Sen. Bob Menendez Robert (Bob) Menendez Senate confirms Thomas-Greenfield as UN ambassador The Memo: Biden bets big on immigration Biden pushes expanded pathways to citizenship as immigration bill lands in Congress MORE (D-N.J.) on Tuesday reintroduced legislation that would require public companies to disclose the racial, ethnic, gender and veteran composition of their corporate boards and senior management.
The bill, the Improving Corporate Governance Through Diversity Act, aims to address shortcomings in the U.S. Securities and Exchange Commission's (SEC) diversity disclosure rule.
"For too long corporate America has fallen short in racial, ethnic and gender diversity. Without greater diversity in top corporate positions, the U.S. will fail to compete with other leading economies and stall our nation's progress towards full inclusivity," said Menendez, the highest-ranking Latino in Congress.
The House passed the legislation in 2019, which was introduced by Rep. Gregory Meeks Gregory Weldon Meeks Menendez reintroduces corporate diversity bill Lawmakers to roll out legislation reorganizing State cyber office Hillicon Valley: Robinhood raises .4 billion over weekend after GameStop fury | New State Dept. cyber bureau stirs concern | Intel agency warns of threats from China collecting sensitive US health data MORE (D-N.Y.), but it was not taken up in the Senate. It could face an uphill battle with the tight 50-50 partisan divide in the Senate.
The bill would also require the Treasury Department’s Director of the Office of Minority and Women Inclusion to publish a report to the SEC every three years, including best practices and compliance. It would establish a Diversity Advisory Group to study the status of corporate diversity and to submit annual reports to Congress.
Nine Democrats have co-sponsored the bill, including Senate Banking Committee Chairman Sherrod Brown Sherrod Campbell Brown Menendez reintroduces corporate diversity bill Former Ohio GOP chairwoman Jane Timken launches Senate bid Brown blasts ‘spineless’ GOP colleagues at trial MORE (Ohio) and Sens. Elizabeth Warren Elizabeth Warren Yellen deputy Adeyemo on track for quick confirmation Menendez reintroduces corporate diversity bill Hillicon Valley: Google lifting ban on political ads | DHS taking steps on cybersecurity | Controversy over TV ‘misinformation rumor mills’ MORE (Mass.), Chris Van Hollen Christopher (Chris) Van Hollen Menendez reintroduces corporate diversity bill LIVE COVERAGE: Senate set to consider Garland for AG Plaskett quips male lawmakers ‘would not have their wives in one attempt talking to her’ during impeachment trial MORE (Md.), Cory Booker Cory Booker Menendez reintroduces corporate diversity bill Democrats want businesses to help get LGBT bill across finish line Garland commits to combatting systemic racism MORE (N.J.), Dianne Feinstein Dianne Emiel Feinstein Progressive support builds for expanding lower courts Menendez reintroduces corporate diversity bill What exactly are uber-woke educators teaching our kids? MORE (Calif.) and Alex Padilla Alex Padilla Menendez reintroduces corporate diversity bill States paying billions in fraudulent unemployment claims Pelosi pushing Newsom to pick Schiff for next California AG: report MORE (Calif.).
The U.S. Chamber of Commerce has also endorsed the bill.
"Diversity has become increasingly important for good corporate governance and the Improving Corporate Governance Through Diversity Act will establish a model to organically boost diversity on boards through disclosure rather than the counterproductive quota-driven strategies that some have attempted," said Tom Quaadman, executive vice president of the Chamber's Center for Capital Markets Competitiveness.
Other groups — including the National Urban League, Nareit, Financial Services Forum, American Bankers Association, International Council of Shopping Centers, Bank Policy Institute and Real Estate Roundtable — also support the legislation.
These trade groups endorsed the bill last Congress, and in July sent a letter to then-Senate Banking Committee Chairman Mike Crapo Michael (Mike) Dean Crapo Yellen deputy Adeyemo on track for quick confirmation Menendez reintroduces corporate diversity bill Mellman: A Republican betrayal MORE (R-Idaho) and Brown, arguing that the legislation would organically boost diversity on boards through disclosure.
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