Buried in the bloated financial regulatory “power grab” bill are penalties for being male and Caucasian…imagine that:
The Dodd-Frank financial regulatory bill, ostensibly aimed at reforming Wall Street and preventing a future financial crisis, will impose racial and gender quotas on financial institutions according to economist Diana Furchtgott-Roth.
Maxine Waters slips racial hiring quotas into financial reform billSection 342 of the bill will establish Offices of Minority and Women Inclusion in at least 20 federal financial services agencies.
These offices will be tasked with implementing “standards and procedures to ensure, to the maximum extent possible, the fair inclusion and utilization of minorities, women, and minority-owned and women-owned businesses in all business and activities of the agency at all levels, including in procurement, insurance, and all types of contracts.”
So called “fair inclusion” will apply to “financial institutions, investment banking firms, mortgage banking firms, asset management firms, brokers, dealers, financial services entities, underwriters, accountants, investment consultants and providers of legal services.”
The provision goes on to assert that the government will terminate contracts with institutions they deem have “failed to make a good faith effort to include minorities and women in their workforce.”
Diana Furchtgott-Roth, former chief economist at the U.S. Department of Labor and senior fellow at the Hudson Institute, spotlighted the controversial section in an article at Real Clear Markets on June 8th. She told The Daily Caller that the law amounts to a quota system.
“This is a radical shift in employment legislation,” she said. “The law effectively changes the standard by which institutions are evaluated from anti-discrimination regulations to quotas. In order to be in compliance with the law these businesses will have to show that they have a certain percentage of women and a certain percentage of minorities.”
Not surprisingly, this provision was inserted quietly into the bill by none other than Maxine Waters.
“The provision is designed to broaden and improve the workforce of these agencies and expand opportunities for our nation’s small businesses—including minority- and women-owned businesses—to participate in programs and contracts instead of continuing to rely on the same ‘old boy’ network and handful of Wall Street firms responsible for the crisis in the financial markets.” she stated.
On July 1, Waters issued a press release explaining the urgency of mandating diversity.
“Many industries lack the inclusion and participation of people of color and women, perhaps none more egregiously than the financial services sector,” Waters said in the statement.
Apparently politics is not one of those industries lacking in the inclusion of minorities, whether qualified or not, because you Ms. Waters have reached the level of Congresswoman, despite your utter lack of competence and experience.
Another example of American tax dollars hard at work supporting those who won’t or don’t.
