U.S. regulators are proposing joint standards for assessing the policies and practices for diversity at the financial firms they regulate.
In an effort to promote transparency, and greater awareness of diversity policies and practices, six U.S. federal financial regulators (including the U.S. Securities and Exchange Commission (SEC) and the U.S. Federal Reserve Board) are proposing standards for assessing the policies and practices of the institutions they regulate.
The proposed standards cover four areas: organizational commitment to diversity and inclusion; workforce profile and employment practices; procurement and business practices and supplier diversity; and, practices to promote transparency of organizational diversity and inclusion.
The regulators say that in developing the proposed standards, the six agencies tailored the standards to account for variables including asset size, number of employees, governance structure, income, number of members or customers, contract volume, location, and community characteristics.