Racial, Gender Quotas in the Financial Bill

By Diana Furchtgott-Roth

I was searching the bill for a provision about derivatives. What did I find but Section 342, which declares that race and gender employment ratios, if not quotas, must be observed by private financial institutions that do business with the government. In a major power grab, the new law inserts race and gender quotas into America's financial industry.

In addition to this bill's well-publicized plans to establish over a dozen new financial regulatory offices, Section 342 sets up at least 20 Offices of Minority and Women Inclusion. This has had no coverage by the news media and has large implications.

The Treasury, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the 12 Federal Reserve regional banks, the Board of Governors of the Fed, the National Credit Union Administration, the Comptroller of the Currency, the Securities and Exchange Commission, the new Consumer Financial Protection Bureau...all would get their own Office of Minority and Women Inclusion


http://www.realclearmarkets.com/articles/2010/07/08/diversity_in_the_financial_sector_98562.html

HAve any of you heard about this? I got the above info from a google of Section 342 of the Financial Reform Bill, but I don't know anything about the web site. There are others that show up on google, but I don't recognize any of them either.

A caller to Norm Goldman's radio show asked about it and Norm said he hadn't heard anything about it but would check it out.

If this is really in that bill (now law) I can' believe the name brand media outlets hasn't jumped on it!

but I'd still like to find a source(s) which can debunk this claim.

my radar went up when the only links I recognized was newsmax! There was even one there referencing Limpballs. I'll be interested to hear what Norm goldman has to say about it on tomorrow's show. He's pretty good at researching this kind of stuff, and being a lawyerr, this is right in his field.

Now I'm thinking that the caller was a RW shill, even though he didn't sound like one. Why else would he have brought this up to Norm?

As usual with the products of the right-wing noise machine.

There are no racial or gender quotas in the bill. First, quotas are illegal. Second, there are already pre-existing federal equal opportunity laws, and if I recall correctly the only thing the complained-about provisions do is ensure their enforcement.

Section 342, subsection (f) of the bill states: "Each agency shall take affirmative steps to seek diversity in the workforce of the agency at all levels of the agency in a manner consistent with applicable law. Such steps shall include -- (1) recruiting at historically black colleges and universities, Hispanic-serving institutions, women's colleges, and colleges that typically serve majority minority populations."


Nothing sinister here...just a means of encouraging corporate American give equal opportunity for everyone!