Skip to comments.Feds demand diversity on Wall Street
Posted on 07/28/2010 6:23:04 AM PDT by rightwingintelligentsia
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 thats 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.
For advocates of the measure, it is a past-due shove to an elite industry that is heavily male and white one in which Government Accountability Office studies show women and minorities have made only minimal gains in the past 15 years.
(Excerpt) Read more at politico.com ...
Is there anything at all that these socialists don’t want to screw up?
“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.”
I do recall it was these same policies that created the mess that Fannie and Freddie visited on the housing market. Shoosh, when is the post racial administration going to act in the interests of all Americans? Shirley Sherrod wants to know!!!!
So, this is “post-racial” America, eh? In Post-Racial America we get to focus obessively on, well, race.
Obama - most divisive president of my lifetime.
The feds need to get LOST!
Notice it was Maxine Waters who got this language put in........Here is a little history on ol Maxine and the banking industry, a flash from the past............She is the female, left coast version of Charlie Rangel. Black, uses her Congressional Seat to line her families pockets, and uses the race card to protect her from scrutiny
Maxine Waters under scrutiny for bank ties
The Los Angeles congresswoman’s husband had ties to OneUnited Bank, which received bailout funds. She helped set up a meeting last fall with the bank and Treasury officials.
March 13, 2009|Richard Simon and E. Scott Reckard
WASHINGTON AND LOS ANGELES Rep. Maxine Waters, one of Los Angeles’ most enduring liberal politicians, has come under scrutiny because of bailout funds that went to a bank in which her husband had owned stock and served on the board.
Waters was a senior member of the congressional committee dealing with the financial crisis when OneUnited Bank — one of the nation’s largest minority-owned institutions — received $12 million in bailout funds.
Her husband, Sidney Williams, served on the bank board until early last year and held at least $500,000 in investments in the bank in 2007, the most recent year for which public financial disclosure statements are available
The 'Dodd-Frank Wall Street Reform and Consumer Protection Act' is another step in the direction of more government and union domination of all that we do. This bill was used to get unions more control of companies, and to get minorities and women more jobs where they can never be fired. Publicly traded companies will need to allow the unions and enviro groups to seat their members on the boards of said corporations. Also an enlarged staff at SEC, CFTC and the Fed stuffed with faithful and deserving Democrats selected by Chicago style patronage. I can't wait for the minions of Sheila Jackson Lee to be seated on the Board of _______ [you fill in the blank]. God help us.
The bill will punish businesses that are not unionized. That's the purpose of this bill. Now that's change that we can believe in -- NOT! We're in deep, deep economic trouble. And these liberals are going to friggin' sing and dance along, all the way, as they dance off a cliff.
But Collins still voted FOR the bill.
Maybe the feds can demand that God prove people with equal capability brains. I mean our jug eared jackass can do anything right?
Or is it ‘can’t do anything’ that isn’t racist.
In a word. ..No.
Moms spend years telling kids not to take candy from strangers. Then half the country ignores this advice and elects Democrats.
Do these same rules apply to the NBA? The NBA has been unfairly locking out all but, a few token whites for years. I demand fair representation and equal opportunity plus, I always wanted to play guard for the Golden Sate Warriors. The sad truth is, I would actually probably help that team (Ha!).
Also, the NFL has been locking out women. This has got to end!!! The LPGA has been locking out men since it’s inception, too. This actually is true. A woman can indeed play on the PGA but, it is against the rules for a man to play on the LPGA. Again, where’s the outrage!!! I want John Daly to tee it up at the Nabisco ASAP!!!
It started last year. The GM/Chrysler dealerships were awarded on diversity. Sick. I hope those owners have recourse.
Sounds racist to me.......
Well—I’m still trying to get used to male nurses—LOL!
Back in the day when I went to nursing school, and then worked as an RN—no self-respecting guy I ever heard of would have wanted to be called a nurse!
Times change, and these guys are a great help to the nursing profession today.
"The best and the brightest"...."fully qualified".....
Its called offshore banking.
Truth in picture - worth more than a thousand words. . .
I prefer honesty and capability.
I predict large employment losses over time in the financial services industry. The only jobs left will be sales and operations. All of the backoffice and investment banking functions will be moved. This trend was already occurring. The industry will not play ball with the Democrats. This trend has already been occurring but this bill will accelerate the trend.
The Democrats from northeast just voted to continue the decline of the financial services industry in their state. Perhaps they are hoping for replacement of these jobs by federal regulatory jobs. In the short run, there may be some level of replacement but in the long run, the decline of the financial services industry will be dramatic.
My business school colleagues are in for a rude surprise. MBA and finance programs will be on decline. Finance has been the driver of business school enrollment. Surprisingly, a good number of finance faculty support Obama.
This bill is the end of a vibrant US industry. The industry is no longer welcome. The industry will evade rat control to the extent possible. The rats want to turn the industry into a regulated monopoly. The power of the new consumer protection agency is almost unlimited. The remaining players will become arms of the government.
Right now I’d prefer Accountability and Culpability... (it *used* to be known as Justice.)
EVERYTHING with these people is about transfering money from those who work hard for it to those who vote democrat.
“Justice” has a VERY different definition with this administration.
*sigh* — I know.
Big Brother gets bigger.
The federal government needs to be broken up under some sort of anti-trust concept and power restored to the states and the people.
Challenge this as unconstitutional... oh nevermind... that would take balls and an effort.
I bet one day all the finance firms form another “Wall Street” in another country. I bet Russia or China would LOVE to have major finance firms relocate to their country and do all the trading there.
It would give them massive “Face” and jobs.
Congress and the Whitehouse are no place for affirmative action hires. Too bad all people do is see the color of skin.