Bill Overview
Title: Fair Hiring in Banking Act
Description: This bill creates exceptions to the restriction on hiring persons convicted of certain criminal offenses involving dishonesty or a breach of trust to a position with an insured depository institution or an insured credit union. Currently, a waiver must be obtained from the Federal Deposit Insurance Corporation or the National Credit Union Administration to allow the employment of such a person. Specifically, a waiver is not needed if it has been 7 years or more since the offense occurred or if the individual was incarcerated with respect to the offense and it has been 5 years or more since the individual was released from incarceration. The need for a waiver also does not apply to conduct committed before age 21 and if it has been at least 30 months since the sentencing. Individuals with a criminal record that is expunged, sealed, or pardoned are also exempt from waiver requirements.
Sponsors: Rep. Beatty, Joyce [D-OH-3]
Target Audience
Population: People with criminal records related to dishonesty or breach of trust globally
Estimated Size: 3000000
- The bill targets individuals with certain criminal records who may be seeking employment in the banking sector. The legislation could potentially open up employment opportunities for these individuals.
- In the U.S., a significant percentage of the population has a criminal record. The National Employment Law Project states that over 70 million Americans have some form of criminal record.
- The bill specifically impacts those individuals whose crimes involved dishonesty or a breach of trust, a subset of all people with criminal records.
- It primarily focuses on those who have been rehabilitated for a meaningful period (5-7 years or more after the offense or incarceration) or were young when the offense was committed.
- The lifting of waiver requirements can directly affect job opportunities available to these individuals, enhancing their economic and social wellbeing.
Reasoning
- The Fair Hiring in Banking Act aims to remove barriers to employment for individuals with certain criminal records. This can significantly improve the economic and social wellbeing of these individuals by providing more job opportunities.
- The target population in this case is those with a criminal record involving dishonesty or breach of trust who meet the criteria outlined in the bill (e.g., 5-7 years post-offense/incarceration, crimes committed before age 21, or expunged records).
- Given the estimated 3,000,000 potential beneficiaries in the US, the policy needs to be able to support a sizable portion of this population within budget constraints.
- Considering the costs associated with the implementation of such a policy, such as administrative expenses for processing applications and potential job placement programs, an initial budget of $2,000,000 may be allocated for outreach, system establishment, and preliminary evaluations.
- Over 10 years, with a $20,000,000 budget, the policy can expand its resources to reach and assist more eligible individuals, potentially increasing the number of people benefitting from the act.
Simulated Interviews
Retail Worker (Chicago, IL)
Age: 32 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 10.0 years
Commonness: 15/20
Statement of Opinion:
- I’ve been trying to get into banking for years, but my record has held me back.
- This law could finally give me a chance I’ve been waiting for.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 8 | 5 |
| Year 10 | 8 | 5 |
| Year 20 | 9 | 5 |
Customer Service Representative (Los Angeles, CA)
Age: 45 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 12/20
Statement of Opinion:
- I believe people deserve a second chance. This act acknowledges that.
- I’m hopeful it will expand my job prospects significantly.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 8 | 5 |
| Year 20 | 8 | 5 |
Fast Food Worker (New York, NY)
Age: 29 | Gender: male
Wellbeing Before Policy: 4
Duration of Impact: 5.0 years
Commonness: 16/20
Statement of Opinion:
- My crime has haunted my career opportunities.
- This could alleviate some of the stigma I face.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 4 |
| Year 2 | 6 | 4 |
| Year 3 | 7 | 4 |
| Year 5 | 8 | 4 |
| Year 10 | 8 | 4 |
| Year 20 | 8 | 4 |
College Student (Dallas, TX)
Age: 22 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 20.0 years
Commonness: 14/20
Statement of Opinion:
- I'm just starting my career, and this policy might ensure my record doesn't close doors before they open.
- I’m enthusiastic about pursuing an internship in finance next year.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 9 | 7 |
| Year 10 | 9 | 7 |
| Year 20 | 9 | 7 |
Unemployed (Miami, FL)
Age: 50 | Gender: male
Wellbeing Before Policy: 3
Duration of Impact: 10.0 years
Commonness: 10/20
Statement of Opinion:
- I’ve done my time and want to contribute positively to society.
- This law could help me rebuild my life at my age.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 4 | 3 |
| Year 2 | 5 | 3 |
| Year 3 | 6 | 3 |
| Year 5 | 7 | 3 |
| Year 10 | 7 | 3 |
| Year 20 | 7 | 3 |
Software Engineer (Seattle, WA)
Age: 38 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 14/20
Statement of Opinion:
- I've stayed out of trouble and proven my capabilities since my conviction.
- This bill affirms rehabilitation is possible and should be considered.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 8 | 7 |
Small Business Owner (St. Louis, MO)
Age: 40 | Gender: other
Wellbeing Before Policy: 6
Duration of Impact: 0.0 years
Commonness: 13/20
Statement of Opinion:
- My convictions are no longer on my record, but societal perceptions are hard to change.
- This policy might aid in normalizing the acceptance of reformed people.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 6 | 6 |
| Year 10 | 6 | 6 |
| Year 20 | 6 | 6 |
Delivery Driver (Boston, MA)
Age: 27 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 7.0 years
Commonness: 15/20
Statement of Opinion:
- I want to move to a more stable job like banking for better future security.
- The fairness this law introduces can help someone like me transition.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 8 | 5 |
| Year 10 | 8 | 5 |
| Year 20 | 8 | 5 |
Retired (Houston, TX)
Age: 60 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 0.0 years
Commonness: 9/20
Statement of Opinion:
- Though I’m retired, I see this as a positive step for younger generations with similar pasts.
- It sets a precedent of forgiveness and progress.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 7 | 7 |
| Year 20 | 7 | 7 |
Waitress (Atlanta, GA)
Age: 35 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 7.0 years
Commonness: 11/20
Statement of Opinion:
- With a sealed record, few know about my past, but it still affects my confidence.
- The change in the law will lessen my anxiety about applying for jobs.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 6 | 5 |
| Year 5 | 6 | 5 |
| Year 10 | 6 | 5 |
| Year 20 | 6 | 5 |
Cost Estimates
Year 1: $2000000 (Low: $1500000, High: $3000000)
Year 2: $2000000 (Low: $1500000, High: $3000000)
Year 3: $2000000 (Low: $1500000, High: $3000000)
Year 5: $2000000 (Low: $1500000, High: $3000000)
Year 10: $2000000 (Low: $1500000, High: $3000000)
Year 100: $2000000 (Low: $1500000, High: $3000000)
Key Considerations
- Ensuring that financial institutions are aware of and properly implement the new exemption policies.
- Assessing the exact segment of the population that will become newly eligible for employment without waivers is challenging but crucial for accurate estimation.