110 HCON 140 : Recognizing the low presence of minorities
U.S. House of Representatives
2007-09-25
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EN
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Whereas the financial
services industry is vitally important to the United States economy;
Whereas in 2005,
employment in the financial services industry was about 7 percent of total
employment in the United States, with over 10,000,000 employees;
Whereas since 1995,
the average hourly earnings of non-supervisory workers in financial activities
was above the private industry and increased from approximately $13 in 1997 to
$18.80 in 2006;
Whereas minorities
and women face various challenges in obtaining and maintaining positions,
especially upper-level positions, within the financial services
industry;
Whereas minorities
and women often cite the lack of mentors and leadership training as barriers to
their advancement;
Whereas in 2005,
about 14.9 percent of the board seats at the Fortune 100 companies were held by
minorities, and women comprised about 16.9 percent of Fortune 100 company board
seats in 2005;
Whereas in the
financial services industry, the percentage of black employees has slowly
decreased from about 10.5 percent to 9.8 percent between 2000 to 2005;
Whereas in 2005,
blacks were approximately 9.8 percent of those employed in the financial
services industry and about 7.4 percent of financial managers;
Whereas from 2000 to
2005, Hispanics have been an increasing percentage of the United States
workforce and the financial services industry;
Whereas in 2005,
Hispanics comprised about 9.7 percent of those employed in the financial
services industry, just 6 percent of financial managers, and less than 2
percent of the directors of Fortune 1,000 companies;
Whereas in 2004,
Asians represented about 5.5 percent of the employees in the financial services
industry and about 6.3 percent of all financial managers;
Whereas in 2004, the
financial services industry ranked third in the percentage of women employed in
the workforce behind healthcare and education;
Whereas approximately
half of financial managers are women and the percentage of women financial
managers was approximately 51.7 in 2005;
Whereas in a 2001
survey of 2,200 senior and pipeline level women and men representing
approximately 60 securities firms, 65 percent of women reported that women have
to work harder than men to get the same rewards, and 51 percent of women report
that women are paid less than men for doing similar work;
Whereas a minority of
women (32 percent) and men (43 percent) believe that promotion decisions are
made fairly in their firm;
Whereas the
House-approved Financial Services Regulatory Relief Act of 2005 directed each
Federal banking agency to submit biennial reports to Congress on the status of
the employment by the agency of women and minorities;
Whereas the
Government Accountability Office found in its report Financial Services
Industry: Overall Trends in Management-Level Diversity and Diversity
Initiatives, 1993–2003
, issued in June 2006, that overall diversity at
the management level in the financial services industry did not change
substantially from 1993 to 2004; and
Whereas, although the
Government Accountability Office acknowledged that financial services firms
have initiated programs to increase workforce diversity, the Office found that
these initiatives face challenges: Now, therefore, be it
1.This resolution may be cited as the
Financial Services Diversity Initiative
.
2.Financial services
diversity initiative
(a)Congressional
recognitionThe Congress—
(1)recognizes that minorities and women still
face unique challenges entering into and obtaining upper level positions within
the financial services industry;
(2)encourages
financial institutions to partner with organizations which are focused on
developing opportunities for minorities and women to place talented young
minorities and women in industry internships, summer employment, and full-time
positions;
(3)encourages
financial institutions to partner with inner-city high schools, girls’ high
schools, and high schools with majority minority populations to establish or
enhance financial literacy programs and provide mentoring;
(4)encourages
financial institutions, including Federal and State financial institution
regulatory agencies, to build and retain a diverse staff through initiatives,
including—
(A)providing
financial support for minorities and women undergraduate and graduate business
programs;
(B)heavily recruiting at historically Black
colleges and universities, Hispanic serving institutions, women’s colleges, and
colleges that typically serve majority minority populations;
(C)sponsoring and
recruiting at job fairs in urban communities; and
(D)placing job ads in
newspapers and magazines oriented toward people of color;
(5)encourages
financial institutions to appoint more minorities and women as board members;
and
(6)encourages
financial institutions, and public and private pension funds to seek qualified
minority and women owned firms as investment managers, underwriters and other
business relationships.
(b)It is the sense of
the Congress that—
(1)active measures should be taken by
employers and educational institutions to increase the demographic diversity of
the financial services industry; and
(2)diversity within
the financial services industry is vitally important not only to promoting
innovation and creativity in the industry but to developing a more inclusive
workforce for a fair and just economy.
Passed the House of
Representatives September 24, 2007.
Lorraine C. Miller,
Clerk.