Quotas In Financial Overhaul Bill Courtesy Of Rep. Maxine Waters
By Rabble Rouser Reverend Amy on July 13, 2010 at 7:00 PM in Bank Nationalization, Banking Institutions, Barney Frank, Christopher Dodd, Congress (House & Senate), Current Affairs, Deficit, National Debt, National Infrastructure Investment Bank
Oh, you remember Rep. Waters, don’t you? Who could forget her comments regarding Fannie Mae and Freddie Mac? Just in case, here’s a reminder:
Uh, um, hell yes, there was a big problem with Fannie Mae and Freddie Mac, Rep. Waters.
But wait, there’s more. Here is Rep. Waters revealing her true position on the government’s role in terms of Big Oil:
Okay, okay – I couldn’t resist that version. Too funny. Here is the real version:
Yes, all of that stuttering trying to cover up what she had just said is real. Yowzer.
Now, personally, I think Rep. Waters has demonstrated a complete and utter lack of integrity when it comes to financial issues, judging by her comments on Fannie and Freddie. So have Dodd and Frank, for that matter. That the latter two are the authors of a financial regulatory bill should give great pause to everyone.
So, it really should come as no surprise that now she wants to legislate quotas into the new Dood-Frank Financial Regulatory bill. Oh, how I wish I was kidding. According to this Daily Caller piece, that is exactly what Rep. Waters has done,
Racial Quotas in Dodd-Frank Financial Regulatory Bill:
The Dodd-Frank financial regulatory bill, ostensibly aimed at reforming Wall Street and preventing a future financial crisis, will impose racial and gender quotas on financial institutions if passed, according to economist Diana Furchtgott-Roth.Section 342 of the bill will establish Offices of Minority and Women Inclusion in at least 20 federal financial services agencies. These offices will be tasked with implementing “standards and procedures to ensure, to the maximum extent possible, the fair inclusion and utilization of minorities, women, and minority-owned and women-owned businesses in all business and activities of the agency at all levels, including in procurement, insurance, and all types of contracts.”
So called “fair inclusion” will apply to “financial institutions, investment banking firms, mortgage banking firms, asset management firms, brokers, dealers, financial services entities, underwriters, accountants, investment consultants and providers of legal services.”
The provision goes on to assert that the government will terminate contracts with institutions they deem have “failed to make a good faith effort to include minorities and women in their workforce.” [snip]
Good grief. Quotas? Where does that leave “anti-discrimination” regulations, then? That question is answered here:
The provision goes on to assert that the government will terminate contracts with institutions they deem have “failed to make a good faith effort to include minorities and women in their workforce.”Diana Furchtgott-Roth, former chief economist at the U.S. Department of Labor and senior fellow at the Hudson Institute, spotlighted the controversial section in an article at Real Clear Markets on June 8th. She told The Daily Caller that the law amounts to a quota system.
“This is a radical shift in employment legislation,” she said. “The law effectively changes the standard by which institutions are evaluated from anti-discrimination regulations to quotas. In order to be in compliance with the law these businesses will have to show that they have a certain percentage of women and a certain percentage of minorities.”
Furchtgott-Roth worries that this might be a harbinger of things to come.
“So what does this mean? Are we going to get rid of anti-discrimination laws all together and just put in quotas? Could this be what’s to come in other sectors?” she questioned. [snip]
Click HERE to read the rest.
Yes, I would say this is a huge departure from anti-discrimination regulations. That a quota system is being buried in this financial regulation shouldn’t really come as a surprise, I guess. But still, it does.
Wow. Has it really been less than two years since the Democrats controlled all three houses? Sure seems longer, especially considering all they have shoved down our throats. Er, I mean, “accomplished.”
And I guess if Rep. Waters gets her way, we’ll have another one shoved down our throats. Yep, pretty soon, quotas for everyone, coming to a business near you soon!! Good grief…
by Ronald Scott
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