Posted on 07/28/2010 6:23:04 AM PDT by rightwingintelligentsia
A little-noticed section of the Wall Street reform law grants the federal government broad new powers to compel financial firms to hire more women and minorities — an effort at promoting diversity that’s drawing fire from Republicans who say it could lead to de facto hiring quotas.
Deep inside the massive overhaul bill, Congress gives the federal government authority to terminate contracts with any financial firm that fails to ensure the “fair inclusion” of women and minorities, forcing every kind of company from a Wall Street giant to a mom-and-pop law office to account for the composition of its work force.
Employment law experts say the language goes further than any previous attempt by the U.S. government to promote diversity in the financial sector — putting muscle behind federal efforts to help minority- and women-owned firms gain access to billions in federal contracts.
For advocates of the measure, it is a past-due shove to an elite industry that is heavily male and white — one in which Government Accountability Office studies show women and minorities have made only minimal gains in the past 15 years.
(Excerpt) Read more at politico.com ...
Truth in picture - worth more than a thousand words. . .
I prefer honesty and capability.
I predict large employment losses over time in the financial services industry. The only jobs left will be sales and operations. All of the backoffice and investment banking functions will be moved. This trend was already occurring. The industry will not play ball with the Democrats. This trend has already been occurring but this bill will accelerate the trend.
The Democrats from northeast just voted to continue the decline of the financial services industry in their state. Perhaps they are hoping for replacement of these jobs by federal regulatory jobs. In the short run, there may be some level of replacement but in the long run, the decline of the financial services industry will be dramatic.
My business school colleagues are in for a rude surprise. MBA and finance programs will be on decline. Finance has been the driver of business school enrollment. Surprisingly, a good number of finance faculty support Obama.
This bill is the end of a vibrant US industry. The industry is no longer welcome. The industry will evade rat control to the extent possible. The rats want to turn the industry into a regulated monopoly. The power of the new consumer protection agency is almost unlimited. The remaining players will become arms of the government.
Right now I’d prefer Accountability and Culpability... (it *used* to be known as Justice.)
EVERYTHING with these people is about transfering money from those who work hard for it to those who vote democrat.
Everything.
“Justice” has a VERY different definition with this administration.
*sigh* — I know.
Big Brother gets bigger.
Liberty shrinks.
The federal government needs to be broken up under some sort of anti-trust concept and power restored to the states and the people.
Challenge this as unconstitutional... oh nevermind... that would take balls and an effort.
LLS
I bet one day all the finance firms form another “Wall Street” in another country. I bet Russia or China would LOVE to have major finance firms relocate to their country and do all the trading there.
It would give them massive “Face” and jobs.
Congress and the Whitehouse are no place for affirmative action hires. Too bad all people do is see the color of skin.
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