DAMI Applauds Congressional Progress on Legislation to Require Diversity Data
April 20, 2021 - Today, DAMI released a statement applauding a Congressional markup of legislation to require regulated financial firms to release their diversity data. See below.
For Immediate Release: April 20, 2021
Contact: Carolyn Clendenin, cclendenin@rabengroup.com, 347-869-7382
Diverse Asset Managers Initiative Supports Forward Movement on Diversity and Inclusion Data Accountability and Transparency Act
Washington, D.C. - Today, Financial Services Committee Chair Maxine Waters convened a full committee markup to move several pieces of legislation, including the Diversity and Inclusion Data Accountability and Transparency Act. When passed, the law would require regulated financial firms with more than 100 employees to disclose diversity data. Legislation promoted by Congresswoman Beatty, Congressman Green, and Congressman Meeks add to today’s historic volume of consideration of legislation with respect to diversity.
Robert Raben, founder of the Diverse Asset Managers Initiative, issued the following statement in response:
“We are thrilled that Congress is continuing to push the Diversity and Inclusion Data Accountability and Transparency Act forward. For too long, financial firms have overwhelmingly refused to release their diversity data, even as plenty of other major sectors in the U.S. economy have embraced transparency. The financial industry is simply too afraid to admit publicly that it has a diversity problem.
“If passed, the bill would finally ensure financial firms are honest about their diversity. That’s a major step forward. With the data, we can take more concrete steps to improve diversity and ensure a more equitable financial sector. We are deeply grateful to Congress for prioritizing this work.”
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The Diverse Asset Managers Initiative is an effort to increase the absolute number of, and assets under management by, diverse-owned asset management firms for institutional investors, with specific focus on public, corporate, faith and labor union pension funds as well as foundation and university endowments.