Racial and Sex Quotas coming in the Financial industry
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. . . .
Labels: financialmarkets, Regulation
1 Comments:
Markie Marxist sez: "One of the problems with capitalism is too many competent people. We need to make the private sector more like the public sector. We'll have to start with race and sex quotas for now, and then work on getting the mentally handicapped onto Wall Street later."
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