INTERVIEW WITH
A BRIEF MAXINE WATERS 40
D&B: WHAT PROMPTED YOU TO ADVOCATE TO INCLUDE THESE PROVISIONS IN THE FINANCIAL SERVICES REFORM LEGISLATION? As the fi nancial and housing sectors of the economy began to melt down in 2007, and as the government injected unprecedented sums of money into fi nancial and housing institutions to avert a depression in 2008, it became painfully clear that there weren’t enough women-owned and minority-owned businesses and asset managers involved in these processes. So from the outset of Congress’ legislative response to protecting consumers and strengthening our fi nancial system to ensure something like this could never happen again, I wanted to make sure our government was taking advantage of all of the talent that exists in this industry, not just going to the people and institu- tions who usually have a seat at the table. So I advocated for the inclusion of Offi ces of Minority and Women at the federal government’s fi nancial services organizations so that they are more refl ective of the whole industry, which, though underrepresented, does include many women and people of color. And as a woman of color, I have dedicated myself to advocating for historically underrepresented popula- tions throughout my career.
D&B: HOW DO YOU HOPE IT WILL BE IMPACTFUL? The Offi ces of Minority and Women
DIVERSITY & THE BAR® MARCH/APRIL 2011
CONGRESS- WOMAN
Inclusion will be impactful because government agencies like the Treasury Department, the FDIC, the OCC, the SEC, the Fed, and others, will be required to ensure the racial, ethnic, and gender diversity of their workforce and senior management. The offi ces would also increase the participation of minority-owned and women-owned businesses in the programs and contracts of each agency. Basically, the agencies will need to report back to Congress on their efforts to hire and contract with women, minorities, and women- owned and minority-owned fi rms.
D&B: WAS IT CONTROVERSIAL? WAS THERE ANY PUSH-BACK? It was controversial, in my opinion, mostly because opponents of fi nancial reform in general also opposed what they thought was some kind of affi rma- tive action law. You even had The Wall Street Journal editorializing about OMWI being too political, and they really just got it all wrong. It is absolutely not an attempt to politicize the Fed or any other agency, or to allocate credit by race and gender. Nothing in the bill man- dates lending to minorities or women. The provision does not even mention lending. The offi ces will only be respon- sible for employment, management, and business activities of government agencies. Frankly, I’m surprised that a newspaper that has been in publication for more than 120 years got basic facts so wrong, so badly, and so boldly.
Diversity & the Bar interviewed the Congress- woman about the diversity implications of the Dodd- Frank Act.
D&B: HOW DO YOU ANTICIPATE THAT THIS LEGISLATION WILL AFFECT MINORITIES AND WOMEN WHO WORK IN LAW FIRMS? WILL IT OPEN OPPORTUNITIES FOR THEM TO DO WORK ON BEHALF OF THE FEDERAL AGENCIES? Yes, the statute requires that each entity that contracts with a fi nancial services agency must sign a written assurance that they will make a good- faith effort to provide for the inclusion of minorities and women among their workforce and by their subcontractors. Regarding minorities and women who work in law fi rms, the statute spe- cifi cally mentions contracts for legal services as one of the areas for which this written assurance would apply.
D&B: HOW DO YOU RESPOND TO CRITICS THAT MAY SAY THESE PRO- VISIONS WILL RESULT IN QUOTAS OR REVERSE-DISCRIMINATION? I simply say that this legislation will help address an indisputable prob- lem—the lack of diversity in fi nancial services. Rigorous analysis documents the discrimination that women and minorities face compared to white men of similar educational background and age. Data from the Offi ce of Personnel Management shows the lack of African American and Hispanic senior manag- ers at the federal fi nancial services agencies. At the Treasury Department for example, minorities only make up 17.2 percent of employees at senior pay levels. A recent report
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