Feds demand diversity on Wall Street

[WestVirginiaRebel]

Politico:

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.

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.

But to opponents, the provision signifies a brazen government intrusion into corporate practices, with language written so vaguely that some believe it could lead to an unofficial quota system.

“This expands exponentially the reach of the federal government in terms of auditing,” said Peter Kirsanow, an attorney and Republican appointee to the U.S. Commission on Civil Rights. “This is an expansion of racial engineering that we haven’t seen in a long time.”
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Affirmative action comes to Wall Street...

[Casino67]

We continue to learn don't we?

[Pepper]

If male Hispanics do as well in Wall Street as they do in prison, look out... taqueria stands on every corner.

 

Over a ten year period there was over 50% growth of Hispanic males in jail.

 

290,900 Hispanic males in jail in 2001, 442,000 Hispanic males in 2010. That's over 50% growth. Ayeeeeeeee, caramba!

 

Black males only went from 791,600 to 841,000, or just 6%

 

White males from 663,700 to 693,800, not even 5%.

 

Source:

Justice Brothers Stat Tables

[Valin]

I Demand Diversity In The White House!

[ErnstBlofeld]

The only color that matters in Wall Street is green!

[Casino67]

Will this administration demand more whites be jailed for diversity purposes?