So much for this "little-noticed
" provision. Hiring won't be based on who is best for the job. It would have been nice if there were evidence of racism and discrimination, it would have been openly provided in the debate. From the Politico
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