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Tuesday, June 9, 2015

SEC Commissioner Aguilar Dissents from Agencies’ Diversity Standards

As previously reported, the Federal Reserve, CFPB, FDIC, NCUA, OCC and SEC issued a final policy statement establishing joint standards for assessing the diversity policies and practices of the entities they regulate.

Several hours later, SEC Commissioner Luis A. Aguilar released a dissenting statement on the final interagency policy statement, stating that the SEC failed to take meaningful steps to advance diversity and inclusion in the financial services industry. Commissioner Aguilar recounted the comment period when he expressed concern that the goal of increasing diversity would rely solely on voluntary self-assessments and disclosures, that “without a requirement to actually do anything, companies would not be incentivized to conduct assessments or otherwise address diversity related issues.” The Commissioner is disappointed that the 200+ comment letters received did not appear to be taken into consideration when writing the final rule. He wrote:

Today, in issuing the Final Policy Statement, the Commission and the Agencies disregard and dismiss the vast majority of comments received from Members of Congress, civil rights organizations, community-based organizations, professional associations and consumer advocacy groups.

Read the SEC Commissioner’s statement.

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