[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H. Con. Res. 140 Engrossed in House (EH)]
110th CONGRESS
1st Session
H. CON. RES. 140
_______________________________________________________________________
CONCURRENT RESOLUTION
Whereas the financial services industry is vitally important to the United
States economy;
Whereas in 2005, employment in the financial services industry was about 7
percent of total employment in the United States, with over 10,000,000
employees;
Whereas since 1995, the average hourly earnings of non-supervisory workers in
financial activities was
above the private industry and increased from approximately $13 in 1997 to
$18.80 in 2006;
Whereas minorities and women face various challenges in obtaining and
maintaining positions, especially upper-level positions, within the
financial services industry;
Whereas minorities and women often cite the lack of mentors and leadership
training as barriers to their advancement;
Whereas in 2005, about 14.9 percent of the board seats at the Fortune 100
companies were held by minorities, and women comprised about 16.9
percent of Fortune 100 company board seats in 2005;
Whereas in the financial services industry, the percentage of black employees
has slowly decreased from about 10.5 percent to 9.8 percent between 2000
to 2005;
Whereas in 2005, blacks were approximately 9.8 percent of those employed in the
financial services industry and about 7.4 percent of financial managers;
Whereas from 2000 to 2005, Hispanics have been an increasing percentage of the
United States workforce and the financial services industry;
Whereas in 2005, Hispanics comprised about 9.7 percent of those employed in the
financial services industry, just 6 percent of financial managers, and
less than 2 percent of the directors of Fortune 1,000 companies;
Whereas in 2004, Asians represented about 5.5 percent of the employees in the
financial services industry and about 6.3 percent of all financial
managers;
Whereas in 2004, the financial services industry ranked third in the percentage
of women employed in the workforce behind healthcare and education;
Whereas approximately half of financial managers are women and the percentage of
women financial managers was approximately 51.7 in 2005;
Whereas in a 2001 survey of 2,200 senior and pipeline level women and men
representing approximately 60 securities firms, 65 percent of women
reported that women have to work harder than men to get the same
rewards, and 51 percent of women report that women are paid less than
men for doing similar work;
Whereas a minority of women (32 percent) and men (43 percent) believe that
promotion decisions are made fairly in their firm;
Whereas the House-approved Financial Services Regulatory Relief Act of 2005
directed each Federal banking agency to submit biennial reports to
Congress on the status of the employment by the agency of women and
minorities;
Whereas the Government Accountability Office found in its report ``Financial
Services Industry: Overall Trends in Management-Level Diversity and
Diversity Initiatives, 1993-2003'', issued in June 2006, that overall
diversity at the management level in the financial services industry did
not change substantially from 1993 to 2004; and
Whereas, although the Government Accountability Office acknowledged that
financial services firms have initiated programs to increase workforce
diversity, the Office found that these initiatives face challenges: Now,
therefore, be it
Resolved by the House of Representatives (the Senate concurring),
SECTION 1. SHORT TITLE.
This resolution may be cited as the ``Financial Services Diversity
Initiative''.
SEC. 2. FINANCIAL SERVICES DIVERSITY INITIATIVE.
(a) Congressional Recognition.--The Congress--
(1) recognizes that minorities and women still face unique
challenges entering into and obtaining upper level positions
within the financial services industry;
(2) encourages financial institutions to partner with
organizations which are focused on developing opportunities for
minorities and women to place talented young minorities and
women in industry internships, summer employment, and full-time
positions;
(3) encourages financial institutions to partner with
inner-city high schools, girls' high schools, and high schools
with majority minority populations to establish or enhance
financial literacy programs and provide mentoring;
(4) encourages financial institutions, including Federal
and State financial institution regulatory agencies, to build
and retain a diverse staff through initiatives, including--
(A) providing financial support for minorities and
women undergraduate and graduate business programs;
(B) heavily recruiting at historically Black
colleges and universities, Hispanic serving
institutions, women's colleges, and colleges that
typically serve majority minority populations;
(C) sponsoring and recruiting at job fairs in urban
communities; and
(D) placing job ads in newspapers and magazines
oriented toward people of color;
(5) encourages financial institutions to appoint more
minorities and women as board members; and
(6) encourages financial institutions, and public and
private pension funds to seek qualified minority and women
owned firms as investment managers, underwriters and other
business relationships.
(b) Sense of the Congress.--It is the sense of the Congress that--
(1) active measures should be taken by employers and
educational institutions to increase the demographic diversity
of the financial services industry; and
(2) diversity within the financial services industry is
vitally important not only to promoting innovation and
creativity in the industry but to developing a more inclusive
workforce for a fair and just economy.
Passed the House of Representatives September 24, 2007.
Attest:
Clerk.
110th CONGRESS
1st Session
H. CON. RES. 140
_______________________________________________________________________
CONCURRENT RESOLUTION
Recognizing the low presence of minorities in the financial services
industry and minorities and women in upper level positions of
management, and expressing the sense of the Congress that active
measures should be taken to increase the demographic diversity of the
financial services industry.