SIFMA Submits Comments Regarding Government Diversity Standards
SIFMA has submitted comments regarding proposed standards from six federal agencies to address the diversity policies and practices of regulated entities. In the letter linked below, SIFMA stated that achieving a diverse environment is an "evolutionary process" which requires the continued renewal of policies and practices. SIFMA explained that the proposed standards encompasses four key areas:
- organizational commitment to diversity and inclusion;
- workforce profile and employment practices;
- procurement and business practices and supplier diversity; and
- practices to promote the transparency of organizational diversity and inclusion.
SIFMA asserted that the proposed standard sets out strict metrics and analytics to assess diversity, and that, because organizations do not have the same available data as the federal government to analyze the diversity of suppliers, the proposal should be revised. SIFMA recommended that the standards include an appropriate caution that diversity policies and practices must be undertaken in a manner consistent with applicable antidiscrimination laws.
Most significantly, SIFMA stated that while it supports the development of self-assessment standards for diversity policies, it also believes that the agencies' actions with regard to diversity went beyond what is permitted under the Dodd-Frank Act by transforming what was intended to be a self-assessment methodology into legal requirements with which regulated entities must comply.
See: SIFMA Comment Letter.