Wall Street reform law gives gov't new powers for Wall Street to hire women and minorities

P. 167:

(1) IN GENERAL.—The Director of each Office shall develop
and implement standards and procedures to 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.


(2) CONTRACTS.—The procedures established by each
agency for review and evaluation of contract proposals and
for hiring service providers shall include, to the extent consistent
with applicable law, a component that gives consideration
to the diversity of the applicant. Such procedure shall
include a written statement, in a form and with such content
as the Director shall prescribe, that a contractor shall ensure,
to the maximum extent possible, the fair inclusion of women
and minorities in the workforce of the contractor and, as
applicable, subcontractors.


(A) DETERMINATION.—The standards and procedures
developed and implemented under this subsection shall
include a procedure for the Director to make a determination
whether an agency contractor, and, as applicable, a
subcontractor has failed to make a good faith effort to
include minorities and women in their workforce


A little-noticed section of the Wall Street reform law grants the federal government broad new powers to compel financial firms to hire more women and minorities — an effort at promoting diversity that’s drawing fire from Republicans who say it could lead to de facto hiring quotas.


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.

Employment law experts say the language goes further than any previous attempt by the U.S. government to promote diversity in the financial sector — putting muscle behind federal efforts to help minority- and women-owned firms gain access to billions in federal contracts.


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