Skip to comments.Good Intentions Gone Haywire (racial quotas in financial "reform" bill)
Posted on 09/15/2010 10:26:22 AM PDT by reaganaut1
The Dodd-Frank Wall Street Reform & Consumer Protection Act is supposed to shield consumers from problems in the financial services sector that many believe led to the financial meltdown. But Section 342 of the act introduces a brash example of social engineering that masquerades as consumer protection and financial reform. This section imposes gender and racial employment quotas on the financial services industry, which accounts for one-tenth of our economy. The quota provisions will affect over 50,000 financial services firms and other businesses, and the consequences will be enormous.
Dodd-Frank requires at least 29 federal bureaus to open Offices of Minority & Women Inclusion, involving ten branches of the Treasury Department, the Federal Reserve and its 12 regional banks, the Securities & Exchange Commission and the Federal Deposit Insurance Corp. The new diversity offices will implement rules to ensure "the fair inclusion and utilization" of minorities and women in all firms doing business with each agency. The offices will terminate contracts with any service provider that fails to meet these as yet undetermined standards. Just running these offices is estimated to cost over $58 million annually, says David Patten in a recent story on Newsmax.com.
These new offices will also assess the "diversity policies and practices" at all entities that fall under their regulatory eye, including banks, broker-dealers, registered investment advisors and now hedge funds. Along with more than 40,000 financial services firms, another 10,000-plus businesses, including accounting and law firms that do business with these government offices, will be subject to this new diversity oversight of their hiring.
What does this mean for the financial services sector? Assuming each firm hires at least one new worker to satisfy the new law, this provision could raise costs $4 billion or more annually, depending how far forthcoming regulations will extend.
(Excerpt) Read more at forbes.com ...
The real intention of the bill is to grow the government......using bad seeds and poor fertilizer.................
Social Engineering is the Progressives life style. Plantation politics is the unifying idea.
Response: Of course. We are in a process where those that were once excluded from our nations social and political life are now assuming control. Naturally they will pass laws protecting themselves.
10,000 law & accounting firms???
EVERY CPA who prepares a tax return- personal 1040 or corp or partnership, etc, is ‘doing business with the Federal Government”.
This will apply to EVERY CPA before NObama is done sticking his nose into the tent.
Affirmative action hiring under a different name.
Glad I am self-employed & not ever hiring anyone else.
Sex and race.
Financial reform: paid for by America’s taxpayers with the stated goal to help America’s citizens and businesses, but in reality only helping Obama’s select citizens and businesses and screwing the taxpayers. Tips.
Easy. The numbers have nothing to do with it.
We need to get away from this notion (dating back at least to Woodrow Wilson) that government has any obligation to fix what's supposedly "wrong" with the people. This is what is behind all nanny-state regulations, including these.
I’m sure Joseph Mengele thought he had good intentions as well - improving the human race!
My wife was raised in South Africa and she lived there for almost 30 years.
Her observation: it’s apartheid. With a nicer gloss, certainly, and a more pleasant appearance. But still apartheid.