House Democrats are proposing that all banks and credit unions receive a new “diversity and inclusion” rating in an unprecedented step that would fundamentally alter federal regulators’ critical “CAMELS” rating system that currently employs a series of metrics that solely assess the financial health of banking institutions.
Feelings in Finances. I’d love to hear defenses of this.
Just another tool to shake down the banks. Quote from Maxine Waters.
In 2020, our nation’s banks are still mostly white & male!
Maybe woman and minorities should start their own banks and compete with them. You know, instead of the federal government taking them over without compensation through regulatory capture.
Somebody needs to tell Al that political power and super power are not the same…
“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,” Rep. Al Green, D-Texas, said at a Wednesday hearing held by the subcommittee. "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.”
This is the stupidest thing I have read today…so far.
The obsession with race among liberals is stunning. They are consumed by it. I think it’s probably a mental disorder. So when companies find the perfect candidate for a job, they may not be allowed to hire him because of his race? I would call that evil.
Every big bank would love to have more diversity in their mid and upper management. One challenge is that in the MBA world, where a lot of this talent comes from, banking is an unattractive choice for many women and minorities.
Why? Because frankly, not a lot of people in banking look like them. Consulting, tech, and media are more attractive. The below shows survey results of most desirable industries:
Trying to force diversity at places that would already love more diversity seems foolish. I’ve been to NBMBAA and NSHMBA conferences - banks fall all over themselves for talented people of color.
JP Morgan has an incredibly mature program around D&I, but even they struggle to attract and retain targeted candidates.
You can’t legislate every problem out of existence.