Financial regulatory agencies need to redouble their efforts to have a diverse workforce, according to a group of Capitol Hill Democrats, who say that women and minorities are under-represented especially at senior levels.
The group, including members of the House Financial Services Committee and representatives of minority group caucuses, issued a report adding that African-American employees across those agencies generally received lower performance management review scores than white employees.
Findings included: Hispanics make up only 2 percent of senior management at the FDIC and Asians just 6 percent; at the Federal Reserve, Hispanics, African Americans and Asians all received lower performance management review scores than their white counterparts; at the CFPB, Hispanics make up only 5 percent of senior management and African Americans 8 percent; the OCC and the FDIC had the lowest numbers of women in senior management, at 31 percent and 32 percent, respectively; at the SEC minorities combined make up just 12 percent of senior management.
The report recommended that agencies formally investigate the causes of diversity shortcomings, enhance interactions between agency diversity officers and agency heads, and establish periodic reviews for Congress on the representation of minorities and women within their workforces.