Democratic lawmakers are asking the federal government to investigate how diverse the financial services sector as an update to a 2013 study.
Leading Democrats on the House Financial Services and Senate Banking committees asked the Government Accountability Office (GAO) in a letter released Tuesday to express “their concern that the financial services industry has been slow to increase diversity in the workplace, particularly in management positions,” according to an announcement.
“We believe that improving the racial, ethnic, and gender workforce diversity within this industry will help it better understand the needs of the communities that it serves and, as such, consider diversity as critically important for ensuring that all consumers are treated fairly,” wrote Reps. Maxine Waters (Calif) and Al GreenAl GreenDems call for updated financial sector diversity probe Report: GAO to probe ‘regulatory capture’ of Wall Street watchdogs Dem compares Islamophobia to racial segregation MORE (Texas), with Sen. Sherrod BrownSherrod BrownDems call for updated financial sector diversity probe The Hill’s 12:30 Report VP buzz for Sherrod Brown MORE (Ohio).
Waters and Brown are the ranking Democrats on the House Financial Services Committee and Senate Banking Committee respectively. Green is the top Democrat on the Financial Services sub-panel on oversight.
The lawmakers asked GAO for an updated analysis of how diverse the financial sector is, and whether more racial and ethnic…