by H. Mark Adams
“Much ado about nothing” is just one literary turn of phrase that comes to mind when considering the initial uproar over Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the long wait for its implementing regulations. Here’s some background to add some perspective to that observation.
Section 342 of Dodd-Frank, passed by Congress and signed into law by President Barack Obama at the end of 2010, directed each of 12 affected federal financial industry regulators to establish an Office of Minority and Women Inclusion (OMWI) and to publish, no later than January 21, 2011, proposed regulations designed to increase diversity in the financial industry, in both employment and contracting. Now, nearly five years later, six of the agencies have finally met their “deadline” with the joint release on June 9, 2015, of their final diversity and inclusion standards.