Respect for Workers Act
This bill requires at least one member of the Board of Governors of the Federal Reserve System to have experience supporting or protecting the rights of workers. This member is in charge of developing policy recommendations regarding the board's goal of maximum employment. (The board is made up of seven members that are nominated by the President and confirmed by the Senate. Members serve 14-year terms, with one term beginning every two years.)
The bill also requires the board to discuss in their semiannual report the distributional effect of monetary policy.
[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3341 Introduced in House (IH)]
<DOC>
118th CONGRESS
1st Session
H. R. 3341
To amend the Federal Reserve Act to reaffirm the importance of workers.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 15, 2023
Mrs. Peltola introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
A BILL
To amend the Federal Reserve Act to reaffirm the importance of workers.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Respect for Workers Act''.
SEC. 2. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
The Federal Reserve Act (12 U.S.C. 221 et seq.) is amended--
(1) in section 2B(b) (12 U.S.C. 225b(b)), by inserting
``and distributional effect'' after ``conduct''; and
(2) in section 10 (12 U.S.C. 241), in the third sentence of
the first undesignated paragraph, by inserting ``and at least 1
member with demonstrated primary experience in supporting or
protecting the rights of workers, who shall be the lead member
of the Board in charge of promoting effectively and developing
policy recommendations for the Board to meet the goal of
maximum employment described in section 2A'' before the period
at the end.
SEC. 3. APPLICABILITY.
The amendment made by section 2(2) shall apply to any appointment
to the Board of Governors of the Federal Reserve System made on or
after the date of enactment of this Act.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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