1. Short title This Act may be cited as the Coretta Scott King Full Employment Federal Reserve Act of 2018 . 2. Modification of the goals of the Board of Governors of the Federal Reserve System and the Federal Open Market Committee Section 2A of the Federal Reserve Act ( 12 U.S.C. 225a ) is amended— (1) by striking The Board of Governors and inserting (a) In general. —The Board of Governors shall ; (2) by striking stable prices and inserting a stable rate of inflation ; and (3) by inserting at the end the following: (b) General policy: Congressional review In this section, the term maximum employment means a labor market in the United States in which— (1) job seekers can find work; (2) involuntary part-time work is at a minimum; (3) median wages are rising with worker productivity; and (4) disparities in rates of unemployment and pay between and among racial, gender, urban, rural, and other demographic groups have reached their lowest practicable level. . 3. Promoting a diverse, representative Federal Reserve Section 4 of the Federal Reserve Act (38 Stat. 251) is amended— (1) 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.