Monday, July 12, 2010

Racial, Gender Quotas in the Financial Bill?

    This is nothing new to us who try to run our business only to have 'preference' given to minority and women owned business, it has been happening for years.  Throw in the mix that all state work must be performed on the union pay scale and the lowest bid has to be the one that gets the job. 

WASHINGTON - What one finds when reading congressional legislation is invariably surprising. Take the Dodd-Frank financial regulation bill, for instance, which was created by merging Senate and House bills. When the Senate returns from recess one of its first actions will be to vote on the bill, which passed the House on June 30.
I was searching the bill for a provision about derivatives. What did I find but Section 342, which declares that race and gender employment ratios, if not quotas, must be observed by private financial institutions that do business with the government. In a major power grab, the new law inserts race and gender quotas into America's financial industry.
In addition to this bill's well-publicized plans to establish over a dozen new financial regulatory offices, Section 342 sets up at least 20 Offices of Minority and Women Inclusion. This has had no coverage by the news media and has large implications.
The Treasury, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the 12 Federal Reserve regional banks, the Board of Governors of the Fed, the National Credit Union Administration, the Comptroller of the Currency, the Securities and Exchange Commission, the new Consumer Financial Protection Bureau...all would get their own Office of Minority and Women Inclusion.
Each office would have its own director and staff to develop policies promoting equal employment opportunities and racial, ethnic, and gender diversity of not just the agency's workforce, but also the workforces of its contractors and sub-contractors.

           Wouldn't it be nice if for once a bill would come out of committee the way it went in and without all the added wishes of a few would just want to see their agenda play out.  Most of these new bill and laws just seem to creating more government agencies and government jobs which  drag down the system and prolong the process.  

No comments:

Post a Comment

all comments will be signed to be published