Sec. 3. Promoting a diverse, representative Federal Reserve
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Section 4 of the Federal Reserve Act (38 Stat. 251) is amended— in the provision designated Fifth of the fourth undesignated paragraph, by inserting after employees. the following: In making the appointment of a president, the bank shall interview at least one individual reflective of gender diversity, one individual reflective of racial or ethnic diversity, and one individual who has experience in scholarship or advocacy on behalf of the interests of consumers, labor, or other sectors of society whose interests are distinct from those of the banking and financial services sector.
Not later than January 1 of each year, the bank shall submit a report describing the applicant pool demographics for the proceeding fiscal year to the Committee on Financial Services of the House of Representatives, the Committee on Banking, Housing, and Urban Affairs of the Senate, and the Office of the Inspector General for the Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau. ; in the ninth undesignated paragraph, by striking , and divided into three classes, designated as classes A, B, and C ; by striking the tenth, eleventh, fourteenth, sixteenth, seventeenth, and eighteenth undesignated paragraphs; in the twelfth undesignated paragraph— by striking Class C shall consist of three members who shall be designated by the Board of Governors of the Federal Reserve System. and inserting Members of the board of directors shall be designated by the Board of Governors of the Federal Reserve System. ; and by striking class C ; in the fifteenth undesignated paragraph, by striking of class C ; in the twentieth undesignated paragraph— by striking Class C directors and inserting Directors ; by striking of class C ; and by striking the third class C director and inserting another director of the Board, designated by the Board of Governors of the Federal Reserve System, ; and in the twenty-fourth undesignated paragraph— by striking of classes A, B and C, respectively, ; by striking one the first place it appears and inserting three ; by striking of each class whose term the second place it appears and inserting whose terms ; by striking one whose term the first place it appears and inserting three whose terms ; by striking one whose term the second place it appears and inserting three whose terms ; and by striking in the several classes of and inserting on the board of .