The whole female mammary gland should be covered. Men must cover the entire penis and scrotum. Also women are very rarely arrested for indecent exposure in America. Give me 10 cases of women arrested in past 50 years.

As such, the female equivalent to men covering their scrotum and punishment is covering the labia and clitoris. The reason most criminal charges involve females reporting males is because women don't run around waving their vaginas at strangers. That seems to be a predominantly male phenomenon.
+1 answer in: “Should men call the police on women who wear revealing clothing ?”