OtherGround Forums Dems push 4 diversity&inclusion ratings for banks

4 days ago
1/1/01
Posts: 19378

House Democrats Push for 'Diversity and Inclusion' Ratings for Banks

AP Photo/Manuel Balce Ceneta

AP Photo/Manuel Balce Ceneta

NATE CHURCH

14 Feb 2020700

2:20

House Democrats have proposed an addition to the "CAMELS" rating system that would include a "diversity and inclusion" score.

"We need to change it and we need to change it right away. The excuse that we can't find any, that's what I'm hearing from some of you, that's not acceptable," Texas Democrat Rep. Al Green said at a Wednesday hearing held by the House Subcommittee on Diversity and Inclusion.

"When you have power, you have to use it. We have the power. Regulations may be the thing to do. I think the carrot was a good idea, but after having heard some things today, I think we have to move to the stick, that's regulations," he added. The subcommittee was created by House Financial Services Committee Chairwoman California Democrat Rep. Maxine Waters.

Currently, the CAMELS system -- also known as the Uniform Financial Institutions Rating System -- rates a bank's Capital adequacy, Assets, Management, Earnings, Liquidity, and Sensitivity to market risk on a scale of one to five. The new bill would extend the Dodd-Frank Wall Street Reform and Consumer Protection Act to include "Diversity" for judgment by the "Board of Governors, the Comptroller of the Currency, the Corporation, and the National Credit Union."

In 2018, Waters said she was "appalled" at the "lack of diversity" in Silicon Valley, in particular. "I know that there are a number of organizations, civil rights organizations that have been working very hard to increase participation of minorities and women in the Silicon Valley businesses," she said.

"They have not done very well, and of course I would be anxious to be of assistance to them in making sure that we could reduce the costs and reduce the hassle of becoming IPOs," she continued, adding one crucial caveat: "But we certainly must take into consideration whether or not these companies are developing, understanding that some of us are going to be focused on diversity in those companies."

One financial institution is already getting ahead of the legislation. In January, Goldman Sachs Group CEO David Solomon announced the company "will no longer take a company public in the U.S. and Europe if it lacks a director who is either female or diverse."

 

4 days ago
1/1/01
Posts: 9075

What the hell is even that?

4 days ago
4/24/07
Posts: 41039
Johnny Ringo - 

What the hell is even that?


It's called racism veiled as "diversity"

4 days ago
10/17/08
Posts: 14852
David@accu - 
Johnny Ringo - 

What the hell is even that?


It's called racism veiled as "diversity"


I can't imagine big banking allowing this. It's bad business.

Get woke something something...
4 days ago
2/9/12
Posts: 6895


4 days ago
12/17/06
Posts: 82014

Al Green is a piece of human shit. 

4 days ago
2/14/10
Posts: 12371

Fuck your diversity. Save that shit for Starbucks or Kohl's. We choke on enough of that shit in public sector hiring. Top tier financial institutions, pro sports coaches, or anything that actually matters? Hire the best of the best. If that's a bunch of 60 year old white guys, or a bunch of hyper focused Asians, so be it.

It's laughable. Forced diversity is just ulterior sexism  and racism, anyway.

"Congratulations, black man, you're getting promoted to senior management. Now we can say we're diverse and inclusive!"

"Our new CEO is a woman. We're so woke!"

 

No. You're mitigating any merits people may actually have in favor of using the label you assign them to fill some imagined quota. 

4 days ago
6/12/13
Posts: 6714

That word has become cringworthy. 

4 days ago
1/1/01
Posts: 52665

Yeah, because the government does such good things when it gets involved in the banking industry. There are never any (major) unintended consequences to their actions

/sarcasm 

Edited: 3 days ago
3/23/14
Posts: 1172

Hey guys we just came out of a economic collapse in 2008 after we allowed the housing market to give loans to anybody with a pulse. This time lets widen the scope to just anybody who wants a loan for whatever reason provided they're some form of minority.

Edit: Whoops it's for people who work in the industry and not people looking for loans.

3 days ago
1/9/02
Posts: 50679

diversity and inclusion is just govt speak for discriminating against white ppl because of the color of their skin

 

 

there should be no compromise on govt funded racism in this country ever.

 

fuck every democrat that supports shit like this. they hate you.

3 days ago
7/15/04
Posts: 57203

.

Edited: 3 days ago
4/3/08
Posts: 7707

They love diversity, as long as it's not diversity of thought. Bad time for meritocracy.