Democrats sneak gender and race quotas into financial reform bill

A little publicized section of the Dodd-Frank financial regulation bill sets race and gender quotas for private financial institutions that do business with the government. There should be good enforcement of the section because the bill creates no less than 20 Offices of Minority and Women Inclusion to ensure enforcement.

Real Clear Markets reported:

I was searching the bill for a provision about derivatives. What did I find but Section 342, which declares that race and gender employment ratios, if not quotas, must be observed by private financial institutions that do business with the government. In a major power grab, the new law inserts race and gender quotas into America’s financial industry.

In addition to this bill’s well-publicized plans to establish over a dozen new financial regulatory offices, Section 342 sets up at least 20 Offices of Minority and Women Inclusion. This has had no coverage by the news media and has large implications...

…Section 342’s provisions are broad and vague, and are certain to increase inefficiency in federal agencies. To comply, federal agencies are likely to find it easier to employ and contract with less-qualified women and minorities, merely in order to avoid regulatory trouble. This would in turn decrease the agencies’ efficiency, productivity and output, while increasing their costs.