Deep inside the massive overhaul bill, Congress gives the federal government authority to terminate contracts with any financial firm that fails to ensure the fair inclusion of women and minorities, forcing every kind of company from a Wall Street giant to a mom-and-pop law office to account for the composition of its work force.
It is very sweeping, from my review of the legislation, said Collins, who voted for the bill. It talks not just about federal offices and agencies. It also talks about contractors and subcontractors, and so the implications are very unclear and can be read to require quotas, and thats an entirely different and controversial debate and does not belong in the financial bill.
Considering the devastation that has taken place in the minority communities that was done by irresponsible and predatory lending this makes sense and helps them mitigate that, Acosta said of the financial industry. Inclusion is a good thing, always. And sometimes we have to be compelled to make changes.
At its core, the section establishes at least 20 new Offices of Minority and Women Inclusion across the Treasury Department, Federal Reserve, Securities and Exchange Commission and other finance-related agencies. It orders the directors of these offices to develop standards that ensure, to the maximum extent possible, the fair inclusion and utilization of minorities, women, and minority-owned and women-owned businesses in all business and activities of the agency at all levels, including in procurement, insurance, and all types of contracts.
This applies to services of any kind, including investment firms, mortgage banking firms, asset management firms, brokers, dealers, underwriters, accountants, consultants and law firms, the legislation states. Every contractor and subcontractor must now certify that their workforces reflect a fair inclusion of women and minorities.
Feds demand diversity on Wall Street - Carrie Budoff Brown - POLITICO.com
Absolutely pathetic, racist, and abhorrent.
It is very sweeping, from my review of the legislation, said Collins, who voted for the bill. It talks not just about federal offices and agencies. It also talks about contractors and subcontractors, and so the implications are very unclear and can be read to require quotas, and thats an entirely different and controversial debate and does not belong in the financial bill.
Considering the devastation that has taken place in the minority communities that was done by irresponsible and predatory lending this makes sense and helps them mitigate that, Acosta said of the financial industry. Inclusion is a good thing, always. And sometimes we have to be compelled to make changes.
At its core, the section establishes at least 20 new Offices of Minority and Women Inclusion across the Treasury Department, Federal Reserve, Securities and Exchange Commission and other finance-related agencies. It orders the directors of these offices to develop standards that ensure, to the maximum extent possible, the fair inclusion and utilization of minorities, women, and minority-owned and women-owned businesses in all business and activities of the agency at all levels, including in procurement, insurance, and all types of contracts.
This applies to services of any kind, including investment firms, mortgage banking firms, asset management firms, brokers, dealers, underwriters, accountants, consultants and law firms, the legislation states. Every contractor and subcontractor must now certify that their workforces reflect a fair inclusion of women and minorities.
Feds demand diversity on Wall Street - Carrie Budoff Brown - POLITICO.com
Absolutely pathetic, racist, and abhorrent.
