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HOUSE 2543117th CongressReceived in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Financial Services Racial Equity, Inclusion, and Economic Justice Act

Last Action
6/21/2022

Actions

  • 2022-06-21Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • 2022-06-15Motion to reconsider laid on the table Agreed to without objection.
  • 2022-06-15On passage Passed by the Yeas and Nays: 215 - 207 (Roll no. 275).
  • 2022-06-15Passed/agreed to in House: On passage Passed by the Yeas and Nays: 215 - 207 (Roll no. 275).
  • 2022-06-15On motion to recommit Failed by the Yeas and Nays: 202 - 219 (Roll no. 274).
  • 2022-06-15The previous question on the motion to recommit was ordered pursuant to clause 2(b) of rule XIX.
  • 2022-06-15Mr. Hill moved to recommit to the Committee on Financial Services. (text: CR H5589)
  • 2022-06-15The previous question was ordered pursuant to the rule.
  • 2022-06-15POSTPONED PROCEEDINGS - At the conclusion of debate on the Payne amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. McHenry demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.
  • 2022-06-15DEBATE - Pursuant to the provisions of H. Res. 1170, the House proceeded with 10 minutes of debate on the Payne amendment No. 19.
  • 2022-06-15POSTPONED PROCEEDINGS - At the conclusion of debate on the Vicente Gonzalez amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. Posey demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.
  • 2022-06-15DEBATE - Pursuant to the provisions of H. Res. 1170, the House proceeded with 10 minutes of debate on the Vicente Gonzalez amendment No. 10.
  • 2022-06-15POSTPONED PROCEEDINGS - At the conclusion of debate on the Green (TX) amendment en bloc No. 2, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. Al Green (TX) demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.
  • 2022-06-15DEBATE - Pursuant to the provisions of H. Res. 1170, the House proceeded with 20 minutes of debate on the Al Green (TX) amendment en bloc No. 2.
  • 2022-06-15POSTPONED PROCEEDINGS - At the conclusion of debate on the Green (TX) amendment en bloc No. 1, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. McHenry demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.

Showing 15 of 20 actions. Full history on Congress.gov.

CRS Summary

As of 2022-06-15 (53)

Financial Services Racial Equity, Inclusion, and Economic Justice Act

This bill address access to financial services, diversity in various financial institutions and establishments, and other related issues.

Access to credit, mortgages, and banking services are expanded, including by

  • prohibiting discrimination with respect to credit transactions on the basis of an applicant's sexual orientation, gender identity, or location based on zip code or census tract;
  • establishing language translation requirements for residential mortgage applications; and
  • providing funding set-asides for minority lending institutions.

The bill expands the support of, and access to, minority depository institutions and community development financial institutions and establishes an impact bank designation for small institutions that predominately lend to low-income borrowers.

Further, the Federal Reserve Board must carry out its duties in a manner that supports the elimination of racial and ethnic disparities in employment, income, wealth, and access to affordable credit.

Additionally, the bill requires financial institutions to report information relating to diversity policies and lending practices.

Retail businesses must accept cash as a form of payment for sales in amounts less than $2,000 and are prohibited from charging cash-paying customers a higher price.

Finally, the bill commissions various reports and studies, including a report from the Government Accountability Office on public housing for the homeless.

Cosponsors (5)

  • Jesus Garcia (D-IL)
  • Joyce Beatty (D-OH)
  • CAROLYN MALONEY (D-NY)
  • BRAD SHERMAN (D-CA)
  • Nikema Williams (D-GA)

Subjects

  • Banking and financial institutions regulation
  • Community life and organization
  • Congressional oversight
  • Consumer credit
  • Credit and credit markets
  • Economic performance and conditions
  • Federal Reserve System
  • Labor market
  • Minority employment
  • Monetary policy
  • Racial and ethnic relations
  • Unemployment
  • Wages and earnings
Read on Congress.gov

Sourced from Congress.gov (public domain).

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