Tweet

Financial Reform Bill Diversity Requirement Has Challenges

Guest post by: Dr. Derrick L. Campbell

Article Overview: The government now mandates that the financial industry increase efforts to employ persons from diverse populations. The federal government will need to address the attitudes of present financial industry personnel that keep the industry from becoming a more diverse industry.

Financial Reform Bill Diversity Requirement Has Challenges

The newly passed Financial Reform Bill diversity requirement does not include a process that transforms the thinking of persons who are involved in the financial industry.

In July 2010, President Barak Obama signed into law the financial reform bill which is designed to change the way that banks operate to include one provision which requires every federal financial agency to establish an Office of Minority and Women.

The agencies will be required to establish standards for "increased participation of minority-owned and women-owned businesses in the programs and contracts of the agency" and for "assessing the diversity policies and practices of entities regulated by the agency."

The government agencies will find that most financial agencies are in compliance with federal anti-discrimination regulations. Therefore they will develop standards that will only touch the surface of this challenge.

The standards will not address the type of thinking that has made the financial industry a challenge for minorities and women. Even minorities in the financial industry may be insensitive to the industry cultural challenges.

Recently I interviewed an African American male who has a successful practice in the financial industry. When asked about the diversity challenges in the industry he responded that "the only color on Wall Street is green".

In addition, several business and banking groups claimed that the provision could give federal agencies unprecedented powers in dictating the lending and hiring practices of private financial institutions.

It is this type of thinking that will undermine the intent of the provision. Financial industry personnel, businesses, and banking groups will find blame and fault in anything else except for how their behavior and thinking contributes to the undermining of the provision. They will eventually focus only on negative aspects which may compromise the process for increasing minority and women participation.

The federal agencies must develop programs that transform the thinking of persons in the financial industry.

The federal agencies can accomplish this process by using reflective practice and implementing diversity programs that will transform the thinking of individuals in the financial industry.

Related Articles
  Financial Debt: America's New Public Enemy
  Health Insurance Reform Now
  We Must Embrace Diversity
  US Health Bill- Will it be a BPO gain?
  Psychological Diversity
  Government Takeover: Is Your Small Business Next?
  Crossing Boundaries With Mentoring
  The Rising Cost of Healthcare…Can Small Business Keep Up?
  Small Business Medical Insurance - Six Health Care Reform Questions, and Answers
  Small Business Medical Insurance and the Impact of Health Care Reform
  7.1 Making the case for reform: A pro-poor training strategy
  Renewing Limited Government: Litigation
  Tracking The Value Of Diversity Programs: Organizational Perspectives
  Eenie Meenie
  Health Insurance Basics
  Conclusions - Promoting Growth in Sub-Saharan Africa: Learning What Works
  Brain Drain: Why Your Health Habits Matter
  Why You Should Not Pay Your Bills At Work
  Encouraging Diversity In The New Zealand Workplace
  Encouraging Respect and Diversity in an Organization

Article Tags: attitudes, challenges, diversity requirement, federal government, populations



Related Forum Posts
Re: Two Useful Books To Help You Focus On The CLIENT - Hi David, To add to your thread, I'd like to recommend Jonathan Tisch's "Chocolates On The Pillow Aren't Enough: Reinventing The Customer Experience". Tisch's book includes content on "Welcoming Customers", "The New Art of Customization", "The Challenges of Customer Diversity" and "Offering Something Extra to Your Customers" to name a few.
A fellow Business Man........ - Hello to all. My name is Bill Greiger and I am new to the community. I look forward to making new business contacts, associates, and hopefully friends. Good luck to everyone on their many business ventures! Bill Grieger- Online Research and Development
Future Financial Corporation - I've never heard of Future Financial Corporation is this a new company?
Any experience with McManus UK Ltd.? - Did anybody already deal with any of the McManus UK Ltd offshore entities? I do have a program, but not enough cash. I have been advised that they can fund investors with access to Private Placement Programs but they don’t want to joint venture with me. They want a fee for the service. This is why I want to find out if anybody has had first hand experience with this group? Patrick Ohara, Financial Consultant
Re: The Top 50 Marketing Blogs of 2011 - Thanks Bill - glad you enjoyed!


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

Link Pyramids

Stay Employed In A Down Economy

Tips to Take Control of Credit Card Debt

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.