More Bad News For Taxpayers in Financial “Reform”

Section 342 of the bill calls for an “Office of Minority and Women Inclusion” to be established in each of 29 federal bureaus and offices.

The regulations appear to go beyond ensuring that discrimination in hiring decisions does not occur. Instead, they require assurance of “fair inclusion.” Furchtgott-Roth says it will pressure companies to find and hire minorities even if one hasn’t applied for a specific job.

The bill’s affirmative action provisions — some suggest they are de facto quotas — would apply not only to the 29 federal agencies but also to all “financial institutions, investment banking firms, mortgage banking firms, asset management firms, brokers, dealers, financial services entities, underwriters, accountants, investment consultants, and providers of legal services” who do business with them.

Moreover, the law also applies to those firms’ sub-contractors “as applicable.”

Furchtgott-Roth says that means financial firms seeking to do business with the government will have to verify the racial and gender composition of their subcontractors — including office-cleaning crews, paper-shredding vendors, office-party catering firms — if they want to do business with the government.

Each Office of Minority of Women Inclusion will have an executive-level director, and support personnel, who will set standards to increase “participation of minority-owned and women-owned businesses in the programs and contract of the agency.”

Each office director is required to recommend the termination of any contractor who refuses to show good faith in efforts to comply with the Section 342 standards.

Among the federal agencies affected:

The 10 offices of the Department of the Treasury.
The Federal Deposit Insurance Corp.
The Federal Housing Finance Agency
Each of the 12 Federal Reserve regional banks
The Federal Research Board
The National Credit Union Administration
The Office of Comptroller of the Currency
The Securities and Exchange Commission
The newly established Consumer Financial Protection Bureau
If each of those offices employs just 10 people, each of whom meets the average federal compensation level of $200,000 including salary, benefits, and office-space cost, the program would cost $58 million a year in staffing and office space alone.

Furchtgott-Roth says the real cost of Section. 342, however, will be its impact on the financial sector.

The additional expenses and inefficiencies sustained by the companies that do business with the specified agencies would make them less competitive, she says. Read the rest here:

Since Asian males are a minority, are they going to have a quota? Will there have to be a certain number of Navajos and Tohono O’Odham people working in/for the industry? Afrikaaners? Scots? Irish? What about the handicapped?

The Feds are going to have to spend a HUGE amount of money for “financial services” because this is going to be incredibly expensive. What the hell do they care? They’ll be spending our money and ensuring full employment for political buddies.

I think maybe the Federal government is getting much too expensive for us.

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4 Responses so far »

  1. 1

    kcduffy said,

    Afrikaaners and Scots are caucasian – no special treatment for them!

  2. 2

    swampie said,

    The whole thing is just stupid…although, on one of my construction crews a few years ago, we were pouring a sidewalk beside a road and I noticed that we were diversity in action: We had a black guy, a Mexican guy with a handicap, a woman, and a red-haired whiter than white guy.

    If you need a law to get you a job, you don’t deserve one.

  3. 3

    kcduffy said,

    And I wouldn’t want to work at a place the is bigoted ANYWAY, would I?

  4. 4

    Brace said,

    Won’t be long before the Big Brother govt will require all white single men to turn in a report showing they dated a certain number of minority women.


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