Surprise: Finance Bill Forces Diversity on Wall Street

Wording makes firms prove 'fair inclusion' of women and minorities
By Caroline Miller,  Newser Staff
Posted Jul 28, 2010 7:10 AM CDT
FILE - In this March 8, 2010 file photo, a sign for Wall Street is shown near the New York Stock Exchange. Stock futures are trading in a narrow range Monday, April 12, 2010, after concerns about Greece's...   (AP Photo/Mark Lennihan, file)
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(Newser) – Turns out that hidden inside the massive financial reform bill that was signed into law last week were a few words that appear to give the government new leverage to push Wall Street firms to hire more women and minorities. The bill gives the government the right to terminate contracts with companies that don't provide evidence of "fair inclusion" of women and minorities, Politico explains.

It will force companies to account for the composition of their work force, which proponents say is way overdue in what remains one of corporate America's last men's clubs. But Republicans are outraged, saying the law is so vague it could amount to an unofficial quota system. “This is an expansion of racial engineering that we haven’t seen in a long time,” one attorney tells Politico.
(Read more Wall Street stories.)

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