Should the government intervene to improve opportunities for women and minorities in the investment banking industry?
The 2010 Dodd–Frank Act includes a provision creating Offices of Minority and Women Inclusion at various government agencies (Treasury Department, Securities and Exchange Commission, the Consumer Financial Protection Bureau, and so on) charged with regulating the banking industry. Those offices are monitoring racial and gender diversity at the government agencies themselves as well as private law firms, accounting firms, investment banks, and others contracting and subcontracting with the agencies. If an agency compliance director determines that a contractor has not made a good faith effort to achieve a diverse workforce, the contract may be canceled, among other possible remedies. One man-aging director at a minority-owned investment firm said the law may give firms like his “a chance to compete.”