Rep. Meeks Announces Passage of His Two Bills to Promote Racial and Economic Justice
Washington, D.C. - Today, Congressman Gregory W. Meeks, senior member of the House Committee on Financial Services, released a statement after the U.S. House of Representatives passed H.R. 2543, the Federal Reserve Racial and Economic Equity Act, which included his two bills, the ImprovingCorporate Governance Through Diversity Act and, the Ensuring Diversity in Community Banking Act. Rep. Meeks stated:
“H.R. 2543 brings this country one step closer to closing the wealth gap and addressing critical barriers in our financial systems that disproportionately impact communities of color and underbanked communities. My bill, the Improving Corporate Governance Through Diversity Act, requires public companies to disclose the gender identity, race, ethnicity, sexual orientation, and veteran status of their board directors, nominees, and senior executive officers. Workplaces should reflect the rich diversity within America, and our boardrooms are no exception. Data disclosing diversity is crucial for investors as well, as they are increasingly basing their decisions on whether the companies they choose to invest in reflect their ideals and values. I want to thank Representatives Maloney and Torres, for working with me to promote diversity, and provide additional transparency for investors who want to know which companies are choosing to leverage America's diversity in their board rooms and C-suite.
“Additionally, my bill the Ensuring Diversity in Community Banking Act was also included in this monumental package, and works to support and enhance minority depository institutions (MDIs) and credit unions in under-banked communities. MDIs and credit unions continue to grow scarce and supporting these crucial lifelines is of the utmost importance to ensuring their longevity and success. My bill will strengthen MDIs and “impact banks” that predominantly serve low-income communities through partnerships and critical capital investments.
“I am proud of these bills and the impact they will have on promoting diversity in banking and in the C-suite. I look forward to working with my colleagues in the Senate on enacting this legislation,” said Congressman Gregory W. Meeks.
“While our nation has made progress in diversifying corporate leadership, much more must be done to ensure that our economy is run by leaders who represent us, whose insight has proven to benefit corporate financial performance,” said Rep. Carolyn Maloney (NY-12). “Chairman Meeks’ Improving Corporate Governance Through Diversity Act, which includes powerful provisions from my Diversity in Corporate Leadership Act, will promote racial, ethnic, and gender diversity and open the doors of opportunity to many more qualified and deserving people. I am committed to working with Chairman Meeks and our colleagues to finally make these necessary reforms law.”
“The board room should reflect the diversity of America. Women and people of color are still severely underrepresented in corporate leadership and not only is this poor leadership – it’s also bad business. The Improving Corporate Governance Through Diversity Act will ensure corporations are transparent about who is leading them and make efforts to diversify their boards and c-suites. I applaud Reps. Meeks and Maloney for their efforts in advancing this important issue and am encouraged to see it included in Racial Equity, Inclusion, and Economic Justice Act,” said Rep. Ritchie Torres (NY-15).
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