July 27, 2020

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Trade Groups Push Senate to Pass Corporate Board Diversity Bill

By
Theodoric Meyer
Politico

More than a dozen trade groups sent a letter to Sen. Mike Crapo (R-Idaho), the Senate Banking Committee’s chair, and Sen. Sherrod Brown (D-Ohio), the committee’s ranking member, this morning urging them to pass a bill that would mandate that issuers of certain securities disclose the racial, ethnic and gender composition of their boards. The bill, introduced by Reps. Gregory Meeks (D-N.Y.) and Carolyn Maloney (D-N.Y.), passed the House in November but has been stalled in the Senate.

— “Our associations and members support efforts to increase gender, racial, and ethnic diversity on corporate boards of directors, as diversity has become increasingly important to institutional investors, pension funds, and other stakeholders,” the American Bankers Association, the Bank Policy Institute, the Retail Industry Leaders Association, TechNet, the U.S. Chamber of Commerce and other trade groups wrote in the letter.

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