The House Financial Services Committee continues briskly reporting out legislation targeted at the credit reporting system, housing, and diversity and inclusion in the financial services sector. Chairwoman Maxine Waters (D-CA) outlined an ambitious agenda at the beginning of the 116^th Congress with these initiatives included on her list of priorities. While many of these bills may never be taken up in the Senate, at a minimum, they provide a benchmark for future negotiations. We should expect Ms. Waters to continue vigorously pursuing agenda items that focus on “fairness and policies to benefit consumers, investors, small businesses, and our economy.”

On July 11, 2019, the Committee passed 10 bills that reflect the Committee’s focus on the Chairwoman’s priorities. Three of these relate to diversity and inclusion. The following is a summary of these measures:

• H.R. 281, the Ensuring Diverse Leadership Act of 2019, is legislation requiring the Federal Reserve Bank to interview at least one individual reflective of gender diversity and one reflective of racial or ethnic diversity when appointing a regional bank president. The sponsor is Rep. Joyce Beatty (D-OH), Chairwoman of the Subcommittee on Diversity and Inclusion. This legislation received a bipartisan vote of 56–2.

• H.R. 1018, the Improving Corporate Governance through Diversity Act of 2019, is legislation requiring companies to annually disclose the voluntarily self-identified gender, race, ethnicity, and veteran status of their board directors, nominees, and senior executive officers. The sponsor is Rep. Gregory Meeks (D-NY), Chairman of the Subcommittee on Consumer Protection and Financial Institutions. This legislation received a bipartisan vote of 53–5.

• H.R. 3279, the Diversity in Corporate Leadership Act of 2019, is legislation requiring companies to disclose, in proxy or consent solicitation materials for an annual shareholders meeting, the gender, racial, and ethnic composition of their corporate boards and nominees for the board of directors. The sponsor is Rep. Carolyn Maloney (D-NY), Chair of the Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets. This legislation received a bipartisan vote of 52–6. 

In addition to the three bills summarized above, the Committee passed seven bills targeting changes to the laws governing credit reporting and housing. Note that the credit reporting and housing bills did not receive the same degree of bipartisan support.