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- W803259145 abstract "[ILLUSTRATION OMITTED] Within a heartbeat of Janet Yellen's nomination to be the first woman to chair the Federal Reserve Board, on October 23, federal financial regulators coincidentally issued a draft statement on standards for and assessments of workplace and contracting diversity among the companies that they regulate. Comments are due December 24. Interagency Policy Statement Establishing Joint Standards for Assessing the Diversity Policies and Practices of Entities Regulated by the Agencies covers: * Each company's organizational commitment to diversity and inclusion. * Their workforce profile as well as employment practices. * Their procurement and business practices and supplier diversity. * Their efforts to promote transparency--public visibility--of their organization's diversity and inclusion. This action was mandated under Dodd-Frank Act, Section 342. Under the section, the federal banking agencies, including each Federal Reserve District Bank, the Consumer Financial Protection Bureau, the Securities and Exchange Commission, and other agencies had to establish an Office of Minority and Women Inclusion. These agency-level offices have been working together to devise a joint set of standards that would implement the Act's intent of encouraging greater diversity among covered companies of all sizes. ABA has been involved throughout the process and encouraged the agencies' use of roundtable discussions with representatives of all affected parties to air issues. Looking into regulatory mindset Traditional bank regulators and CFPB issued a straightforward announcement of the proposed statement. However, one of SEC's commissioners, Luis Aguilar, a Bush appointee, issued a lengthy statement of interest. A key portion of Aguilar's statement: standards set forth in the Proposed Policy Statement and the accompanying assessments are needed, and should be fully implemented to facilitate a diverse workforce. Based on available data, it is apparent that entities regulated by the SEC can do much more in this area. The issue of ensuring opportunity for all regardless of race, gender, ethnicity, or national origin is a goal that I have worked toward for my entire career and, as the statistics demonstrate, there is still much more to be done. [ILLUSTRATION OMITTED] Aguilar noted that figures from reports submitted by covered companies to the U.S. Equal Employment Opportunity Commission (EEOC) indicate an imbalance. Minorities and women continue to be underrepresented at the executive- and senior-level positions in the financial sector, Aguilar said. According to this data, although white men constitute only 31% of the total workforce, they account for 65% of the executive- and senior-level By contrast, minorities and women constitute 29% and 59% of the total workforce, respectively, but minorities and women account for only 10% and 29% of the executive- and senior-level positions. Overview of statement The general concern that minorities and women have equal opportunity, even the expanded opportunity of affirmative action, isn't new to banking. Many banking organizations already file reports with EEOC, and many banks fall under the rules of the Office of Federal Contract Compliance Programs (OFCCP), which oversees affirmative action requirements. Indeed, under this section of Dodd-Frank, the agencies themselves are directed to examine and, where necessary, improve, their own policies, practices, and results. The regulators' draft is extensive in scope. As sketched out in the interagency statement, the regulators expect participation in diversity and inclusion efforts by the board, top management, and other management levels, and wish to promote further awareness of diversity in employment and contracting for goods and services throughout financial organizations. …" @default.
- W803259145 created "2016-06-24" @default.
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- W803259145 date "2013-12-01" @default.
- W803259145 modified "2023-09-26" @default.
- W803259145 title "Dodd-Frank Aims for Employee, Vendor Diversity: Comments Close Late This Month on Little-Noticed Requirement" @default.
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