; and (5) the testimony and documentation described in paragraph (3) provide a strong basis that there is a compelling need for the below amendment to address the historical lack of gender, racial, and ethnic diversity in the Federal Reserve regional bank presidents selection process in the Federal Reserve System. 3. Federal reserve bank presidents The provision designated fifth of the fourth undesignated paragraph of section 4 of the Federal Reserve Act ( 12 U.S.C. 341 ) is amended 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 and one individual reflective of racial or ethnic diversity. . 4. Technical adjustments (a) American Competitiveness and Workforce Improvement Act of 1998 Section 418(b) of the American Competitiveness and Workforce Improvement Act of 1998 ( 8 U.S.C. 1184 note) is amended by striking Chairman of the Board of Governors and inserting Chair of the Board of Governors . (b) Bretton Woods Agreements Act The Bretton Woods Agreements Act ( 22 U.S.C. 286 et seq.) is amended— (1) in section 4(a), by striking Chairman of the Board of Governors and inserting Chair of the Board of Governors