H.R. 281 would require Federal Reserve banks to interview at least one individual reflective of gender diversity and one individual reflective of racial or ethnic diversity when appointing Federal Reserve bank presidents, and to annually report on the applicant demographic pool for those positions. The bill further modifies a number of Acts related to financial services to change references to officials to be gender-neutral.
Based on information from the Federal Reserve, CBO estimates that the bill would have no effect on revenues because the interviewing requirements of the bill are currently being substantially met and meeting the reporting requirements would involve no additional costs for the Federal Reserve system. The bill would not affect direct spending.