Financial Services Diversity Initiative
The source supplies the latest action, but no lifecycle stage.
Latest action (25 Sep 2007): Received in the Senate and referred to the Committee on Banking, Housing, and Urban Affairs.
What this bill does
This resolution, H.Con.Res. 140, expresses the sense of Congress that the financial services industry should take steps to increase its diversity. Specifically, it encourages financial institutions to partner with organizations that help place minorities and women in internships and jobs, and to work with certain high schools to improve financial literacy and provide mentoring.
The resolution also encourages financial institutions to hire and promote a more diverse staff, and to appoint more minorities and women to their boards of directors. Additionally, it suggests that financial institutions and pension funds should seek out qualified firms owned by minorities and women for business relationships.
This measure was introduced in the House of Representatives in May 2007. It has since been received in the Senate and referred to the Committee on Banking, Housing, and Urban Affairs. As a concurrent resolution, it expresses the opinion of Congress and does not require the President's signature.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
(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.
Timeline
25 Sep 2007
Received in the Senate and referred to the Committee on Banking, Housing, and Urban Affairs.
Common questions
- What does H.Con.Res. 140 do?
- This resolution, H.Con.Res. 140, expresses the sense of Congress that the financial services industry should take steps to increase its diversity. Specifically, it encourages financial institutions to partner with organizations that help place minorities and women in internships and jobs, and to work with certain high schools to improve financial literacy and provide mentoring. The resolution also encourages financial institutions to hire and promote a more diverse staff, and to appoint more minorities and women to their boards of directors. Additionally, it suggests that financial institutions and pension funds should seek out qualified firms owned by minorities and women for business relationships. This measure was introduced in the House of Representatives in May 2007. It has since been received in the Senate and referred to the Committee on Banking, Housing, and Urban Affairs. As a concurrent resolution, it expresses the opinion of Congress and does not require the President's signature.
- Has H.Con.Res. 140 become law?
- The source does not supply a confirmed lifecycle stage for H.Con.Res. 140. Check the latest action and official source below.
- Who sponsored H.Con.Res. 140?
- H.Con.Res. 140 was sponsored by Rep. Meeks, Gregory W. [D-NY-6] (D-NY), with 64 cosponsors.
- What's the latest action on H.Con.Res. 140?
- Received in the Senate and referred to the Committee on Banking, Housing, and Urban Affairs. (25 Sep 2007).
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