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3.7 Establishment of Office of Women and Minority Inclusion at Financial Regulatory Agencies and each Federal Reserve Bank

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3.7        Establishment of Office of Women and Minority Inclusion at Financial Regulatory Agencies and each Federal Reserve Bank. The Act requires that specified agencies, including, Treasury, the FDIC, the Fed, the OCC, the SEC, as well as the Federal Reserve Banks, will establish an Office of Minority and Women Inclusion that will be responsible for all matters of the agency relating to diversity in management, employment, and business activities. Each office will be established by 6 months from the enactment date, with the exception of the Office of Minority and Women Inclusion in the Bureau, which will be established by 6 months after the Transfer Date.

The agency administrator will appoint a Director of each Office. Each Director will develop standards for equal employment opportunity and workforce diversity and increased participation of minority-owned and women-owned businesses in the programs and contracts of the agency. Each Director will develop standards for assessing the diversity policies and practices of the entities regulated by the agency and advise the agency administrator on the impact of the policies and regulations of the agency on minority-owned and women-owned businesses.

The procedures established by each agency for review and evaluation of contract proposal and for hiring service providers shall include, to the extent consistent with applicable law, a component that gives consideration to the diversity of the applicant. These procedures must include a written statement that a contractor shall ensure, to the maximum extent possible, the fair inclusion of women and minorities in the workforce of the contractor. A contractor's failure to make a good faith effort to include minorities and women in its workforce may result in the termination of a contract, a referral to the Office of Federal Contract Compliance Programs, or other appropriate action. [§342]