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Author Topic: Feds demand diversity on Wall Street  (Read 1879 times)

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Offline ColonialMarine0431

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Feds demand diversity on Wall Street
« on: July 28, 2010, 08:09:52 PM »
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Feds demand diversity on Wall Street
By: Carrie Budoff Brown
July 28, 2010 04:28 AM EDT
 
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.
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Offline thundley4

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Re: Feds demand diversity on Wall Street
« Reply #1 on: July 28, 2010, 08:16:26 PM »
Wasn't it similar bank lending requirements for mortgages that got us into the housing mess?
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Offline ColonialMarine0431

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Re: Feds demand diversity on Wall Street
« Reply #2 on: July 28, 2010, 08:18:30 PM »
Quote from: thundley4 on July 28, 2010, 08:16:26 PM
Wasn't it similar bank lending requirements for mortgages that got us into the housing mess?

Yup!
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Offline IassaFTots

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Re: Feds demand diversity on Wall Street
« Reply #3 on: July 28, 2010, 09:30:09 PM »
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Offline Gratiot

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Re: Feds demand diversity on Wall Street
« Reply #4 on: July 29, 2010, 12:14:59 PM »
I'm still a proponent of France's system, where it's illegal to even keep records on this sort of thing.
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