This bill requires the Federal Reserve Board to establish goals for using diverse investment advisers, brokers, and dealers when it enters into investment management agreements under its emergency lending authority. Specifically, when the Federal Reserve manages investments for emergency programs or facilities, it must set targets to maximize the use of investment firms that are at least 51 percent owned or controlled by women, minorities, veterans, or indigenous people. The legislation defines these diverse firms and requires the Federal Reserve to report on the goals it sets and progress toward meeting them. The bill applies to any investment management agreements the Federal Reserve enters into under its emergency powers and does not appear to include new funding or specific timelines for implementation beyond requiring the Federal Reserve to report on its efforts.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.