Fact Sheet: Fighting Discrimination in Finance Starts with Ensuring Diversity at the Agencies That Enforce the Financial Laws

WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement in connection with the release of a fact sheet titled “Fighting Discrimination in Finance Starts with Ensuring Diversity at the Agencies That Enforce the Financial Laws.”

“Financial regulatory agencies have the power to improve racial economic inequality by fighting predatory practices in the financial sector that disproportionately harm minorities. But the agencies’ commitment to this fight depends partly on their commitment to diversity among their staff. Diversity in staff enhances an agency’s ability to oversee complex markets, innovate in response to new challenges, and build public trust.

“The Dodd-Frank Act mandated the creation of the Office of Minority and Women Inclusion (OMWI)  and our fact sheet reviews OMWI’s FY 2023 Annual Report and highlights notable progress in minority and women representation at the SEC, OCC, FDIC, the Fed and the CFTC, as well as commendable efforts to implement diversity initiates and programs.

“A workforce that mirrors the diversity of the population it serves is better equipped to understand and address the varied needs of all stakeholders. This diversity is crucial for overseeing the financial sector, protecting customers and investors, and ensuring fair and efficient markets. A diverse senior leadership ensures that decision-making processes benefit from a variety of perspectives, leading to more comprehensive and inclusive regulatory policies.”

The Fact Sheet is available here.

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Better Markets is a non-profit, non-partisan, and independent organization founded to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.