Maxine Waters spruced up the Financial Regulations Package for Women and Minorities

California Congresswoman Maxine Waters

Congresswoman Maxine Waters’ (D-CA) amendment to the recently passed financial regulations package creates an Offices of Minority Inclusion at the Federal financial services agencies under the House Financial Services Committee's jurisdiction. This bill will help protect America’s families from predatory lending practices and guard against the risky practices that landed the nation in its current financial crisis

By establishing an Office of Minority and Women Inclusion at each Federal financial services agency within the Treasury, the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), the Securities and Exchange Commission (SEC), the National Credit Union Administration, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and any Federal successor agencies, they are now obligated to:

• Require to the maximum extent possible the inclusion of women, minorities, and minority- and women-owned businesses at all levels of business activities, including in procurement, insurance, and all types of contracts.

• Authorizes the Office to advise the head of the agency of the impacts of policies and regulations of the agency on minority- and women-owned businesses. The Office will be responsible for all matters of the agency relating to diversity in management, employment and business activities, including the coordination of technical assistance.

• Requires for contracts greater than $50,000 and the contractor employs more than 50 employees, a written assurance that the contractor shall ensure, to the maximum extent possible, the inclusion of women and minorities in its workforce, and, as applicable, by its contractors.

Can anyone think of other industries a bill like this should be applied?

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