‘Unfortunately, a complete picture … cannot be obtained until the financial services industry shares their diversity data and policies…’
(Brian Freimuth, Liberty Headlines) Democrats in Congress are pressuring private financial companies to hire on the basis of race and sex.
In a new effort to strong-arm banks to comply with leftist hiring standards, members of the House Financial Services Committee have demanded that the private companies share data on the race and sex of their employees and board members.
On Wednesday, Rep. Maxine Waters, the Financial Services chair, and Rep. Joyce Beatty, chair of the Subcommittee on Diversity and Inclusion, sent letters to 37 Bank Holding Companies demanding data on the race and sex of their employees.
“Unfortunately, a complete picture of diversity and inclusion in the financial services industry cannot be obtained until the financial services industry shares their diversity data and policies,” the congresswomen wrote in a statement.
Last February, the Government Accountability Office presented data to the Subcommittee on Diversity and Inclusion that showed that the number of women and minorities working in the management ranks of the finance industry did not significantly increase from 2007 to 2015.
While the earlier GAO report examined the data from several different identity groups broken down by census categories of race, its findings largely downplayed those differences, examining only the number of self-identified “non-white” minorities in comparison with those who were white.
Over a the two-year span from 2015 to 2017, minority membership at 11 boards responsible for overseeing federal home loans increased from about 10 to 15 percent.
However, those numbers still do not mirror the 23 percent non-white total share of the population from recent census estimates.
Last month, Beatty sent seven letters to the largest banks in the nation.
The congresswomen, both active in the Congressional Black Caucus, have now increased the scope of their investigation, demanding information from a total of 44 holding companies.
Waters and Beatty have increased pressure on these finance companies to prioritize diversity, sending letters to every holding company worth more than $50 billion dollars.
They also requested information regarding how much capital each holding company invested with minority and woman-owned vendors and asset managers.
Waters and Beatty requested that each company share the ethnicity, sex and salary of every employee and information concerning their company-wide diversity policies.
These companies are not legally obligated to share this data with Congress. However, this has not stopped Democrats from using their congressional power to pressure the private sector to comply with progressive, race-based hiring standards.