Financial Services Diversity Initiative

(This measure has not been amended since it was introduced. The expanded summary of the House reported version is repeated here.)

Financial Services Diversity Initiative - Recognizes that minorities and women still face unique challenges entering into and obtaining upper level positions within the financial services industry.

Encourages financial institutions to partner with organizations focused on developing opportunities for minorities and women to place talented young minorities and women in industry internships, summer employment, and full-time positions.

Encourages financial institutions to partner, also, with inner-city high schools, girls' high schools, and high schools with majority minority populations to establish or enhance financial literacy programs and provide mentoring.

Encourages financial institutions, including federal and state financial institution regulatory agencies, to build and retain a diverse staff through specified initiatives.

Encourages financial institutions to appoint more minorities and women as board members.

Encourages financial institutions, finally, as well as public and private pension funds, to seek qualified minority- and women-owned firms as investment managers, underwriters, and other business relationships.

Expresses the sense of Congress that: (1) active measures should be taken by employers and educational institutions to increase the demographic diversity of the financial services industry; and (2) diversity within the financial services industry is vitally important not only to promoting innovation and creativity in the industry but to developing a more inclusive workforce for a fair and just economy.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov