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This bill amends the Federal Reserve Act to redefine the Federal Reserve's mandate to emphasize full employment alongside price stability, with a detailed definition of maximum employment that includes job availability, minimal involuntary part-time work, rising median wages, and reduced unemployment and pay disparities across demographic groups. It eliminates Class A and B directors from Federal Reserve bank boards, requires diversity considerations in hiring Federal Reserve bank presidents, and mandates new reporting requirements on unemployment estimates, inflation targets, and the impact of monetary policy on labor market conditions and demographic groups.
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