Economics

People of Color, Women Absent from Management at Federal Banking Agencies

Published

8 years ago

November 12, 2015

A report released by Rep. Maxine Waters, ranking member of the House Committee on Financial Services, and members of the Congressional Black, Hispanic and Asian Pacific American Caucuses, has found a disturbing lack of diversity in seven key federal agencies regulating the financial system.

Policy experts at the Greenlining Institute said that the report, written by House Committee on Financial Services Democratic staff based on analyses by the Inspectors General (IG) at the agencies, should spur concerted action to increase diversity.

The report finds that women and minorities are underrepresented in the agencies’ workforces and severely underrepresented in senior management positions. In addition, African American employees generally received lower performance management review scores than their white counterparts.

“We need concrete, practical steps to identify and remove the barriers that keep people of color and women out of these important jobs,” said Greenlining Institute President Orson Aguilar.

“It is critical that the agencies watching over our financial system reflect our nation’s growing diversity. The financial crash happened in large part because federal bank regulators missed what was going on in communities of color, and we can’t afford to continue this legacy of negligence,” said Aguilar.

The Greenlining Institute and coalition partners outlined a series of steps the agencies should take in a letter sent to leaders of the Federal Reserve Board of Governors, National Credit Union Administration, Securities and Exchange Commission, Federal Deposit Insurance Corporation, Consumer Financial Protection Bureau, Office of the Comptroller of the Currency, and Federal Housing Finance Agency.

Among other suggestions, Greenlining urged the following:

Agencies must recognize that diversity programming doesn’t happen in a silo. Research shows that entities with inclusive workforces owe their success to comprehensive strategies that incorporate diversity into every aspect of their operations.

These strategies include strong tracking, recruitment, and professional development systems. Each Inspectors General report puts forth recommendations for how the agencies can better diversify their systems.

The agencies’ Offices of Minority and Women Inclusion should investigate barriers to employment in addition to discrimination, such as lack of outreach to diverse candidates.

The agencies’ office should push the agencies to plug gaps in their data collection. All but one Inspectors General report identified missing or flawed demographic data.

The agencies should create specific accountability measures by which agencies can gauge their progress in diversifying their workforces.

To read Greenlining’s full letter, go to http://greenlining.org/issues/2015/greenlinings-comments-and-recommendations-regarding-omwi-inspector-general-reports/

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Business

Black Business Summit Focuses on Equity, Access and Data

The California African American Chamber of Commerce hosted its second annual “State of the California African American Economy Summit,” with the aim of bolstering Black economic influence through education and fellowship. Held Jan. 24 to Jan. 25 at the Westin Los Angeles Airport Hotel, the convention brought together some of the most influential Black business leaders, policy makers and economic thinkers in the state. The discussions focused on a wide range of economic topics pertinent to California’s African American business community, including policy, government contracts, and equity, and more.

Published

2 weeks ago

April 20, 2024

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Toks Omishakin, Secretary of the California State Transportation Agency (CALSTA), answers questions from concerned entrepreneurs frustrated with a lack of follow-up from the state. January 24, 2024 at the Westin Los Angeles Airport Hotel, Lost Angeles, Calif. Photo by Solomon O. Smith

By Solomon O. Smith, California Black Media

The California African American Chamber of Commerce hosted its second annual “State of the California African American Economy Summit,” with the aim of bolstering Black economic influence through education and fellowship.

Held Jan. 24 to Jan. 25 at the Westin Los Angeles Airport Hotel, the convention brought together some of the most influential Black business leaders, policy makers and economic thinkers in the state. The discussions focused on a wide range of economic topics pertinent to California’s African American business community, including policy, government contracts, and equity, and more.

Toks Omishakin, Secretary of the California State Transportation Agency (CALSTA) was a guest at the event. He told attendees about his department’s efforts to increase access for Black business owners.

“One thing I’m taking away from this for sure is we’re going to have to do a better job of connecting through your chambers of all these opportunities of billions of dollars that are coming down the pike. I’m honestly disappointed that people don’t know, so we’ll do better,” said Omishakin.

Lueathel Seawood, the president of the African American Chamber of Commerce of San Joaquin County, expressed frustration with obtaining federal contracts for small businesses, and completing the process. She observed that once a small business was certified as DBE, a Disadvantaged Business Enterprises, there was little help getting to the next step.

Omishakin admitted there is more work to be done to help them complete the process and include them in upcoming projects. However, the high-speed rail system expansion by the California High-Speed Rail Authority has set a goal of 30% participation from small businesses — only 10 percent is set aside for DBE.

The importance of Diversity, Equity and Inclusion (DEI) in economics was reinforced during the “State of the California Economy” talk led by author and economist Julianne Malveaux, and Anthony Asadullah Samad, Executive Director of the Mervyn Dymally African American Political and Economic Institute (MDAAPEI) at California State University, Dominguez Hills.

Assaults on DEI disproportionately affect women of color and Black women, according to Malveaux. When asked what role the loss of DEI might serve in economics, she suggested a more sinister purpose.

“The genesis of all this is anti-blackness. So, your question about how this fits into the economy is economic exclusion, that essentially has been promoted as public policy,” said Malveaux.

The most anticipated speaker at the event was Janice Bryant Howroyd known affectionately to her peers as “JBH.” She is one of the first Black women to run and own a multi-billion-dollar company. Her company ActOne Group, is one of the largest, and most recognized, hiring, staffing and human resources firms in the world. She is the author of “Acting Up” and has a profile on Forbes.

Chairman of the board of directors of the California African American Chamber of Commerce, Timothy Alan Simon, a lawyer and the first Black Appointments Secretary in the Office of the Governor of California, moderated. They discussed the state of Black entrepreneurship in the country and Howroyd gave advice to other business owners.

“We look to inspire and educate,” said Howroyd. “Inspiration is great but when I’ve got people’s attention, I want to teach them something.”