.—The amended by striking ‘‘Chairman of the Board
(i) by striking ‘‘He’’ each place such term Financial Institutions Reform, Recovery, of Governors’’ and inserting ‘‘Chair of the
appears and inserting ‘‘The chair’’; and Enforcement Act of 1989 is amended— Board of Governors’’.
ctelli on DSK11ZRN23PROD with HOUSE
(ii) in the third sentence— (1) in section 308 (12 U.S.C. 1463 note)— (v) DEEMING OF NAME.—Any reference in a
(I) by striking ‘‘his’’ and inserting ‘‘the’’; (A) in subsection (a), by striking ‘‘Chair- law, regulation, document, paper, or other
and man of the Board of Governors’’ and insert- record of the United States to the Chairman
(II) by striking ‘‘he’’ and inserting a ing ‘‘Chair of the Board of Governors’’; and of the Board of Governors of the Federal Re-
comma; and (B) in subsection (c), by striking ‘‘Chair- serve System shall be deemed to be a ref-
(iii) in the fifth sentence, by striking ‘‘he’’ man of the Board of Governors’’ and insert- erence to the Chair of the Board of Gov-
and inserting ‘‘the chair’’; and ing ‘‘Chair of the Board of Governors’’; ernors of the Federal Reserve System.
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June 15, 2022 CONGRESSIONAL RECORD — HOUSE H5577
AMENDMENT NO. 3 OFFERED BY MS. BROWN OF Page 48, line 3, strike ‘‘or’’ and insert ‘‘; AMENDMENT NO. 13 OFFERED BY MS. JACKSON
OHIO and’’. LEE OF TEXAS
Page 5, line 25, after ‘‘gender,’’ insert ‘‘in- Page 48, after line 3, insert the following: Page 4, line 12, strike ‘‘Section’’ and insert
dividuals with dependent children under the ‘‘(VI) reduce the unbanked and under- the following:
age of 18 (to the extent possible),’’. banked population; or’’. (a) Section
AMENDMENT NO. 4 OFFERED BY MS. BUSH OF AMENDMENT NO. 9 OFFERED BY MS. GARCIA OF
Page 5, after line 25, insert the following:
MISSOURI TEXAS
(b) The Board of Governors of the Federal
Reserve System, in consultation with the
Page 5, line 25, after ‘‘gender,’’ insert Add at the end the following: Federal Deposit Insurance Corporation, the
‘‘age,’’.
TITLE VI—STUDYING BARRIERS TO Office of the Comptroller of the Currency,
Page 5, line 25, insert before the first pe-
HOUSING the National Credit Union Administration,
riod the following: ‘‘, and shall also provide
and the Bureau of Consumer Financial Pro-
cross-sectional data on the interaction be- SEC. 601. SHORT TITLE.
tection, shall issue a report to Congress con-
tween these groups and note any statis- This title may be cited as the ‘‘Studying taining the plans, activities, and actions of
tically significant findings, to the extent Barriers to Housing Act’’. the Board of Governors of the Federal Re-
available’’. SEC. 602. GAO STUDY AND REPORT ON REDUCING serve System to minimize and eliminate dis-
AMENDMENT NO. 5 OFFEED BY MR. CICILLINE OF HOMELESSNESS THROUGH PUBLIC parities across racial and ethnic groups with
RHODE ISLAND HOUSING AND SECTION 8 RENTAL
respect to access to financial products for
ASSISTANCE.
Page 29, after line 4, insert the following: the purpose of restoration, renovations, or
(c) ECOA DEFINITIONS.—Section 702 of the (a) STUDY.—The Comptroller General of repair following a federally-declared
Equal Credit Opportunity Act (15 U.S.C. the United States shall conduct a study to disaster.
1691a), as amended by subsection (b), is fur- identify any barriers that limit the ability of
AMENDMENT NO. 14 OFFERED BY MS. JAYAPAL
ther amended by adding at the end the fol- a public housing agency in attempting to
OF WASHINGTON
lowing: provide housing assistance under the Public
‘‘(h) The term ‘gender identity’ means the Housing and Housing Choice Voucher pro- Page 5, line 21, strike ‘‘include a compari-
gender-related identity, appearance, manner- grams under title I of the United States son’’ and insert ‘‘include—
isms, or other gender-related characteristics Housing Act of 1937 (42 U.S.C. 1437 et seq.) for ‘‘(i) a comparison’’.
of an individual, regardless of the individ- populations experiencing homelessness, Page 5, line 25, strike the first period and
ual’s designated sex at birth. which shall include— all that follows and insert ‘‘; and
‘‘(i) The term ‘sex’ includes— (1) identification of any laws, regulations, ‘‘(ii) data disaggregated by ethnic sub-
‘‘(1) a sex stereotype; and any other notices or guidance pertaining group, to the extent available.’’.
‘‘(2) pregnancy, childbirth, or a related to— AMENDMENT NO. 15 OFFERED BY MS. JOHNSON OF
medical condition; (A) waiting lists, documentation require- TEXAS
‘‘(3) sexual orientation or gender identity; ments, or tenant screening that effect the Page 5, line 25, after ‘‘gender,’’ insert ‘‘dis-
and ability of a public housing agency to accept ability (as such term is defined in section 3
‘‘(4) sex characteristics, including intersex persons and families experiencing homeless- of the Americans with Disabilities Act of
traits. ness into the public housing or voucher pro- 1990),’’.
‘‘(j) The term ‘sexual orientation’ means gram; and AMENDMENT NO. 16 OFFERED BY MS. KUSTER OF
homosexuality, heterosexuality, or bisex- (B) funding formulas and performance NEW HAMPSHIRE
uality. measures that may penalize public housing
‘‘(k) The term ‘race’, ‘color’, ‘religion’, ‘na- Page 20, after line 21, insert the following
agencies trying to serve persons and families
tional origin’, ‘sex’ (including ‘sexual ori- (and redesignate subsequent subsections and
experiencing homelessness;
entation’ and ‘gender identity’), ‘marital sta- conform cross-references accordingly):
(2) analyzing and determining the effect of (e) COMMUNITY FINANCIAL INSTITUTIONS RE-
tus’, or ‘age’, used with respect to an indi- the limitation under section 8(o)(13)(B) of PORT.—Not later than 2 years after the date
vidual, includes— the United States Housing Act of 1937 (42 of the enactment of this Act, the Comp-
‘‘(1) the race, color, religion, national ori- U.S.C. 1437f(o)(13)(B); relating to the max- troller General of the United States shall
gin, sex (including sexual orientation and imum amount of housing voucher assistance study and report to Congress on the effects
gender identity), marital status, or age, re- that a public housing agency may use for of the implementation of this section and
spectively, of another person with whom the project-based assistance) has on the ability the amendments made by this section on in-
individual is associated or has been associ- of public housing agencies to serve persons sured depository institutions with less than
ated; and and families experiencing homelessness; and $10,000,000,000 in total assets, and the com-
‘‘(2) a perception or belief, even if inac- (3) identification of barriers to fair housing munities they serve, along with any regu-
curate, concerning the race, color, religion, and the coordination of Federal housing as- latory or legislative recommendations to ad-
national origin, sex (including sexual ori- sistance and homelessness funds, including vance the purposes of this section.
entation and gender identity), marital sta- outreach and marketing of such funds, to af-
tus, or age, respectively, of the individual.’’. AMENDMENT NO. 17 OFFERED BY MRS. LAWRENCE
firmatively further fair housing for pro-
(d) RULES OF CONSTRUCTION.—Section 701 of OF MICHIGAN
tected classes under the Fair Housing Act of
the Equal Credit Opportunity Act (15 U.S.C. 1968 (42 U.S.C. 3601 et seq.) that are dis- Page 36, line 19, insert before the semicolon
1691) is amended by adding at the end the fol- proportionately experiencing homelessness. the following: ‘‘, including breakdowns by
lowing: (b) REPORT.—Not later than the expiration each State (including the District of Colum-
‘‘(f) RULES OF CONSTRUCTION.— of the 12-month period beginning on the date bia and each territory of the United States)
‘‘(1) CLAIMS AND REMEDIES NOT PRE- of the enactment of this Act, the Comp- and Tribal government entity’’.
CLUDED.—Nothing in this title shall be con- troller General shall submit a report to the Page 51, line 17, insert before the period
strued to limit the claims or remedies avail- Congress describing the study conducted pur- the following: ‘‘, including breakdowns by
able to any individual for an unlawful prac- suant to subsection (a) and setting forth the each State (including the District of Colum-
tice on the basis of race, color, religion, sex results and conclusions of the study. bia and each territory of the United States),
(including sexual orientation and gender Tribal government entity, and congressional
identity), or national origin, including AMENDMENT NO. 11 OFFERED BY MS. HOULAHAN district’’.
claims brought pursuant to section 1979 or OF PENNSYLVANIA Page 53, line 17, insert before the semicolon
1980 of the Revised Statutes (42 U.S.C. 1983, Page 50, line 18, insert before the period the following: ‘‘, including overall impact
1985) or any other law, including a Federal the following: ‘‘, with a focus on supporting breakdowns by each State (including the
law, regulation, or policy. young women entrepreneurs, entrepreneurs District of Columbia and each territory of
‘‘(2) NO NEGATIVE INFERENCE.—Nothing in who are Black, Hispanic, Asian or Pacific Is- the United States) and Tribal government
this title shall be construed to support any lander, and Native American or Native Alas- entity’’.
inference that any Federal law prohibiting a kan and other historically underrepresented Page 67, line 21, insert before the period
practice on the basis of sex does not prohibit groups or first time business owners’’. the following: ‘‘, including breakdowns by
discrimination on the basis of pregnancy, AMENDMENT NO. 12 OFFERED BY MS. HOULAHAN
each State (including the District of Colum-
childbirth, or a related medical condition, OF PENNSYLVANIA
bia and each territory of the United States),
sexual orientation, gender identity, or a sex Tribal government entity, and congressional
stereotype.’’. Page 103, line 22, strike ‘‘and’’. district’’.
Page 103, line 25, strike the first period and Page 70, line 3, insert before the period the
AMENDMENT NO. 7 OFFERED BY MR. DESAULNIER
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all that follows and insert ‘‘; and’’. following: ‘‘, including breakdowns by each
OF CALIFORNIA
Page 103, after line 25, insert the following: State (including the District of Columbia
Page 32, line 4, after ‘‘identity,’’ insert ‘‘(D) a description of the types of financial and each territory of the United States),
‘‘disability status, veteran status,’’. education programs made available to mem- Tribal government entity, and congressional
AMENDMENT NO. 8 OFFERED BY MR. DESAULNIER bers of the credit union, including those who district’’.
OF CALIFORNIA are members by reason of the application Page 92, line 22, insert before the period
Page 47, line 23, strike ‘‘and’’. and those in rural areas, where applicable.’’. the following: ‘‘, including breakdowns by
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H5578 CONGRESSIONAL RECORD — HOUSE June 15, 2022
each State (including the District of Colum- is defined in section 3 of the Americans with gage credit can help lenders meet goals of
bia and each territory of the United States) Disabilities Act of 1990)’’. the Community Reinvestment Act.
and Tribal government entity’’. AMENDMENT NO. 23 OFFERED BY MR. DAVID (4) Mortgage underwriting systems that
Page 98, line 22, insert before the semicolon SCOTT OF GEORGIA allow lenders to use consumer-permissioned
the following: ‘‘, including breakdowns by alternative credit information may help ex-
Page 69, line 6, insert ‘‘, and diversity with
each State (including the District of Colum- pand access to mortgages for borrowers with
respect to individuals self-identifying as les-
bia and each territory of the United States), lower credit scores and communities of
bian, gay, bisexual, transgender, or queer,’’
Tribal government entity, and congressional color. On September 21, 2021, Fannie Mae up-
after ‘‘diversity’’.
district’’. dated its automated underwriting system so
Page 69, line 18, insert ‘‘, and diversity
Page 103, line 18, insert before the period that it notifies lenders that a borrower may
with respect to individuals self-identifying benefit from the inclusion of consistent rent-
the following: ‘‘, including breakdowns by
as lesbian, gay, bisexual, transgender, or al payment information, and with the con-
each State (including the District of Colum-
queer,’’ after ‘‘diversity’’. sumer’s permission, the underwriting system
bia and each territory of the United States),
Page 70, line 2, insert ‘‘, and the status of will automatically identify rental payments
Tribal government entity, and congressional
diversity with respect to individuals self- within bank statement data and include this
district’’.
identifying as lesbian, gay, bisexual, in its credit assessment. According to a fair
AMENDMENT NO. 18 OFFERED BY MRS. LEE OF transgender, or queer,’’ after ‘‘diversity’’.
NEVADA
lending and credit risk analysis by Fannie
AMENDMENT NO. 25 OFFERED BY MS. TLAIB OF Mae and the Federal Housing Finance Agen-
Add at the end the following: MICHIGAN cy, the populations most likely to benefit
TITLE VI—STATE OF HOUSING IN THE Page 5 beginning on line 23, strike ‘‘(White, from this change are applicants with lower
UNITED STATES African-American, Latino, Native American, credit scores, who are disproportionately
SEC. 601. INTERAGENCY WORKING GROUP RE- and Asian populations),’’. consumers of color.
PORTS. Page 5, after line 25, insert the following: SEC. 603. REQUIREMENT TO CONSIDER ADDI-
There is established an interagency work- ‘‘(C) ETHNIC SUBGROUP DEFINED.—The term TIONAL CREDIT INFORMATION
ing group consisting of the Secretary of the WHEN MAKING MORTGAGE LOANS.
‘ethnic subgroup’ means a social group
Treasury, the Secretary of Housing and that— (a) IN GENERAL.—The Equal Credit Oppor-
Urban Development, and the Director of the ‘‘(i) has a distinct social, racial, geo- tunity Act (15 U.S.C. 1691 et seq.) is amended
Federal Housing Finance Agency, which by inserting after section 701 the following:
graphic, national origin, or cultural identity;
shall produce two reports, in consultation and ‘‘§ 701A. Requirement to consider additional
with the Attorney General, the Secretary of ‘‘(ii) is susceptible to being disadvan- credit information when making mortgage
Agriculture, the Secretary of Veterans Af- taged.’’. loans
fairs, the Secretary of Transportation, and AMENDMENT NO. 26 OFFERED BY MR. TORRES OF
‘‘(a) IN GENERAL.—A creditor extending a
the Executive Director of the United States NEW YORK
mortgage loan shall, in evaluating the cred-
Interagency Council on Homelessness, each itworthiness of an applicant, consider credit
Add at the end the following: information not reported through a con-
year detailing the state of housing in the
United States, including recommendations TITLE VI—REPORT ON HOUSING FOR sumer reporting agency, if—
related to housing fairness, affordability. LGBTQ+ PERSONS ‘‘(1) the applicant—
and supply. SEC. 601. HUD REPORT. ‘‘(A) requests such consideration, and has
SEC. 602. TESTIMONY ON THE STATE OF HOUSING Not later than the expiration of the 6- not retracted such request;
AFFORDABILITY AND SUPPLY. month period beginning on the date of the ‘‘(B) provides the credit information to be
After each report is produced under section enactment of this Act, the Secretary of considered; and
601, each member of the interagency working Housing and Urban Development shall sub- ‘‘(C) states that the applicant does not be-
group described under section 601 shall ap- mit a report to the Congress describing all lieve that credit information reported
pear before the Committee on Financial efforts and activities of the Department of through consumer reporting agencies fully
Services of the House of Representatives and Housing and Urban Development, recently or accurately reflects the applicant’s credit-
the Committee on Banking, Housing, and taken, ongoing, or planned, to provide or fa- worthiness in the absence of such informa-
Urban Affairs of the Senate to testify on the cilitate access to affordable permanent and tion; and
contents of such report. temporary housing for persons who identify ‘‘(2) the credit information relates to the
as lesbian, gay, bisexual, transgender, ques- types of information that the creditor would
AMENDMENT NO. 20 OFFERED BY MS. PRESSLEY
tioning/queer, or another identity other than consider if otherwise reported and includes
OF MASSACHUSETTS
heterosexual, including such person who are current payment and transaction informa-
Page 67, after line 2, insert the following: tion, such as bank statement information or
‘‘(D) The disability status, based on vol- youth, elderly, and homeless.
rental payment information.
untary self-identification, of any member of AMENDMENT NO. 27 OFFERED BY MS. WILLIAMS ‘‘(b) TREATMENT OF ADDITIONAL INFORMA-
the board of directors of the issuer, any OF GEORGIA TION.—A creditor shall treat any information
nominee for the board of directors of the Add at the end the following: provided pursuant to subsection (a) in the
issuer, or any executive officer of the TITLE VI—‘‘EXPANDING ACCESS TO CRED- same manner and with the same weight as
issuer.’’. IT THROUGH CONSUMER- the creditor would treat the same informa-
AMENDMENT NO. 21 OFFERED BY MS. PRESSLEY PERMISSIONED DATA’’ tion if it were provided by a consumer re-
OF MASSACHUSETTS porting agency, unless the creditor reason-
SEC. 601. SHORT TITLE.
ably determines that the information is the
Page 9, line 21, after ‘‘orally’’ insert ‘‘, in This title may be cited as the ‘‘Expanding result of a material misrepresentation.
American Sign Language,’’. Access to Credit through Consumer- ‘‘(c) NOTICE TO APPLICANTS.—
Page 11, line 4, after ‘‘orally’’ insert ‘‘, in Permissioned Data Act’’. ‘‘(1) IN GENERAL.—A creditor described
American Sign Language,’’. SEC. 602. FINDINGS. under subsection (a) shall provide each appli-
Page 11, after line 20, insert the following:
The Congress finds the following: cant for a mortgage loan with a notice that
‘‘(C) AMERICAN SIGN LANGUAGE INTERPRETA-
(1) Using alternative data in mortgage includes—
TION SERVICES.—If a creditor is required
lending (either through alternative credit ‘‘(A) an explanation of the applicant’s
under subparagraph (A) to provide oral inter-
scores or in underwriting) has the potential right under this section to provide additional
pretation services to a consumer, and if such
to increase access to credit for individuals credit information to the creditor for consid-
consumer has indicated a preference for
with little or no credit history with the na- eration, including examples of such addi-
American Sign Language, such creditor shall
tional credit reporting agencies (NCRAs), ac- tional information, as well as the benefits of
ensure qualified American Sign Language in-
cording to a review of alternative data use in providing such information;
terpretation services, as defined by the Di-
mortgage lending by the Government Ac- ‘‘(B) the right of the creditor to disregard
rector of the Bureau, are made available to
countability Office in December 2021. any such information if the creditor deter-
the consumer for all oral communications
(2) Approximately 45 million consumers do mines that the information is the result of a
between such creditor and the consumer,
not have any credit history with the NCRAs material misrepresentation; and
where such American Sign Language inter-
or did not have enough credit history to be ‘‘(C) the right of an applicant to retract
pretation services may be provided by quali-
scored, according to a 2015 report by the Bu- the applicant’s request to use such addi-
fied staff of the creditor or a qualified third
reau of Consumer Financial Protection tional credit information at any point in the
party.’’.
(CFPB), entitled ‘‘Data Point: Credit application process.
Page 11, line 24, after ‘‘orally’’ insert ‘‘, in
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Invisibles’’. The CFPB also reported that ‘‘(2) NOTICE LANGUAGES.—Notices required
American Sign Language,’’.
this population disproportionately included under paragraph (1) shall be made available
AMENDMENT NO. 22 OFFERED BY MS. PRESSLEY low-income consumers, younger consumers, in each of the 8 languages most commonly
OF MASSACHUSETTS and consumers of color. spoken by individuals with limited English
Page 27, line 1, strike ‘‘or’’. (3) The use of alternative data to establish proficiency, as determined by the Director of
Page 27, line 2, insert before the semicolon a low- or moderate-income borrower’s credit the Bureau using information published by
the following: ‘‘, or disability (as such term history for the purpose of extending mort- the Director of the Bureau of the Census.
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June 15, 2022 CONGRESSIONAL RECORD — HOUSE H5579
‘‘(3) FORM LANGUAGE.—The Director of the Mr. MCHENRY. Mr. Speaker, I claim proach. For example, it directs HUD
Bureau shall establish form language, which the time in opposition. and Treasury to create another inter-
shall be used by each creditor when pro- Mr. Speaker, I oppose the amend- agency task force to focus on the state
viding the notices required under this sub-
ment en bloc. We know that Demo- of housing in this country. Housing
section, providing—
‘‘(A) the examples described under para- crats’ reckless spending and bad eco- doesn’t need another task force. It
graph (1)(A); nomic policies are hurting the Amer- needs results.
‘‘(B) the description of the benefits de- ican people. To be clear, HUD’s mission is to ‘‘cre-
scribed under paragraph (1)(A); and Let’s look at the inflation numbers. ate strong, sustainable, inclusive com-
‘‘(C) the non-English language versions of You have fuel oil, gasoline, used cars, munities and quality affordable homes
the notices described under paragraph (2). groceries, and public transit all dra- for all.’’
‘‘(d) CONSIDERATION OF ALTERNATIVE DATA; matically up. After 50 years, and nearly $2 trillion
TREATMENT OF UNDERWRITING SYSTEMS.—A
Inflation is the big issue. Inflation is in spending, this amendment says that
creditor shall ensure that the alternative
data provided under the requirements of sub- at a 40-year high of 8.6 percent—a 40- HUD is not getting the job done. An ad-
section (a) shall be considered as part of the year high. Food is up 10 percent, gas 50 ditional interagency task force isn’t
decisioning process. Any creditor who devel- percent, shelter 5.5 percent from just going to fix that.
ops or maintains an underwriting system for last year. This is a result of Democrat Congress needs to reform how HUD
mortgage loans shall ensure such system policies. operates so that it can assist the fami-
complies with the requirements described The American people will pay $5,200 lies and individuals it is tasked with
under subsection (a). more this year than last year for the
‘‘(e) CONSUMER REPORTING AGENCY DE- serving.
FINED.—In this section, the term ‘consumer
same goods and services. This is a di- In conclusion, this en bloc is more of
reporting agency’ has the meaning given rect result of bad economic policies. the same. It will politicize the Fed, ex-
that term under section 603 of the Fair Cred- Instead of working with Republicans pand the CFPB’s authority, and make
it Reporting Act.’’. to address these crises, Democrats are credit harder to access and more expen-
(b) CLERICAL AMENDMENT.—The table of jamming through a partisan messaging sive, ultimately harming the very con-
contents for the Equal Credit Opportunity bill that stands no chance of becoming sumers Democrats are claiming to
Act is amended by inserting after the item
relating to section 701 the following:
law. This is bad policy. It is bad poli- help.
‘‘701A. Requirement to consider additional tics, bad process, the whole thing. The Mr. Speaker, I urge my colleagues to
credit information when mak- en bloc is more of the same. oppose this en bloc, and I urge my col-
ing mortgage loans.’’. Now, I will say that there are a few of leagues to oppose the bill. I reserve the
The SPEAKER pro tempore. Pursu- the amendments that Republicans balance of my time.
ant to House Resolution 1170, the gen- could support. I will give you an exam- Mr. GREEN of Texas. Mr. Speaker, I
tleman from Texas (Mr. GREEN) and the ple. yield myself 15 seconds.
gentleman from North Carolina (Mr. Ms. GARCIA offered an amendment Mr. Speaker, this is not another
MCHENRY) each will control 10 min- that focused on onerous HUD regula- mandate. This is simply a requirement
utes. tions or unfair funding formulas. Com- that the Fed fulfill its two mandates,
The Chair recognizes the gentleman mittee Republicans and House Repub- the dual mandates to all of its people,
from Texas. licans agree that HUD should not get to make sure that all people have price
Mr. GREEN of Texas. Mr. Speaker, I in the way of local public housing au- stability. This is what it is about.
yield myself such time as I may con- thorities’ ability to provide assistance Mr. Speaker, I yield 1 minute to the
sume. to the homeless. gentlewoman from New York (Ms.
Mr. Speaker, the 23 amendments of- A recent Government Accountability VELÁZQUEZ).
fered in this en bloc are a terrific ex- Office study examines—well, there is a Ms. VELÁZQUEZ. Mr. Speaker, I rise
ample of a working legislative process, request in the bill that we have a study in strong support of the en bloc amend-
a process through which well-consid- to examine and report on the impedi- ment.
ered legislation is further strengthened ments that HUD is putting in place so The COVID–19 pandemic exacerbated
by the intellect, experience, and values that we can actually better serve the the wealth and economic inequalities
of the House Democratic Caucus. very people that we intend for the faced by many individuals, families,
These amendments broaden this
Housing and Urban Development De- and small business owners in our Na-
package’s commitment to equity by
partment to serve and for public hous- tion’s LMI and communities of color.
ensuring that information is gathered
ing authorities to serve. As chair of the House Small Business
regarding loans made to veterans, peo-
But rather than work with com- Committee, I fought to ensure our Na-
ple with disabilities, and the LGBTQ-
mittee Republicans on this issue, tion’s women-, LGBTQ-, and minority-
plus community, which will help reveal
Democrats poisoned the well with par- owned small businesses had access to
unfair or discriminatory practices
tisan amendments to score political Federal recovery programs and main-
against these communities.
We also have amendments that will wins with their progressive base. stream sources of credit to the same
ensure economic data are For example, in this en bloc, Demo- degree as White-owned firms or those
disaggregated within racial and ethnic crats want to further politicize the with preestablished relationships with
groups, in recognition of the lived ex- Federal Reserve by adding a third man- the big banks. Unfortunately, struc-
periences across different commu- date to address socioeconomic issues. tural barriers and historical inequities
nities. This will divert the Fed’s attention in our society continue to cause women
The package is further bolstered by from its dual mandate of maximum and small business owners of color to
timely and necessary reporting ensur- sustainable employment and price sta- face ongoing challenges when applying
ing that communities of color and low- bility. It will also threaten the sta- for affordable and timely credit.
income communities have access to bility of the monetary policy authori- This bill will help break down these
wealth-building opportunities, includ- ties we have given the Fed and add un- structural barriers, root out discrimi-
ing purchasing their first home and ac- certainty and risk to the Fed’s respon- nation where it exists, and promote en-
cessing capital. sibilities. trepreneurship and other wealth-build-
Furthermore, this package includes The Federal Reserve is independent ing opportunities for women, LGBTQ
amendments that will help us to better for a reason. It ensures that it is ac- individuals, and people of color. By ad-
understand and address the country’s countable to the American people and dressing these disparities, we can cre-
growing affordable housing and home- long-term economic growth, not to po- ate a more resilient economy and one
lessness crises that have disproportion- litical whims or serving one party here that works for everyone.
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ately affected people of color. in Washington. Even President Biden Mr. Speaker, I urge a ‘‘yes’’ vote on
For these reasons, I urge my col- acknowledged the importance of the this bill.
leagues to support these amendments Fed’s independence in his so-called Mr. MCHENRY. Mr. Speaker, I re-
being considered en bloc. plan for fighting inflation. serve the balance of my time.
Mr. Speaker, I reserve the balance of Additionally, this en bloc continues Mr. GREEN of Texas. Mr. Speaker,
my time. Democrats’ government-knows-best ap- how much time do we have remaining?
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H5580 CONGRESSIONAL RECORD — HOUSE June 15, 2022
The SPEAKER pro tempore. The gen- Mr. GREEN of Texas. Mr. Speaker, I sistance from the Small Business Ad-
tleman from Texas has 71⁄4 minutes re- yield 1 minute to the gentlewoman ministration.
maining. The gentleman from North from Ohio (Ms. BROWN). Mr. Speaker, as an outspoken advocate for
Carolina has 6 minutes remaining. Ms. BROWN of Ohio. Mr. Speaker, I equity in this country’s economy, I rise in sup-
Mr. GREEN of Texas. Mr. Speaker, I thank Congressman GREEN for yield- port of the Financial Services Racial Equity,
yield 1 minute to the gentlewoman ing. I thank Chairwoman WATERS for Inclusion, and Economic Justice Act.
from Michigan (Ms. TLAIB). her leadership on this bill. This bill requires that financial services reg-
Ms. TLAIB. Mr. Speaker, I thank our For far too long, consumers and busi- ulators and companies establish procedures to
incredible Chairwoman WATERS and nesses in the underserved communities ensure racial equity and eliminate racial dis-
our committee staff for working with have been blocked from accessing safe parities in all aspects of their operations in-
me on an amendment and, again, for and affordable capital and credit. cluding employment, income, wealth, and ac-
their leadership on the bill as a whole. These systemic barriers worsen racial cess to affordable credit.
I am proud to represent Michigan’s In addition to the reforms in H.R. 2543, the
and economic inequality and cut off op-
13th Congressional District, a commu- bill requires regulators to provide reports to
portunity for too many Americans.
nity that is incredibly diverse. Our di- Congress about economic inequality, espe-
This critical bill recognizes these
versity, as we all know, is our strength. cially within the labor force, and enact plans to
We also know, though, that the way changes and supports efforts to elimi-
nate racial disparities in lending. minimize said inequalities.
our government currently tracks race
My amendment is simple. It requires America’s economy has only rarely worked
and ethnicity is outdated and defi-
nitely needs to change. Our govern- the Federal Reserve’s ‘‘Monetary Pol- to the advantage of working-class people.
ment currently considers all people of icy Report’’ to include demographic in- Worse still, there has been an endemic and
Middle Eastern and North African de- formation on individuals with depend- vile trend of implicit and perhaps explicit dis-
scent to be ‘‘White,’’ a categorization ent children in its analysis of labor crimination against people of color within poli-
that myself and many in our commu- force trends. cies and overall economic policy.
nity consider to be very inaccurate. Why is it important? Because while However, unfair monetary policy is not just
Our government currently has broad the unemployment rate is near historic an anachronism from long ago or a relic from
categories that lump together whole lows, women with children have been a different era. It is happening now.
continents, ignoring the vast diversity one of the slowest groups to return to Recent analyses have found that algorithms
of our people living here. work. Solutions like the child tax cred- used by lenders often are designed in such a
So my amendment simply builds on it and affordable childcare would help way that they result in black and brown Ameri-
Congresswoman JAYAPAL’s amendment working families better balance cans being charged higher interest rates.
to ensure that we are providing the childcare responsibilities and their ca- This legislation takes a major step toward
maximum flexibility possible to Ameri- reers. This amendment would ensure fixing long-overdue—disparities and fun-
cans so that they can accurately re- we have the data to understand this damentally changing the financial services in-
flect their race and ethnicity on gov- problem and begin to address it. dustry to make it proactive in fighting eco-
ernment forms. This, in turn, will help I thank Chairwoman WATERS, again, nomic discrimination.
us in Congress and our government at for her leadership. I am also very pleased that my amendment
large to better identify issues affecting Mr. Speaker, I urge my colleagues to is included in the En Bloc Amendment that the
specific communities so that we can support my amendment and the under- Financial Services committee is bringing be-
have programs that effectively serve lying bill. fore the House today.
our diverse communities. My amendment requires the Federal Re-
Mr. MCHENRY. Mr. Speaker, I am b 1345 serve Board to submit a report to Congress
prepared to close, and I reserve the bal- Mr. GREEN of Texas. Mr. Speaker, I about the prevalence of racial discrimination in
ance of my time. yield 1 minute to the gentlewoman lending to victims of a federally declared dis-
Mr. GREEN of Texas. Mr. Speaker, I from Texas (Ms. JACKSON LEE). aster.
yield 1 minute to the gentlewoman Ms. JACKSON LEE. Mr. Speaker, This amendment merits the support of all of
from Massachusetts (Ms. PRESSLEY). H.R. 2543 represents a seismic and pow- my colleagues because no district is exempt
Ms. PRESSLEY. Mr. Speaker, for too erful response to racial discrimination from natural disasters, and with the accelera-
long, our policies and financial systems in financial products. Thank you to tion of climate change, it is increasingly likely
have exacerbated inequities and dis- Chairwoman WATERS, and to my col- that these events will occur even in areas of
parities throughout our country. I rise league who is managing, for the leader- the country that previously felt insulated from
in support of our disabled neighbors ship given. them.
who have been subjected to a second- My amendment is very important. I When disasters occur, our Nation has a
class standard of living. am pleased that my amendment is in- moral and legal duty to facilitate their recovery
By passing the Financial Services cluded in the en bloc amendment that and rebuilding. It is totally unacceptable and
Racial Equity, Inclusion, and Eco- the Financial Services Committee has abhorrent for racial or ethnic discrimination to
nomic Justice Act, the House will
today. be injected into decisions on financial factors
move one step closer to addressing
It requires the Federal Reserve Board impacting remedial action.
these systemic injustices.
Today, I rise in support of a series of to submit a report to Congress about However, in some instances, discrimina-
amendments I have offered to advance the prevalence of racial discrimination tion—whether by intent or effect—has oc-
disability justice. My amendments will in lending to victims of a Federally de- curred during these moments of greatest
prohibit financial creditors from dis- clared disaster. I know it well. need.
criminating against consumers who are This amendment merits the support For example, in 2017, my district in Houston
disabled and increase access to inter- of all of my colleagues because no dis- was one of the many in Texas devastated by
pretation services, including American trict is exempt from natural disasters. Hurricane Harvey. Over an area of 41,500
Sign Language. I am reminded of 2017, among others, in square miles spanning Texas and Louisiana,
My amendment will also hold cor- my district where it was devastated by the storm dropped nearly 21 trillion gallons of
porations accountable to disclose the Hurricane Harvey over an area of 41,500 rainfall and damaged 203,000 homes, of
disability status, based on voluntary square miles, 21 trillion gallons of rain- which 12,700 were destroyed.
self-identification, of their board of di- fall, and one-third of Houston under- At its peak on September 1, 2017, one third
rectors and executive officers. water. of Houston was underwater, and over 300,000
The status quo will not change until There was major discrimination structures of all types were flooded in south-
we recognize that disability rights are against Black and Brown Houstonians eastern Texas, where extreme rainfall hit
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human rights and call out and address who sought loans or home loans or fi- many areas that are densely populated.
the barriers the disability community nancing to pay for repairs. They faced Hurricane Harvey was the largest housing
faces. obstacles, delays, and outcomes that disaster to strike the U.S. in our Nation’s his-
Mr. Speaker, I urge my colleagues to were different than their neighbors. tory. When the cleanup began, thousands of
support my amendments and support Mr. Speaker, this endemic discrimi- Houstonians needed loans to help rebuild their
the underlying bill. nation was seen in efforts to gain as- homes and their lives.
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June 15, 2022 CONGRESSIONAL RECORD — HOUSE H5581
But black and brown Houstonians who deposited black mold throughout Hester’s had stayed in the house after Hurricane
sought loans or home loan refinancing to pay home and left his daughter chronically short Alicia flooded the home in 1983. And after
for repairs faced obstacles, delays, and out- of breath. Ike in 2008. Even after Harvey, Hester
The state, which is appealing HUD’s find- stayed, hoping to someday pass the three-
comes that were different from their other ings, denied discriminating, saying the Texas bedroom ranch-style home onto his daugh-
neighbors. This endemic discrimination was General Land Office administered the federal ter. But Hester, who is on disability for her-
seen in efforts to gain assistance from the grant program based on HUD approval. The niated disks in his back and neck from his
Small Business Administration. situation in Texas illustrates the challenge years as a long-haul truck driver, and his
If there was ever a moment when our finan- facing the Eiden administration, which has wife, who sells insurance, never had the
cial systems need to fully support minority pledged to focus on racial equity but is money to adequately repair the storm-rav-
communities, it is after they have been deci- struggling to protect low-income commu- aged roof and mold-covered walls. Hester
nities of color from the growing threat of cli- said the city informed him after Harvey that
mated by a natural disaster.
mate change. Even after HUD’s finding of he was ineligible for funding to fix the home
For majority Houstonians who applied and discrimination, the agency said it does not because of unpaid property taxes ‘‘It’s not
received a $200,000 loan from the Small Busi- have the power at this time to suspend the just about the storm drainage,’’ Hester said.
ness Administration or $25,000 by virtue of a rest of the $4.3 billion in disaster mitigation ‘‘It’s about everything.’’
government declaration, the process was money awarded to the state under criteria Hester said that the rainbow-hued oily
streamlined. They could also apply for and re- approved by the Trump administration. waters he had splashed in while playing in
ceive $40,000 from the SBA to replace or re- ‘‘What is happening here with these federal the drainage ditches as a child had been pol-
dollars going through the state and not one luted with cancer-causing creosote used to
pair personal property—such as clothing, fur-
dime coming to the City of Houston post- treat wooden railroad ties and utility poles.
niture, cars, and appliances—that was dam- A 2019 state health department investigation
Hurricane Harvey is absolutely crazy, and it
aged or destroyed in the disaster. cannot be justified,’’ said Houston Mayor confirmed elevated cancer rates among resi-
The SBA asks applicants for collateral, such Sylvester Turner. ‘‘What do I say to the peo- dents in the southern end of Kashmere Gar-
as a first or second mortgage on the damaged ple in Kashmere Gardens when these storms dens, located near two Superfund sites. Resi-
real estate, which are common forms of collat- keep coming, and we are not putting in the dents fear that flooding will carry toxic de-
eral for an SBA disaster loan. infrastructure that they desperately need to posits into their yards. Hester’s mother had
In the case of majority applicants, it was mitigate the risk of future flooding?’’ died of cancer. So had his father. And one of
found that the SBA usually would not decline Black and Hispanic communities in north- his brothers. ‘‘Cancer is killing the whole
east Houston, including Kashmere Gardens, neighborhood,’’ said Hester, who is too afraid
a loan for lack of collateral. to visit the doctor about his own health
However, for black and brown families, the are especially vulnerable to the more fre-
quent storms and catastrophic flooding ex- problems.
system worked differently. Financing was dif- pected due to climate change, according to Federal disaster mitigation grants are sup-
ficult to access. Applications for loans from the Federal Emergency Management Agen- posed to improve the inferior flood infra-
black and brown residents were less likely to cy. Many of the residential streets lack structure in lower income communities. But
be approved than applications from their white curbs and gutters—common storm drainage the HUD investigation found that competi-
counterparts. infrastructure in predominantly White tion rules set by the Texas General Land Of-
My amendment protects black and brown neighborhoods in Houston—and rely instead fice unfairly favored smaller towns with less
on open ditches dating back to the 1930s. urgent needs and where residents are more
Americans who face the consequences of a likely to be White and less likely to be lower
‘‘Sometimes we can’t get out because the
debilitating natural disaster. It would guarantee income. The state knowingly adopted scor-
water is so high,’’ said Jackie Spradley, Hes-
their protection from unfair policies in their ter’s wife. ‘‘You’re literally trapped until the ing criteria that prioritized lower-density
most vulnerable moments. water starts to subside.’’ She can’t get to areas and excluded communities that HUD
Fighting economic discrimination should be work. Their 12–year-old daughter can’t get to designated as the most impacted by disasters
a bipartisan issue. No American deserves to school. The whoosh of traffic and trains per- from half the grants, HUD said. ‘‘Because the
be left behind because of antiquated monetary meates the triangular neighborhood of mod- criteria had these unjustified discriminatory
policy or a federal government that refuses to est single-family homes penned between two effects, their use failed to comply with
highways and two sets of railroad tracks. HUD’s regulations,’’ the agency found.
fight on their behalf. No other state adopted Texas’ method of
Mr. Speaker, I ask my colleagues to During large storms, runoff from impervious
highway surfaces flows onto residential distributing the funds, according to HUD’s
recognize the discrimination and to fix Office of Fair Housing and Equal Oppor-
streets.
it by adding the Jackson Lee amend- Piles of trash—old tires, mattresses, fur- tunity. The agency concluded that without
ment. niture, home insulation—accumulate for Texas’s discriminatory criteria, nearly four
I include in the RECORD an article ti- weeks in the drainage ditches along many times as many Black residents and more
tled: ‘‘Black Communities are Last in streets, blocking water from flowing through than twice as many Hispanic residents would
Line for Disaster Planning in Texas.’’ the ditches to the bayou. Silt and other de- have benefited from the grants. The General
bris clog many of the culverts beneath nar- Land Office said in its April 1 appeal that the
[From the Washington Post, May 12, 2022]
row driveways and footpaths spanning the state ‘‘does not discriminate, and the
BLACK COMMUNITIES ARE LAST IN LINE FOR projects it has funded help minority bene-
ditches. In the summers, standing water
DISASTER PLANNING IN TEXAS ficiaries across Texas.’’ The state said more
breeds mosquitoes. The city of Houston had
HOUSTON.—Lawrence Hester worries every hoped to use $95 million in federal grants to than two-thirds of residents in communities
time it rains. During heavy storms, water upgrade Kashmere Gardens’ storm drainage that received awards are Black, Hispanic or
overflows the dirt drainage ditch fronting his infrastructure. The proposed improvements, Asian. The state pointed out that its plan
yard and the bayou at the end of his block— including converting some of the ditches to a was approved two years ago and character-
flooding the street, creeping up his front curb and gutter system, would have removed ized HUD’s new objections as ‘‘politically
steps, pooling beneath the house, and trap- the flood risk to nearly 1,400 properties. But motivated.’’
ping his family inside. ‘‘We are always un- without the money, the city shelved those In addition to Houston and surrounding
derwater here,’’ said Hester, 61. And yet, the plans. Harris County, the General Land Office de-
state of Texas allocated none of the $1 billion Hester’s daughter Ashlei was 7 years old in nied grants to the predominantly Black and
in federal funds it received to protect com- 2017 when Harvey floodwaters breached their Hispanic cities of Port Arthur, Beaumont
munities from future disasters to neighbor- family room, lapping at the legs of the card and Corpus Christi as well as Jefferson and
hoods in Houston that flood regularly, ac- table on which the family played dominoes. Nueces counties—all of which experienced
cording to an investigation by the U.S. De- Her cough worsened, and doctors prescribed significant flooding from Harvey, according
partment of Housing and Urban Develop- four different medications for asthma. She to the civil rights complaint. Texas Housers,
ment. was hospitalized in 2018 for more than a a nonprofit focused on housing in low-income
HUD has now found the exclusion of those week. But doctors still did not know what communities, and Northeast Action Collec-
majority Black and Hispanic urban commu- was causing her illness. It wasn’t until De- tive, a grassroots advocacy group of Houston
nities to be discriminatory. The state ‘‘shift- cember 2019, more than two years after Har- residents, filed the complaint with HUD last
ed money away from the areas and people vey, when Hester and his wife discovered the year. Instead, funds were steered toward in-
that needed it the most,’’ disproportionately black mold that was making their daughter land, Whiter communities that were far less
benefiting White residents living in smaller so sick. A city inspector recommended that severely impacted by hurricanes and used to
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towns, the agency concluded. Houston has the house be condemned. fund routine infrastructure, the complaint
faced seven federally declared disasters in ‘‘I was so ashamed,’’ Hester said. ‘‘We said. That includes $17.5 million for a new
the last seven years and suffered an esti- didn’t have nowhere else to go.’’ community center in Caldwell County that
mated $2 billion in damage from Hurricane His mother had purchased the home in is supposed to double as an evacuation cen-
Harvey in 2017. That storm devastated 1960, paying the mortgage with wages from ter; $10.8 million to install a sewage system
Kashmere Gardens, where Hester has lived her job flipping burgers 16 hours a day. Hes- in the 379–person town of Iola; $6 million for
his entire life. The floodwaters from Harvey ter was born in the house months later. He a new sheriffs department radio tower and
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H5582 CONGRESSIONAL RECORD — HOUSE June 15, 2022
radios for Gonzales County; and $4.2 million borhoods to the bayous. And then you have which would require credit unions to
for a 2,000-foot-long road in Bastrop County to get the water from the bayous to the Gulf include a description of financial edu-
to connect a Walmart parking lot and a of Mexico,’’ said Ellis, who represents the cation programs in their reports to en-
Home Depot, justified as an alternate path area. Residents, too, remain skeptical. ‘‘It’s
for emergency vehicles in case the adjacent sure that information is accessible and
a wait and see situation,’’ said Dorothy
freeway is clogged with hurricane evacuees Wanza, another Kashmere Gardens resident transparent.
from the Gulf Coast 161 miles away. whose street turned into a river during Har- Financial management, budgeting,
‘‘These mitigation funds are a strategy to vey and flooded her home with more than a and making informed and effective de-
undo the systemic racism of the past, but foot of water. The experience left the So- cisions with resources are keys to busi-
that’s not what we’re seeing Texas inter- year-old so traumatized that ‘‘every time it ness success.
ested in at all,’’ said John Henneberger, co- rains, I get the hell out of dodge.’’
director of Texas Housers. ‘‘This is a test of
I thank Chairwoman WATERS for
She spent the previous night fully dressed, bringing this.
how serious HUD and the Biden administra- prepared to evacuate to one of her children’s
tion are in enforcing civil rights.’’ HUD’s Of- Mr. GREEN of Texas. Mr. Speaker, I
homes. ‘‘The ditches overflow, and once they
fice of Community Planning and Develop- are full, the water comes back on you,’’
yield myself the balance of my time.
ment, which oversees disaster mitigation Wanza said. On the other side of the bayou, Mr. Speaker, according to a recent
aid, wrote to the Texas General Land Office Hester said the city had recently cleaned out National Bureau of Economic Research
in March expressing ‘‘grave concerns’’ over report, the racial wealth gap is on
part of a ditch lining his street for the first
the distribution of the first round of grants.
‘‘The State has not identified a plan to pro-
time he could recall in more than a decade. track to grow wider in the coming dec-
Dirt and bricks still block some of the cul- ades. It is estimated that the White-to-
tect communities while guarding against
verts. Black wealth ratio will increase from
competition criteria that could disadvantage
‘‘Right up under there, look,’’ he said,
minority residents,’’ HUD wrote. If a vol- 5.6 to 1 in 2019 to 8.4 to 1 by 2200.
pointing beneath the concrete walkway lead-
untary resolution cannot be reached, HUD
ing from the street to his front yard. ‘‘It’s
The time to act is now. These amend-
said it could refer the matter to the Depart- ments will help ensure that everyone
stopped up on both sides.’’ He nodded farther
ment of Justice for enforcement. But advo- will have a fair chance, and in too
down the street to another culvert: ‘‘That
cates worry that could come too late for many instances, a first chance at eco-
whole drain hole was flooded.’’ He and his
communities like Kashmere Gardens. While
HUD said it cannot stop the state from
next door neighbor had removed as many nomic opportunity.
awarding the rest of the grants ‘‘due to prior bricks as they could to move the water I thank our colleagues for offering
decisions,’’ it would begin monitoring how through. ‘‘If we don’t do things around here, their amendments, and I urge my col-
the money is distributed and warned it could ain’t nothing going to get done. I have to go leagues to vote in support of these
claw back the funds if necessary. around here and try to help, and I’m in bad
amendments because these amend-
‘‘Texas has a history of sending money to shape myself.’’ Hester limped around the pe-
rimeter of his home and pointed two feet up ments are principally about trans-
those who are politically connected,’’ said
the siding where Harvey floodwaters had parency.
Shannon Van Zandt, a professor of urban
planning at Texas A&M University whose re- reached—a reminder of the catastrophe he If you have nothing to hide, you cele-
search focuses on hazard reduction and hous- says he failed to protect his daughter from. brate transparency. If you have some-
ing. She noted that racial disparities oc- A nonprofit had removed the mold inside thing to hide, you want to eschew
curred with the distribution of disaster funds when it fixed up the house in 2020, installing transparency.
after Hurricane Ike in 2008. Civil rights advo- new cabinets, a new roof and laminate floor- These amendments seek to provide
cates say HUD has the authority to suspend ing. But the entryway still slopes. The floor
transparency so that we can get a bet-
Texas’s ability to spend federal grant money; joists need to be repaired. The porch is lop-
sided, its wood rotted. Hester is stooped from ter understanding of how we can better
it has done so under previous administra-
tions. But Sara Pratt, former deputy assist- years of pain. Yet he remains intent on doing cure the invidious discrimination that
ant secretary in HUD’s fair housing office what he can to make things right. ‘‘It’s not has plagued our country for centuries.
who is now representing Texas Housers as an my life I’m worried about. It’s my daugh- Mr. Speaker, I yield back the balance
attorney, said there is long-standing division ter’s,’’ Hester said. ‘‘I’m half dead.’’ of my time.
among HUD staff over enforcing civil rights Mr. MCHENRY. Mr. Speaker, I re- Mr. MCHENRY. Mr. Speaker, I yield
violations when making funding decisions. serve the balance of my time. myself the balance of my time.
‘‘There is deep disagreement internally,’’ Mr. Speaker, let’s focus on the main
Mr. GREEN of Texas. Mr. Speaker, I
Pratt said. ‘‘The secretary’s job is to resolve
disputes like this.’’ HUD Secretary Marcia L. yield 1 minute to the gentlewoman thing. The main thing to the American
Fudge declined to comment because the from Pennsylvania (Ms. HOULAHAN). people right now is what they see when
Texas investigation remains open, HUD Ms. HOULAHAN. Mr. Speaker, I rise they fill up their tank at the pumps
spokesman Michael Burns said. ‘‘Her com- today in support of my commonsense and buy gas. It is what they see when
mitment to civil rights and fair housing is amendments that, one, ensure commu- they go to the grocery store. It is what
well documented and unwavering, and she is nity banking institutions will work they see in their daily lives.
committed to ensuring that all HUD funds better to support young women and What they are seeing in their daily
are used in compliance with all relevant laws
people of color, and two, that credit lives is inflation at a 40-year high. Here
and program requirements,’’ Burns said. In
response to widespread criticism over how unions help us advance financial lit- are fantastic examples that are hor-
the first $1 billion in Harvey disaster grants eracy. rible, horrible things to see, but they
was distributed, Texas now plans to allocate As a businessowner and entrepreneur are important that we see because this
$750 million to Harris County. Houston is due myself, I understand the challenges of is what the American people are facing.
to receive an additional $9 million out of $488 getting product from the garage or Inflation is at a 40-year high. Food
million that the state plans to send to the trunk of your car into a storefront win- prices are up 10 percent, gas 50 percent,
Houston-Galveston region. City officials and shelter 5.5 percent from just last
dow or onto the online sales opportuni-
point out that the $9 million amounts to less
than one tenth of the cost of its proposed im- ties. year. The American people will pay
provements to Kashmere Gardens. We know that Community Develop- $5,200 more this year than they did last
In Kashmere Gardens on a recent morning ment Financial Institutions, or CDFIs, year for the same goods and services.
after a thunderstorm inundated streetside are all key partners in successful busi- This is a direct result of Democrats’
drainage ditches, bulldozers and dump trucks ness development, but they cannot do fiscal plans. It is a direct result of the
worked to widen and deepen Hunting Bayou it alone. Democrats’ economic strategy, and we
to absorb runoff from future storms. The My first amendment builds on past are suffering the consequences from it.
work is a small portion of a $2.5 billion flood
protection bond that Harris County passed in successes by revising the Young Entre- This bill, and the amendments that
2018. The bulk of the bond money was di- preneurs Program to ensure that pass on the floor today, will do nothing
rected to wealthier neighborhoods because women and people of color receive the to help struggling American families.
the county expected to receive federal dis- focus and financial support that they Nothing.
aster funds for poorer ones, according to need. Instead, they will politicize the Fed,
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county commissioner Rodney Ellis. But Simply put, our local economies expand the CFPB’s authority, and
without money to upgrade the ditch system truly grow and thrive when we support make credit more expensive and harder
to drain storm water from neighborhood
all of our budding entrepreneurs. We to get. This is bad news. It is bad pol-
streets, it’s unclear if the bayou expansion
will be effective. have an established partner to help us icy. It is a bad process.
‘‘This is the Texas two-step in Houston. do that already, which is credit unions. We should reject it. We should make
You have to get the water from the neigh- That brings me to my second effort, sure this bill does not become law.
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June 15, 2022 CONGRESSIONAL RECORD — HOUSE H5583
I urge a ‘‘no’’ vote, and I yield back ing the reporting of small business Mr. GREEN of Texas. Mr. Speaker, I
the balance of my time. lending data, effectively allowing reserve the balance of my time, and I
The SPEAKER pro tempore. Pursu- banks to continue to hide the extent to am prepared to close.
ant to House Resolution Number 1170, which they are denying small business Mr. MCHENRY. Mr. Speaker, I yield
the previous question is ordered on the owners of color access to affordable myself the balance of my time.
amendments en bloc offered by the credit. In closing, I would just reiterate the
gentleman from Texas (Mr. GREEN). According to a Fed survey, 46 percent amendments in this en bloc are how we
The question is on the amendments of Black-owned firms that applied for should have started this debate and
en bloc. financing received none of the financ- how we should have started this bill.
The question was taken; and the ing they sought compared to just 22 These amendments would improve
Speaker pro tempore announced that percent of White-owned firms. We need the bill and provide real solutions for
the ayes appeared to have it. more granular data on these trends to American people who are suffering
Mr. MCHENRY. Mr. Speaker, on that root out discrimination in lending once under the weight of misguided Demo-
I demand the yeas and nays. and for all. crat policies.
The SPEAKER pro tempore. Pursu- For these reasons, I urge my col- I urge my colleagues to vote ‘‘yes’’
ant to section 3(s) of House Resolution leagues to oppose this amendment, and on this en bloc, and I yield back the
8, the yeas and nays are ordered. I reserve the balance of my time. balance of my time.
Pursuant to clause 8 of rule XX, fur- Mr. MCHENRY. Mr. Speaker, I rise in Mr. GREEN of Texas. Mr. Speaker, I
ther proceedings on this question are support of the Republican en bloc, and yield myself the balance of my time.
postponed. I yield myself such time as I may con- Mr. Speaker, what we have been wit-
AMENDMENTS EN BLOC NO. 2 OFFERED BY MR. sume. nessing today is the behavior of per-
GREEN OF TEXAS The amendments in this en bloc are sons who chose not to help the Amer-
Mr. GREEN of Texas. Mr. Speaker, where we should have started this de- ican people in a time of need.
pursuant to section 3 of House Resolu- bate. These amendments would im- When the American people were
tion 1170, I offer amendments en bloc prove the bill and provide real solu- being evicted from their homes, they
No. 2. tions for the American people who are chose not to help. When schools were
The SPEAKER pro tempore. The suffering under the weight of mis- plagued by a virus and needed funding
Clerk will designate the amendments guided Democrat economic policies. so that they could secure our children
In whole, this amendment package
en bloc. from the virus, they chose not to help.
would make the bill bipartisan and
Amendments en bloc No. 2, con- When people were out of work and
give us a real chance to pass the Sen-
sisting of amendment Nos. 6 and 24, needed help to put food on the table,
ate and become law. These amend-
printed in part B of House Report 117– fuel in their cars, they chose not to
ments would preserve the sections of
366, offered by Mr. GREEN of Texas. the bill that Republicans supported help.
AMENDMENT NO. 6 OFFERED BY MR. RODNEY
during committee consideration, such Because they chose not to help, they
DAVIS OF ILLINOIS
as promoting new and diverse deposi- have to call any help that was given
Strike subtitle B of title II and insert the tory institutions, improving corporate reckless, and they have to call it bad
following: policy.
governance through diversity, ensuring
Subtitle B—Repeal of Small Business Loan diversity in community banking, ex- But the truth is, if you do nothing,
Data Collection you put yourself in a position such that
panding opportunity for minority de-
SEC. 221. REPEAL.
pository institutions, and improving you cannot appreciate the suffering of
(a) IN GENERAL.—Section 704B of the Equal people who are in the midst of a world-
the CDFI Bond Guarantee Program.
Credit Opportunity Act (15 U.S.C. 1691c–2) is wide pandemic. They chose not to help.
These are the bipartisan pieces of the
hereby repealed. We choose to help, and we continue to
(b) CONFORMING AMENDMENTS.—The Equal bill. These five bills are the result of
Credit Opportunity Act is amended— bipartisan discussions and compromise. help.
(1) in section 701(b) (15 U.S.C. 1691(b))— They show that Congress is capable of Mr. Speaker, it is a sad day when
(A) in paragraph (3), by adding ‘‘or’’ at the working together and putting the people will call saving homes and keep-
end; American people first rather than real- ing children safe from a virus reckless
(B) in paragraph (4), by striking ‘‘; or’’ and ly a far-left agenda that the rest of the policy.
inserting a period; and bill is pushing. Mr. Speaker, I yield back the balance
(C) by striking paragraph (5); and These bills collectively would help to of my time.
(2) in the table of contents for such Act, by identify and implement solutions to The SPEAKER pro tempore. Pursu-
striking the item relating to section 704B. ant to House Resolution Number 1170,
Page 86, strike lines 14 and 15.
support small banks and credit unions
in the communities they serve. the previous question is ordered on the
AMENDMENT NO. 24 OFFERED BY MR. TIMMONS
Furthermore, this amendment en amendments en bloc offered by the
OF SOUTH CAROLINA
bloc would strike section 1071 of the gentleman from Texas (Mr. GREEN).
Strike title I, title II, title III, subtitle B
Dodd-Frank Act which requires the The question is on the amendments
of title IV, and subtitle B of title V.
Consumer Financial Protection Bu- en bloc.
The SPEAKER pro tempore. Pursu- reau—which is an unaccountable agen- The question was taken; and the
ant to House Resolution 1170, the gen- cy, by the way—to issue a rule to force Speaker pro tempore announced that
tleman from Texas (Mr. GREEN) and the banks and credit unions to collect and the ayes appeared to have it.
gentleman from North Carolina (Mr. report demographic data on small busi- Mr. GREEN of Texas. Mr. Speaker,
MCHENRY) each will control 10 min- ness loan applications. on that I demand the yeas and nays.
utes. We have seen what the CFPB can do The SPEAKER pro tempore. Pursu-
The Chair recognizes the gentleman under Director Chopra’s scorched-earth ant to section 3(s) of House Resolution
from Texas. policies. This proposed rule will make 8, the yeas and nays are ordered.
Mr. GREEN of Texas. Mr. Speaker, I small business lending more costly and Pursuant to clause 8 of rule XX, fur-
yield myself such time as I may con- difficult for financial institutions of all ther proceedings on this question are
sume. shapes and sizes. It will also choke off postponed.
Mr. Speaker, the Republican amend- the very access to credit those small
ments presented here today stand as a b 1400
businesses need right now.
testament to Republican values; name- So instead of limiting small business AMENDMENT NO. 10 OFFERED BY MR. VICENTE
ly, a tolerance for wealth inequality credit options and saddling them with GONZALEZ OF TEXAS
and racial discrimination. unnecessary regulations, as the under- The SPEAKER pro tempore. It is now
ctelli on DSK11ZRN23PROD with HOUSE
Let’s be clear. The amendment from lying bill does, we should focus on fos- in order to consider amendment No. 10
Mr. TIMMONS will strike large portions tering growth and help small busi- printed in part B of House Report 117–
of the bill and make no attempt to im- nesses succeed. 366.
prove it. Mr. Speaker, I urge my colleagues to Mr. VICENTE GONZALEZ of Texas.
As for the amendment from Mr. support this en bloc, and I reserve the Mr. Speaker, I have an amendment at
DAVIS, it will strike provisions requir- balance of my time. the desk made in order by the rule.
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H5584 CONGRESSIONAL RECORD — HOUSE June 15, 2022
The SPEAKER pro tempore. The nology and provide consumers with the AMENDMENT NO. 19 OFFERED BY MR. PAYNE
Clerk will designate the amendment. financial products that they want and The SPEAKER pro tempore. It is now
The text of the amendment is as fol- need, particularly in underserved com- in order to consider amendment No. 19
lows: munities. printed in part B of House Report 117–
Insert after section 524 the following: If we are really serious about reach- 366.
SEC. 525. RULE OF CONSTRUCTION. ing underserved communities—and I Mr. PAYNE. Mr. Speaker, I have an
Nothing in this subtitle or the amend- think we should be—we should restore amendment at the desk.
ments made by this subtitle may be con- the true lender doctrine and rightsize The SPEAKER pro tempore. The
strued to prevent or otherwise impede the overly burdensome regulations on com- Clerk will designate the amendment.
ability of insured depository institutions (as munity banks. The text of the amendment is as fol-
defined in section 3 of the Federal Deposit Those are the important points I lows:
Insurance Act) to establish branches and would like to make in light of this Add at the end the following:
provide banking services in underserved amendment. I welcome a discussion TITLE VI—PAYMENT CHOICE
areas.
about those issues. I think we have a SEC. 601. SHORT TITLE.
The SPEAKER pro tempore. Pursu- lot of mutual concerns about the chal- This subtitle may be cited as the ‘‘Pay-
ant to House Resolution 1170, the gen- lenges the American people are facing, ment Choice Act of 2022’’.
tleman from Texas (Mr. VICENTE GON- but I think it is important that we get SEC. 602. SENSE OF CONGRESS.
ZALEZ) and a Member opposed each will to the big issues that are central in It is the sense of Congress that every con-
control 5 minutes. this economy, given the economic cir- sumer has the right to use cash at retail
The Chair recognizes the gentleman cumstances we are currently in as a re- businesses who accept in-person payments.
from Texas. SEC. 603.
RETAIL BUSINESSES PROHIBITED
sult of Democrat policies, and we FROM REFUSING CASH PAYMENTS.
Mr. VICENTE GONZALEZ of Texas. should be working to fix those big (a) IN GENERAL.—Subchapter I of chapter
Mr. Speaker, I yield myself such time issues. 51 of title 31, United States Code, is amended
as I may consume. While I am not opposed to the by adding at the end the following:
My amendment to H.R. 2543, the Fed- amendment—I think it is fine; I am not ‘‘§ 5104. Retail businesses prohibited from re-
eral Reserve Racial and Economic Eq- going to oppose it—I think it is impor- fusing cash payments.
uity Act, ensures no changes made by tant that we highlight the big and es- ‘‘(a) IN GENERAL.—Any person engaged in
this bill will prohibit community sential things we should be about. the business of selling or offering goods or
banks from expanding into underserved Mr. Speaker, I reserve the balance of services at retail to the public with a person
areas as defined by the bill. my time. accepting in-person payments at a physical
Access to credit is a building block Mr. VICENTE GONZALEZ of Texas. location (including a person accepting pay-
for aspiring entrepreneurs and small Mr. Speaker, I have no further re- ments for telephone, mail, or internet-based
business owners and helps create jobs marks. I am prepared to close, and I re- transactions who is accepting in-person pay-
ments at a physical location)—
and boost local economic power and serve the balance of my time.
‘‘(1) shall accept cash as a form of payment
growth. Mr. MCHENRY. Mr. Speaker, I yield
for sales of less than $2,000 (or, for loan pay-
My amendment helps increase bank- myself the balance of my time. ments, payments made on a loan with an
ing opportunities in rural and under- I just reiterate that this amendment original principal amount of less than $2,000)
served areas, and I urge my colleagues really doesn’t do anything substantive. made at such physical location; and
to support it and the base legislation. If we are serious about helping commu- ‘‘(2) may not charge cash-paying customers
Mr. Speaker, I reserve the balance of nity banks, rightsizing burdensome a higher price compared to the price charged
my time. regulations would be the way to go, to customers not paying with cash.
and reinstating the true lender doc- ‘‘(b) EXCEPTIONS.—
Mr. MCHENRY. Mr. Speaker, I claim ‘‘(1) IN GENERAL.—Subsection (a) shall not
time in opposition, but I am not op- trine would be a strong first step.
apply to a person if such person—
posed to the amendment. There are bigger things that we should ‘‘(A) is unable to accept cash because of—
The SPEAKER pro tempore. Without be doing to help these institutions. ‘‘(i) a sale system failure that temporarily
objection, the gentleman from North While I am not opposed to the prevents the processing of cash payments; or
Carolina is recognized for 5 minutes. amendment, I think we should be doing ‘‘(ii) a temporary insufficiency in cash on
There was no objection. the big, substantive items that are im- hand needed to provide change; or
Mr. MCHENRY. Mr. Speaker, I appre- portant for us to have a competitive ‘‘(B) provides customers with the means,
economic situation for working Ameri- on the premises, to convert cash into a card
ciate Mr. GONZALEZ’s attempt to help
cans. We should be about these bigger that is either a general-use prepaid card, a
community banks. I would say that gift card, or an access device for electronic
this amendment really doesn’t do any- items and focus on them.
fund transfers for which—
thing substantive to the bill. It doesn’t Mr. Speaker, I yield back the balance
‘‘(i) there is no fee for the use of the card;
help community banks compete and of my time. ‘‘(ii) there is not a minimum deposit
Mr. VICENTE GONZALEZ of Texas. amount greater than 1 dollar;
survive in the current regulatory envi-
Mr. Speaker, again I urge my col- ‘‘(iii) amounts loaded on the card do not
ronment.
leagues to support this amendment and expire, except as permitted under paragraph
In fact, if we were really serious
the chairwoman’s underlying bill. (2);
about helping community banks, we
Mr. Speaker, I yield back the balance ‘‘(iv) there is no collection of any personal
would be looking at the Dodd-Frank identifying information from the customer;
of my time.
Act and the additional regulatory bur- The SPEAKER pro tempore. Pursu- ‘‘(v) there is no fee to use the card; and
dens in place on these financial institu- ant to House Resolution 1170, the pre- ‘‘(iv) there may be a limit to the number of
tions, but we are not. This bill doesn’t vious question is ordered on the transactions.
do that. We would be looking at the ‘‘(2) INACTIVITY.—A person seeking excep-
amendment offered by the gentleman tion from subsection (a) may charge an inac-
regulatory burdens that Dodd-Frank from Texas (Mr. VICENTE GONZALEZ).
keeps on institutions that keeps them tivity fee in association with a card offered
The question is on the amendment by such person if—
from lending to their consumers, the offered by the gentleman from Texas ‘‘(A) there has been no activity with re-
compliance cost burdens that make ac- (Mr. VICENTE GONZALEZ). spect to the card during the 12-month period
cessing credit more difficult, especially The question was taken; and the ending on the date on which the inactivity
for hard-to-reach communities. Speaker pro tempore announced that fee is imposed;
Last year, Democrats got rid of the the ayes appeared to have it. ‘‘(B) not more than 1 inactivity fee is im-
true lender doctrine, which focused on Mr. POSEY. Mr. Speaker, on that I posed in any 1-month period; and
providing legal certainty to banks and demand the yeas and nays. ‘‘(C) it is clearly and conspicuously stated,
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fintech partnerships. The true lender on the face of the mechanism that issues the
The SPEAKER pro tempore. Pursu-
card and on the card—
doctrine would have actually helped ant to section 3(s) of House Resolution ‘‘(i) that an inactivity fee or charge may be
provide clarity and lower the cost and 8, the yeas and nays are ordered. imposed;
access to credit. It is these partner- Pursuant to clause 8 of rule XX, fur- ‘‘(ii) the frequency at which such inac-
ships between fintechs and community ther proceedings on this question are tivity fee may be imposed; and
banks that harness and scale tech- postponed. ‘‘(iii) the amount of such inactivity fee.
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June 15, 2022 CONGRESSIONAL RECORD — HOUSE H5585
‘‘(c) RIGHT TO NOT ACCEPT LARGE BILLS.— are necessary to implement this section, Mr. MCHENRY. Mr. Speaker, this
‘‘(1) IN GENERAL.—Notwithstanding sub- which may prescribe additional exceptions amendment is a solution in search of a
section (a), for the 5-year period beginning to the application of the requirements de- problem and provides a pathway for
on the date of enactment of this section, this scribed in subsection (a).’’.
section shall not require a person to accept (b) CLERICAL AMENDMENT.—The table of frivolous lawsuits in Federal court.
cash payments in $50 bills or any larger bill. contents for chapter 51 of title 31, United Cash continues to be an important
‘‘(2) RULEMAKING.— States Code, is amended by inserting after form of payment in many communities
‘‘(A) IN GENERAL.—The Secretary of the the item relating to section 5103 the fol- across America. However, businesses
Treasury, in this section referred to as the lowing: that have a substantial number of cus-
Secretary, shall issue a rule on the date that ‘‘5104. Retail businesses prohibited from re- tomers who wish to transact in cash al-
is 5 years after the date of the enactment of fusing cash payments.’’. ready accept cash.
this section with respect to any bills a per- (c) RULE OF CONSTRUCTION.—The amend-
ments made by this section may not be con-
The amendment’s requirements will
son is not required to accept.
‘‘(B) REQUIREMENT.—When issuing a rule strued to have any effect on section 5103 of impact small business owners in par-
under subparagraph (A), the Secretary shall title 31, United States Code. ticular, who will be required to accept
require persons to accept $1, $5, $10, $20, and The SPEAKER pro tempore. Pursu- cash payment whether or not it makes
$50 bills. ant to House Resolution 1170, the gen- economic or business sense.
‘‘(d) ENFORCEMENT.— Additionally, this amendment would
tleman from New Jersey (Mr. PAYNE)
‘‘(1) PREVENTATIVE RELIEF.—Whenever any give preferential treatment to ancil-
person has engaged, or there are reasonable and a Member opposed each will con-
trol 5 minutes. lary service providers that may be fac-
grounds to believe that any person is about
to engage, in any act or practice prohibited The Chair recognizes the gentleman ing a downturn in demand for services
by this section, a civil action for preventive from New Jersey. due to an increasing electronic pay-
relief, including an application for a perma- Mr. PAYNE. Mr. Speaker, I yield my- ment usage desire among consumers.
nent or temporary injunction, restraining self such time as I may consume. Let’s look at the bill. Let me try to
order, or other order may be brought against Mr. Speaker, I rise today to encour- explain it. The bill would prohibit re-
such person. age everyone to support adding our bi- tail businesses from refusing cash pay-
‘‘(2) CIVIL PENALTIES.—Any person who vio- partisan amendment, the text of the bi- ments below $2,000. It would prohibit
lates this section shall— partisan Payment Choice Act, to the the retail business from charging a
‘‘(A) be liable for actual damages;
bill. higher price to any customer who pays
‘‘(B) be fined not more than $2,500 for a
Recently, the bill passed the Finan- by cash than is customarily going to be
first offense; and
‘‘(C) be fined not more than $5,000 for a sec- cial Services Committee on a bipar- charged for using other forms of pay-
ond or subsequent offense. tisan vote. I thank Chairwoman ment. It provides a private right of ac-
‘‘(3) JURISDICTION.—An action under this WATERS for her work in helping to ad- tion—that means that they can sue—in
section may be brought in any United States vance my legislation. I thank the gen- Federal court for consumers who are
district court, or in any other court of com- tlewoman from Texas (Ms. GARCIA) and aggrieved.
petent jurisdiction. the gentleman from New Jersey (Mr. The amendment provides exceptions
‘‘(4) INTERVENTION OF ATTORNEY GENERAL.— SMITH) for their leadership and support
Upon timely application, a court may, in its
to these prohibitions, including if the
of it. business provides a mechanism to con-
discretion, permit the Attorney General to The Payment Choice Act guarantees
intervene in a civil action brought under this vert cash to prepaid cards.
subsection, if the Attorney General certifies
that every consumer has the choice to This is really the desire to force basi-
that the action is of general public impor- pay cash for goods and services. Right cally ATMs into retail establishments.
tance. now, there is an attack on American That is the construct of the bill. So
‘‘(5) AUTHORITY TO APPOINT COURT-PAID AT- currency. Companies are trying to ban imagine you are a small business, and
TORNEY.—Upon application by an individual cash in their stores, but cash is simple, now under Federal law, you are re-
and in such circumstances as the court may common, and anonymous. And it is the quired to take a $2,000 cash payment.
determine just, the court may appoint an at- necessary form of payment for 55 mil-
torney for such individual and may authorize That seems onerous. Imagine you are a
lion Americans. That is right, 55 mil- small businessperson who is now going
the commencement of a civil action under lion Americans in this country.
this subsection without the payment of fees, to be faced potentially with lawsuits in
The bill does not prohibit digital or Federal court for a failure to provide
costs, or security.
other payments. Instead, it protects
‘‘(6) ATTORNEY’S FEES.—In any action com- an ATM machine in your establish-
menced pursuant to this section, the court, cash as a payment in this Nation, as it
ment. This seems quite onerous.
in its discretion, may allow the prevailing has been throughout our history. It We can get into the question of the
party, other than the United States, a rea- protects Americans from being rejected soundness of a fully digitized world.
sonable attorney’s fee as part of the costs, from stores because they can only pay
and the United States shall be liable for
There is a serious debate to be had
in cash.
costs the same as a private person. here, and there is an economic inclu-
Several cities and States have en-
‘‘(7) REQUIREMENTS IN CERTAIN STATES AND acted their own laws to protect the sion debate that is necessary for us to
LOCAL AREAS.—In the case of an alleged act
right to pay cash already. This bill have. In a world of digital payments,
or practice prohibited by this section which
would provide a single law to protect not everyone is digital, so we have to
occurs in a State, or political subdivision of make sure that we get to those key
a State, which has a State or local law pro- cash nationwide. More important, the
bill would protect the privacy of Amer- issues.
hibiting such act or practice and estab- But this bill is rather convoluted,
lishing or authorizing a State or local au- icans. There is no data collection with
cash transactions. Cash is a private and it provides a number of require-
thority to grant or seek relief from such act
or practice or to institute criminal pro- transaction. ments for businesses that are not in
ceedings with respect thereto upon receiving Customers should have the right to keeping with trying to get at the ques-
notice thereof, no civil action may be refuse to hand over their personal in- tion of cash acceptance. I think we
brought hereunder before the expiration of 30 formation for a simple purchase. It is should have some serious discussions
days after written notice of such alleged act not a partisan issue because Democrats about cash acceptance, especially for
or practice has been given to the appropriate our communities across America that
State or local authority by registered mail
and Republicans support this bill.
Therefore, it is an American issue to are not online and don’t have credit
or in person, provided that the court may
protect American currency. I encour- cards or prepaid cards in their pocket.
stay proceedings in such civil action pending
the termination of State or local enforce- age all Members to support my amend- I think there are things we can still
ment proceedings. ment. work on in this space. Unfortunately,
‘‘(e) GREATER PROTECTION UNDER STATE Mr. Speaker, I reserve the balance of this bill is too convoluted with too
LAW.—This section shall not preempt any my time. many mechanisms that would provide
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law of a State, the District of Columbia, a Mr. MCHENRY. Mr. Speaker, I claim too many opportunities for new law-
Tribal government, or a territory of the suits, so I oppose it. I think it is impor-
the time in opposition to this amend-
United States if the protections that such
law affords to consumers are greater than ment. tant that we oppose this amendment,
the protections provided under this section. The SPEAKER pro tempore. The gen- as I did in committee.
‘‘(f) RULEMAKING.—The Secretary shall tleman from North Carolina is recog- Mr. Speaker, I reserve the balance of
issue such rules as the Secretary determines nized for 5 minutes. my time.
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H5586 CONGRESSIONAL RECORD — HOUSE June 15, 2022
Mr. PAYNE. Mr. Speaker, I really ap- atic for us on this side of the aisle. The The SPEAKER pro tempore. The
preciate the gentleman’s wonderful requirement to have a machine on question is on the amendments en bloc
summary of my bill up until the point site—on page 2 of the bill, it says the offered by the gentleman from Texas
where he raised the issue around pref- retail facility, or whatever the facility (Mr. GREEN).
erential businesses, such as ATMs. is, that is accepting payment, they The vote was taken by electronic de-
There is no preferential treatment for have to provide customers with the vice, and there were—yeas 217, nays
any industry in this bill. All retail means on the premises to convert cash 192, not voting 19, as follows:
transactions are treated the same. into a card that is either a general-use [Roll No. 270]
As the gentleman speaks on busi- prepaid card, a gift card, or an access YEAS—217
nesses being able to charge a higher device for electronic funds transfer. So
Adams Golden Ocasio-Cortez
price, I don’t know about North Caro- it is a very specific requirement to Aguilar Gomez Omar
lina, but in New Jersey, when I go to have on premises. Allred Gonzalez, Pallone
the gas station, there is a higher price Imagine the same scenario of this Auchincloss Vicente Panetta
nice lady that lives in his district, Mr. Axne Gottheimer Pappas
charged for credit, not cash. So I think Barragán Green, Al (TX) Pascrell
he kind of had that in reverse. PAYNE’s district, who goes downstairs Bass Grijalva Payne
Mr. Speaker, this is an opportunity to purchase whatever, whether it is Beatty Harder (CA) Perlmutter
for 55 million Americans who don’t from a grocery store or whatever. Now, Bera Hayes Peters
Beyer Higgins (NY) Phillips
have banking accounts or are under- imagine they had an ATM that was two Bishop (GA) Himes Pingree
banked, to continue to be a part of this doors down. Under the construct of this Blumenauer Horsford Pocan
economy. There is a population in this bill, that wouldn’t be sufficient. Blunt Rochester Houlahan Porter
There are important things to get at Bonamici Hoyer
country, believe it or not, who would Bourdeaux Huffman
Pressley
rather not be in the banking system. here. I oppose the amendment, but I Price (NC)
Bowman Jackson Lee
Quigley
welcome the debate. Boyle, Brendan Jacobs (CA)
b 1415 Raskin
Mr. Speaker, I yield back the balance F. Jayapal
Rice (NY)
I am just trying to protect the under- of my time. Brown (MD) Jeffries
Ross
Brown (OH) Johnson (GA)
served and the underbanked. I don’t The SPEAKER pro tempore. Pursu- Brownley Johnson (TX)
Roybal-Allard
know the makeup of the gentleman’s ant to House Resolution 1170, the pre- Bush Jones Ruiz
Ruppersberger
district in North Carolina, although I vious question is ordered on the Bustos Kahele
Rush
think his attire is splendid with the Butterfield Kaptur
amendment offered by the gentleman Carbajal Keating Ryan
bowtie. But back in his district, I don’t from New Jersey (Mr. PAYNE). Cárdenas Kelly (IL) Sánchez
know if they are affluent or not. I have The question is on the amendment Carson Khanna Sarbanes
Carter (LA) Kildee Scanlon
some of the poorest Americans in my offered by the gentleman from New Schakowsky
Cartwright Kilmer
district, and they are reaching out to Jersey (Mr. PAYNE). Case Kim (NJ) Schiff
me saying: What do I do? The question was taken; and the Castor (FL) Kind Schneider
What happens to the grandmother Speaker pro tempore announced that Castro (TX) Kirkpatrick Schrader
the ayes appeared to have it. Cherfilus- Krishnamoorthi Schrier
who lives in a two-flight walkup and Scott (VA)
McCormick Kuster
the store that she uses is on the first Mr. MCHENRY. Mr. Speaker, on that Chu Lamb Scott, David
floor? Mr. Speaker, now, this business I demand the yeas and nays. Cicilline Langevin Sewell
decides that they are not going to ac- The SPEAKER pro tempore. Pursu- Clark (MA) Larsen (WA) Sherman
ant to section 3(s) of House Resolution Clarke (NY) Larson (CT) Sherrill
cept her cash anymore. You are asking Cleaver Lawrence Sires
this woman to walk another three or 8, the yeas and nays are ordered. Clyburn Lawson (FL) Slotkin
four blocks to find someone, like a pau- Pursuant to clause 8 of rule XX, fur- Cohen Lee (CA) Smith (WA)
per: ‘‘Who will take my cash? Who will ther proceedings on this question are Connolly Lee (NV) Soto
postponed. Cooper Leger Fernandez Spanberger
take my cash? Will you take my Correa Levin (CA) Speier
money? Will you take my cash?’’ f Costa Levin (MI) Stansbury
‘‘No, no cash allowed here. Be gone.’’ ANNOUNCEMENT BY THE SPEAKER Courtney Lieu Stanton
Craig Lofgren
That is what we are looking at. That PRO TEMPORE Crist Lowenthal
Stevens
Strickland
is what we are trying to prevent. Crow Luria
Mr. Speaker, I just say that we are The SPEAKER pro tempore. Pro- Cuellar Lynch
Suozzi
ceedings will now resume on questions Swalwell
here to fight for the underserved, the Davids (KS) Malinowski Takano
underbanked, and the unbanked. previously postponed. Davis, Danny K. Maloney,
Thompson (CA)
Votes will be taken in the following Dean Carolyn B.
Mr. Speaker, I yield back the balance Thompson (MS)
DeFazio Maloney, Sean
order: Titus
of my time. DeGette Manning
Tlaib
The following amendments to H.R. DeLauro Matsui
Mr. MCHENRY. Mr. Speaker, has the Tonko
2543: DelBene McBath
gentleman’s time fully expired? Amendments en bloc No. 1; Demings McCollum Torres (CA)
The SPEAKER pro tempore. The gen- DeSaulnier McEachin Torres (NY)
Amendments en bloc No. 2; Trahan
tleman’s time has entirely expired. Deutch McGovern
Amendment No. 10; and Dingell McNerney Trone
Mr. MCHENRY. Mr. Speaker, I yield Amendment No. 19; Doggett Meeks Underwood
myself the balance of my time. A motion to recommit H.R. 2543, if Doyle, Michael Meng Vargas
Mr. Speaker, I agree with the gen- F. Mfume Veasey
offered; and Velázquez
tleman from New Jersey. I agree with Escobar Moore (WI)
Passage of H.R. 2543, if ordered. Eshoo Morelle Wasserman
Mr. PAYNE on his choice of attire. I The first vote in this series will be a Espaillat Moulton Schultz
think the fact that two of us, who are 15-minute vote. Remaining votes in Evans Mrvan Waters
very well dressed—appropriately Fletcher Nadler Watson Coleman
this series will be 5-minute votes. Welch
Foster Napolitano
dressed, I would say—are having a de- AMENDMENTS EN BLOC NO. 1 OFFERED BY MR. Frankel, Lois Neal Wexton
bate and are on different sides of this GREEN OF TEXAS Gallego Neguse Wild
issue is very unbecoming of the bowtie The SPEAKER pro tempore. Pursu- Garamendi Newman Williams (GA)
community. We stand together more Garcı́a (IL) Norcross Wilson (FL)
ant to clause 8 of rule XX, the unfin- Garcia (TX) O’Halleran Yarmuth
closely than this. ished business is the question on the
Mr. Speaker, I welcome my col- adoption of amendments en bloc No. 1, NAYS—192
league—the fact that he has an under- printed in part B of House Report 117– Aderholt Bentz Buck
taking in this arena to talk about the 366, on which further proceedings were Allen Bergman Bucshon
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Amodei Bice (OK) Budd
question of cash acceptance, I think, is postponed and on which the yeas and Arrington Biggs Burchett
important. nays were ordered. Babin Bilirakis Burgess
There are a number of questions that The Clerk will redesignate the Bacon Bishop (NC) Calvert
I have raised about this bill that I Baird Boebert Cammack
amendments en bloc. Balderson Bost Carey
think are important. The private right The Clerk redesignated the amend- Banks Brooks Carl
of action in Federal court is problem- ments en bloc. Barr Buchanan Carter (GA)
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