… AND WHY IS IT IN THE FINANICAL REFORM BILL? READ THE TEXT BELOW:

22 SEC. 342. OFFICE OF MINORITY AND WOMEN INCLUSION.
23 (a) OFFICE OF MINORITY AND WOMEN INCLU-
24 SION.-
25 (1) ESTABLISHMENT.-
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1 (A) IN GENERAL.-Except as provided in
2 subparagraph (B), not later than 6 months
3 after the date of enactment of this Act, each
4 agency shall establish an Office of Minority and
5 Women Inclusion that shall be responsible for
6 all matters of the agency relating to diversity in
7 management, employment, and business activi-
8 ties.
9 (B) BUREAU .-The Bureau shall establish
10 an Office of Minority and Women Inclusion not
11 later than 6 months after the designated trans-
12 fer date established under section 1062.
13 (2) TRA1~SFER OF RESPONSIBILITIES.-Each
14 agency that, on the day before the date of enactment
15 of this Act, assigned the responsibilities described in
16 paragraph (1) (or comparable responsibilities) to an-
17 other office of the agency shall ensure that such re-
18 sponsibilities are transferred to the Office.
19 (3) DUTIES WITH RESPECT TO CIVIL RIGHTS
20 LAws.-The responsibilities described in paragraph
21 (1) do not include enforcement of statutes, regula-
22 tions, or executive orders pertaining to civil rights,
23 except each Director shall coordinate with the agen-
24 cy administrator, or the designee of the agency ad-
25 ministrator, regarding the design and implementaO:\
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1 tion of any remedies resulting from violations of
2 such statutes, regulations, or executive orders.
3 (b) DIRECTOR.-
4 (1) IN GENERAL.-The Director of each Office
5 shall be appointed by, and shall report to, the agen-
6 cy administrator. The position of Director shall be
7 a career reserved position in the Senior Executive
8 Service, as that position is defined in section 3132
9 of title 5, United States Code, or an equivalent des-
10 ignation.
11 (2) DUTIES.-Each Director shall develop
12 standards for-
13 (A) equal employment opportunity and the
14 racial, ethnic, and gender diversity of the work-
15 force and senior management of the agency;
16 (B) increased participation of minority-
17 owned and women-owned businesses in the pro-
18 grams and contracts of the agency, including
19 standards for coordinating technical assistance
20 to such businesses; and
21 (C) assessing the diversity policies and
22 practices of entities regulated by the agency.
23 (3) OTHER DUTIES.-Each Director shall ad-
24 vise the agency administrator on the impact of the
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1 policies and regulations of the agency on minority-
2 owned and women-owned businesses.
3 (4) RULE OF CONSTRUCTION.-Nothing In
4 paragraph (2)(0) may be construed to mandate any
5 requirement on or otherwise affect the lending poli-
6 cies and practices of any regulated entity, or to re-
7 quire any specific action based on the findings of the
8 assessment.
9 (c) INCLUSION IN ALL LEVELS OF BUSINESS ACTIVI-
10 TIES.-
11 (1) IN GENERAL.-The Director of each Office
12 shall develop and implement standards and proce-
13 dures to ensure, to the maximum extent possible, the
14 fair inclusion and utilization of minorities, women,
15 and minority-owned and women-owned businesses in
16 all business and activities of the agency at all levels,
17 including in procurement, insurance, and all types of
18 contracts.
19 (2) OONTRACTs.-The procedures established
20 by each agency for review and evaluation of contract
21 proposals and for hiring service providers shall in-
22 elude, to the extent consistent with applicable law, a
23 component that gives consideration to the diversity
24 of the applicant. Such procedure shall include a
25 written statement, in a form and with such content
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445
1 as the Director shall prescribe, that a contractor
2 shall ensure, to the maximum extent possible, the
3 fair inclusion of women and minorities in the work-
4 force of the contractor and, as applicable, sub-
5 contractors.
6 (3) TERMINATION.-
7 (A) DETERMINATION .-The standards and
8 procedures developed and implemented under
9 this subsection shall include a procedure for the
10 Director to make a determination whether an
11 agency contractor, and, as applicable, a subcon-
12 tractor has failed to make a good faith effort to
13 include minorities and women in their work-
14 force.
15 (B) EFFECT OF DETERMINATION.-
16 (i) RECOMMENDATION TO AGENCY AD-
17 l\1INISTRATOR.-UpOn a determination de-
18 scribed in subparagraph (A), the Director
19 shall make a recommendation to the agen-
20 cy administrator that the contract be ter-
21 minated.
22 (li) ACTION BY AGENCY ADl\1INIS-
23 TRATOR.-Upon receipt of a recommenda-
24 tion under clause (i), the agency adminis-
25 trator mayO:\
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1 (I) terminate the contract;
2 (II) make a referral to the Office
3 of Federal Contract Compliance Pro-
4 grams of the Department of Labor; or
5 (III) take other appropriate ac-
6 tion.
7 (d) APPLICABILITY.-This section shall apply to all
8 contracts of an agency for services of any kind, including
9 the services of financial institutions, investment banking
10 firms, mortgage banking firms, asset management firms,
11 brokers, dealers, financial services entities, underwriters,
12 accountants, investment consultants, and providers of
13 legal services. The contracts referred to in this subsection
14 include all contracts for all business and activities of an
15 agency, at all levels, including contracts for the issuance
16 or guarantee of any debt, equity, or security, the sale of
17 assets, the management of the assets of the agency, the
18 making of equity investments by the agency, and the im-
19 plementation by the agency of programs to address eco-
20 nOmIC recovery.
21 ( e) REPORTS.-Each Office shall submit to Congress
22 an annual report regarding the actions taken by the agen-
23 cy and the Office pursuant to this section, which shall in-
24 eludeO:\
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1 (1) a statement of the total amounts paid by
2 the agency to contractors since the previous report;
3 (2) the percentage of the amounts described in
4 paragraph (1) that were paid to contractors de-
5 scribed in subsection (c)(I);
6 (3) the successes achieved and challenges faced
7 by the agency in operating minority and women out-
8 reach programs;
9 ( 4) the challenges the agency may face in hiring
10 qualified minority and women employees and con-
11 tracting with qualified minority-owned and women-
12 owned businesses; and
13 (5) any other information, findings, conclusions,
14 and recommendations for legislative or agency ac-
15 tion, as the Director determines appropriate.
16 (f) DIVERSITY IN AGENCY WORKFORCE.-Each
17 agency shall take affirmative steps to seek diversity in the
18 workforce of the agency at all levels of the agency in a
19 manner consistent with applicable law. Such steps shall
20 include–
21
22
23
(1) recruiting at historically black colleges and
universities, Hispanic-serving institutions, women’s
colleges, and colleges that typically serve majority
24 minority populations;
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1 (2) sponsormg and recruiting at job fairs m
2 urban communities;
3 (3) placing employment advertisements in news-
4 papers and magazines oriented toward minorities
5 and women;
6 (4) partnering with organizations that are fo-
7 cused on developing opportunities for minorities and
8 women to place talented young minorities and
9 women in industry internships, summer employment,
10 and full-time positions;
11 (5) where feasible, partnering with inner-city
12 high schools, girls’ high schools, and high schools
13 with majority minority populations to establish or
14 enhance financial literacy programs and provide
15 mentoring; and
16 (6) any other mass media communications that
17 the Office determines necessary.
18 (g) DEFINITIONS.-For purposes of this section, the
19 following definitions shall apply:
20 (1) AGENCY.-The term “agency” means-
21 (A) the Departmental Offices of the De-
22
23
24
25
partment of the Treasury;
(B) the Corporation;
(C) the Federal Housing Finance Agency;
(D) each of the Federal reserve banks;
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449
(E) the Board;
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1
2
3
(F) the National Credit Union Administration;
4 (G) the Office of the Comptroller of the
5 Currency;
6 (H) the Commission; and
7 (I) the Bureau.
8 (2) AGENCY ADMINISTRATOR.-The term
9 “agency administrator” means the head of an agen-
10 cy.
11 (3) MINORITY.-The term “minority” has the
12 same meaning as in section 1204( c) of the Financial
13 Institutions Reform, Recovery, and Enforcement Act
14 of 1989 (12 U.S.C. 1811 note).
15 (4) MINORITY-OWNED BUSINESS.-The term
16 “minority-owned business” has the same meaning as
17 in section 21A(r)(4)(A) of the Federal Home Loan
18 Bank Act (12 U.S.C. 1441a(r)(4)(A)), as in effect
19 on the day before the transfer date.
20 (5) OFFICE.-The term “Office” means the Of-
21 fice of Minority and Women Inclusion established by
22 an agency under subsection (a).
23 (6) WOlVIEN-OWNED BUSINESS.-The term
24 “women-owned business” has the meaning given the
25 term “women’s business” in section 21A(r)( 4)(B) of
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450
1 the Federal Home Loan Bank Act (12 U.S.C.
2 1441a(r)(4)(B)), as in effect on the day before the
3 transfer date.

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