Annual Report

TO CONGRESS

Office of Minority 

and Women Inclusion

MARCH 2021

U.S. SECURITIES AND EXCHANGE COMMISSION
CONTENTS

List of Acronyms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . iii

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

Organizational Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

U.S. Securities and Exchange Commission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

The Office of Minority and Women Inclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

FY 2020 Initiatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Promoting Diversity and Inclusion at the SEC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Interagency Efforts to Promote Diversity and Inclusion . . . . . . . . . . . . . . . . . . . . . . 9

Workforce Diversity and Workplace Inclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Outreach and Recruitment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Diversity Training . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

Leadership Development Programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

Monitoring and Analyzing Internal Demographics . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

Evaluating Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

Current State of Diversity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Work Environment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

Challenges and Next Steps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31

Supplier Diversity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32

Supplier Diversity Initiatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

Supplier Diversity Performance Metrics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34

One IT Program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

Next Steps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

Diversity Policies and Practices of SEC-Regulated Entities . . . . . . . . . . . . . . . . . . . 39

Assessing Diversity Policies and Practices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

Notable Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40

Challenges and Next Steps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40

SEC Contractors’ Workforce Inclusion of Minorities and Women . . . . . . . . . . . . . . . 41

Conclusion and FY 2021 Outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42

Appendix A. OMWI FY 2020 Diversity Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43

Appendix B. FY 2020 Outreach and Recruitment Events . . . . . . . . . . . . . . . . . . . . . 44

Appendix C. FY 2020 Programs for Special Observances and Other Events 

Celebrating Affinity Groups . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

Disclaimer: This is a report of the staff of the U.S. Securities and Exchange Commission.

The Commission has expressed no view regarding the analysis, findings, or conclusions 

contained herein.
FY 2020 ANNUAL REPORT TO CONGRESS | iii

LIST OF ACRONYMS

AAC African American Council

AAPI Asian American and Pacific Islander Committee

ALPFA Association of Latino Professionals for America

ARO Atlanta Regional Office of the Securities and Exchange Commission

C.O.R.E. Connections, Opportunities, Relationships, Equity

CAHC Caribbean American Heritage Committee

CEO Chief Executive Officer

CHRO Chicago Regional Office of the Securities and Exchange Commission

CLF Civilian Labor Force

COVID-19 Coronavirus Disease 2019

DAR Diversity Assessment Report

DIAC Disability Interests Advisory Committee

EAG Employee Affinity Groups

FAR Federal Acquisition Regulation

FEVS Federal Employee Viewpoint Survey

FIRREA Financial Institutions Reform, Recovery, and Enforcement Act

FIU Florida International University

FPDS Federal Procurement Data Systems

FPPS Federal Personnel and Payroll System

FY Fiscal Year

GFE Reviews Good Faith Effort Reviews

HACU Hispanic Association of Colleges and Universities

HALO Hispanic and Latino Opportunity, Leadership, and Advocacy Committee

HBCU Historically Black Colleges and Universities

LARO Los Angeles Regional Office of the Securities and Exchange Commission

LGBT Lesbian, Gay, Bisexual and Transgender

MIRO Miami Regional Office of the Securities and Exchange Commission

MWOB Minority-Owned and Women-Owned Business

NABA National Association of Black Accountants

NAICS North American Industry Classification System

NASP National Association of Securities Professionals

NCUA National Credit Union Administration

NEW IQ New Inclusion Quotient (Federal Employee Viewpoint Survey)

NYPD New York Police Department

NYRO New York Regional Office of the Securities and Exchange Commission

OA Office of Acquisitions

OASB Office of the Advocate for Small Business Capital Formation

OCOO Office of the Chief Operating Officer

OEEO Office of Equal Employment Opportunity

OHR Office of Human Resources

OIEA Office of Investor Education and Advocacy
iv | OFFICE OF MINORITY AND WOMEN INCLUSION

OMWI Office of Minority and Women Inclusion

OPM United States Office of Personnel Management

PLRO Philadelphia Regional Office of the Securities and Exchange Commission

PROPELS Professionals Reaching Out to Promote Excellence and Learning for Students

SDBMS Supplier Diversity Business Management System

SEC Securities and Exchange Commission

SECU SEC University

VOD Vendor Outreach Day
FY 2020 ANNUAL REPORT TO CONGRESS | 1

INTRODUCTION

The U.S. Securities and Exchange Commission’s (SEC, Commission, or Agency) Office of 

Minority and Women Inclusion (OMWI) is pleased to submit its Annual Report to Congress 

for Fiscal Year (FY) 2020 pursuant to Section 342 of the Dodd-Frank Wall Street Reform and 

Consumer Protection Act of 2010 (the Dodd-Frank Act).1 The report summarizes the actions 

taken to promote diversity and inclusion in the SEC’s workforce, increase opportunities for 

minority-owned and women-owned businesses (MWOB) to contract with the Agency, and 

implement other statutory requirements. This report covers the period October 1, 2019 to 

September 30, 2020, unless otherwise noted. 

The major sections of this report address OMWI’s responsibilities in four areas: (1) Workforce 

Diversity and Workplace Inclusion; (2) Supplier Diversity; (3) Diversity Policies and Practices 

of SEC-Regulated Entities; and (4) SEC Contractors’ Workforce Inclusion of Minorities and 

Women. The report highlights the progress the SEC has made toward attaining the goals and 

objectives of the Dodd-Frank Act, as well as areas of focus for the Agency’s ongoing efforts to 

promote diversity and inclusion.

1 Pub. L. No. 111-203, 124 Stat. 1376, July 11, 2010, codified as 12 U.S.C. § 5452. Section 342(e).
2 | OFFICE OF MINORITY AND WOMEN INCLUSION

ORGANIZATIONAL OVERVIEW

U.S. Securities and Exchange Commission

The SEC is a bipartisan Commission consisting of up to five Commissioners appointed by the 

President and confirmed by the Senate. The President designates one Commissioner to serve as 

Chairman of the Commission. Jay Clayton was the Chairman of the Commission during FY 

2020.2 The SEC’s mission is to protect investors, maintain fair, orderly, and efficient markets, 

and facilitate capital formation. Accordingly, as outlined in the SEC’s Strategic Plan, the SEC’s 

goals are to focus on the long-term interests of our Main Street investors; recognize significant 

developments and trends in our evolving capital markets and adjust our efforts to ensure we 

are effectively allocating our resources; and elevate the Agency’s performance by enhancing our 

analytical capabilities and human capital development.

The SEC oversees the nation’s securities markets and certain market participants, including 

broker-dealers, investment companies, investment advisers, clearing agencies, transfer agents, 

credit rating agencies, and securities exchanges, as well as organizations such as the Financial 

Industry Regulatory Authority, Municipal Securities Rulemaking Board, and the Public 

Company Accounting Oversight Board. The Agency’s functional responsibilities are carried out 

through six divisions and 25 offices, each of which is headquartered in Washington, DC. The 

SEC also has 11 regional offices located throughout the country.

The Office of Minority and Women Inclusion

In accordance with Section 342 of the Dodd-Frank Act, the SEC established OMWI in July 

2011, and assigned the office responsibility for all matters related to diversity in the Agency’s 

management, employment, and business activities. The Director of OMWI, Pamela Gibbs, is 

a Senior Officer reporting directly to the Chairman. As of October 2020, OMWI’s permanent 

staff consists of the Director, Deputy Director, Senior Policy Advisor on Diversity and Inclusion 

(OMWI Senior Policy Advisor), two Attorney Advisers, a Data Analyst, and four Management 

and Program Analysts dedicated to the office’s major functional areas. For FY 2021, two 

additional positions will be filled—Strategic Engagement Officer and Diversity and Inclusion 

Specialist. OMWI also uses contractors and detailees to support its operations.

OMWI is responsible for providing leadership and guidance for the SEC’s diversity and 

inclusion efforts. Section 342 of the Dodd-Frank Act requires the OMWI Director to develop 

standards for ensuring equal employment opportunity and the racial, ethnic, and gender

2 Elad Roisman succeeded Jay Clayton as Acting Chair of the Commission on December 28, 2020, and Allison Herren

Lee was then designated Acting Chair of the Commission on January 21, 2021.
FY 2020 ANNUAL REPORT TO CONGRESS | 3

diversity of the workforce and senior management of the Agency; increasing participation

of MWOBs in the SEC’s programs and contracts; and assessing the diversity policies and 

practices of entities regulated by the SEC.3 The OMWI Director is also required to advise the 

Commission on the impact of the SEC’s policies and regulations on MWOBs.4

Further, Section 342 of the Dodd-Frank Act requires the OMWI Director to develop 

procurement procedures that include a written statement that a contractor shall ensure, to the 

maximum extent possible, the fair inclusion of minorities and women in the workforce of the 

contractor and, as applicable, its subcontractors.5 As a result of this requirement, the OMWI 

Director is required to establish standards and procedures for determining whether Agency 

contractors and subcontractors have failed to make good faith efforts to include minorities and 

women in their workforces.6

3 See Section 342(b)(2)(A)-(C).

4 See Section 342(b)(3).

5 See Section 342(c)(2).

6 See Section 342(c)(3)(A).
4 | OFFICE OF MINORITY AND WOMEN INCLUSION

FY 2020 INITIATIVES

FY 2020 has been an exceptional year, both for the challenges it presented and for the 

opportunities that arose from it. The pandemic and stay-at-home orders initially halted plans 

for outreach and recruitment events, external educational opportunities and internal gatherings 

that historically strengthened the bonds of our Agency’s workforce. However, in short order, 

resiliency and creativity prevailed and new paths were forged that proved successful beyond our 

expectations. This year was unique for other reasons, as well. It brought to the surface certain 

difficult realities in the sphere of racial inequity. The SEC responded courageously by tackling 

these issues head on, with grace and urgency and hope that awareness might catalyze change. 

The SEC champions diversity and inclusion as an essential strategy for maximizing effectiveness 

and efficiency in the performance of its three-part mission, and it continued and strengthened its 

efforts this year. In FY 2020, the SEC continued to pursue initiatives and activities to advance 

the diversity and inclusion goals and objectives of the Dodd-Frank Act. Several new initiatives 

from the past year are highlighted below.

Promoting Diversity and Inclusion at the SEC

Visible leadership commitment, as demonstrated through Agency policy, communications, and 

actions, has propelled the SEC’s continuing progress toward achieving its diversity and inclusion 

goals and objectives. Former SEC Chairman Jay Clayton’s advocacy and support for diversity, 

inclusion, and opportunity were most instrumental in the development of the SEC’s Diversity 

and Inclusion Strategic Plan for Fiscal Years 2020–2022, which helps guide the Agency’s 

ongoing efforts to enhance diversity and inclusion in the Agency’s workforce, foster diversity 

among the Agency’s vendors and suppliers, and promote diversity and inclusion within the 

entities the SEC regulates.

The five overarching goals of the Diversity and Inclusion Strategic Plan are:

» Demonstrate leadership commitment and accountability;

» Foster a connected culture;

» Build a diverse talent pipeline;

» Leverage diversity and inclusion for mission effectiveness; and

» Promote business diversity with SEC stakeholders.

Each of these goals is designed to support the three major goals described in the overall SEC 

Strategic Plan for Fiscal Years 2018–2022.7 The Diversity and Inclusion Strategic Plan includes 

actions that are designed to help more fully integrate diversity and inclusion in the Agency’s 

strategic decision-making, enhance mission effectiveness, and meet future challenges. 

7 See SEC Strategic Plan for Fiscal Years 2018-2022.
FY 2020 ANNUAL REPORT TO CONGRESS | 5

OMWI led the development of the Diversity and Inclusion Strategic Plan and sought input from 

all levels of the SEC, including the Chairman, Commissioners, leadership and staff from every 

division and office, Employee Affinity Groups (EAGs), and the SEC Diversity Council (Diversity 

Council). A draft was made available to all SEC staff for comment prior to formulating the final 

Diversity and Inclusion Strategic Plan, which was issued on March 25, 2020.8

In FY 2020, the SEC made significant progress toward its goals under the Diversity and Inclusion 

Strategic Plan. Below are a few highlights, but others can be found throughout this report.

1. DEMONSTRATE LEADERSHIP COMMITMENT AND ACCOUNTABILITY

SEC leadership demonstrated visible commitment toward fostering inclusion, even in an 

environment of seclusion brought on by the pandemic. Former Chairman Clayton held Agencywide town halls and roundtables on unconscious bias, mentoring and human capital, and also 

ensured that diversity, inclusion and opportunity remained at the forefront. Since the Coronavirus 

Disease of 2019 (COVID-19 or COVID) pandemic necessitated mandatory telework, former 

Chairman Clayton sent weekly email messages to all Commission staff to highlight the week’s 

activities and accomplishments, including in the area of diversity and inclusion. SEC division 

directors, office heads, and regional directors across the Agency were also encouraged by the 

former Chairman and OMWI Director to hold town halls and small group discussions about 

racism and bias with their staff. Throughout the Commission, the SEC consistently demonstrated 

commitment to diversity, inclusion and opportunity by participating in programs like Special 

Observances, Town Halls, the Mentoring Program and the Diversity Council, as discussed in 

more detail below, as well as by seeking to understand and address issues surrounding diversity, 

inclusion and opportunity in the workplace.

2. FOSTER A CONNECTED CULTURE

The SEC offered a number of trainings and events to foster the development of a connected 

culture. For example, from May to July 2020, OMWI offered six sessions of “Conscious 

Equity 2.0,” a course primarily targeting supervisors and managers at SEC headquarters that 

was designed to foster a connected culture by offering strategies to help team members feel 

empowered, psychologically safe, and prepared to manage self and others. The course was very 

well-received and was followed by 18 group discussions led by a facilitator during which staff 

shared ideas about implementing some of the strategies covered by the course. From June to 

October 2020, over 2,000 SEC staff members attended these discussions across the Agency.

Additionally, as issues surrounding race came to the forefront following the death of George 

Floyd, the Commission came together as colleagues, friends, and fellow Americans to speak with 

one another about race, racism, diversity, inclusion and opportunity. Specifically, OMWI, with 

support from the Office of Equal Employment Opportunity (OEEO), held “Diversity Dialogues,” 

a series of small group discussions across the Agency that provided a safe space for candid 

discussions on topics such as how we can improve our workplace culture in ways that will benefit 

everyone, including the public we serve. From June to December 2020, the SEC held a total of 29 

Diversity Dialogues attended by almost 1,000 staff members.

8 See Diversity and Inclusion Strategic Plan for Fiscal Years 2020-2022.
6 | OFFICE OF MINORITY AND WOMEN INCLUSION

Additionally, the SEC’s EAGs played an important role in fostering a connected culture by 

holding numerous events that provided educational, cultural, and networking opportunities 

to SEC employees. This year, the EAGs also held timely and impactful programs responsive 

to current events, such as the Hispanic and Latino Opportunity, Leadership, and Advocacy 

Committee’s (HALO) program on “COVID and its Impact on the Hispanic Community and 

Hispanic-Owned Small Businesses” and the African American Council’s (AAC) virtual Lunch 

and Learn session where over 400 attendees participated in a candid, open, and supportive 

conversation about both societal-level issues surrounding race and the personal experiences of 

our African American colleagues. 

3. BUILD A DIVERSE TALENT PIPELINE

In FY 2020, the SEC implemented and supported numerous programs intended to build a 

diverse talent pipeline. These programs included targeted external outreach, such as career 

fairs and other events—many virtual as a result of the pandemic—as well as internal career 

development programs. In FY 2020, the SEC, through OMWI, the SEC’s regional offices and 

others, organized and/or participated in dozens of outreach events at educational institutions, 

professional organizations and institutions representing diverse populations. The SEC also 

enhanced its external, public facing presence on the new Diversity and Inclusion webpage on 

SEC.gov. The enhancements include #IAMtheSEC, a campaign showcasing the diverse careers 

and personnel at the SEC in an effort to attract diverse applicants by personalizing the SEC 

experience and communicating a sense of belonging.

The SEC also provided numerous resources to enhance career development. One such resource 

is the SEC’s Mentoring Program which focuses on professional development, collaboration 

across divisions and offices, expanded employee networks and leadership opportunities for 

mentors. The SEC’s Office of the Chief Operating Officer (OCOO) oversees the Mentoring 

Program with assistance from OMWI and the Office of Public Affairs. This year, a total of 

30 mentoring pairs participated in the program from October 2019 through June 2020. Each 

mentee was paired with a mentor who provided career development guidance and support.

In addition to orientation held in October 2019, formal program events occurred quarterly 

and were facilitated by experts from OCOO and SEC University (SECU). In FY 2020, OMWI 

also hosted a virtual TED9 Talk event featuring Shawn Achor’s, “The Happy Secret to Better 

Work,” a talk about the beneficial impact of positive psychology on creativity and productivity. 

Following the viewing, 50 participants joined a discussion lead by OMWI on a wide range of 

candid and thought-provoking topics. The third cohort of the Mentoring Program will run 

from January through June 2021, and is open to all headquarters and regional office employees.

To enhance our understanding of workforce demographics and diversity, in FY 2020, OMWI 

transitioned from providing static quarterly profiles of key workforce statistics to divisions and 

offices to using the SEC Diversity Dashboard, a dynamic and interactive platform showing 

current workforce snapshots and historical trends by gender, race, ethnicity, occupations, and 

generations. Developed in FY 2019 by the Diversity Council, in partnership with OMWI and 

the Office of Human Resources (OHR), the Diversity Dashboard was designed to increase 

transparency, provide employees access to current workforce data, and show the progress

9 “TED” stands for Technology, Entertainment and Design.
FY 2020 ANNUAL REPORT TO CONGRESS | 7

toward, and challenges of, building and sustaining a diverse workforce. OMWI expects that this 

information will be useful for conducting strategic outreach and recruitment for future vacancies.

4. LEVERAGE DIVERSITY AND INCLUSION FOR MISSION EFFECTIVENESS

The many courageous and candid conversations held with our staff, particularly those facilitated 

discussions following the Conscious Equity sessions, yielded thoughtful recommendations 

focused on strengthening our culture and our performance, including ways to enhance our 

mission effectiveness. These resulted in the proposal of new initiatives, including: improving 

diversity among Senior Officers; providing more leadership development training for 

underrepresented groups; taking steps to diversify the composition of hiring committees; and 

establishing a paid summer internship program focused on minority students. These specific 

actions were designed to improve our organization in terms of culture, internal and external 

opportunity, and accountability.

To demonstrate the Agency’s continued commitment to diversity and inclusion, FY 2020 

concluded with a recorded Town Hall on Diversity, Inclusion and Opportunity facilitated 

by former SEC Chairman Clayton featuring the OMWI Director and OMWI’s Senior Policy 

Advisor that covered topics including internal workplace inclusion efforts and external 

engagement activities with investors, professional organizations and other stakeholders. The 

participants also shared their perspectives on the challenges the SEC faces and how the SEC can 

continue to support its diverse colleagues.

5. PROMOTE BUSINESS DIVERSITY WITH SEC STAKEHOLDERS

Despite the challenges FY 2020 presented to external engagement, the SEC remained active in 

proactively connecting with external stakeholders about the importance of diversity, inclusion, 

and opportunity. At this year’s Practicing Law Institute’s SEC Speaks Program, which is attended 

by hundreds of professionals in the securities industry, the SEC convened its first ever Diversity 

Dialogue Session that was moderated by former Chairman Clayton and featured as speakers the 

OMWI Director and OMWI’s Senior Policy Advisor. The session focused on the mission-critical 

nature of the Commission’s diversity, inclusion and opportunity efforts, as well as its importance 

for the financial services industry.

Also, in November, 2020, the SEC’s Office of the Advocate for Small Business Capital Formation 

(OASB) teamed up with the SEC’s Los Angeles Regional Office (LARO) and Atlanta Regional 

Office (ARO) for “Women of Color Entrepreneurs on Being Powerful Voices for Access to 

Capital,” a publicly accessible, virtual conversation featuring women entrepreneurs and investors 

of color from the Los Angeles and Atlanta regions. Panelists, including Chief Executive Officers 

(CEO), a business financial strategist, and a founder and managing partner, shared their 

experiences, challenges, and successes, as well as ways to improve access to capital for minority 

and women entrepreneurs.

Additionally, the SEC launched a variety of external initiatives designed to further the 

principles of diversity, inclusion, and opportunity in our markets, including in the areas of 

asset management, access to capital, and investor access. For example, as part of its strategy 

to enhance external outreach, OMWI engaged in dialogues with a number of professional 

organizations with minority constituencies, including the Association of Asian-American 
8 | OFFICE OF MINORITY AND WOMEN INCLUSION

Investment Managers, the Association of African-American Investment Advisors, the National 

Association of Securities Professionals (NASP), the National Association of Investment 

Companies and New America Alliance. This outreach was designed to ensure that perspectives 

of underrepresented market participants were included in policy discussions regarding access to 

capital and investing.

Furthermore, OMWI’s work with the SEC advisory committees contributes to mission 

effectiveness and comports with the Agency’s Diversity and Inclusion Strategic Plan which 

specifically addresses promoting diverse participation in advisory committees. Through OMWI’s 

efforts, the Commission has received feedback on some of the challenges facing diverse business 

owners, historically underrepresented communities and minority investors. The informed 

perspectives, advice and recommendations, in turn, help guide the Commission’s policy decisions.

OMWI is integrated into the SEC’s advisory committee selection process to ensure broad, 

diverse representation and provides input on potential candidates for each committee. 

Currently, OMWI’s Senior Policy Advisor chairs the Nominating Committee for the Investor 

Advisory Committee. Guided by the SEC Diversity and Inclusion Strategic Plan, OMWI’s 

efforts have resulted in an increase in the number of women and minorities represented on 

the advisory committees.

In FY 2020, OMWI worked with the SEC’s independent advisory committees to develop 

outreach events to diverse business communities to promote diversity, inclusion and opportunity. 

For example:

» In June, the OASB hosted a virtual Small Business Forum that featured thought leaders from 

across the capital formation marketplace who discussed issues like empowering women 

entrepreneurs, building minority-owned businesses and raising capital.

» In July, OASB and the OMWI Director participated in two fireside chats with New America 

Alliance and NASP to discuss capital formation impacting minority entrepreneurs and minority 

financial services industry professionals.

» In July, September, and December, the SEC’s Asset Management Advisory Committee held 

public meetings to highlight the disparities in the asset management industry. During these 

meetings, leaders from renowned professional organizations and industry experts focused on 

minority-owned and women-owned firms, discussed challenges facing diverse asset managers 

and explored possible solutions to address disparities in assets under management.

» In August, in light of the challenges facing minorities in their efforts to access capital, as well as 

events highlighting racial injustice and the challenges from the COVID-19 pandemic, the Small 

Business Capital Formation Advisory Committee held a meeting which focused on how capital 

markets are serving underrepresented founders, including minority women.

» In September, the Investor Advisory Committee convened a meeting which focused on 

challenges confronting minority investors including the impact of the racial wealth gap and the 

need to identify and address barriers to access to capital impacting the minority community.

Finally, in its efforts to foster financial literacy, OMWI continued to assist with the Commission’s 

strategic efforts to improve its outreach to investors in underrepresented communities by 
FY 2020 ANNUAL REPORT TO CONGRESS | 9

working with educational institutions, as well as organizations focused on enhancing financial 

opportunities for minority investors. For example, former Chairman Clayton and OMWI’s 

Senior Policy Advisor participated in the Building Wealth Summit’s Annual Conference to discuss 

the importance of financial literacy and ways that minority investors could access the markets. 

In addition, former Chairman Clayton, the Director of the Office of Investor Education and 

Advocacy (OIEA) and OMWI’s Senior Policy Advisor participated in a Roundtable Discussion 

hosted by the Right Distraction focused on reducing the racial wealth gap. Participants in the 

Roundtable included various leaders from prominent organizations with minority constituencies, 

including Marc Morial, CEO of the National Urban League.

Interagency Efforts to Promote Diversity and Inclusion

In keeping with the tradition of collaboration and cooperation, the SEC and other federal 

financial regulatory agencies hosted several major conferences in FY 2020.

In October 2019, the OMWI Offices held their second Financial Regulatory Agencies’ Diversity 

and Inclusion Summit at the Chicago Reserve Bank. In addition to providing a forum for 

business leaders and diversity professionals from financial services institutions to discuss best 

practices for advancing diversity and inclusion, the Summit gave the OMWI Directors an 

opportunity to highlight the benefits of conducting self-assessments of diversity policies and 

practices and encourage regulated entities to share diversity self-assessments with their primary 

financial regulators.

In December 2019, the OMWI Offices from all eight federal financial regulatory agencies hosted 

their third OMWI Joint Procurement Technical Assistance event for companies interested in 

building and growing their federal contracting opportunities. “Connections that Count” was 

the theme of the day-long event held at George Mason University in Arlington, Virginia. The 

event featured sessions on strategies for successful teaming arrangements, business models 

and blueprints for growth, and other useful topics for potential and existing vendors with the 

government. The 135 attendees also had an opportunity to network and meet representatives 

from the Minority Business Development Agency and the Northern Virginia Procurement 

Technical Assistance Center, among others.

In June 2020, in response to recent events highlighting racial inequities in our nation, the OMWI 

Offices from the federal financial regulatory agencies, including the SEC and the Department 

of Treasury, hosted “Beyond Words: Race, Work and Allyship.” This webinar explored the 

effects of racism on people of color, the practice of allyship, and the use of privilege and power 

to achieve equity and inclusion, and featured a discussion with guest speakers, Howard Ross 

and Dr. Johnnetta Cole, that was moderated by National Credit Union Administration (NCUA) 

Chairman Rodney Hood.

The SEC also continued to carry out existing programs and initiatives to enhance diversity and 

inclusion throughout the SEC’s workforce and business activities in FY 2020. Those efforts are 

described in more detail in the sections that follow.
10 | OFFICE OF MINORITY AND WOMEN INCLUSION

WORKFORCE DIVERSITY AND 

WORKPLACE INCLUSION

The SEC recognizes that sustained efforts are needed to attract, hire, develop, and retain highquality, diverse talent for all levels of the Agency’s workforce in order to successfully perform 

its mission. To that end, the SEC strives to cultivate a workplace culture that values diversity, 

encourages collaboration, flexibility and fairness, and allows all employees to contribute to their 

full potential. The Agency pursues a comprehensive strategy for building and maintaining a 

diverse workforce and fostering an inclusive workplace, key components of which include: 

» Engaging in outreach and recruitment to attract diverse candidates for employment and 

internship opportunities;

» Training employees, supervisors, and managers in equal employment opportunity and 

diversity awareness, and also training by OMWI, OEEO, and OHR for hiring managers;

» Supporting employee participation in leadership development training programs;

» Incorporating support for Agency diversity and inclusion efforts in a performance standard 

for supervisors and managers;

» Monitoring and analyzing internal demographics to assess diversity at all levels of the 

Agency’s workforce and identify opportunities for improvement; and 

» Evaluating the effectiveness of the Agency’s workforce diversity initiatives.

All SEC divisions and offices have a key role in supporting the Agency’s efforts to build and 

maintain a diverse workforce and cultivate an inclusive work environment. Although OMWI is 

responsible for all matters related to diversity and inclusion in employment at the SEC, OMWI 

coordinates and collaborates with other offices to execute the Agency’s strategy for workforce 

diversity and inclusion.

The Diversity Council also plays an important role in promoting diversity and inclusion at the 

SEC. This year, the Diversity Council launched several new initiatives which included: 

» The UnCovering Task Force, led by an OEEO staff member, which promotes bringing your 

authentic self to work and established five working groups to support this initiative: (1) 

Communications; (2) Data/Metrics; (3) EAGs; (4) Facilitated Discussions; and (5) Learning 

& Development.

» The subcommittee on the study of Fairness and Bias in the workplace which is led by the 

OMWI Director and seeks to ascertain employee perceptions of fairness and bias in the 

workplace.

» The joint working group consisting of all the EAGs that analyzed the Agency’s Federal 

Employee Viewpoint Survey (FEVS) and developed recommendations.
FY 2020 ANNUAL REPORT TO CONGRESS | 11

OMWI also supported the launch of the Diversity Council’s first webpage on the intranet site, 

The Exchange, as well as helped the Diversity Council launch the new Diversity and Inclusion 

webpage10 on SEC.gov to showcase diversity and inclusion initiatives at the Commission. 

In FY 2020, as in previous years, the SEC continued to direct efforts towards enhancing diversity 

in the Agency’s senior management positions and five designated “mission-critical occupations”—

attorney, accountant, economist, securities compliance examiner, and information technology 

management. Employees in these occupations comprised 78.2 percent of the SEC workforce as of 

the end of FY 2020. The data for FY 2019 to FY 2020 show: 

» Senior Officers: Minorities represent 16 percent in FY 2020, up from 13 percent in FY 2019; 

women represent 43.6 percent in FY 2020, up from 41.8 percent in FY 2019.

» Managers and Supervisors: Minorities represent 25.6 percent in FY 2020, up from 24.8 percent 

in FY 2019; women represent 39.4 percent in FY 2020, up from 38.5 percent in FY 2019.

» Mission-Critical Occupation New Hires: Minorities represent 37.7 percent in FY 2020, up 

from 27 percent in FY 2019; women represent 44.1 percent in FY 2020, slightly down from 

44.4 percent in FY 2019.

Outreach and Recruitment

Strategic outreach and recruitment has been the cornerstone of the SEC’s strategy for enhancing 

workforce diversity. As in the previous year, the Agency continued to focus on developing a 

pipeline of talent for future careers at all levels of the Agency—executives, professionals, recent 

graduates, and students.

DIVERSITY PARTNERSHIPS

The SEC maintains relationships with minority and women professional associations and 

educational organizations to help further the Agency’s workforce diversity objectives. These 

collaborative relationships, referred to as “Diversity Partnerships,” provide a variety of 

opportunities for outreach and recruitment. Partnering organizations also agree to disseminate 

information about current SEC employment and internship opportunities and share information 

and best practices for promoting diversity and inclusion. In addition to the formal partnerships, 

the SEC collaborates regularly with academic institutions and educational organizations.

In FY 2020, the SEC maintained its Diversity Partnerships with student-focused organizations, 

such as the National Black MBA Association, National Association of Asian MBAs, and the 

Council on Legal Education Opportunity, Inc. The SEC also continued its Diversity Partnerships 

with several minority professional associations, including the Association of Latino Professionals 

for America (ALPFA), and the National Association of Black Accountants (NABA). For a list of 

organizations that have entered into Diversity Partnerships with the SEC, see Appendix A.

10 https://www.sec.gov/diversity-and-inclusion-sec.
12 | OFFICE OF MINORITY AND WOMEN INCLUSION

OUTREACH EVENTS AND ADVERTISING

In FY 2020, OMWI coordinated or facilitated the SEC’s participation in over 20 diversity 

outreach and recruitment events, while the SEC regional offices participated in dozens more. 

These events served to inform professionals and students about employment at the SEC. The 

Agency also distributed job advertisements to 347 recruitment sources. Over 90 SEC employees 

actively participated in diversity outreach by serving as speakers and panelists at conferences, 

participating in meetings of partnering organizations, and representing the SEC at career fairs 

and outreach events held either on campus or virtually, including at minority-serving colleges, 

universities and law schools. Involving employees in this manner helped establish them as 

internal agents of diversity, and also helped foster mutual respect and inclusion in the workplace. 

For a list of many of the SEC’s FY 2020 outreach and recruitment events, see Appendix B.

STUDENT OUTREACH INITIATIVES

During FY 2020, the SEC continued its efforts to generate interest in future careers and 

internships with the Agency through student-focused outreach. In February 2020, for instance, 

the SEC held multiple events geared toward students from a variety of educational levels. 

For example, for African American History month, the AAC and OMWI held an event titled 

“Financial Literacy and Your Future.” As part of this event, the SEC welcomed 43 students 

and five faculty members from 13 Washington, D.C. area colleges and universities, including 

business and law schools, to discuss financial literacy and career opportunities. The schools in 

attendance included Morgan State University and Bowie State University, both Historically Black 

Universities, as well as the University of the District of Columbia David Clarke School of Law, 

a majority-minority institution. Commissioner Elad Roisman delivered opening remarks, which 

were followed by a fireside chat, a presentation on savings and investing, and a career panel 

discussion. Additionally, the SEC welcomed 12 students and their coordinator from the Florida 

International University (FIU) College of Law. The event included a career panel consisting of 

an Enforcement Assistant Director and General Attorneys from the Divisions of Corporation 

Finance and Trading and Markets. Panelists spoke about their career trajectories, work at the 

SEC and relevant life experiences. Finally, OMWI addressed students from the African American 

Student Union of the Harvard Business School during an event titled “Uncharted: Black 

Visionary Leadership Redefining What Is Possible.”

Even after the pandemic resulted in mandatory telework, the SEC continued to hold outreach 

events for students virtually. For example, in June 2020, the SEC virtually welcomed 40 students 

from FIU College of Law for a panel discussion featuring a Senior Advisor to former Chairman 

Clayton, OMWI’s Acting Deputy Director, and two Assistant Directors and an Attorney from 

the Enforcement Division. The panelists shared their career journeys, work experience at the 

SEC, and internship and career opportunities at the SEC.

Additionally, in July 2020, OMWI hosted 60 students from the Hispanic National Bar 

Foundation’s Virtual Future Latino Leaders Joint Summit with the SEC and the Department 

of Justice. This event featured a government panel, including the Acting Deputy Director of 
FY 2020 ANNUAL REPORT TO CONGRESS | 13

OMWI, who discussed their career paths, what drew them to federal service and their work at 

their respective agencies. Participants were high school students interested in pursuing degrees 

and careers in law. They demonstrated interest and engagement, as they were introduced to 

securities law, work in federal service, and financial services legal careers in general. Students 

were also informed of the SEC’s internship program and encouraged to consider applying.

Furthermore, in September 2020, the SEC participated in the NABA Virtual Student Conference. 

Two Accountants from the National Exam Program presented on careers at the SEC. The SEC 

also participated in the Historically Black Colleges and Universities’ (HBCU) Virtual Career 

Fair. Five SEC employees including two Branch Chiefs and two Attorneys from the Division of 

Investment Management, as well as an Attorney from the Office of Credit Ratings, talked about 

career opportunities at the SEC with 13 students from different HBCUs.

For nearly 10 years, the Professionals Reaching Out to Promote Excellence and Learning 

for Students (PROPELS) financial literacy and mentoring program has been held at SEC 

headquarters and several regional offices. Students from high schools with high minority 

populations participate in the PROPELS program to gain exposure to careers in business, 

finance, law, and information technology and learn about the importance of financial education. 

Because of the pandemic, few offices held the PROPELS program this year. Just before shifting to 

a virtual environment, however, our Philadelphia Regional Office (PLRO) hosted its PROPELS 

events for 19 students from Inner City Parkway Center. Additionally, throughout FY 2020, the 

Miami Regional Office (MIRO) held a number of programs targeting local high schools to teach 

about financial literacy and future careers with the Agency. These programs reached hundreds of 

minority students.

The SEC is committed to continuing its student outreach activities as a promising means to 

prime the pipeline for future talent by generating interest in careers at the SEC and in the 

financial services industry generally.

DIVERSITY OUTREACH AND INITIATIVES IN REGIONAL OFFICES

SEC staff members in the regional offices have been indispensable to the success of the Agency’s 

initiatives to promote workforce diversity and inclusion. They have been especially helpful in 

carrying out activities prescribed by Section 342(f) of the Dodd-Frank Act for seeking diversity at 

all levels of the Agency’s workforce. Overall, staff from nearly all regional offices represented the 

SEC at numerous conferences, career fairs, and other diversity outreach events this year. Below 

are just a few highlights of activities organized by several of our regional offices.

The Chicago Regional Office (CHRO) and OMWI participated in the Hispanic Association of 

Colleges and Universities’ (HACU) 33rd Annual Conference in October 2019. HACU represents 

more than 470 colleges and universities committed to Hispanic higher education success. The 

conference had nearly 2,000 attendees, including school administrators, faculty, staff and about 

600 students. The SEC sponsored one of the 103 booths at the conference, featuring primarily 
14 | OFFICE OF MINORITY AND WOMEN INCLUSION

educational and employment opportunities. Also, in November 2020,11 six staff members 

from the CHRO participated in the INROADS Virtual 50th Anniversary Gala and Career 

Fair. INROADS is an organization that helps connect diverse applicants with internship and 

career opportunities to foster employment of ethnically diverse individuals. For the career fair, 

there were over 400 applicants, all of whom provided resumes to the attending partners, which 

included INROADS Alumni and other guests, to help them scout, screen, interview and/or hire 

mid-level career professionals.

LARO hosted an information booth and distributed OIEA publications at the Latino Expo and 

Dia de Los Muertos festival in October 2019. This event is billed as one of the largest Latinofocused business expos in Southern California, routinely attracting 15,000–25,000 visitors and 

featuring dozens of exhibitors. In June 2020, LARO also presented on investing safely and 

avoiding fraud, including COVID-related scams, at an event by the Los Angeles Department of 

Consumer and Business Affairs’ Center for Financial Empowerment.12 The audience consisted 

of community-based non-profit organizations that serve underserved communities, and the goal 

was to raise awareness of common scams in these communities, highlight SEC resources, and 

provide information on researching investments and investment professionals. In turn, the nonprofits could share that information with their constituents.

The New York Regional Office (NYRO) collaborated with the Federal Trade Commission 

in November 2019 to present a Tele-Town Hall related to fraud during COVID-19 to City 

University of New York (CUNY) Medgar Evers College, a predominantly minority institution. 

Panelists provided information on how each agency protects investors and how to remain 

vigilant against fraud during COVID-19 market distress. Panelists also shared ways each agency 

monitors for fraud, provided public resources for investors and delivered relevant examples 

drawing from closed, real-life cases. Also, in March 2020, the NYRO attended the New York 

Police Department’s (NYPD) Annual Women’s Conference, a two-day event with about 1,000 

attendees designed to offer resources for female members of NYPD. NYRO staff members 

spoke with attendees about saving and investing, avoiding fraud, investing through New York 

City retirement plans, and the role and function of the SEC.

MIRO staff participated in numerous diversity outreach, recruitment, and education events 

for diverse professionals, law students, and business students throughout FY 2020. Events 

included: “Ahead of the Game” Accounting Fair at FIU School of Business; ALPFA and Beta 

Alpha Psi FIU Accounting and Business Expo Career Fair; St. Thomas Law School Career and 

Information Fair; University of Puerto Rico College of Law and School of Business events; and 

an appearance by the MIRO Regional Director at the Hablando En Plata Radio Show which 

was broadcast throughout Puerto Rico.

11 Although this event falls outside FY 2020, as a 50th Anniversary celebration it is momentous and timely to highlight 

it this year.

12 For more information about the Center for Financial Empowerment, go to: https://dcba.lacounty.gov/financialempowerment/.
FY 2020 ANNUAL REPORT TO CONGRESS | 15

The San Francisco Regional Office Diversity Committee focused on forging relationships with 

local law schools, such as the University of California Hastings College of Law, Stanford Law 

School and University of California Berkeley School of Law to provide information about the 

SEC to diverse law student groups so that they will be equipped to apply to the Agency for 

future employment.

Staff from regional offices also worked to ensure the SEC’s outreach, education, and 

consultation efforts extended to investors and businesses of all backgrounds. For example, in 

October 2019, the ARO, the OASB, and Morehouse College’s Innovation and Entrepreneurship 

Center hosted an event for minority entrepreneurs and investors.13 Participants had an 

opportunity to share success stories, best practices, solutions to challenges faced in raising 

capital, and resources to support new ventures. Morehouse students, faculty and business 

leaders also attended a networking event and a student entrepreneur exhibit. 

STUDENT INTERNS

The SEC provides internship opportunities for undergraduate, graduate, and law students 

to learn about securities regulations and the work of the SEC through the Student Honors 

Program. The 10-week internship is offered at headquarters and in the SEC’s 11 regional 

offices. From fall 2019 to summer 2020, 569 students participated in the Student Honors 

Program; 37 (6.5 percent) were from HBCUs and Hispanic-Serving Institutions—educational 

institutions specified in Section 342(f)(1) of the Dodd-Frank Act as outreach and recruitment 

sources.

Diversity Training

Making diversity and inclusion training readily available to managers and employees continues 

to be a key element of the SEC’s strategy for building and maintaining a diverse workforce and 

fostering an inclusive workplace. OMWI works closely with SECU, a component of OHR, to 

offer on-demand, web-based courses, as well as classroom training, related to diversity and 

inclusion throughout the year. In FY 2020, SECU continued to make available online classes 

on unconscious bias. The SEC also expanded its library of training videos last year to include a 

four-part series collaboratively created by OMWI, OHR, and OEEO on transgender awareness 

and inclusion in the workplace. 

As a follow-up to the in-person unconscious bias training OMWI completed in FY 2019 for 

supervisors and staff in the regional offices, OMWI offered six sessions of “Conscious Equity 

2.0” in FY 2020, primarily targeting supervisors and managers at SEC headquarters. The 

course was designed to foster a connected culture by offering strategies to help team members 

feel empowered, psychologically safe, and prepared to manage self and others. Close to 600 

staff members participated and reported overwhelmingly positive feedback. These sessions 

were followed by 18 group discussions led by a facilitator during which staff shared ideas 

13 See video “Reaching New Heights – Conversations on Raising Capital for Businesses of Color.”
16 | OFFICE OF MINORITY AND WOMEN INCLUSION

about implementing some of the strategies covered by the course. Over 2,000 SEC staff 

members attended these discussions across the Agency and expressed deep appreciation for the 

opportunity for engagement and candor.

Further, in FY 2020, the SEC offered over two dozen trainings aimed at increasing understanding 

and awareness of workforce diversity and inclusion. The trainings covered a wide range of 

topics, such as building bridges across cultural divergence, understanding workplace diversity, 

and preventing harassment. About 900 employees participated in diversity- and inclusion-related 

training in FY 2020.

Leadership Development Programs

The SEC provides employees with numerous opportunities to acquire the skills and certifications 

needed to succeed in their positions and progress in their careers. SECU offers classroom-style 

and e-Learning programs in technical areas. The Agency also supports participation in career 

and leadership development programs. In FY 2020, in addition to the SEC’s standing leadership 

development programs, such as the Women in Leadership Program, Excellence in Government 

Fellows Program, and Career Advancement Program sponsored by the non-profit organization 

Management Leadership for Tomorrow, the SEC will launch a new leadership development 

program for minority managers: the Connections, Opportunities, Relationships, Equity 

(C.O.R.E.) Program. This program is the SEC’s first leadership development program specifically 

designed to support minority leaders with tools and techniques to embrace authenticity, create a 

connected culture, and improve leadership effectiveness.

MONITORING AND ANALYZING 

INTERNAL DEMOGRAPHICS

In FY 2020, OMWI introduced the SEC Diversity Dashboard, providing on-demand analytics 

for each of the SEC’s divisions and offices by gender, race, and ethnicity. OMWI also conducted 

briefings for newly appointed division and office heads to provide an overview of the current 

state of diversity and inclusion in their organizations. In addition to monitoring and providing 

this personnel data, OMWI works with senior management to develop strategies to continue 

increasing representation of minorities and women in mission-critical occupations. 

Evaluating Performance

APPLICANT DATA ANALYSIS

OMWI obtained from the Office of Personnel Management (OPM) demographic data for 

the applicants for vacancies in the Agency’s mission-critical occupations—attorney, 

accountant, economist, securities compliance examiner, and IT management—filled through 

the USAJOBS.gov website. In FY 2020, 8,698 applications were submitted for vacancies in 

mission-critical occupations and 5,505 (63 percent) of the applications were from individuals 
FY 2020 ANNUAL REPORT TO CONGRESS | 17

who voluntarily disclosed gender and/or race and ethnicity as part of their USAJOBS profiles.14

OMWI analyzed data from applicants who provided demographic information to determine 

the levels of diversity in applicant pools.

Figure 1 shows data from applicants for mission-critical occupations who self-identified their 

gender, race, and ethnicity. In FY 2020, the representation of each minority group among 

applicants for each mission-critical occupation was higher than the group’s representation in 

the same occupations in the Civilian Labor Force (CLF).15 The representation of women among 

FY 2020 applicants for all mission-critical occupations except attorney was lower than their 

representation in these occupations in the CLF.

Though not a precise measure of the impact of the SEC’s outreach and recruitment efforts, 

the analysis of applicant demographic data provides OMWI with some measure of the 

effectiveness of diversity outreach and recruitment initiatives and can be used to identify areas 

for strategic outreach.

14 Because self-identification of demographic information is voluntary, it is not possible to determine whether those 

who provided information have the same characteristics as those who did not. Therefore, caution must be used 

when drawing conclusions about the application rates of demographic groups.

15 The Civilian Labor Force includes all persons 16 years of age and over, except those in the armed forces, who are 

employed or who are unemployed and seeking work. CLF data are defined by the Bureau of the Census and the 

Bureau of Labor Statistics and are reported in the most recent decennial or mid-decade census, or current population survey, under title 13 of the United States Code or any other reliable statistical study. See 5 CFR 720.202(d).

Men Women White Black Hispanic Asian All Other

0905 General 

Attorney

Applied 61.8% 38.2% 59.9% 17.8% 9.7% 11.3% 1.3%

OCLF 66.7% 33.3% 86.4% 4.7% 4.4% 3.6% 1.0%

0510 

Accounting

Applied 49.7% 50.3% 28.8% 38.1% 12.6% 19.8% 0.7%

OCLF 39.9% 60.1% 76.0% 8.1% 6.1% 8.6% 0.1%

1831 Securities

Compliance 

Examining

Applied 67.4% 32.6% 58.1% 14.7% 7.8% 19.4% 0.0%

OCLF 54.7% 45.3% 72.4% 12.3% 6.7% 7.7% 0.0%

0110 Economist Applied 69.7% 30.3% 42.5% 17.1% 11.4% 28.0% 0.9%

OCLF 67.1% 32.9% 81.0% 5.5% 5.2% 7.1% 0.1%

2210 IT 

Management

Applied 77.7% 22.3% 26.1% 30.2% 10.8% 31.2% 1.7%

OCLF 70.4% 29.6% 73.1% 11.1% 7.6% 7.1% 1.5%

Figure 1: FY 2020 Applications for Mission-Critical Occupations Compared to Occupational CLF

Source: Applicant flow data from OPM retrieved using USA Staffing MD-715 “A” Tables – Mission-Critical Occupations 

Distribution by Race, Ethnicity, and Sex on November 12, 2020. OCLF reflects the occupational CLF retrieved 

from Census 2010 EEO Tabulation using occupational cross-classification provided by the Equal Employment 

Opportunity Commission.
18 | OFFICE OF MINORITY AND WOMEN INCLUSION

Current State of Diversity

FY 2020 SEC WORKFORCE PROFILE

As of the end of FY 2020, the SEC workforce had 4,493 employees.16 Nearly two-thirds of SEC 

employees work at the Agency’s headquarters in Washington, DC, and approximately one-third 

work in the SEC’s 11 regional offices.

The SEC workforce had 128 more employees as of the end of FY 2020 than in FY 2019. The 

overall demographic composition of the SEC workforce, however, remained relatively unchanged.

Figure 2 shows the SEC workforce representation by gender, race, and ethnicity. As of the 

end of FY 2020, men comprised 53.8 percent and women comprised 46.2 percent of the SEC 

workforce. The breakdown of the SEC workforce by race and ethnicity was as follows: 65.0 

percent of SEC employees self-identified as white, 15.4 percent as Black or African American, 

12.8 percent as Asian, 5.8 percent as Hispanic or Latino, 0.4 percent as American Indian or 

Alaskan Native, 0.5 percent as Two or More Races, and less than 0.1 percent as Native Hawaiian 

or Other Pacific Islander.

16 Unless otherwise noted, data is reported for permanent and temporary employees.

Figure 2: Workforce Composition by Gender, Race, and Ethnicity FY 2018 – FY 2020

Source: Federal Personnel and Payroll System (FPPS) data retrieved on November 12, 2020. “All Other” includes 

the Native Hawaiian or Other Pacific Islander, American Indian or Alaskan Native, Two or More Races categories.

Men Women White Black Hispanic Asian All Other

FY 2018 54.1% 45.9% 65.7% 15.5% 5.5% 12.3% 1.0%

FY 2019 53.8% 46.2% 65.3% 15.6% 5.6% 12.4% 1.1%

FY 2020 53.8% 46.2% 65.0% 15.4% 5.8% 12.8% 0.9%

50%

100%

0%
FY 2020 ANNUAL REPORT TO CONGRESS | 19

The three-year trend in the representation of women and minorities in the SEC workforce is 

shown in Figure 3. The overall representation of minorities and women increased slightly from 

FY 2018 to FY 2020.

SEC WORKFORCE COMPARED TO THE FEDERAL WORKFORCE AND CLF

Figure 4 shows how the demographic composition (i.e., gender, race, and ethnicity) of the SEC 

workforce, as of the end of FY 2020, compared to the demographic composition of the Federal 

workforce and the CLF. These comparisons provide a frame of reference for the present level 

of diversity in the SEC workforce and the progress made toward building and maintaining a 

workforce drawn from all segments of society. As of the end of FY 2020, at 46.2 percent, the 

representation of women in the SEC workforce was higher than their representation in the 

Federal workforce (44.1 percent), but lower than their representation in the CLF (48.1 percent).

Minorities collectively represented 35 percent of the SEC workforce as of the end of FY 

2020, which was higher than their representation in the CLF (27.6 percent), and lower than 

their representation in the Federal workforce (38.2 percent). The SEC workforce had a lower 

representation of Black or African American employees (15.4 percent) and Hispanic or Latino 

employees (5.8 percent) than the FY 2020 Federal workforce, and a lower representation of 

Hispanic or Latino employees than the CLF. The percentage of Asian employees in the SEC 

workforce exceeded their representation in both the CLF and Federal workforce. 

Figure 3: Women and Minority Representation FY 2018 – FY 2020

Source: FPPS FY 2020 data retrieved on November 12, 2020.

Minority Women

100%

50%

0%

FY 2018 FY 2019 FY 2020

45.9% 46.2% 46.2%

34.3% 34.7% 35.0%
20 | OFFICE OF MINORITY AND WOMEN INCLUSION

WORKFORCE ANALYSIS BY OCCUPATION

The SEC has employees in over 50 occupations. Figure 5 shows the percentage of each 

demographic group in the 15 most prevalent occupations in the SEC workforce. It also reveals 

gender and racial differences in employment patterns. 

Attorney is the most prevalent occupation in the SEC workforce; 42.5 percent of all SEC 

employees were in the attorney occupation as of the end of FY 2020. Attorney is the most 

prevalent occupation for both men and women, as well as for three of the four largest racial 

and ethnic groups in the SEC workforce, though differences exist in the degree of prevalence. 

As of the end of FY 2020, 50.5 percent of White, 36 percent of Asian, and 32.8 percent of 

Hispanic or Latino employees were employed as attorneys. Attorney was the second most 

prevalent occupation for Black or African American employees (18.7 percent) as of the end of 

FY 2020. A slightly greater percentage of Black or African American employees were employed 

in positions in the Miscellaneous Administration and Program Series (19.2 percent). 

Demographic Groups SEC FY 2020

Workforce

FY 2020 Federal

Workforce*

2010 Civilian 

Labor Force

Men 53.8% 55.9% 51.9%

Women 46.2% 44.1% 48.1%

White (Non-Minority) 65.0% 61.8% 72.4%

Minority 35.0% 38.2% 27.6%

Black or 

African American

15.4% 18.3% 12.0%

Hispanic or Latino 5.8% 9.5% 10.0%

Asian 12.8% 6.3% 3.9%

Native Hawaiian or 

Other Pacific Islander

<0.1% 0.5% 0.1%

American Indian or

Alaska Native

0.4% 1.6% 1.1%

Two or More Races 0.5% 1.9% 0.5%

Figure 4: FY 2020 SEC Workforce Compared to Federal Workforce and CLF

Source: FPPS FY 2020 data retrieved on November 12, 2020. Federal workforce data from OPM and CLF data from 

Census 2010 EEO Tabulation.

*Data current as of December 2020, retrieved on February 4, 2021.
FY 2020 ANNUAL REPORT TO CONGRESS | 21

The majority of White, Asian, and Hispanic or Latino employees worked in the Agency’s 

mission-critical occupations shown in bold in Figure 5. As of the end of FY 2020, 85.7 percent 

of White employees, 85 percent of Asian employees, and 72.9 percent of Hispanic or Latino 

employees worked in these occupations. In comparison, as of the end of FY 2020, 43.9 percent 

of Black or African American employees worked in mission-critical occupations.

SEC Men Women White Black Asian Hispanic All 

Other

General Attorney 

(0905)

42.5% 43.3% 41.6% 50.5% 18.7% 36.0% 32.8% 26.2%

Accounting (0510) 19.0% 20.0% 17.8% 20.7% 11.1% 20.2% 19.1% 11.9%

Securities Compliance 

Examining (1831)

7.7% 9.1% 6.0% 7.7% 4.3% 10.8% 9.5% 7.1%

Information 

Technology 

Management (2210)

6.7% 9.1% 3.9% 4.5% 9.1% 14.3% 8.8% 9.5%

Miscellaneous 

Administration & 

Program (0301)

5.3% 2.4% 8.7% 2.4% 19.2% 2.1% 7.6% 7.1%

Management and

Program Analysis 

(0343)

3.5% 2.4% 4.8% 2.3% 9.2% 1.9% 4.2% 9.5%

Economist (0110) 2.3% 2.9% 1.6% 2.3% 0.7% 3.8% 2.7% 7.1%

Paralegal Specialist 

(0950)

1.8% 0.7% 3.1% 1.3% 4.3% 0.9% 3.1% 4.8%

Human Resources 

Management (0201)

1.2% 1.8% 0.6% 1.2% 0.1% 3.1% 0.8% 0.0%

Contracting (1102) 1.2% 0.6% 1.9% 0.6% 4.3% 0.5% 1.5% 2.4%

Financial Analysis 

(1160)

1.0% 0.9% 1.2% 0.7% 2.2% 0.9% 1.9% 4.8%

Program Management 

(0340)

0.8% 0.9% 0.7% 0.9% 0.6% 0.0% 1.1% 4.8%

Financial 

Administration and 

Program (0501)

0.7% 0.4% 1.2% 0.4% 2.7% 0.2% 0.8% 0.0%

Miscellaneous Clerk 

and Assistant (0303)

0.6% 0.4% 0.8% 0.2% 2.9% 0.0% 0.0% 0.0%

Secretary (0318) 0.6% 0.0% 1.2% 0.2% 2.3% 0.3% 0.8% 0.0%

All Other 

Occupations

5.0% 5.0% 5.0% 4.2% 8.2% 5.0% 5.3% 4.8%

Figure 5: FY 2020 Percent of Demographic Group in Top 15 SEC Occupations

Source: FPPS FY 2020 data retrieved November 12, 2020. “All Other” includes Native Hawaiian/Pacific Islander, 

American Indian/Alaska Native, Two or More Races. Mission-critical occupations are shown in bold.
22 | OFFICE OF MINORITY AND WOMEN INCLUSION

MISSION CRITICAL OCCUPATIONS

The SEC has largely directed outreach and recruitment efforts toward enhancing diversity in 

the Agency’s mission-critical occupations. Figure 6 shows how the workforce representation 

of minorities and women in each mission-critical occupation, as of the end of FY 2020, 

compared to their availability in these occupations in the CLF. The SEC relies on the 

comparisons with the occupational CLF benchmarks to assess the Agency’s progress towards 

improving diversity in mission-critical occupations and to identify areas of focus for ongoing 

outreach and recruitment strategies.

As of the end of FY 2020, the percentage of women in all SEC mission-critical occupations 

except the attorney occupation was below the percentage of women in these occupations 

in the CLF. The percentage of Black or African American employees in the securities 

compliance examiner and economist occupations in the SEC workforce was lower than 

their representational percentage in these two occupations in the CLF. The percentage of 

Hispanic or Latino employees in the attorney, economist, securities compliance examiner and 

IT management occupations in the SEC workforce were at or above their representational 

percentage in the same occupations in the CLF, while the percentage of Hispanic or Latino 

employees in the accounting occupation fell slightly below their representation in the CLF.

Minorities collectively represented 22.7 percent of attorneys, 29.1 percent of accountants, 

35.6 percent of economists, and 34.9 percent of securities compliance examiners in the SEC 

workforce. In contrast, minorities collectively held 57 percent of IT management positions 

in the SEC workforce, which was more than double the percentage of minorities in the IT 

management occupation in the CLF (26.9 percent). 

Men Women White Black Hispanic Asian All Other

0905 General 

Attorney

SEC

Workforce 54.8% 45.2% 77.3% 6.8% 4.5% 10.8% 0.6%

OCLF 66.7% 33.3% 86.4% 4.7% 4.4% 3.6% 0.9%

0510 

Accounting

SEC

Workforce 56.7% 43.3% 70.9% 9.0% 5.9% 13.6% 0.6%

OCLF 39.9% 60.1% 76.0% 8.1% 6.1% 8.6% 1.2%

1831 Securities

Compliance 

Examining

SEC

Workforce 64.0% 36.0% 65.1% 8.7% 7.3% 18.0% 0.9%

OCLF 54.7% 45.3% 72.4% 12.3% 6.7% 7.7% 0.9%

0110 Economist SEC

Workforce 68.3% 31.7% 64.4% 4.8% 6.7% 21.2% 2.9%

OCLF 67.1% 32.9% 81.0% 5.5% 5.2% 7.1% 1.3%

2210 IT 

Management

SEC

Workforce 73.2% 26.8% 43.0% 20.9% 7.6% 27.2% 1.3%

OCLF 70.4% 29.6% 73.1% 11.1% 7.6% 7.1% 1.5%

Figure 6: FY 2020 SEC Workforce Mission-Critical Occupations Compared to Occupational CLF

Source: FPPS FY 2020 data retrieved on November 12, 2020. OCLF data from Census 2010 EEO Tabulation. “All Other” 

includes Native Hawaiian or Other Pacific Islander, American Indian or Alaskan Native, Two or More Races categories.
FY 2020 ANNUAL REPORT TO CONGRESS | 23

Figure 7 shows employees in mission-critical occupations by gender, race, and ethnicity from 

FY 2018 to FY 2020. The percentage of minorities in mission-critical occupations increased 

marginally over the three-year period. The percentage of Asian and Hispanic employees 

in mission-critical occupations increased slightly, while the percentage of Black or African 

American employees remained about the same. The percentage of women in mission-critical 

occupations increased slightly from FY 2018 to FY 2020. 

Total Men Women White Black Hispanic Asian All Other

FY 2018 3,477 2,041 1,436 2,504 303 177 464 29

100.0% 58.7% 41.3% 72.0% 8.7% 5.1% 13.3% 0.8%

FY 2019 3,413 1,995 1,418 2,450 300 175 460 28

100.0% 58.5% 41.5% 71.8% 8.8% 5.1% 13.5% 0.8%

FY 2020 3,512 2,042 1,470 2,501 305 191 489 26

100.0% 58.1% 41.9% 71.2% 8.7% 5.4% 13.9% 0.7%

Percent Change 

(FY 2018–

FY 2020)

1.0% 0.0% 2.4% -0.1% 0.7% 7.9% 5.4% -10.3%

Figure 7: Mission-Critical Occupations FY 2018 – FY 2020

Source: FPPS FY 2020 data retrieved on November 12, 2020. “All Other” includes Native Hawaiian or Other Pacific 

Islander, American Indian or Alaskan Native, Two or More Races categories.

SUPERVISORS AND MANAGERS

Generally, SEC employees at grade levels SK-15 (e.g., branch chiefs), SK-17 (e.g., assistant 

directors), and Senior Officers (e.g., associate directors, deputy directors, and directors) serve 

in supervisory and managerial positions. Senior Officers, the highest-ranking employees at the 

SEC, are equivalent to Senior Executive Service personnel at other federal agencies. As of the 

end of FY 2020, the SEC workforce had 908 supervisors and managers.17

Figure 8 shows the number and percentage of SEC supervisors and managers by gender, race, 

and ethnicity from FY 2018 to FY 2020. The percentage of women among SEC supervisors 

and managers increased to 39.4 percent in FY 2020 from 38.5 percent in FY 2019. Minorities 

collectively held 25.6 percent of supervisory and managerial positions at the SEC as of the end 

of FY 2020, up from 24.8 percent in FY 2019. The percentage of Black, Hispanic or Latino, 

and Asian supervisors and managers increased over the three-year period.

17 The SEC also had employees in supervisory positions in the SK-9 to SK-14 grade levels. In FY 2020, of the 908 

managers and supervisors, 20 supervisors were at these grade levels.
24 | OFFICE OF MINORITY AND WOMEN INCLUSION

SENIOR OFFICERS

Figure 9 presents data on the gender, race, and ethnicity of Senior Officers from FY 2018 to FY 

2020. As of the end of FY 2020, the SEC had 156 Senior Officers, 10 more than at the end of 

FY 2019. 

In FY 2020, as in the two previous fiscal years, the representation of women among Senior 

Officers increased. Women represented 43.6 percent of Senior Officers as of the end of FY 

2020, compared to 41.8 percent in FY 2019. The representation of women among Senior 

Officers was higher than the representation of women among Senior Executives in the Federal 

workforce. According to OPM’s FedScope, women made up 33.5 percent of Senior Executives 

in the Federal workforce at the end of FY 2020.

The representation of minorities among Senior Officers continued to increase from FY 2018 

to FY 2020. Minorities held 16 percent of Senior Officer positions as of the end of FY 2020, 

compared to 13 percent in FY 2019. In contrast, minorities held 21 percent of Senior Executive 

positions in the Federal workforce in FY 2020. Black or African American representation 

among Senior Officers increased from 6.2 percent in FY 2019 to 7.1 percent in FY 2020. 

Hispanic or Latino representation among Senior Officers increased from 1.4 percent in FY 

2019 to 3.2 percent in FY 2020. Asian representation among Senior Officers increased from 4.1 

percent in FY 2019 to 4.5 percent in FY 2020, though this representation remains below the 

5.6 percent of Asian representation among Senior Officers in FY 2018.

Total Men Women White Black Hispanic Asian All Other

FY 2018 898 557 341 681 79 41 92 5

100.0% 62.0% 38.0% 75.8% 8.8% 4.6% 10.2% 0.6%

FY 2019 894 550 344 672 79 44 94 5

100.0% 61.5% 38.5% 75.2% 8.8% 4.9% 10.5% 0.6%

FY 2020 908 550 358 676 84 46 98 4

100.0% 60.6% 39.4% 74.4% 9.3% 5.1% 10.8% 0.4%

Percent Change 

(FY 2018 - 

FY 2020)

1.1% -1.3% 5.0% -0.7% 6.3% 12.2% 6.5% -20.0%

Figure 8: Supervisors and Managers FY 2018 – FY 2020

Source: FPPS FY 2020 data retrieved on November 12, 2020. “All Other” includes the Native Hawaiian or Other 

Pacific Islander, American Indian or Alaskan Native, Two or More Races categories. Supervisors and Managers 

include all irrespective of their grades but excludes leaders and team leads.
FY 2020 ANNUAL REPORT TO CONGRESS | 25

NEW HIRES

The SEC on-boarded substantially more new hires in FY 2020 than in the previous two fiscal 

years. As shown in Figure 10, the SEC workforce on-boarded 293 new employees by the end of 

FY 2020, representing a 240 percent increase from the FY 2019 hiring level, following a period 

of restrictions on hiring.

While more women were hired in FY 2020 than either FY 2019 or FY 2018, fewer than half of 

new hires as of the end of FY 2020 (44.7 percent) were women, a decrease from 51.2 percent 

in FY 2019. The percentage of minorities among new hires also increased to 38.9 percent in FY 

2020, up from 34.9 percent in FY 2019. Black or African American, Hispanic or Latino, and 

Asian percentage among new hires was higher in FY 2020 than in FY 2019.

Total Men Women White Black Hispanic Asian All Other

FY 2018 143 87 56 125 7 2 8 1

100.0% 60.8% 39.2% 87.4% 4.9% 1.4% 5.6% 0.7%

FY 2019 146 85 61 127 9 2 6 2

100.0% 58.2% 41.8% 87.0% 6.2% 1.4% 4.1% 1.4%

FY 2020 156 88 68 131 11 5 7 2

100.0% 56.4% 43.6% 84.0% 7.1% 3.2% 4.5% 1.3%

Percent Change 

(FY 2018 - 

FY 2020)

9.1% 1.1% 21.4% 4.8% 57.1% 150.0% -12.5% 100.0%

Figure 9: Senior Officers FY 2018 – FY 2020

Source: FPPS FY 2020 data retrieved on November 12, 2020 and includes employees in the SO pay plan. “All Other” 

includes the Native Hawaiian or Other Pacific Islander, American Indian or Alaskan Native, Two or More Races 

categories. Includes only permanent and temporary employees in the SO pay plan.

Total Men Women White Black Hispanic Asian All Other

FY 2018 53 31 22 46 3 0 4 0

100.0% 58.5% 41.5% 86.8% 5.7% 0.0% 7.5% 0.0%

FY 2019 86 42 44 56 11 6 12 1

100.0% 48.8% 51.2% 65.1% 12.8% 7.0% 14.0% 1.2%

FY 2020 293 162 131 179 40 22 49 3

100.0% 55.3% 44.7% 61.1% 13.7% 7.5% 16.7% 1.0%

Figure 10: New Hires Trend by Gender, Race, and Ethnicity FY 2018 – FY 2020

Source: FPPS FY 2020 data retrieved on November 12, 2020. “All Other” includes the Native Hawaiian or Other 

Pacific Islander, American Indian or Alaskan Native, Two or More Races categories. Includes permanent and 

temporary employees.
26 | OFFICE OF MINORITY AND WOMEN INCLUSION

Figure 11 shows new hires into mission-critical occupations by gender, race, and ethnicity 

from FY 2018 to FY 2020. The percentage of women among new hires into mission criticaloccupations was slightly lower in FY 2020 at 44.1 percent than their representation in FY 2019 

new hires (44.4 percent). The SEC had more new hires into mission-critical occupations in FY 

2020 than in FY 2019, and the percentage of minorities among new hires into mission-critical 

occupations increased to 37.7 percent from 27 percent in FY 2019. 

Total Men Women White Black Hispanic Asian All Other

FY 2018 44 27 17 38 2 0 4 0

100.0% 61.4% 38.6% 86.4% 4.5% 0.0% 9.1% 0.0%

FY 2019 63 35 28 46 5 3 9 0

100.0% 55.6% 44.4% 73.0% 7.9% 4.8% 14.3% 0.0%

FY 2020 220 123 97 137 18 19 43 3

100.0% 55.9% 44.1% 62.3% 8.2% 8.6% 19.5% 1.4%

Figure 11: New Hires into Mission-Critical Occupations FY 2018 – FY 2020

Source: FPPS FY 2020 data retrieved on November 12, 2020. “All Other” includes the Native Hawaiian or Other 

Pacific Islander, American Indian or Alaskan Native, Two or More Races categories. Includes permanent and 

temporary employees.

SEPARATIONS

Figure 12 shows separations from the SEC by gender, race, and ethnicity since FY 2018. In FY 

2020, 165 employees left the SEC; 83 percent of these separations were due to resignations 

(37.6 percent) and retirements (45.5 percent).

Total Men Women White Black Hispanic Asian All Other

FY 2018 200 112 88 143 23 11 21 2

100.0% 56.0% 44.0% 71.5% 11.5% 5.5% 10.5% 1.0%

FY 2019 172 98 74 126 23 6 16 1

100.0% 57.0% 43.0% 73.3% 13.4% 3.5% 9.3% 0.6%

FY 2020 165 92 73 110 26 7 20 2

100.0% 55.8% 44.2% 66.7% 15.8% 4.2% 12.1% 1.2%

Figure 12: Workforce Separations by Gender, Race, and Ethnicity FY 2018 – FY 2020

Source: FPPS FY 2020 data retrieved on November 12, 2020. “All Other” includes the Native Hawaiian or Other 

Pacific Islander, American Indian or Alaskan Native, Two or More Races categories. Includes permanent and 

temporary employees.

Women made up a slightly larger percentage of separating employees in FY 2020 than in FY 

2019. Similarly, the percentage of minorities among separating employees (33.3 percent) was 

higher in FY 2020 than in FY 2019 (26.7 percent). 
FY 2020 ANNUAL REPORT TO CONGRESS | 27

Separations from mission-critical occupations by gender, race, and ethnicity from FY 2018 to 

FY 2020 are shown in Figure 13. In FY 2020, 71.5 percent of employees who separated from 

the SEC were in mission-critical occupations. The percentage of minorities separating from 

mission-critical occupations was slightly higher in FY 2020 than in FY 2019. 

Total Men Women White Black Hispanic Asian All Other

FY 2018 152 98 54 116 9 10 15 2

100.0% 64.5% 35.5% 76.3% 5.9% 6.6% 9.9% 1.3%

FY 2019 130 78 52 100 8 5 16 1

100.0% 60.0% 40.0% 76.9% 6.2% 3.8% 12.3% 0.8%

FY 2020 118 73 45 88 10 2 16 2

100.0% 61.9% 38.1% 74.6% 8.5% 1.7% 13.6% 1.7%

Figure 13: Separations from Mission-Critical Occupations FY 2018 – FY 2020

Source: FPPS FY 2020 data retrieved on November 12, 2020. “All Other” includes the Native Hawaiian or Other 

Pacific Islander, American Indian or Alaskan Native, Two or More Races categories. Includes permanent and 

temporary employees.

PROMOTIONS

Figure 14 shows promotions by gender, race, and ethnicity from FY 2018 to FY 2020. For 

purposes of this report, promotions include all instances where employees are converted to 

a higher pay grade. Accordingly, the data reflects career-ladder, competitive, and temporary 

promotions, as well as conversions to a higher-level position.

Minorities received 40.3 percent of promotions in FY 2020, a decrease from 41.4 percent of 

promotions in FY 2019. Compared to FY 2019, the percentage of promotions received by 

Asian employees increased slightly in FY 2020, while the percentage of promotions received 

by Black or African American employees and Hispanic or Latino employees decreased slightly. 

Women received 51.9 percent of the promotions in FY 2020, an increase from 48.7 percent of 

promotions in FY 2019. 

Total Men Women White Black Hispanic Asian All Other

FY 2018 502 248 254 301 92 38 66 5

100.0% 49.4% 50.6% 60.0% 18.3% 7.6% 13.1% 1.0%

FY 2019 304 156 148 178 56 23 40 7

100.0% 51.3% 48.7% 58.6% 18.4% 7.6% 13.2% 2.3%

FY 2020 283 136 147 169 49 20 39 6

100.0% 48.1% 51.9% 59.7% 17.3% 7.1% 13.8% 2.1%

Figure 14: Promotions FY 2018 – FY 2020

Source: FPPS FY 2020 data retrieved on November 12, 2020. “All Other” includes the Native Hawaiian or Other 

Pacific Islander, American Indian or Alaskan Native, Two or More Races categories.
28 | OFFICE OF MINORITY AND WOMEN INCLUSION

Work Environment

EMPLOYEE AFFINITY GROUPS (EAGS)

SEC EAGs have been instrumental in helping to cultivate a workplace culture that attracts 

diverse talent and encourages employee engagement and retention. EAGs foster inclusion at 

the SEC by providing educational, cultural, and networking opportunities to interested SEC 

employees; sponsoring cultural and educational programs; and supporting the SEC’s diversity 

and inclusion efforts. Moreover, the SEC leverages the diversity of the EAG members to support 

its mission to protect investors, as well as to support its recruitment and outreach efforts.

OMWI provides program support for all EAGs except the Veterans Committee, which receives 

program support from OHR. In FY 2020, nine EAGs were active at the SEC:

» African American Council (AAC);

» American Indian Heritage Committee (AIHC);

» Asian American and Pacific Islander Committee (AAPI); 

» Caribbean American Heritage Committee (CAHC);

» Disability Interests Advisory Committee (DIAC);

» Hispanic and Latino Opportunity, Leadership, and Advocacy Committee (HALO);

» Pride Alliance;18

» Veterans Committee; and

» Women’s Committee.

EAGs have a major role in planning and conducting SEC-sponsored programs and activities 

to commemorate Special Observances. In FY 2020, EAGs at SEC headquarters and regional 

offices helped to plan, coordinate and conduct 17 SEC-sponsored programs and activities to 

commemorate Special Observance heritage or awareness months, or otherwise celebrate affinity 

groups. These programs celebrate the diversity in the SEC workforce and enhance cross-cultural 

awareness and understanding. For a list of the FY 2020 programs and activities for Special 

Observances, see Appendix C.

In addition to events for Special Observances, EAGs also initiate events as necessity and 

opportunities arise, such as those discussed earlier relating to the COVID-19 pandemic and the 

racial inequities in our nation.

18 Formerly known as Lesbian, Gay, Bisexual, and Transgender (LGBT) Committee.
FY 2020 ANNUAL REPORT TO CONGRESS | 29

FEDERAL EMPLOYEE VIEWPOINT SURVEY (FEVS)

In 2020, OPM elected to shorten the FEVS by removing dozens of core items and adding items 

related to the COVID-19 pandemic.19 The 2020 government-wide FEVS included all items from 

the Employee Engagement and Global Satisfaction indices. However, not all items from the 

Leader Effectiveness / New Inclusion Quotient were included in the 2020 FEVS administered 

by OPM. After reviewing the proposed COVID-19 items from OPM, the SEC determined 

that these items were not relevant to the majority of SEC employees. Additionally, the SEC 

relies on trend analyses, and a data-driven, evidence-based approach to employee engagement 

and organizational climate and culture. The removal of several dozen core FEVS items would 

pose a significant data loss to the SEC’s trending and analysis efforts, so the SEC contracted 

with OPM’s Human Resources Services group to administer the full 71-core item FEVS with 

additional Agency Specific Items.

FEVS RESULTS: OVERALL

Overall, the SEC’s FEVS average increased to 78 percent positive in 2020, up from 72 percent 

positive in 2019. The scores on all three indices related to engagement and satisfaction also 

increased from last year; Global Satisfaction was 82 percent positive (up 7 percentage points), 

Leader Effectiveness Index (the New IQ) was 75 percent positive (up 6 percentage points), 

and Employee Engagement was 82 percent positive (up 6 percentage points). These scores 

demonstrate an overall upward trend from 2019, yet the SEC continues to pursue opportunities 

for improving employee satisfaction and engagement. SEC leaders, managers, staff, and union 

representatives work collaboratively to improve aspects of the employee experience at the SEC.

FEVS RESULTS: LEADER EFFECTIVENESS / INCLUSION QUOTIENT INDEX

The Leader Effectiveness or “New IQ” empirically measures enabling conditions that lead to an 

inclusive workplace. The New IQ is made up of 20 FEVS questions grouped into the following 

“5 Habits of Inclusion:”

» Fair: Are all employees treated equitably?

» Open: Does management support diversity in all ways?

» Cooperative: Does management encourage communication and collaboration?

» Supportive: Do supervisors value employees?

» Empowering: Do employees have the resources and support needed to excel?

The New IQ score reflects the percentage of positive responses to the questions corresponding 

to each “habit” of inclusion. The SEC’s overall New IQ for 2020 was 75 percent positive, 

which was 6 percentage points higher than the Agency’s overall New IQ for 2019.

19 OPM Memorandum of September 9, 2020, regarding changes to 2020 FEVS administration: https://www.chcoc.

gov/content/2020-us-office-personnel-management-federal-employee-viewpoint-survey, retrieved February 9, 2021; 

OPM Union Notification Memorandum (undated), regarding changes to 2020 FEVS administration: https://www.

opm.gov/fevs/resources/memos-regulations/union-notification-memo.pdf.
30 | OFFICE OF MINORITY AND WOMEN INCLUSION

In addition to the Leader Effectiveness / New IQ index and subfactors, OMWI tracks the itemlevel performance of three diversity-related FEVS items in the Open subfactor, shown in Figure 

16. The percent of the SEC workforce favorable on all three diversity-related items increased, 

reaching 5-year highs for the SEC on each item.

20 As of February 2021, neither OPM nor the Partnership for Public Service (PPS) has released government wide data 

or rankings from the 2020 FEVS. OMWI typically relies on the PPS rankings as one of the Agency’s performance 

indicators reflecting SEC employees’ experience of the work environment. Please visit https://bestplacestowork.org

and https://opm.gov/fevs for rankings and comparison data when they become available.

Question 2016 2017 2018 2019 2020

Q34–Policies and programs promote diversity in 

the workplace (for example, recruiting minorities 

and women, training in awareness of diversity issues, 

mentoring).

65% 67% 67% 66% 68%

Q45–My supervisor is committed to a workforce 

representative of all segments of society. 76% 80% 82% 81% 84%

Q55–Supervisors work well with employees of 

different backgrounds. 68% 77% 78% 77% 83%

Figure 16: SEC Scores on Selected Diversity Related FEVS Questions

Source: SEC results from OPM’s FEVS 2020.

Figure 15: SEC’s New IQ vs. Government Average20

Source: SEC results from OPM’s FEVS 2020. Note: No Government comparison available for FY 2020 due to OPM 

changes to 2020 FEVS.

Government SEC

FY 2019 FY 2020

65

75

58

62

FY 2016 FY 2017 FY 2018

69 71 69

60 62
FY 2020 ANNUAL REPORT TO CONGRESS | 31

Challenges and Next Steps

The SEC continues to make progress towards achieving diversity at all levels of the workforce, 

but opportunities for improvement still exist. Developing a pipeline of diverse talent, including 

for senior management and mission-critical occupations, continues to be a focus of the SEC’s 

ongoing diversity and inclusion efforts. To further these goals, the SEC is undertaking a number 

of initiatives. For example, the SEC strives to enhance its external, public facing presence on 

the new Diversity and Inclusion webpage on SEC.gov. This new webpage will feature the 

SEC’s diversity and inclusion efforts, including diversity in external advisory committees, 

EAG heritage month events, and the second phase of the #IAMtheSEC campaign. As to the 

#IAMtheSEC campaign, in FY 2021, it will showcase the diverse careers and personnel at the 

SEC by highlighting personal stories of EAG and regional members. These employee profiles 

will be posted on the Commission’s social media platforms (Facebook, Twitter and LinkedIn), 

to attract diverse applicants by personalizing the SEC experience and communicating a sense of 

belonging. It will also feature information about the different SEC EAGs. OMWI also started 

collaborating with the SEC’s OHR to add a LinkedIn Recruiter seat to conduct more strategic 

social media outreach. 

Additionally, the SEC hopes to expand its internship portfolio to include paid internships 

available to high school and graduate students that may attract more socioeconomically diverse 

candidates. Socioeconomic disparities in diverse communities may prevent some students from 

applying to non-paid internships, thereby effectively denying them valuable experience that 

would be an advantage in the financial industry job market. The SEC also plans to host events 

in FY 2021 like the AAC’s Virtual Career Day Financial Literacy Program and the Washington 

DC Summer Youth Employment High School Internships Program, to generate interest in 

careers at the SEC and in the financial services industry. These and other initiatives are intended 

to expose students to what is possible as they consider their career paths and futures, and also 

to start the SEC’s pipeline at earlier ages.

Hiring and retention also continue to be areas of focus. In terms of hiring, the SEC continues 

to strive to enhance fairness by diversifying composition and representation of hiring panels, 

as well as providing training for hiring personnel on implicit bias. OMWI consults with, and 

provides guidance to, other offices within the Commission that are interested in furthering 

their mission-specific pipeline and diversity and inclusion activities. This includes helping 

offices to navigate the new Diversity and Inclusion Dashboard, as well as to foster outreach 

and hiring best practices. The SEC also continues to promote retention by creating a connected 

culture and sense of belonging through activities like open dialogues where employees can 

raise issues that may impact their work environment. These dialogues may help inform 

management, promotion and training decisions. The SEC also continues to foster opportunities 

for career enhancement and advancement through, for example, training offerings, mentorship 

and detail opportunities. 
32 | OFFICE OF MINORITY AND WOMEN INCLUSION

Interagency activities provide wider exposure to audiences, opportunities and best practices, 

so the SEC continues to seek out these events. For example, in FY 2021, the SEC looks forward 

to participating in the Joint Financial Institutions Reform, Recovery, and Enforcement Act 

(FIRREA) Agencies’ Pride in the Federal Workplace Event with SEC Commissioner Elad Roisman 

and NCUA Chair Todd Harper and the Joint HALO and NCUA CULTURA networking event.

These are just a few of the many steps the SEC plans to take in FY 2021 to enhance workforce 

diversity and inclusion as part of the cultural fabric of the Commission. The Diversity and 

Inclusion Strategic Plan continues to provide the SEC a blueprint for building upon the progress 

toward achieving the Agency’s diversity and inclusion objectives. OMWI will also continue to 

foster collaborations with SEC offices and divisions, as well as with other federal agencies, to 

enhance progress toward these objectives and share best practices.

SUPPLIER DIVERSITY

The SEC actively embraces its obligations under Section 342 of the Dodd-Frank Act to promote 

the increased utilization of MWOBs in the Agency’s business activities. Establishing and 

maintaining a diverse supplier base maximizes the SEC’s ability to procure the best goods and 

services to meet its contracting needs. To implement the Agency’s strategy for promoting supplier 

diversity, OMWI works closely with the Office of Acquisitions (OA), which is responsible for all 

contracting activities at the Agency. 

The SEC follows the Federal Acquisition Regulation (FAR), which provides set-aside 

requirements for specific categories of small businesses under certain conditions.21 This allows 

the SEC to increase opportunities for MWOBs that are small businesses to compete for 

contracts through set-asides for 8(a) participants, women-owned small businesses, economicallydisadvantaged women-owned small businesses, HUBZone small businesses and service-disabled 

veteran-owned small businesses. 

In FY 2020, the SEC continued to pursue supplier diversity initiatives for ensuring the utilization 

of MWOBs in the Agency’s business activities. As discussed in more detail below, the data show:

» Contract payments to MWOBs increased to $162.4 million or 34.5 percent of total SEC 

contract payments in FY 2020 from $139 million or 32.1 percent in FY 2019. 

» Contract awards to MWOBs increased to $185.1 million or 33.8 percent of total SEC contract 

awards in FY 2020 from $141.3 million or 29.2 percent in FY 2019.

21 See FAR Subpart 19.5 – Set-Asides for Small Businesses for more information.
FY 2020 ANNUAL REPORT TO CONGRESS | 33

Supplier Diversity Initiatives

OUTREACH AND TECHNICAL ASSISTANCE

While the SEC’s supplier diversity efforts extend to MWOBs of all sizes, over 90 percent of 

MWOBs awarded SEC contracts in FY 2020 were small businesses under Small Business 

Administration size standards. As a result, OMWI’s Supplier Diversity Officer and the OA’s 

Small Business Specialist actively collaborate on outreach activities that are designed to make 

MWOBs and small businesses more aware of SEC requirements and participation in Agency 

contracting. The SEC also provides potential contractors technical assistance on how to conduct 

business within the SEC procurement space.

OMWI and OA continue to jointly host monthly “Vendor Outreach Day” (VOD) sessions, 

both in-person at SEC headquarters and virtually via WebEx. During COVID, the VOD 

sessions have all continued uninterrupted via WebEx. These VOD sessions provide MWOBs 

and small businesses with an individualized opportunity to learn about the SEC’s contracting 

needs, present their business capabilities to key SEC personnel, and ask questions about the 

SEC’s procurement processes. In FY 2020, 47 businesses participated in VOD sessions, 39 of 

which are considered MWOBs.

OMWI participates in external business networking events and procurement matchmaking 

sessions to increase the interaction between MWOBs and the SEC. During FY 2020, OMWI 

engaged with hundreds of potential suppliers by participating in 17 business conferences and 

procurement matchmaking sessions, including the: National Minority Supplier Development 

Council Conference and Business Expo; ChallengeHer Conference; Veterans in Business 

National Conference; National 8(a) Association Conference; and National Reservation 

Economic Summit. Additionally, all eight federal financial regulatory agencies hosted the 3rd 

OMWI Joint Procurement Technical Assistance event entitled “Connections that Count” for 

MWOBs interested in building and growing their federal contracting opportunities. 

OTHER INITIATIVES TO PROMOTE SUPPLIER DIVERSITY

OMWI continues to maintain an electronic Supplier Diversity Business Management System 

(SDBMS) to collect business information and capabilities statements from diverse suppliers 

interested in doing business with the SEC. SDBMS is utilized to assist the SEC’s contracting 

professionals and program offices with identifying MWOB suppliers for market research 

purposes. SDBMS is also a valuable tool for SEC prime contractors needing assistance 

with meeting subcontracting requirements, as information on registered businesses can be 

disseminated to promote partnerships with diverse suppliers. Further, OMWI utilizes the 

SDBMS to regularly disseminate information to registered businesses about SEC contracting 

opportunities, industry days, and supplier diversity outreach events. 
34 | OFFICE OF MINORITY AND WOMEN INCLUSION

The self-registry web portal enables MWOBs to securely complete business profiles in the 

SDBMS. This functionality has contributed to OMWI’s ongoing efforts to augment the 

repository of interested diverse suppliers. In FY 2020, OMWI actively engaged with vendors 

registered in the system based on a fit relative to the company’s North American Industry 

Classification System (NAICS) categories, SEC current and forecast business needs, and 

conversations with the companies about their current capabilities and goals.

OMWI maintains a webpage for Supplier Diversity Outreach and provides a dedicated email 

address, and a telephone line for contracting inquiries and outreach. OMWI’s Supplier Diversity 

Officer interacts daily with vendors seeking information about how they can do business with 

the SEC.

Supplier Diversity Performance Metrics

CONTRACT PAYMENTS22

Figure 17 shows the total number of contractors the SEC paid and the number of MWOBs 

receiving contract payments from FY 2016 to FY 2020. In each fiscal year since FY 2016, 

nearly a quarter of firms receiving SEC contract payments have been classified as MWOBs. 

Of the 376 firms receiving contract payments in FY 2020, 106 or 28.2 percent were MWOBs. 

Non-minority women-owned businesses (i.e., women-owned firms without minority 

designations) represented 6.6 percent of the firms receiving SEC contract payments in FY 

2020.23 The percentage of non-minority women-owned businesses among firms receiving 

contract payments had decreased slightly in FY 2020.

22 “Contract payments” are the actual funds the SEC paid out to contractors for goods and services provided. Performance of a contract may not occur within the same fiscal year the contract is awarded. Payments made during the 

fiscal year in many instances are for goods or services provided under contracts awarded in prior fiscal years. As a 

result, the dollar amounts for contract payments and contract awards in a given fiscal year are not comparable.

23 In the contract payment data, businesses that are both minority- and women-owned are counted in the minority 

group categories. For example, an Asian women-owned business would be counted only as an Asian-owned business.

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020

SEC Total 405 100.0% 430 100.0% 427 100.0% 404 100.0% 376 100.0%

All Other Firms 294 72.6% 323 75.1% 318 74.5% 294 72.8% 270 71.8%

Total MWOBs 111 27.4% 107 24.9% 109 25.5% 110 27.2% 106 28.2%

Asian 44 10.9% 26 6.0% 31 7.3% 32 7.9% 29 7.7%

Black 27 6.7% 29 6.7% 25 5.9% 22 5.4% 26 6.9%

Hispanic 9 2.2% 15 3.5% 14 3.3% 17 4.2% 13 3.5%

Other 

Minority

6 1.5% 12 2.8% 11 2.6% 11 2.7% 13 3.5%

Non-minority 

Women

25 6.2% 25 5.8% 28 6.6% 28 6.9% 25 6.6%

Figure 17: SEC Contractors Receiving Payments FY 2016 – FY 2020

Source: beta.sam.gov and Delphi retrieved on November 12, 2020. Firm count uses distinct count of Supplier 

Number. “Non-minority Women” include women-owned businesses without minority designations.
FY 2020 ANNUAL REPORT TO CONGRESS | 35

Figure 18 shows SEC total contract payments and the payments made to MWOBs in each 

fiscal year since FY 2016. The SEC paid $470.6 million to contractors in FY 2020, of which 

$162.4 million or 34.5 percent was paid to MWOBs. The percentage of the SEC total contract 

payments to MWOBs increased two percentage points from FY 2019 to FY 2020.

Contract payments to women-owned businesses increased to 9.9 percent of SEC total contract 

payments in FY 2020, up from 4.1 percent in FY 2019. Asian American-owned businesses, 

Hispanic American-owned businesses, and other minority-owned businesses decreased slightly 

in their percentages of the SEC total contract payments from FY 2019 to FY 2020. 

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020

SEC Total $380.9 100.0% $371.0 100.0% $393.5 100.0% $433.4 100.0% $470.6 100.0%

All Other Firms $257.3 67.6% $237.3 64.0% $269.1 68.4% $294.4 67.9% $308.3 65.5%

Total MWOBs $123.6 32.4% $133.7 36.0% $124.4 31.6% $139.0 32.1% $162.4 34.5%

Asian $72.7 19.1% $68.7 18.5% $57.9 14.7% $65.5 15.1% $64.7 13.7%

Black $16.2 4.3% $14.7 4.0% $10.0 2.5% $9.7 2.2% $11.8 2.5%

Hispanic $5.8 1.5% $14.2 3.8% $15.7 4.0% $16.9 3.9% $16.7 3.5%

Other Minority $8.0 2.1% $16.2 4.4% $23.9 6.1% $29.1 6.7% $22.7 4.8%

Non-minority 

Women

$20.8 5.5% $20.0 5.4% $16.8 4.3% $17.9 4.1% $46.5 9.9%

Figure 18: Contract Payments by MWOB Category FY 2016 – FY 2020 (Amount in Millions)

Source: beta.sam.gov and Delphi retrieved on November 12, 2020. “Non-minority women” includes women-owned 

businesses without minority designations.

CONTRACT AWARDS24

Figure 19 shows the total number of MWOBs awarded SEC contracts in each fiscal year and 

their percentage among firms awarded SEC contracts since FY 2016. The percentage of MWOBs 

among firms awarded SEC contracts decreased since FY 2016. In FY 2020, the SEC awarded 

contracts to 385 firms, of which 99 or 27.5 percent were classified as MWOBs. Women-owned 

businesses represented 13 percent of the firms awarded SEC contracts in FY 2020, and their 

percentage among firms awarded SEC contracts decreased slightly compared to FY 2019.

24 “Contract awards” are the net amount of funds obligated for all contract actions, which includes new awards and 

modifications that the SEC entered into the Federal Procurement Data Systems (FPDS) during the fiscal year. 
36 | OFFICE OF MINORITY AND WOMEN INCLUSION

Figure 20 shows the dollar value of contract awards to MWOBs in each fiscal year since FY 

2016. Of the $546.9 million in SEC contract awards made in FY 2020, 33.8 percent ($185.1 

million) of SEC contract dollars were awarded to MWOBs. This represents an increase of 4.6 

percentage points from FY 2019, and an increase of over 2 percentage points since FY 2016.

Contract awards to minority-owned businesses represented 24.1 percent ($131.6 million) of SEC 

contract awards; awards to women-owned businesses represented 14.7 percent ($80.1 million); 

and awards to minority women-owned businesses represented 4.9 percent ($26.7 million). The 

amount awarded to MWOBs in FY 2020 was up 4.6 percentage points ($43.8 million) from the 

amount awarded to MWOBs in FY 2019.

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020

SEC Total 484 100.0% 438 100.0% 413 100.0% 381 100.0% 385 100.0%

Total MWOBs 126 26.0% 115 26.3% 107 25.9% 111 29.1% 99 25.7%

WOBs 63 13.0% 54 12.3% 54 13.1% 54 14.2% 50 13.0%

MW-OBs 35 7.2% 26 5.9% 26 6.3% 27 7.1% 21 5.5%

MOBs 98 20.2% 83 18.9% 78 18.9% 84 22.0% 70 18.2%

Asian 42 8.7% 33 7.5% 31 7.5% 31 8.1% 33 8.6%

Black 28 5.8% 26 5.9% 26 6.3% 26 6.8% 17 4.4%

Hispanic 16 3.3% 12 2.7% 13 3.1% 14 3.7% 9 2.3%

Native 

American

5 1.0% 6 1.4% 6 1.5% 6 1.6% 6 1.6%

Other 7 1.4% 6 1.4% 2 0.5% 7 1.8% 5 1.3%

Figure 19: MWOBs with SEC Contract Awards FY 2016 – FY 2020

Source: FPDS retrieved on October 5, 2020. WOBs include all firms designated as women-owned irrespective of 

MOB designation. MOBs include all firms designated as minority-owned irrespective of WOB designation. MW-OBs 

include firms with both minority-owned and women-owned designations. “Other” category includes MOBs with 

more than one race designation and MOBs with an “other” designation.
FY 2020 ANNUAL REPORT TO CONGRESS | 37

MAJOR CONTRACT AWARD CATEGORIES

Figure 21 shows the distribution of SEC contract awards by NAICS categories. The largest 

percentage of SEC contract dollars was awarded for contracts in the NAICS category of 

Computer Systems Design and Related Services, followed by Management, Scientific, and 

Technical Consulting Services. These categories also accounted for the two largest percentages of 

SEC contract dollars awarded to MWOBs. In FY 2020, contract awards in these two categories 

accounted for 76.1 percent of SEC contract dollars awarded and 88.9 percent of the contract 

dollars awarded to MWOBs. 

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020

SEC Total $486.0 100.0% $418.9 100.0% $451.0 100.0% $484.0 100.0% $546.9 100.0%

Total MWOBs $153.9 31.7% $142.5 34.0% $143.8 31.9% $141.3 29.2% $185.1 33.8%

WOBs $75.6 15.6% $57.0 13.6% $61.3 13.6% $54.9 11.3% $80.1 14.7%

MWOBs $50.2 10.3% $34.7 8.3% $33.8 7.5% $32.9 6.8% $26.7 4.9%

MOBs $128.5 26.4% $112.4 26.8% $116.2 25.8% $119.4 24.7% $131.6 24.1%

Asian $71.1 14.6% $72.6 17.3% $65.1 14.4% $72.6 15.0% $68.2 12.5%

Black $24.8 5.1% $12.8 3.1% $12.0 2.7% $14.4 3.0% $7.7 1.4%

Hispanic $15.7 3.2% $5.0 1.2% $17.9 4.0% $15.0 3.1% $11.5 2.1%

Native 

American

$9.3 1.9% $14.9 3.6% $14.3 3.2% $13.7 2.8% $36.5 6.7%

Other $7.7 1.6% $7.1 1.7% $6.9 1.5% $3.7 0.8% $7.7 1.4%

Figure 20: Contract Awards by MWOB Category FY 2016 – FY 2020 (Amount in Millions)

Source: FPDS retrieved on October 5, 2020. WOBs include all firms designated as women-owned irrespective of 

MOB designation MOBs include all firms designated as minority-owned irrespective of WOB designation. MW-OBs 

include firms with both minority-owned and women-owned designations. “Other” category includes MOBs with 

more than one race designation and MOBs with an “other” designation.
38 | OFFICE OF MINORITY AND WOMEN INCLUSION

“All Other NAICS Categories” includes, among others:

» Software Publishers (5112) – $8.8 million in SEC contract awards, with $0.8 million 

awarded to MWOBs;

» Other Professional, Scientific, and Technical Services (5419) – $8.0 million in SEC contract 

awards, with $1.5 million awarded to MWOBs;

» Computer and Peripheral Equipment Manufacturing (3341) – $7.3 million in SEC contract 

awards, all awarded to MWOBs;

» Accounting, Tax Preparation, Bookkeeping, and Payroll Services (5412) – $5.7 million in 

SEC contract awards, with $2.5 million awarded to MWOBs;

» Business Schools and Computer and Management Training (6114) – $2.4 million in SEC 

contract awards, with $0.4 million awarded to MWOBs; and

» Business Support Services (5614) – $2.6 million in SEC contract awards, with $2.5 million 

awarded to MWOBs.

Figure 21: SEC and MWOBs Contract Amount by NAICS Category (Amount in Millions)

Source: FPDS retrieved on October 5, 2020.

Computer 

Systems 

Design and 

Related 

Services

Management, 

Scientific, 

and Technical 

Consulting 

Services

Data 

Processing, 

Hosting, 

and Related 

Service

Legal 

Services

Investigation 

and Security 

Services

Other 

Information 

Services

All Other 

NAICS 

Catagories

$341.7

$118.5

$74.6

$46.0

$19.3 $1.4 $11.0 $1.9 $11.0 $1.4 $19.4 $0.3

$69.8

$15.6

SEC Contracts MWOBs

Millions
FY 2020 ANNUAL REPORT TO CONGRESS | 39

One IT Program

In FY 2018, the SEC’s Office of Information Technology launched a program to streamline the 

acquisition process for information technology platforms and services. The resulting Indefinite 

Delivery Indefinite Quantity contract covers seven service channels that include: platform application management and development; business systems delivery; IT infrastructure management; 

data management; IT governance; technology business management; and information security. 

This broad enterprise contract vehicle, termed “One IT,” can be used to award up to $2.5 billion 

in procurements over the 10-year period of performance. One IT has a significant “pool” of contractors, including MWOBs. Of the 27 total One IT contract holders at present, 14 are identified 

as minority-owned businesses and 7 are identified as women-owned businesses.

Next Steps

OMWI will continue to conduct outreach during supplier diversity events to promote SEC 

procurement opportunities and potential subcontracting opportunities with the SEC’s prime 

contractors, as well as continue to conduct monthly VOD sessions to promote the SEC’s 

upcoming procurement opportunities to potential new suppliers. OMWI will also continue to 

monitor how the SEC’s enterprise vehicles impact MWOB participation and will increase supplier 

diversity focus during any SEC enterprise vehicle contract on-ramping opportunity, in an effort to 

increase the SEC’s diverse base of prime contract holders. OMWI will pursue these efforts with 

a lens toward incorporating the tenets of the new Executive Order on Advancing Racial Equity 

and Support for Underserved Communities through the Federal Government.

25

DIVERSITY POLICIES AND PRACTICES 

OF SEC-REGULATED ENTITIES

Assessing Diversity Policies and Practices 

In January 2018, the SEC introduced the “Diversity Assessment Report for Entities Regulated 

by the SEC” (DAR) to complement the Joint Standards for Assessing Diversity Policies and 

Practices of Entities Regulated by the Agencies (Joint Standards) issued by the SEC, the Office 

of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal 

Deposit Insurance Corporation, NCUA, and the Bureau of Consumer Financial Protection in 

June 2015.26 The DAR was designed to: (1) help guide a regulated entity’s self-assessment of its 

diversity policies and practices using the Joint Standards; and (2) provide the regulated entity with 

a template for submitting diversity assessment information to the OMWI Director at the SEC. 

Although the Joint Standards suggests that regulated entities conduct self-assessments of their 

diversity policies and practices at least annually, the SEC only collects diversity self-assessment 

25 https://www.whitehouse.gov/briefing-room/presidential-actions/2021/01/20/executive-order-advancing-racial-equity-and-support-for-underserved-communities-through-the-federal-government/.

26 See the “Final Interagency Policy Statement Establishing Joint Standards for Assessing the Diversity Policies 

and Practices of Entities Regulated by the Agencies,” Release No. 34-75050; File No. S7-10-15; 80 FR 33016 (June 

10, 2015).
40 | OFFICE OF MINORITY AND WOMEN INCLUSION

27 The DAR focuses on five primary areas: (1) Organizational Commitment to Diversity and Inclusion; (2) Implementation of Employment Practices to Promote Workforce Diversity and Inclusion; (3) Consideration of Supplier 

Diversity in Procurement and Business Practices; (4) Practices to Promote Transparency of Organizational Diversity 

and Inclusion; and (5) Evaluation of Diversity Policies and Practices. While the collection of FY 2020 responses is 

complete, the analysis of the data continues.

information from its regulated entities every two years. In January 2020, the SEC invited 

approximately 1,300 regulated entities (investment advisers, broker-dealers, municipal advisors, 

and self-regulatory organizations) to voluntarily share information about their self-assessments 

with regard to diversity policies and practices by completing and submitting the DAR to OMWI.27

Notable Improvements

The 2020 collection yielded responses covering 13.5 percent of the regulated entities, up from a 

response rate of 5 percent in 2018. Notable improvements include: a 12 percentage point increase 

(61 percent to 73 percent) in firms including diversity and inclusion objectives in performance 

plans of its managers; 17 percentage point increase (26 percent to 43 percent) in firms having an 

ongoing process to publicize their procurement opportunities; and a 13 percentage point increase 

(50 percent to 63 percent) in firms publishing information on their website about the progress 

toward achieving diversity and inclusion in their workforce. Additionally, the overwhelming 

majority (85 percent) of firms indicated that they have a written diversity and inclusion policy. 

The majority of responses (88 percent) indicated that a senior level officer directs the firm’s 

diversity and inclusion efforts. A smaller majority of responses (62 percent) indicated the firm has 

a supplier diversity policy aimed at providing business opportunities to diverse suppliers, including 

MWOBs.

Challenges and Next Steps

The biggest challenge the SEC faces relating to collecting and analyzing diversity self-assessment 

information is increasing response rate from regulated entities. In an effort to increase the 

response rate among regulated entities, the SEC initiated outreach and awareness campaigns 

aimed at illustrating the importance of, and business case for, diversity, inclusion and opportunity, 

and the attendant value of completing the DAR. In March, OMWI produced a recorded webinar 

on the DAR and specifically encouraged the largest SEC-regulated entities—those with 1,000 or 

more employees—to join. The webinar provided an overview of the DAR form, discussed the 

organizational benefits of conducting self-assessments, and also highlighted leading practices in 

advancing diversity and inclusion that came to light from prior DAR submissions.

The SEC plans to host another webinar for regulated entities this year to encourage them to 

conduct diversity self-assessments and address their questions about the DAR. The Agency will 

highlight that the Joint Standards are intended to be applied in a manner appropriate to the 

regulated entity’s unique characteristics, such as workforce size, governance structure, total assets, 

and geographic location, and that some standards may not be applicable to every regulated entity. 

By emphasizing that not every standard will apply, the SEC hopes to encourage entities to conduct 

self-assessments and submit their responses.
FY 2020 ANNUAL REPORT TO CONGRESS | 41

The SEC’s efforts to proactively engage external stakeholders in conversations about the 

importance of diversity, inclusion and opportunity included many other events discussed 

throughout this report, such as regulatory events and conferences; advisory committee 

discussions relating to the disparate opportunities available to minorities and women in the 

areas of asset management, access to capital and investor access; and this year’s Practicing Law 

Institute’s SEC Speaks Program. The SEC has used these forums to promote the tenets of the 

Joint Standards and to raise awareness about diversity self-assessments and will continue to do 

so in the future.

SEC CONTRACTORS’ WORKFORCE INCLUSION 

OF MINORITIES AND WOMEN

To implement the requirements of Section 342 of the Dodd-Frank Act related to the workforce 

diversity of Agency contractors, the SEC includes its Contract Standard for Contractor 

Workforce Inclusion (Contract Standard) in all solicitations and contracts for services with a 

dollar value of $100,000 or more. The Contract Standard also is to be included in subcontracts 

for services with a dollar value of $100,000 or more awarded under the contract.

The Contract Standard requires the service contractor, upon entering into a contract with the 

SEC, to confirm it will ensure, to the maximum extent possible and consistent with applicable 

law, the fair inclusion of minorities and women in its workforce. The Contract Standard further 

requires a contractor to provide documentation, upon the request of the OMWI Director, 

demonstrating it has made good faith efforts to ensure the fair inclusion of minorities and 

women in its workforce and, as applicable, demonstrating its covered subcontractor(s) has 

made such good faith efforts.

Section 342 of the Dodd-Frank Act directs the OMWI Director to determine whether a 

contractor has failed to make good faith efforts to include minorities and women in its 

workforce, and requires the Agency administrator to take appropriate action if the OMWI 

Director makes such a determination. OMWI conducts post-award reviews, referred to as 

“Good Faith Effort Reviews,” (GFE Reviews) to determine whether contractors have complied 

with the requirements of the Contract Standard to make good faith efforts to ensure workforce 

inclusion of minorities and women. 

In all GFE Reviews, OMWI determined that the information and representations in the 

contractor’s submission appeared to indicate the contractor had taken actions demonstrating 

good faith efforts to comply with the requirements of the Contract Standard. During the review, 

OMWI also compared the diversity in the contractor’s workforce by EEO-1 job categories to 

the diversity in the same EEO-1 job categories in the relevant labor market, using the 2006 – 

2010 Census EEO Tabulation as the benchmark. Where OMWI’s analysis of a contractor’s 

workforce data revealed that the representation of women or minorities in an EEO-1 job 
42 | OFFICE OF MINORITY AND WOMEN INCLUSION

category (e.g., Officials and Managers and Professionals) was lower than would be expected, 

OMWI advised the contractor that the particular job categories should be areas of focus for 

its ongoing diversity efforts. In FY 2020, OMWI conducted GFE Reviews on a total of 52 

contractors (47 prime and 6 subcontractors). In the case of 40 percent of the GFE Reviews 

conducted (19 prime and 2 subcontractors), OMWI identified EEO job categories that should 

be the focus of diversity efforts. These results were shared with the applicable contractors to 

assist in their future, diversity-focused efforts.

CONCLUSION AND FY 2021 OUTLOOK

Although operating during a pandemic raises unique uncertainties, the SEC will continue 

to adapt, innovate, and strive to foster diversity, inclusion and opportunity both inside our 

organization and outside, as our reach allows. For the SEC, leveraging diversity, inclusion and 

opportunity throughout the Agency is a strategic imperative. Promoting workforce diversity 

and inclusion and supplier diversity assists the SEC in maintaining the highest standards in 

pursuit of its mission. The Diversity and Inclusion Strategic Plan provides the SEC a blueprint 

for building upon and continuing the progress toward achieving the Agency’s diversity and 

inclusion goals and objectives. Although SEC leadership, managers, and supervisors in all 

divisions and offices have direct responsibility for the Plan’s implementation, promoting 

diversity and inclusion and ensuring opportunity are an individual and collective responsibility. 

As the SEC endeavors to make diversity, inclusion and opportunity a prominent part of the 

workplace culture in FY 2021, the Agency will continue to focus on successfully executing the 

Diversity and Inclusion Strategic Plan and creatively and collaboratively striving to achieve its 

stated goals and objectives. 
FY 2020 ANNUAL REPORT TO CONGRESS | 43

Organization Name

ASCEND, Inc.

Association of Latino Professionals For America

Council on Legal Education Opportunity, Inc.

D.C. Diverse Partners Network, Inc.

Hispanic Association of Colleges and Universities

Hispanic National Bar Association

Hispanic Bar Association of the District of Columbia

International Leadership Foundation

National Association of Asian MBAs

National Association of Black Accountants

National Association of Black Accountants, Metropolitan D.C. Chapter

National Bar Association

National Bar Association, Greater Washington Area Chapter

National Black MBA Association, D.C. Chapter

National Society of Hispanic MBAs

National Society of Hispanic MBAs, D.C. Chapter

Thurgood Marshall College Fund

United Negro College Fund

White House Initiative on HBCUs

Women’s Bar Association

APPENDIX A. OMWI FY 2020 DIVERSITY PARTNERS

Source: Office of Minority and Women Inclusion.
44 | OFFICE OF MINORITY AND WOMEN INCLUSION

Event Date

Hispanic Association of Colleges and Universities 33rd Annual Conference October 2019

Morehouse College “REACHING NEW HEIGHTS: Conversations on Raising 

Capital for Businesses of Color”

October 2019

Financial Literacy and your Future February 2020

University of the District of Columbia David Clarke School of 

Law Annual Career Fair

February 2020

Florida International University College of Law attendance at 

SEC Career Panel 

February 2020

Uncharted: Black Visionary Leadership Redefining What Is Possible February 2020

Florida International University Law College Visit and Virtual Tour at SEC June 2020

95th National Bar Association Virtual Conference July 2020

Hispanic National Bar Foundation Virtual Future Latino Leaders Joint Panel July 2020

Association for Latino Professionals of America Virtual Convention August 2020

LGBT Bar Association Lavender Law Conference and Career Fair August 2020

ASCEND Virtual Annual Conference August 2020

National Association of Black Accountants Virtual Student Conference September 2020

Securities Industry and Financial Markets Association Compliance and Law 

Conference 

September 2020

National Association of Black Accountants National Virtual Convention September 2020

Congressional Hispanic Caucus Institute Leadership Virtual Conference September 2020

National Black MBA Association Conference and Career Expo September 2020

Hispanic National Bar Association Convention September 2020

Historically Black Colleges and Universities Virtual Student Summit September 2020

16th Annual Corporate Counsel Women of Color – 

Career Strategies Conference 

September 2020

Financial Services Professionals Presentation with former 

SEC Chairman Jay Clayton 

September 2020

Association of African-American Financial Advisors VISION Conference September 2020

National Association of Securities Professionals with former 

SEC Chairman Jay Clayton 

September 2020

INROADS Virtual 50th Anniversary Gala and Career Fair29 November 2020

APPENDIX B. FY 2020 OUTREACH 

AND RECRUITMENT EVENTS28

Source: Office of Minority and Women Inclusion.

28 Regional Offices also conducted outreach in addition to these events.

29 Although this event falls outside FY 2020, as a 50th Anniversary celebration it was timely to highlight this year.
FY 2020 ANNUAL REPORT TO CONGRESS | 45

APPENDIX C. FY 2020 PROGRAMS FOR SPECIAL 

OBSERVANCES AND OTHER EVENTS CELEBRATING 

AFFINITY GROUPS30

Program and Speaker

Hispanic Heritage Month (September 15 – October 15)31

» “Fighting for Citizenship: A Literary History of Latinos in the U.S. Armed Forces”—presentation by 

guest speaker, John Alba Cutler, Associate Professor of English, Associate Chair of the Department 

of English, and faculty member of the Latina & Latino Studies Program at Northwestern University; 

program sponsored by HALO. (CHRO, October 2019)

» “COVID and its Impact on the Hispanic Community and Hispanic-Owned Small Businesses”—

panel discussion hosted by HALO to go with the 2020 theme of Hispanic Heritage month: 

“Hispanic Americans: A History of Serving Our Nation;” moderated by former Chairman Jay 

Clayton and featuring panelists Maxeme “Max” Tuchman, CEO and co-founder of Caribu, and the 

first Latina to raise $1 million using Regulation Crowdfunding; Ramiro Cavazos, president and CEO 

of the U.S. Hispanic Chamber of Commerce; and Guillermo Aviles Mendoza, senior adviser of the 

Office of the Assistant Secretary for Health at the U.S. Department of Health and Human Services.

(HQ, October 2020)

Disability Awareness Month (October)

» “Disability, Disclosure and Identity in the Workplace”—presentation by University of Maryland 

professor, Jennifer Wessel, and Ph.D. candidate, Sara Barth, on their research in the area of disability 

studies, with a focus on the disclosure of psychological and physical disabilities in the workplace; 

program sponsored by DIAC. (HQ, October 2019)

Native American Heritage Month (November)

» “More Than a Word”—documentary film screening and discussion from Native American 

filmmakers, John and Kenn Little, analyzing the National Football League team in Washington 

and its controversial name, and discussing related issues; program sponsored by the AIHC. (HQ, 

November 2019)

Veterans Day Commemoration (November)

» “Celebrating your Service: Financial Readiness Conversation and Veterans Expo“—program 

featuring guest speaker, Colonel James Tuite of the U.S. Army’s “Old Guard” who joined former 

Chairman Jay Clayton, SEC colleagues, Joshua Reese, Gregory Bockin, and Brad Voorhees, who 

have served in foreign wars and the combat theater, Dr. Reginald McRae, psychologist who treats 

veterans for combat-related mental impairments and C. Thomas Long, Ph.D, expert on D-Day; 

program sponsored by Veterans Committee. (HQ, November 2019)

African American History Month (February)

» “After Selma”—documentary film screening and discussion on the history of voter suppression and 

the need to challenge it in order to preserve democracy and equality for all; program sponsored by 

the AAC and OMWI. (HQ, February 2020)

» “Experiences and Outlook: A Candid Conversation on Diversity and Inclusion”—Panel discussion 

on the importance of mentoring and the need to have tough conversations about race and 

opportunities; moderated by former Chairman Jay Clayton and featuring Harold Ford, Jr., former 

U.S. Congressman from Tennessee and Jack “Rusty” O’Kelley, III, Co-Leader at Russell Reynolds 

Associates; program sponsored by the AAC and OMWI. (HQ, February 2020)

» “Fireside Chat with the Honorable Arlander Keys”—presentation by former magistrate judge for 

the U.S. District Court for the Northern District of Illinois on growing up in segregated Jim Crow 

Mississippi, fighting for civil and voter rights, and working on the federal bench; program sponsored 

by the AAC. (CHRO, February 2020)

30 Some EAG events occurred outside of Special Observance months in FY 2020 and are noted accordingly.

31 Hispanic Heritage Month straddles two fiscal years. 
46 | OFFICE OF MINORITY AND WOMEN INCLUSION

» “History of Voting Rights in America”—presentation by Debo P. Adegbile, a partner in the 

Government and Regulatory Litigation Group of WilmerHale and co-chairman of the firm’s 

anti-discrimination practice group; program sponsored by the AAC. (NYRO, February 2020)

Women’s History Month (March)

» “Fireside Chat with Jessie Liu”—presentation by former U.S. Attorney for the District of Columbia, and 

former Chairman Jay Clayton on a range of topics, including diversity and inclusion in the workplace, 

mentoring and sponsoring others, work-life balance, and potential bias in hiring and promoting women; 

program sponsored by the Women’s Committee. (HQ, March 2020)

» “Entrepreneurship Without Borders”—presentation by guest speaker, Christine Souffrant Ntim, an 

award-winning Haitian American entrepreneur, who shared her experience as a globally recognized 

expert in startup ecosystems for emerging markets; program sponsored by the Women’s Committee 

and AAC. (PLRO, May 2020)

Asian American Pacific Islander Month (May)

» “Unity as an Empowering Force”—featuring speaker, S.P. Kothari, the SEC’s Chief Economist and 

Director of the Division of Economic and Risk Analysis and moderated by Commissioner Hester 

M. Peirce, on his receipt of the Padma Shri Award (one of the highest civilian awards issued by the 

Indian government), the COVID-19 pandemic compared to the 2008 Great Recession, his favorite 

economist, and his personal experience and views on diversity and inclusion. Colleagues from the 

Commodity Futures Trading Commission were invited to attend; program sponsored by the AAPI 

Committee. (HQ, May 2020)

» “Poignant Recollections from World War II Internment Camps”—virtual chat with Japanese 

internment camp survivors, Betty and JR Morita, on memories of their lives before, during, and after 

their time in the camps; moderated by CHRO Regional Director Joel Levin; program sponsored by 

the AAPI Committee. (CHRO, May 2020)

Caribbean American Heritage Month (June)

» Event with keynote speaker Jamaica-born and based Lisandra Rickards, founder and CEO of 

Soul Career, a coaching company that helps executives, professionals and entrepreneurs discover 

their life’s work, lead authentically and build powerful legacies, who discussed how she is now 

using her experience working at firms and companies in the United States to train executives and 

entrepreneurs in the Caribbean to build their businesses; moderated by John Moses; program 

sponsored by the CAHC and OMWI. (HQ, June 2020)

Lesbian, Gay, Bisexual and Transgender (LGBT) Pride Month (June)

» “Fireside chat on Personal Reflections on Allyship at the SEC”—opening remarks by former 

Chairman Jay Clayton and presentations by Robert Marchman, OMWI’s Senior Policy Advisor on 

Diversity and Inclusion, and Jorge Tenreiro, Senior Trial Counsel NYRO; program sponsored by the 

Pride Alliance. (HQ, June 2020)

» “Becoming an LGBT Ally”—presentation by guest speaker, Brian Bond, executive director of PFLAG, 

who discussed how non-LGBT colleagues can be allies in the workplace for their LGBT 

co-workers; opening remarks by Commissioner Elad Roisman and introduction by Lori Schock, 

director of the SEC’s OIEA; program sponsored by the Pride Alliance. (HQ, June 2020)

» “The Danger of Hiding Who You Are” by Morgana Bailey—a TED Talk Tuesday event featuring 

viewing and discussion of the TED Talk; program sponsored by the Pride Alliance and OMWI, with 

guest hosts David Cohen, attorney in the Office of Market Intelligence, Division of Enforcement, and 

Julie Preuitt, senior special advisor in the Office of International Affairs. (HQ, June 2020)

Source: Office of Minority and Women Inclusion.
OFFICE OF MINORITY AND WOMEN INCLUSION

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