This bill requires federal agencies to analyze how their major new rules affect people living in poverty and racial inequality whenever they propose regulations. Additionally, the Government Accountability Office must publish annual reports for ten years examining two to five existing federal programs or policies to assess their impacts on poverty and racial equity. The analyses are mandatory for all agencies and must accompany proposed major rules published in the Federal Register, while the GAO reports will be made available electronically each year starting one year after the bill becomes law. Agencies and the GAO have discretion to include analysis of the racial wealth gap in these assessments. The bill does not specify new funding requirements, instead directing existing agencies to conduct these evaluations as part of their regular operations.