Archived: EDITORIAL: They Didn’t Balk When It Came to Taking Money from US’s Diverse Taxpayers

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“This will destroy the financial industry,’ said Diana Furchgolt-Roth, a Hudson Institute fellow, about the financial reform legislation designed to change Wall Street.

What was she talking about? The new legislation’s requirement that strives to increase diversity in what today is a highly white-male dominated industry.

The diversity requirement is directed at the Securities and Exchange Commission and all 12 Federal Reserve Banks. Not surprisingly, the banking industry sees the diversity requirement as potentially worrisome and costly. They claim that the requirement will be a “distraction” from their efforts to improve their markets.

Pardon us if we don’t sympathize.

This industry has brought the American people to financial disaster and now they have the gall to complain about what the financial changes will cost their bottom lines?

Didn’t American taxpayers save them from financial ruin caused by their own slick schemes to get rich? Millions of Americans have lost their retirement savings; others’ homes have been foreclosed on leaving them homeless and financially destitute. And  still today, after hundreds of billions of dollars in taxpayer bailouts, these same institutions are refusing to play fair with the little people on Main Street.

Tell us why Wall Street and other financial institutions should not look like the rest of America? Prove to us that a more diverse Wall Street will lead to the ruin of the financial industry.

Women, Latinos, Asians and African Americans have a right to participate in our country’s financial institutions through upper tier employment, and contracts bought and paid for with their hard earned taxes.

Perhaps if Wall Street had been more diverse, it would also have been more sensitive, or at the least in-tune to the financial havoc it was creating.

As far as we are concerned, the new Office of Minority and Women Inclusion, which will take effect in January 2011, is a very welcomed and needed step toward reform that benefits all the country’s people.

Posted - Copyright © 2022 Eastern Group Publications, Inc.

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