Saturday, July 17, 2010

Dodd-Frank "Financial Reform" Bill Includes Racial And Gender Quotas

The recently passed "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... Section 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.'"

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