U.S. SECURITIES AND EXCHANGE COMMISSION

Office of

Minority 

and 

Women 

A

Inclusion

nnual Report

to Congress

MARCH 2019
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.
CONTENTS

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

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

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

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

Supplier Diversity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3

Supplier Diversity Initiatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4

Supplier Diversity Performance Metrics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6

Next Steps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11

Workforce Diversity and Workplace Inclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Outreach and Recruitment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

Diversity Training . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

Leadership Development Programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

Mentoring . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

Evaluating Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Current State of Diversity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Work Environment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

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

Diversity Policies and Practices of SEC-Regulated Entities . . . . . . . . . . . . . . . . . . . . . . .32

Assessing Diversity Policies and Practices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32

Financial Regulatory Agencies’ Diversity and Inclusion Summit . . . . . . . . . . . . . . .33

Challenges and Next Steps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33

SEC Contractors’ Workforce Inclusion of Minorities and Women . . . . . . . . . . . . . . . . 34

Conclusion and FY 2019 Outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .35

Appendix A . OMWI FY 2018 Diversity Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

Appendix B . FY 2018 Outreach and Recruitment Events . . . . . . . . . . . . . . . . . . . . . . . . .37

Appendix C . FY 2018 Programs for Special Observances . . . . . . . . . . . . . . . . . . . . . . . 39

2019 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 

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 the SEC and OMWI have 

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

minority-owned and women-owned businesses to contract with the agency, and implement 

other statutory requirements. Unless otherwise noted, this report covers the period 

October 1, 2017, to September 30, 2018.

The report is organized around OMWI’s responsibilities in four areas: Supplier Diversity, Workforce Diversity and Workplace Inclusion, Diversity Policies and Practices of SEC-Regulated Entities, and SEC Contractors’ Workforce Inclusion of Minorities and Women. The report highlights 

the progress the SEC has made towards 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 U.S. Securities and Exchange Commission is a bi-partisan Commission consisting of five 

Commissioners appointed by the President and confirmed by the Senate. The President designates one Commissioner to serve as Chairman. Jay Clayton is the current Chairman. The SEC’s 

mission is to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital 

formation. Accordingly, 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 more than 26,000 market participants, including investment advisers, mutual 

funds, exchange traded funds, broker-dealers, municipal advisors, transfer agents, national securities exchanges, and others. The agency’s functional responsibilities are carried out through five 

main 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 its Office of Minority and Women Inclusion in July 2011, and assigned the office responsibility for all matters 

related to diversity in the agency’s management, employment, and business activities. The 

OMWI Director is a senior officer reporting directly to the Chairman. OMWI’s staff also 

includes a deputy director, attorney advisers, a data analyst, and management and program 

analysts dedicated to the office’s major functional areas—workforce diversity and inclusion and 

supplier diversity.

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 diversity of the 

workforce and senior management of the agency; increasing participation of minority-owned 

and women-owned businesses in the SEC’s programs and contracts; and assessing the diversity 

policies and practices of entities regulated by the SEC.2 The OMWI Director is also required to 

advise the Commission on the impact of the SEC’s policies and regulations on minority-owned 

and women-owned businesses.3

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 women and minorities in the workforce of the contractor 

and, as applicable, subcontractors.4

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.5

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

3 See Section 342(b)(3).

4 See Section 342(c)(2).

5 See Section 342(c)(3)(A). 
2019 ANNUAL REPORT TO CONGRESS | 3

SUPPLIER DIVERSITY 

The SEC continues to embrace its obligations under Section 342 of the Dodd-Frank Act to promote the increased utilization of minority-owned and women-owned businesses (MWOB) 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 includes provisions that 

require contracting officers to set aside certain requirements for competition solely among 

certain categories of small businesses.6 This authority allows the SEC to increase opportunities 

for MWOBs that are small businesses to compete for contracts through the Small Disadvantaged Business, 8(a) Certified, Women-Owned Small Business, and Economically Disadvantaged 

Women-Owned Small Business programs administered by Small Business Administration (SBA).

In FY 2018, 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 five-year 

trend data show:

» The SEC paid MWOBs $124.4 million or 31.6 percent of the SEC total contract payments in 

FY 2018; an increase of nearly 5 percentage points since FY 2014.

» SEC contract awards to MWOBs were $143.8 million in FY 2018, a slight decrease from the 

$147.4 million awarded in FY 2014.

» The average dollar value of the SEC contract award to MWOBs increased from $1.1 million 

in FY 2014 to $1.3 million in FY 2018.

6 See FAR Subpart 19.5–Set—Asides for Small Businesses for more information.
4 | OFFICE OF MINORITY AND WOMEN INCLUSION

Supplier Diversity Initiatives

OUTREACH AND TECHNICAL ASSISTANCE

While the SEC’s supplier diversity efforts extend to MWOBs of all sizes, many MWOBs are 

small businesses. In fact, 88.1 percent of MWOBs awarded SEC contracts in FY 2018 were 

small businesses under SBA size standards. As a result, OMWI and the Small Business Specialist 

in OA collaborate on outreach activities that are designed to increase MWOB and small business 

awareness 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 jointly host a monthly “Vendor Outreach Day” at SEC headquarters. This event 

provides MWOBs and small businesses with an individualized opportunity to learn about the 

SEC’s contracting needs and present their business capabilities to OMWI’s Supplier Diversity 

Officer, the SEC’s Small Business Specialist, and other key SEC personnel. In FY 2018, 64 businesses participated in Vendor Outreach Day.

In addition, OMWI participates in external business networking events and procurement matchmaking sessions to increase the interaction between MWOBs and the SEC. During FY 2018, 

OMWI engaged with hundreds of potential suppliers by participating in 11 national business 

conferences and procurement matchmaking sessions, including the 28th Annual Government 

Procurement Conference; CelebrAsian Procurement and Business Conference; National 8(a) 

Association Conference; and the Women’s Business Enterprise National Council Conference and 

Business Fair.

In FY 2018, the SEC worked with other Federal financial regulatory agencies and external business groups to identify additional opportunities for OMWI supplier diversity officers to participate as panelists at business conferences geared toward diverse suppliers. The goal of this effort 

is to educate larger audiences of MWOBs about our supplier diversity programs and specifics on 

how to do business with Federal agencies. In FY 2018, the SEC successfully collaborated with the 

U.S. Pan Asian Chamber of Commerce to secure the participation of a multi-OMWI panel at the 

organization’s CelebrAsian Procurement and Business Conference. Additionally, SEC staff served 

on three additional national business conference panels arranged by the Bureau for Consumer 

Financial Protection, Federal Reserve Board, and the Office of the Comptroller of the Currency.

OMWI JOINT PROCUREMENT TECHNICAL ASSISTANCE EVENT

In FY 2018, the OMWIs from all eight Federal financial regulatory agencies jointly hosted a 

technical assistance event for companies interested in building and growing their Federal contracting opportunities. The event was held on August 29, 2018 at the downtown campus of the 

University of Texas at San Antonio. The Supplier Diversity Working Group, comprised of the 

OMWI supplier diversity officers from the eight agencies, coordinated with the Minority Business 

Development Agency (MBDA) Business Center San Antonio and other stakeholders to execute 

the event.
2019 ANNUAL REPORT TO CONGRESS | 5

The theme of the OMWI Joint Procurement Technical Assistance event was “Smart Contacts—

Smart Contracts.” The “Smart Contacts” component afforded attendees the opportunity to meet 

supplier diversity and procurement representatives from the Federal financial regulatory agencies, whose combined annual spend is over $1 billion. Attendees also had access to networking 

opportunities with several business assistance organizations. The “Smart Contracts” component 

included interactive informational sessions on writing smart, winning proposals; and using 

competitive intelligence to collect data essential for making informed bidding decisions. The two 

sessions were led by practitioners with decades of federal contracting experience.

Overall attendance was 199, and the feedback received from event attendees was overwhelmingly 

positive.

OTHER INITIATIVES TO PROMOTE SUPPLIER DIVERSITY

OMWI maintains an electronic Supplier Diversity Business Management System (SDBMS) to collect up-to-date business information and capabilities statements from diverse suppliers interested 

in doing business with the agency. SDBMS is used to assist OA and SEC program offices with 

identifying MWOB suppliers for market research purposes, upon request.

In addition, OMWI uses the SDBMS to regularly disseminate information to MWOBs about 

SEC contracting opportunities, industry days, and supplier diversity outreach events. In FY 2018, 

OMWI launched a self-registry web portal that enables MWOBs to securely complete business 

profiles in the SDBMS. This new functionality has contributed to OMWI’s ongoing efforts to 

augment our repository of interested diverse suppliers.

In FY 2018, OMWI actively engaged with over 250 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.

Another useful tool for MWOBs is the “Potential Competitive Contracting Opportunities 

Forecast” (Forecast) published by OA on the SEC.gov website. The Forecast lists competitive 

contracting opportunities that may occur during the fiscal year and provides project descriptions, 

estimated award amounts, and, in a few instances, the estimated start date for performance. The 

Forecast also indicates the SEC division with the potential contracting need and whether the 

government-wide acquisition contract or some other acquisition strategy will be used.

OMWI maintains a webpage for Supplier Diversity Outreach, dedicated email address, and telephone line for contracting inquiries and outreach.
6 | OFFICE OF MINORITY AND WOMEN INCLUSION

Supplier Diversity Performance Metrics

SEC CONTRACTORS

Figure 1 depicts the total number of contractors the SEC paid and the number of MWOBs 

receiving contract payments from FY 2014 to FY 2018. In each fiscal year since FY 2014, nearly 

a quarter of firms receiving SEC contract payments have been classified as MWOBs. Of the 427 

firms receiving contract payments in FY 2018, 109 or 25.5 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 2018.7 The representation of 

non-minority women-owned businesses among firms receiving contract payments had been 

trending downward since FY 2014, but increased by nearly one percentage point from FY 2017 

to FY 2018. 

Figure 1. SEC Contractors Receiving Payments FY 2014–FY 2018

FY 2014 FY 2015 FY 2016 FY 2017 FY 2018

SEC Total 488 100 .0% 504 100 .0% 405 100 .0% 430 100 .0% 427 100 .0%

All Other Firms 367 75 .2% 381 75 .6% 294 72 .6% 323 75 .1% 318 74 .5%

Total MWOBs 121 24 .8% 123 24 .4% 111 27 .4% 107 24 .9% 109 25 .5%

Asian 36 7 .4% 39 7 .7% 44 10 .9% 26 6 .0% 31 7 .3%

Black 24 4 .9% 28 5 .6% 27 6 .7% 29 6 .7% 25 5 .9%

Hispanic 9 1 .8% 14 2 .8% 9 2 .2% 15 3 .5% 14 3 .3%

Other Minority 7 1 .4% 9 1 .8% 6 1 .5% 12 2 .8% 11 2 .6%

Non-minority 

Women

45 9 .2% 33 6 .5% 25 6 .2% 25 5 .8% 28 6 .6%

Source: Federal Procurement Data System (FPDS) and Delphi retrieved on January 29, 2019. Firm count uses 

distinct count of Supplier Number. “Non-minority Women” include women-owned businesses without minority 

designations.

7 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.
2019 ANNUAL REPORT TO CONGRESS | 7

CONTRACT PAYMENTS8

The contract payments made in each fiscal year since FY 2014 and the amounts paid to MWOBs 

are shown in Figure 2. The SEC paid $393.5 million to contractors in FY 2018, of which $124.4 

million or 31.6 percent was paid to MWOBs. The percentage of the SEC total contract payments 

to MWOBs (31.6 percent) declined 4.4 percentage points from FY 2017 to FY 2018, and was 

slightly lower than the average of the previous four fiscal years (31.9 percent), but remains significantly higher than FY 2014 (25.5 percent).

Contract payments to Hispanic American-owned businesses increased from 3.8 percent in FY 

2017 to 4.0 percent of the SEC total contract payments in FY 2018. Contract payments to Asian 

American-owned businesses decreased from 18.5 percent in FY 2017 to 14.7 percent of the SEC 

total contract payments in FY 2018. Non-minority women-owned businesses and Black/African 

American-owned businesses also saw slight decreases in their percentages of the SEC total contract payments from FY 2017 to FY 2018 by 1.4 and 1.1 percentage points, respectively.

Figure 2. Contract Payments by MWOB Category FY 2014–FY 2018 (Amount in Millions)

FY 2014 FY 2015 FY 2016 FY 2017 FY 2018

SEC 

Total

$336 .3 100 .0% $362 .9 100 .0% $380 .9 100 .0% $371 .0 100 .0% $393 .5 100 .0%

All 

Other 

Firms

$250 .5 74 .5% $239 .8 66 .1% $257 .3 67 .6% $237 .3 64 .0% $269 .1 68 .4%

Total 

MWOBs

$85 .8 25 .5% $123 .2 33 .9% $123 .6 32 .4% $133 .7 36 .0% $124 .4 31 .6%

Asian $28 .6 8 .5% $52 .9 14 .6% $72 .7 19 .1% $68 .7 18 .5% $57 .9 14 .7%

Black $14 .3 4 .3% $18 .9 5 .2% $16 .2 4 .3% $14 .7 4 .0% $10 .0 2 .5%

Hispanic $8 .3 2 .5% $19 .6 5 .4% $5 .8 1 .5% $14 .2 3 .8% $15 .7 4 .0%

Other 

Minority

$6 .1 1 .8% $4 .3 1 .2% $8 .0 2 .1% $16 .2 4 .4% $23 .9 6 .1%

Nonminority 

Women

$28 .5 8 .5% $27 .6 7 .6% $20 .8 5 .5% $20 .0 5 .4% $16 .8 4 .3%

Source: FPDS and Delphi retrieved on January 29, 2019. “Non-minority women” includes women-owned businesses 

without minority designations.

8 “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.
8 | OFFICE OF MINORITY AND WOMEN INCLUSION

CONTRACT AWARDS9

Figure 3 depicts the total number of MWOBs awarded SEC contracts in each fiscal year since 

FY 2014, and the percentage of MWOBs among firms awarded SEC contracts. The percentage 

of MWOBs among firms awarded SEC contracts increased slightly since FY 2014. In FY 2018, the 

SEC awarded contracts to 413 firms, of which 107 or 25.9 percent were classified as MWOBs. 

Women-owned businesses represented 13.1 percent of the firms awarded SEC contracts in

FY 2018, and their percentage among firms awarded SEC contracts decreased slightly since 

FY 2014. 

Figure 3. MWOBs with SEC Contract Awards FY 2014–FY 2018

FY 2014 FY 2015 FY 2016 FY 2017 FY 2018

SEC Total 515 100 .0% 549 100 .0% 484 100 .0% 438 100 .0% 413 100 .0%

Total MWOBs 130 25 .2% 145 26 .4% 126 26 .0% 115 26 .3% 107 25 .9%

WOBs 69 13 .4% 75 13 .7% 63 13 .0% 54 12 .3% 54 13 .1%

MW-OBs 30 5 .8% 35 6 .4% 35 7 .2% 26 5 .9% 26 6 .3%

MOBs 91 17 .7% 105 19 .1% 98 20 .2% 83 18 .9% 78 18 .9%

Asian 41 8 .0% 45 8 .2% 42 8 .7% 33 7 .5% 31 7 .5%

Black 26 5 .0% 30 5 .5% 28 5 .8% 26 5 .9% 26 6 .3%

Hispanic 14 2 .7% 20 3 .6% 16 3 .3% 12 2 .7% 13 3 .1%

Native

American

2 0 .4% 3 0 .5% 5 1 .0% 6 1 .4% 6 1 .5%

Other 8 1 .6% 7 1 .3% 7 1 .4% 6 1 .4% 2 0 .5%

Source: FPDS retrieved on January 29, 2019. 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.

9 “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 Data Procurement Systems (FPDS) during the 

fiscal year.
2019 ANNUAL REPORT TO CONGRESS | 9

Figure 4 depicts the dollar value of contract awards to MWOBs in each fiscal year since FY 2014, 

and the percentage of SEC contract dollars awarded to MWOBs. Of the $451.0 million in SEC 

contract awards made in FY 2018, $143.8 million or 31.9 percent of SEC contract dollars were 

awarded to MWOBs. This represents a slight decrease of $1.3 million in awards since FY 2017; 

contract awards to MWOBs decreased 2.1 percentage points from FY 2017 to FY 2018.

Contract awards to minority-owned businesses represented 25.8 percent ($116.2 million) of the 

contract dollars awarded by the SEC, of which awards to women-owned businesses represented 

13.6 percent ($61.3 million), and awards to minority women-owned businesses represented 

7.5 percent ($33.8 million).

The $143.8 million awarded to MWOBs in FY 2018 represented a slight decrease of 2 percentage 

points, or $3.6 million less, than the amount awarded to MWOBs in FY 2014.

Figure 4. Contract Awards by MWOB Category FY 2014–FY 2018 (Amount in Millions)

FY 2014 FY 2015 FY 2016 FY 2017 FY 2018

SEC Total $434 .2 100 .0% $456 .9 100 .0% $486 .0 100 .0% $418 .9 100 .0% $451 .0 100 .0%

Total

MWOBs

$147 .4 33 .9% $155 .6 34 .1% $153 .9 31 .7% $142 .5 34 .0% $143 .8 31 .9%

WOBs $66 .0 15 .2% $73 .3 16 .0% $75 .6 15 .6% $57 .0 13 .6% $61 .3 13 .6%

MW-OBs $41 .5 9 .6% $49 .0 10 .7% $50 .2 10 .3% $34 .7 8 .3% $33 .8 7 .5%

MOBs $122 .9 28 .3% $131 .3 28 .7% $128 .5 26 .4% $112 .4 26 .8% $116 .2 25 .8%

Asian $84 .5 19 .5% $73 .3 16 .0% $71 .1 14 .6% $72 .6 17 .3% $65 .1 14 .4%

Black $17 .8 4 .1% $30 .4 6 .7% $24 .8 5 .1% $12 .8 3 .1% $12 .0 2 .7%

Hispanic $11 .4 2 .6% $11 .1 2 .4% $15 .7 3 .2% $5 .0 1 .2% $17 .9 4 .0%

Native

American

$0 .8 0 .2% $5 .6 1 .2% $9 .3 1 .9% $14 .9 3 .6% $14 .3 3 .2%

Other $8 .4 1 .9% $11 .0 2 .4% $7 .7 1 .6% $7 .1 1 .7% $6 .9 1 .5%

Source: FPDS and Delphi retrieved on January 29, 2019. “Non-minority women” includes women-owned businesses 

without minority designations.
10 | OFFICE OF MINORITY AND WOMEN INCLUSION

MAJOR CONTRACT AWARD CATEGORIES

Figure 5 depicts the distribution of SEC contract awards by category, using NAICS categories. 

The highest amount 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 were also the two largest categories for contract dollars awarded 

to MWOBs.

Figure 5. SEC and MWOBs Contract Amount by NAICS Category (Amount in Millions)

Computer 

Systems 

Design and 

Related 

Services

Management, 

Scientific, 

and Technical 

Consulting 

Services

Legal 

Services 

Data 

Processing, 

Hosting, 

and Related 

Services

Architectural, 

Engineering, 

and Related 

Services

Investigation 

and Security 

Services

All Other 

NAICS 

Catagories

$265 .4

$84 .7

$58 .2

$33 .8

$8 .8

$0 .8

$19 .4

$2 .1 $6 .6

$0 .0

$10 .6

$1 .4

$82 .0

$21 .0

SEC Contracts MWOBs

Source: FPDS retrieved on January 29, 2019.
2019 ANNUAL REPORT TO CONGRESS | 11

“All Other NAICS Categories” includes, among others:

» Accounting, Tax Preparation, Bookkeeping and Payroll Services (5412)—$6.5 million in SEC 

contract awards, with $1.9 million awarded to MWOBs;

» Electronic and Precision Equipment Repair and Maintenance (8112)—$5.3 million in SEC 

contract awards, with $0.8 million awarded to MWOBs;

» Business Support Services (5614)—$5.1 million in SEC contract awards, with $5 million 

awarded to MWOBs; and

» Employment Services (5613)—$1.1 million in SEC contract awards, all awarded to MWOBs.

Next Steps

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 (IDIQ) 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, now titled “OneIT,” could be used to award up 

to $2.5 billion in procurements over the course of a 10-year period of performance. OneIT has a 

significant “pool” of contractors which includes several MWOBs.

OMWI utilized the SDBMS during FY 2018 to inform vendors of the potential contracting 

opportunity and associated industry day. Initial interest among MWOBs was high. Three awards 

were made to large businesses in late FY 2018 and 15 to small businesses in early FY 2019. Among 

the original 15 small business pool awardees, 10 were MWOBs. Moving forward, OMWI will 

continue to monitor how the program impacts the participation of MWOBs in this spend category, which historically has accounted for over 50 percent of SEC contract awards.

In FY 2019, OMWI will expand efforts to leverage the SDBMS to conduct targeted outreach to 

diverse suppliers with a focus on disseminating timely information on potential procurements. 

The office will also undertake analysis to identify contracting categories that may present opportunities for increased MWOB utilization. Further, OMWI will continue to enhance the content of 

the supplier diversity section of the office’s external webpage to provide additional information 

and resources to interested vendors.
12 | OFFICE OF MINORITY AND WOMEN INCLUSION

WORKFORCE DIVERSITY AND 

WORKPLACE INCLUSION

The SEC is firmly committed to achieving the goals and objectives of Section 342 of the DoddFrank Act to promote diversity and inclusion in the agency’s workforce. To successfully perform 

its mission of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating 

capital formation, the SEC recognizes that sustained efforts are needed to attract, hire, develop, 

and retain high-quality, diverse talent for all levels of the agency’s workforce. 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. 

Key components of that strategy include:

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

internship opportunities;

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

diversity awareness;

» 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 role in ensuring the agency promotes workforce diversity 

and fosters an inclusive workplace. While OMWI is responsible for all matters related to diversity in employment at the SEC, OMWI coordinates and collaborates with the Office of Human 

Resources (OHR), the Office of Equal Employment Opportunity (OEEO), and other offices to 

advance the SEC’s diversity and inclusion goals and objectives.

Since its creation in 2014, the SEC Diversity Council has been actively involved in supporting 

and facilitating diversity and inclusion in the agency’s workforce. SEC Chairman Jay Clayton 

currently serves as the chair of the Diversity Council and its 20 members include representatives 

from agency management, the National Treasury Employees Union (NTEU), and SEC Employee 

Affinity Groups. As discussed in more detail below, upon the recommendation of the Diversity 

Council, and following an agency roundtable on options for promoting mentorship opportunities at the SEC hosted by the Chairman and SEC Commissioners, the SEC established a mentoring program in FY 2018 to help the agency attract, develop, and retain a cadre of diverse and 

highly talented employees. 
2019 ANNUAL REPORT TO CONGRESS | 13

The SEC’s commitment to diversity and inclusion is also evident in leadership’s support for SEC 

Employee Affinity Groups and their programs and activities. Chairman Clayton, SEC Commissioners, and Senior Officers serve as executive sponsors and leadership resources for the 

Employee Affinity Groups. 

In FY 2018, the SEC continued to direct efforts towards enhancing diversity in senior management positions and the agency’s five designated “mission critical occupations”—attorney, 

accountant, economist, securities compliance examiner, and information technology (IT) 

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

as of the end of FY 2018. The SEC workforce continues to become more diverse. The data for 

FY 2016 to FY 2018 show: 

» The representation of women among Senior Officers increased from 36.3 percent in FY 2016 

to 39.6 percent in FY 2018.

» The representation of minorities in supervisory and management positions increased from 

23.4 percent in FY 2016 to 24.2 percent in FY 2018.

» The percentage of employees separating from the SEC workforce who were minorities 

decreased from 32.9 percent in FY 2017 to 28.5 percent in FY 2018, a total of 

4.4 percentage points.

The actions taken in FY 2018 to advance the SEC’s strategy for achieving and sustaining 

diversity at all levels of the agency’s workforce are summarized below.

Outreach and Recruitment

Restrictions on external hiring remained in effect throughout FY 2018, and as a result, the SEC 

participated in fewer outreach and recruitment events than in previous years. The agency placed 

greater emphasis on developing a pipeline of talent for future careers at the agency and targeted 

outreach to students at colleges, universities and professional schools.

DIVERSITY PARTNERSHIPS

The SEC continues to rely upon its relationships with minority and women professional associations and educational organizations to further the agency’s workforce diversity objectives. These 

collaborative relationships, referred to as “Diversity Partnerships” at the SEC, 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 2018, 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. 
14 | OFFICE OF MINORITY AND WOMEN INCLUSION

The SEC also continued its Diversity Partnerships with several minority professional associations, including the Association of Latino Professionals for America, and the National Association of Black Accountants. For a complete list of organizations that have entered into Diversity 

Partnerships with the SEC, see Appendix A.

OUTREACH EVENTS

In FY 2018, OMWI coordinated the SEC’s participation in over 30 diversity outreach and 

recruitment events to inform professionals and students about employment at the SEC, and the 

SEC regional offices participated in dozens more. Over 100 SEC employees actively participated 

in diversity outreach, including serving as speakers and panelists at conferences, participating 

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

events held on campuses of women’s colleges and minority-serving colleges, universities and 

law schools.

At events hosted by organizations such as the National Association of Black Accountants and the 

SIFMA Women’s Leadership Forum, SEC employees provided information on a wide variety of 

topics including the specialized skills and experience needed for employment at the SEC, agency 

career paths, and the application process. Chairman Clayton was a featured speaker at the 

National Association of Securities Professionals (NASP) 29th Annual Pension and Financial 

Services Conference in Houston, Texas. For a list of the FY 2018 outreach and recruitment 

events, see Appendix B. 

STUDENT OUTREACH INITIATIVES

The SEC continued its efforts to encourage student interest in future careers and internships at 

the SEC and in financial services in FY 2018. SEC employees engaged in outreach while attending events at minority-serving colleges and universities and women’s colleges including, Howard 

University, West Virginia State University, Florida International University, Southern University 

Law Center, Prairie View A and M University, and Wellesley College. Highlighted below are 

examples of FY 2018 student-focused outreach activities. 

» Hispanic National Bar Foundation (HNBF) Law Camp: The SEC headquarters in 

Washington, DC hosted high-school students from around the country participating in the 

HNBF’s Future Latino Leaders Law Camp. The visit arranged by OMWI included a career 

panel with senior SEC attorneys and a question and answer session that helped students 

understand how to prepare for law school and careers in corporate and securities law. 

Students toured the SEC’s offices and met with senior members of the Chairman’s staff.

» West Virginia State University: At this HBCU located in Charleston, West Virginia, OMWI 

visited with accounting students to discuss opportunities at the SEC and provide background 

on the SEC’s work.

» Trinity University Career Fair: At the career fair held at this women’s college located in

Washington, DC, the SEC provided information on careers available to recent graduates in 

the fields of accounting, law, IT management and other areas, and also provided investor 

education materials.
2019 ANNUAL REPORT TO CONGRESS | 15

» International Leadership Foundation (ILF): ILF is an organization that promotes public 

service among Asian American youth. OMWI hosted ILF’s summer cohort at the SEC for a 

career seminar, financial literacy event and tour. ILF’s college students learned about pathways 

to SEC careers and how the capital markets promote American entrepreneurship and prosity. 

The SEC also participated in ILF’s career fair. 

The Professionals Reaching Out to Promote Excellence and Learning for Students (PROPELS) 

financial literacy and mentoring program has been held at headquarters and several regional 

offices for eight years. 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.

As part of the PROPELS program in FY 2018, OMWI and the Office of Investor Education 

and Advocacy teamed up with the Federal Deposit Insurance Corporation to support the Junior 

Achievement Finance Park program at two locations in Maryland and Virginia. SEC employees 

at headquarters helped students learn about personal financial planning and career explorations 

as they navigated storefronts and kiosks set up to correspond to personal financial decisions, 

such as buying a home, purchasing a car, or determining investment options. Over three days, 

46 SEC employees provided one-on-one assistance to over 180 students in Junior Achievement’s 

innovative learning environment.

DIVERSITY OUTREACH AND INITIATIVES IN REGIONAL OFFICES

SEC employees in regional offices have been indispensable to the success of the agency’s initiatives to promote 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. For example, employees in the Boston, Fort Worth, and Miami regional 

offices conducted outreach and recruitment on campuses of minority-serving colleges and universities and women’s colleges in their regions in FY 2018. In addition, employees in the Miami, 

Los Angeles, New York, Philadelphia, and San Francisco regional offices represented the SEC at 

conferences, career fairs, and other diversity outreach events.

As part of the FY 2018 PROPELS program, employees in the Boston, Chicago, Denver, Fort 

Worth, Los Angeles, New York, and Philadelphia regional offices mentored high school students 

about careers in financial services and financial literacy. Boston regional office employees had 

over 100 students from three high schools participate in the PROPELS program. New York 

regional office employees participated in career days at two area high schools as part of PROPELS, and engaged with over 100 students. More than 170 employees from SEC regional offices 

were involved in the PROPELS program in FY 2018. 

The Miami Regional Office’s (MIRO) tradition of actively supporting the SEC’s workforce diversity and inclusion efforts continued in FY 2018. MIRO employees participated in 22 diversity 

outreach, recruitment, and education events for diverse professionals, law students, and business students. In addition, MIRO employees made financial education presentations at 14 high 
16 | OFFICE OF MINORITY AND WOMEN INCLUSION

schools in South Florida, reaching over 1300 students. In FY 2018 MIRO attorneys also taught 

a 14-week Securities Law course at the Florida International University (FIU) College of Law, a 

Hispanic Serving Institution. The course, which has been taught since 2009, explores all aspects 

of SEC enforcement from the perspectives of both the government and the 

private practitioner.

The Diversity Committees and Employee Affinity Groups in several regional offices conducted 

programs and activities to commemorate Special Observances and heritage months, which help 

to foster greater awareness, support and understanding of diversity, and promote an inclusive 

workplace culture.

STUDENT INTERNS

The SEC’s Student Honors Program provides opportunities for undergraduate, graduate, and 

law students to learn about securities regulations and the work of the SEC. The ten-week internship is offered at headquarters and in the SEC’s 11 regional offices. From fall 2016 to summer 

2018, 730 students participated in the Student Honors Program, and 32 (4.4 percent) were from 

educational institutions specified in Section 342(f)(1) of the Dodd-Frank Act—historically black 

colleges and universities, Hispanic-serving institutions, women’s colleges, and colleges that typically serve majority minority populations.

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 SEC University (SECU), a component of the Office of Human Resources (OHR), to offer on-demand, web-based courses, as well 

as classroom training, related to diversity and inclusion throughout the year. In FY 2018, SECU 

continued to make available two online classes on unconscious bias.

In late summer and early fall 2018, OMWI staff conducted unconscious bias training for employees in the Boston, Fort Worth, Los Angeles, Miami and San Francisco regional offices. Managers 

and non-managers attended separate sessions, and 98 managers and 144 non-managers in total 

received the training. OMWI staff will deliver unconscious bias training to employees in the 

remaining regional offices in 2019.

During FY 2018, the SEC offered programs aimed at fostering an inclusive culture that covered a 

wide range of topics. For example, OMWI launched “TED Talk Tuesdays” in FY 2018, a lunchtime discussion series around the inspiring and thought-provoking ideas of TED (Technology, 

Entertainment and Design) Talks. Employees in headquarters and regional offices participated 

in sessions featuring presentations concerning cultural differences and stereotyping; and human 

connection and the power of vulnerability.
2019 ANNUAL REPORT TO CONGRESS | 17

As part of the SEC’s Leading Author Series, OMWI and OHR presented Meredith A Jones, 

author of Women of the Street: Why Female Money Managers Generate Higher Returns (and 

How You Can, Too). The book looks at behavior and biological investment research to explore 

how women think about investing, and determine why women have a money management edge. 

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. In addition, the agency supports participation in 

career and leadership development programs, some of which are described below.

» The Aspiring Leader Program is an interactive blended learning program designed to 

strengthen the leadership and management skills of SEC non-supervisory (SK-13 and SK-14) 

employees. In FY 2018, the SEC selected 68 employees to participate in the Aspiring Leader 

program.

» The Women in Leadership Program is an external leadership development program conducted 

by the Brookings Institute. Through the Women in Leadership program, individuals from 

across federal agencies learn how to strengthen leadership qualities and explore key elements 

of senior leadership success while maintaining authenticity and balance. The SEC selected 

seven employees to participate in the Women in Leadership program in FY 2018.

» The Excellence in Government (EIG) Fellows Program coordinated by the Partnership for 

Public Service strengthens the leadership skills of experienced federal employees through a 

combination of innovative coursework, best practices benchmarking, challenging actionlearning projects, executive coaching and government-wide networking. During this competitively-based program, EIG Fellows remain in their full-time jobs, meet every six weeks and 

spend approximately 21 days total in session(s). This program is offered to employees in both 

supervisory and non- supervisory roles. In addition to activities with the Partnership for Public 

Service EIG Fellows, SEC Fellows will be involved in facilitated cohort meetings at SEC headquarters to explore and share in more depth what they are learning and how this information 

can be applied to improve organizational performance, workplace relationships, and productivity within the SEC. In FY 2018, the SEC supported the participation of 14 employees in the 

EIG Fellows program.

Mentoring

The SEC’s Diversity Council recommended that the agency establish a formal mentoring program to enhance employees’ opportunities for career development and advancement. To help 

ensure the program’s long-term success, the Diversity Council’s recommendation called for a 

phased implementation. In January 2018, the Chairman and SEC Commissioners convened a 

roundtable with internal and external participants to discuss the importance of mentoring and 

key considerations in developing a mentoring program. With support from the Chairman and 

SEC Commissioners, the SEC adopted the Council’s recommendation and launched a pilot 

mentoring program in FY 2018.
18 | OFFICE OF MINORITY AND WOMEN INCLUSION

The SEC’s Office of the Chief Operating Officer oversees the mentoring program with assistance from OMWI and the Office of Public Affairs. A total of 30 mentoring pairs were selected 

to participate in the pilot program, which runs from September 2018 to June 2019. The 

mentoring program focuses on professional development and is intended to encourage collaboration across divisions and offices, help employees expand their networks, and provide 

leadership opportunities for mentors. To kick off the mentoring program, the agency hosted 

a half-day “speed mentoring” event at headquarters in July 2018, where employees had the 

opportunity to give or receive career advice during a series of short and focused conversations 

with colleagues. The event also permitted employees interested in the mentoring program to 

meet potential mentors and mentees.

Monitoring and Analyzing Internal Demographics

In FY 2018, OMWI continued to provide each of the SEC’s divisions and offices a quarterly 

workforce demographic profile, which tracks personnel activity (e.g., hiring, promotions, and 

separations) by gender, race, and ethnicity. In addition, OMWI conducted briefings for SEC 

regional offices that provided an overview of the current state of diversity and inclusion in their 

organizations. During each meeting, OMWI presented detailed workforce statistics and discussed 

the progress made since FY 2013 in enhancing diversity, particularly in leadership positions and 

major occupations in the regional office. OMWI conducted similar briefings in FY 2017 for each 

of the divisions and offices at headquarters.

Evaluating Performance 

APPLICANT DATA ANALYSIS

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

applicants for vacancies filled through the USAJOBS.gov website. OMWI analyzed the data to 

determine the diversity of the applicant pools for vacancies in the agency’s mission critical occupations—attorney, accountant, economist, securities compliance examiner, and IT management.

As depicted in Figure 6, the data from applicants who self-identified their gender, race, and 

ethnicity show that the application rate of each minority group for vacancies in mission critical 

occupations was about equal to or higher than the group’s representational percentage in the 

same occupations in the Civilian Labor Force (CLF).10 The analysis indicates that women applied 

for vacancies in accountant, securities compliance examiner, and IT management occupations at 

rates that were lower than their CLF representational percentages in these occupations.

10 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 

702,202(d).
2019 ANNUAL REPORT TO CONGRESS | 19

Figure 6. Applications by Mission Critical Occupations, Gender, Race, and Ethnicity Comparison to CLF

Men Women White Black Hispanic Asian All Other

0905 General 

Attorney

Applied 65 .8% 34 .2% 63 .1% 17 .0% 9 0% . 9 .6% 1 .3%

OCLF 66 .7% 33 .3% 86 .4% 4 .7% 4 .4% 3 .6% 1 .0%

0510 

Accounting

Applied 577% . 42 .3% 43 .9% 29 .7% 6 .1% 18 .2% 2 .0%

OCLF 39 .9% 60 .1% 76 0% . 8 .1% 6 .1% 8 .6% 0 .1%

1831 Securities

Compliance 

Examining

Applied 72 .1% 27 .9% 51 .8% 12 .9% 16 .5% 17 .6% 1 .2%

OCLF 54 .7% 45 .3% 72 .4% 12 .3% 6 .7% 77% . 0 0% .

0110 Economist Applied 0 0% . 0 0% . 0 0% . 0 0% . 0 0% . 0 0% . 0 0% .

OCLF 67 .1% 32 .9% 81 .0% 5 .5% 5 .2% 7 .1% 0 .1%

2210 IT 

Management

Applied 89 .3% 10 7% . 25 .0% 35 .7% 17 .9% 21 .4% 0 0% .

OCLF 70 4% . 29 .6% 73 .1% 11 .1% 7 .6% 7 .1% 1 .5%

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

Distribution by Race, Ethnicity, and Sex on February 12, 2019. OCLF reflects the occupational CLF retrieved from 

Census 2010 EEO Tabulation using occupational cross-classification provided by EEOC. *No economist recruitments 

in FY 2018.

While 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. In addition, OEEO regularly looks at applicant demographic data to examine the 

fairness and inclusiveness of agency recruitment efforts.

Current State of Diversity 

FY 2018 SEC WORKFORCE PROFILE

As of the end of FY 2018, the SEC workforce had 4,448 employees (4,359 permanent and 89 

temporary employees).11 Nearly two-thirds of SEC employees worked at the agency’s headquarters in Washington, DC, and one-third worked in the SEC’s 11 regional offices.

From FY 2017 to FY 2018, the size of the SEC workforce decreased by 151 employees. The overall 

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

Figure 7 depicts the SEC workforce representation by gender, race, and ethnicity. As of the end 

of FY 2018, men comprised 54.1 percent and women comprised 45.9 percent of the SEC 

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

65.7 percent of SEC employees self-identified as White, 15.5 percent as Black or African American, 12.3 percent as Asian, 5.5 percent as Hispanic or Latino, 0.4 percent as American Indian 

or Alaskan Native, 0.6 percent as Two or More Races, and 0.0 percent as Native Hawaiian or 

Other Pacific Islander.

11 Unless otherwise noted, data is reported for permanent and temporary employees.
20 | OFFICE OF MINORITY AND WOMEN INCLUSION

Since FY 2016, the representation of Asian and Hispanic or Latino employees increased slightly, 

while the representation of Black or African American employees decreased slightly. As shown in 

Figure 8, the representation of women and minorities in the SEC workforce increased negligibly 

from FY 2016 to FY 2018.

Figure 7. Workforce Demographic by Gender, Race, and Ethnicity FY 2016–FY 2018

Men Women White Black Hispanic Asian All Other

FY 2016 54 .2% 45 .8% 65 .8% 15 .9% 5 .3% 12 .0% 0 .9%

FY 2017 54 .0% 46 .0% 65 .6% 15 .5% 5 .5% 12 .2% 1 .0%

FY 2018 54 .1% 45 .9% 65 .7% 15 .5% 5 .5% 12 .3% 1 .0%

10%

20%

30%

40%

50%

60%

70%

Source: Federal Personnel and Payroll System (FPPS) FY 2018 data retrieved on January 29, 2019. “All Other” 

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

categories, and unknowns.

Figure 8. Women and Minority Representation FY 2016–FY 2018

Minority Women

30%

40%

50%

45%

35%

5%

15%

25%

20%

10%

0%

FY2016 FY2017 FY2018

45 .8% 46 .0% 45 .9%

34 .2% 34 .4% 34 .3%

Source: FPPS FY 2018 data retrieved on January 29, 2019.
2019 ANNUAL REPORT TO CONGRESS | 21

SEC WORKFORCE COMPARED TO THE FEDERAL WORKFORCE AND CLF

To provide context for the workforce diversity and inclusion efforts, Figure 9 depicts how the 

demographic composition (i.e., gender, race, and ethnicity) of the SEC workforce, as of the end 

of FY 2018, 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 2018, the representation of women in the SEC 

workforce was higher than their representation in the Federal workforce, but lower than their 

representation in the CLF.

Minorities collectively represented 34.4 percent of the SEC workforce as of the end of FY 2018, 

which was 25 percent higher than their representational percentage in the CLF (27.6 percent), 

and 7.6 percent lower than their representational percentage in the Federal workforce (37.2 percent). The SEC workforce had a lower representation of Black or African American employees 

(15.5 percent) and Hispanic or Latino employees (5.5 percent) than the FY 2018 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 representational percentage in both the 

CLF and Federal workforce.

Figure 9. FY 2018 SEC Workforce Compared to CLF and Federal Workforce

Demographic Groups

SEC FY 2018

Workforce

FY 2018 Federal

Workforce

2010 Civilian

Labor Force

Men 54 .1% 56 .5% 51 .9%

Women 45 .9% 43 .5% 48 .1%

White (Non-Minority) 65 .7% 62 .7% 72 .4%

Minority 34 .3% 37 .2% 27 .6%

Black or African American 15 .5% 18 .2% 12 .0%

Hispanic or Latino 5 .5% 9 .0% 10 .0%

Asian 12 .3% 6 .0% 3 .9%

Native Hawaiian or

Other Pacific Islander

0 .0% 0 .5% 0 .1%

American Indian or

Alaska Native

0 .4% 1 .7% 1 .1%

Two or More Races 0 .6% 1 .7% 0 .5%

Source: FPPS FY 2018 data retrieved on January 29, 2019. Federal workforce data from the Office of Personnel 

Management and CLF data from Census 2010 EEO Tabulation retrieved on January 29, 2019. *Data current as of 

June 2018.

WORKFORCE ANALYSIS BY OCCUPATION

The SEC has employees in over 50 occupations. Figure 10 depicts 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.
22 | OFFICE OF MINORITY AND WOMEN INCLUSION

Attorney is the most prevalent occupation in the SEC workforce; 42.2 percent of all SEC 

employees were in the attorney occupation as of the end of FY 2018. Attorney is the most 

prevalent occupation for both men and women. Attorney is also the most prevalent occupation 

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 2018, 50 percent of White, 37.1 percent of 

Asian, and 30.9 percent of Hispanic or Latino, employees were employed as attorneys. Attorney 

was the second most prevalent occupation for Black or African American employees (19 percent) 

as of the end of FY 2018. A slightly greater percentage of Black or African American employees 

were employed in positions in the Miscellaneous Administration and Program Series (19.6 percent).

Figure 10. FY 2018 Percent of Demographic Group in Top 15 Occupations

SEC Men Women White Black Hispanic Asian All 

Other

Total 100 .0% 100 .0% 100 .0% 100 .0% 100 .0% 100 .0% 100 .0% 100 .0%

0905 General 

Attorney

42 .2% 43 .4% 40 .9% 500% . 19 .0% 30 .9% 37 .1% 22 .7%

0510 Accounting 19 .9% 20 .8% 18 .8% 21 .7% 11 .2% 22 .0% 207% . 15 .9%

1831 Securities 

Compliance 

Examining

7 .4% 9 .1% 5 .4% 7 .4% 4 .3% 8 .9% 10 .2% 9 .1%

2210 Information 

Technology 

Management

6 .4% 8 .7% 3 .8% 4 .3% 9 .1% 8 .1% 13 .0% 11 .4%

0301 Miscellaneous 

Administration and 

Program

5 .5% 2 .7% 8 .9% 2 .7% 19 .6% 8 .5% 1 .5% 9 .1%

0343 Management 

and Program Analysis

3 .3% 2 .5% 4 .3% 2 .2% 8 .4% 4 .1% 2 .2% 6 .8%

0110 Economist 2 .2% 2 .9% 1 .5% 2 .3% 0 .6% 2 .0% 4 .2% 4 .5%

0950 Paralegal 

Specialist

1 .9% 07% . 3 .2% 1 .4% 3 .7% 3 .7% 1 .1% 4 .5%

0201 Human 

Resources 

Management

1 .2% 0 .6% 2 .0% 07% . 3 .7% 1 .2% 0 .5% 4 .5%

1102 Contracting 1 .1% 1 .0% 1 .2% 07% . 2 .3% 2 .0% 0 .9% 4 .5%

1160 Financial 

Analysis

0 .9% 1 .2% 0 .6% 0 .8% 0 .4% 0 .4% 2 .7% 00% .

0501 Financial 

Administration 

and Program

0 .8% 0 .3% 1 .3% 0 .4% 2 .7% 0 .8% 0 .4% 00% .

0303 Miscellaneous 

Clerk and Assistant

07% . 0 .5% 1 .0% 0 .2% 3 .6% 0 .4% 00% . 00% .

0340 Program 

Management

07% . 07% . 0 .6% 1 .0% 0 .1% 0 .4% 00% . 2 .3%

0318 Secretary 0 .6% 00% . 1 .3% 0 .2% 2 .6% 0 .8% 0 .4% 00% .

All Other 

Occupations

5 .0% 4 .9% 5 .1% 4 .1% 8 .5% 5 .7% 5 .1% 4 .5%

Source: FPPS FY 2018 data retrieved January 29, 2019. “All Other” includes Native Hawaiian/Pacific Islander, 

American Indian/Alaska Native, Two or More Races, and unknowns. Mission critical occupations are highlighted in yellow.
2019 ANNUAL REPORT TO CONGRESS | 23

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

critical occupations shown in red in Figure 10. As of the end of FY 2018, 85.7 percent of White 

employees, 85.2 percent of Asian employees, and 71.9 percent of Hispanic or Latino employees 

worked in these occupations. As of the end of FY 2018, 44.2 percent of Black or African American employees worked in mission critical occupations.

MISSION CRITICAL OCCUPATIONS

Enhancing diversity in mission critical occupations has been a primary objective of the SEC’s 

diversity and inclusion initiatives. Figure 11 depicts how the FY 2018 workforce representation 

of minorities and women in each of the SEC’s designated mission critical occupations compared 

to the availability of minorities and women in these occupations in the CLF. The comparisons 

with the occupational CLF are helpful in assessing the agency’s progress towards achieving diversity at all levels of the agency’s workforce and identifying any areas that should be the focus of 

ongoing outreach and recruitment efforts.

The percentage of women in all mission critical occupations in the SEC workforce except 

attorney 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 percentage in these two occupations 

in the CLF. The percentage of Hispanic or Latino employees in the attorney, economist, and IT 

management occupations in the SEC workforce was slightly lower than their representational 

percentage in the same occupations in the CLF.

Minorities collectively represented 22.3 percent of attorneys, 28.3 percent of accountants, 34 

percent of economists, and 34 percent of securities compliance examiners in the SEC workforce. 

In contrast, minorities collectively held 55.2 percent of IT management positions in the SEC 

workforce, which was higher than the representational percentage of minorities in the IT 

management occupation in the CLF (26.9 percent).
24 | OFFICE OF MINORITY AND WOMEN INCLUSION

Figure 11. FY 2018 SEC Workforce Mission Critical Occupations Compared to CLF

Men Women White Black Hispanic Asian All Other

0905 General

Attorney

SEC

Workforce 55 .5% 44 .5% 77 .7% 7 .0% 4 .0% 10 .8% 0 .5%

OCLF 66 .7% 33 .3% 86 .4% 4 .7% 4 .4% 3 .6% 0 .9%

0510 Accounting SEC

Workforce 56 .7% 43 .3% 71 .7% 8 .7% 6 .1% 12 .7% 0 .8%

OCLF 39 .9% 60 .1% 76 .0% 8 .1% 6 .1% 8 .6% 1 .2%

1831 Securities

Compliance

Examining

SEC

Workforce 66 .6% 33 .4% 66 .0% 9 .1% 6 .7% 17 .0% 1 .2%

OCLF 54 .7% 45 .3% 72 .4% 12 .3% 6 .7% 7 .7% 0 .9%

0110 Economist SEC

Workforce 70 .0% 30 .0% 66 .0% 4 .0% 5 .0% 23 .0% 2 .0%

OCLF 67 .1% 32 .9% 81 .0% 5 .5% 5 .2% 7 .1% 1 .3%

2210 IT

Management

Applied 73 .1% 26 .9% 44 .8% 21 .3% 7 .0% 24 .8% 2 .1%

OCLF 70 .4% 29 .6% 73 .1% 11 .1% 7 .6% 7 .1% 1 .5%

Source: FPPS FY 2018 data retrieved on January 29, 2019 . OCLF data from Census 2010 EEO Tabulation retrieved on 

January 29, 2019 . “All Other” includes Native Hawaiian or Other Pacific Islander, American Indian or Alaskan Native, 

Two or More Races categories, and unknowns .

Figure 12 depicts employees in mission critical occupations by gender, race, and ethnicity from 

FY 2016 to FY 2018.12 The percentage of minorities in mission critical occupations increased 

negligibly from 27.8 percent in FY 2016 to 28 percent in FY 2018. The percentage of Asian, 

Black or African American, and Hispanic or Latino employees in mission critical occupations 

changed little over the three-year period. The percentage of women in mission critical occupations increased slightly since FY 2016.

Figure 12. Mission Critical Occupations FY 2016–FY 2018

Total Men Women White Black Hispanic Asian All Other

FY 2016 3,641 2,153 1,488 2,628 320 185 481 27

100 .0% 59 .1% 40 .9% 72 .2% 8 .8% 5 .1% 13 .2% 0 .7%

FY 2017 3,592 2,115 1,477 2,581 314 185 481 31

100 .0% 58 .9% 41 .1% 71 .9% 8 .7% 5 .2% 13 .4% 0 .9%

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%

Percent Change

(FY 2016–FY 2018) -4.5% -5.2% -3.5% -4.7% -5.3% -4.3% -3.5% 7.4%

Source: FPPS FY 2018 data retrieved on January 29, 2019. “All Other” includes Native Hawaiian or Other Pacific 

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

12 Certain charts and analyses in our annual reports for FY 2014 to FY 2017 covered only four of the agency’s

mission critical occupations—attorney, accountant, economist, and securities compliance examiner. The charts 

and discussion of mission critical occupations presented in this FY 2018 annual report include IT management. 

As a result, data for mission critical occupations presented in this report for FY 2016 and FY 2017 differ from 

data for mission critical occupations presented in our two previous annual reports for FY 2016 and FY 2017.
2019 ANNUAL REPORT TO CONGRESS | 25

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 2018, the SEC workforce had 898 supervisors and managers. Of this total, 876 supervisors 

and managers held positions at grade levels SK-15, SK-17, or Senior Officer.13

Figure 13 depicts the number and percentage of SEC supervisors and managers by gender, race, 

and ethnicity from FY 2016 to FY 2018. Minorities collectively held 24.2 percent of supervisory 

and managerial positions at the SEC as of the end of FY 2018, up from 23.4 percent in FY 2016. 

The percentage of women among SEC supervisors and managers decreased from 38.3 percent in 

FY 2016 to 38.0 percent in FY 2018, while the percentage of minorities among SEC supervisors 

and managers increased incrementally over the three-year period.

Figure 13. Supervisors and Managers FY 2016–FY 2018

Total Men Women White Black Hispanic Asian All Other

FY 2016 911 562 349 698 84 37 84 8

100 .0% 61 .7% 38 .3% 76 .6% 9 .2% 4 .1% 9 .2% 0 .9%

FY 2017 902 564 338 685 82 41 88 6

100 .0% 62 .5% 37 .5% 75 .9% 9 .1% 4 .5% 9 .8% 0 .7%

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%

Percent Change

(FY 2016–FY 2018) -1.4% -0.9% -2.3% -2.4% -6.0% 10.8% 9.5% -37.5%

Source: FPPS FY 2018 data retrieved on January 29, 2019. “All Other” includes the Native Hawaiian or Other Pacific 

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

The percentage of Asian supervisors and managers increased each year since FY 2016. The 

percentage of Hispanic or Latino supervisors and managers increased incrementally, while the 

percentage of Black or African American and all other racial minority groups in supervisory and 

management positions decreased slightly since FY 2016.

SENIOR OFFICERS

Figure 14 presents data on the gender, race, and ethnicity of Senior Officers in each year since 

FY 2016. The number of Senior Officers at the SEC decreased from 146 in FY 2016 to 143 as 

of the end of FY 2018.

The representation of women among Senior Officers continued to trend upward. Women represented 39.2 percent of the Senior Officers in FY 2018, compared to 36.3 percent in FY 2016. 

13 The SEC also had employees in supervisory and management positions in the SK-9–SK-14 grade levels.
26 | OFFICE OF MINORITY AND WOMEN INCLUSION

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 33.8 percent of Senior Executives in the Federal workforce in FY 2018.

As of the end of FY 2018, minorities held 12.6 percent of Senior Officer positions. In contrast, 

minorities held 21.1 percent of Senior Executive positions in the Federal workforce in FY 2018. 

Since FY 2016, the representation of minorities among Senior Officers decreased slightly. From 

FY 2016 to FY 2018, the number of Black or African American and Asian Senior Officers 

remained the same, while the number Hispanic or Latino Senior Officers decreased by one.14

Figure 14. Senior Officers FY 2016–FY 2018

Total Men Women White Black Hispanic Asian All Other

FY 2016 146 93 53 127 7 3 8 1

100 .0% 63 .7% 36 .3% 87 .0% 4 .8% 2 .1% 5 .5% 0 .7%

FY 2017 149 91 58 130 7 3 8 1

100 .0% 61 .1% 38 .9% 87 .2% 4 .7% 2 .0% 5 .4% 0 .7%

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%

Percent Change

(FY 2016–FY 2018) -2.1% -6.5% 5.7% -1.6% 0.0% -33.3% 0.0% 0.0%

Source: FPPS FY 2018 data retrieved on January 29, 2019 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, and unknowns. Includes only permanent and temporary employees in the SO pay plan.

NEW HIRES

The SEC workforce had significantly fewer new hires in FY 2018 than in previous years as a 

result of the hiring restrictions that were in effect. As shown in Figure 15, the SEC workforce had 

53 new hires as of the end of FY 2018, representing a decrease of 88.1 percent from the FY 2016 

hiring level.

The percentage of women new hires decreased from 44.8 percent in FY 2016 to 41.5 percent in 

FY 2018. The percentage of minorities among new hires decreased from 38.3 percent of the 

444 new hires in FY 2016 to 13.2 percent of the 53 new hires in FY 2018. The percentage of 

Black or African American and Asian new hires decreased from FY 2017 to FY 2018. In FY 

2017, 6.6 percent of new hires were Hispanic or Latino; in FY 2018 there were no Hispanic or 

Latino new hires.

14 Although their numbers remained unchanged, Black or African American and Asian Senior Officers left the 

SEC and Black or African American and Asian Senior Officers were appointed during the three-year period.
2019 ANNUAL REPORT TO CONGRESS | 27

Figure 15. New Hires Trend by Gender, Race, and Ethnicity

Total Men Women White Black Hispanic Asian All Other

FY 2016 444 245 199 274 56 29 78 7

100 .0% 55 .2% 44 .8% 61 .7% 12 .6% 6 .5% 17 .6% 1 .6%

FY 2017 166 100 66 112 12 11 28 3

100 .0% 60 .2% 39 .8% 67 .5% 7 .2% 6 .6% 16 .9% 1 .8%

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% .

Source: FPPS FY 2018 data retrieved on January 29, 2019. “All Other” includes the Native Hawaiian or Other Pacific 

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

temporary employees.

Figure 16 depicts new hires into mission critical occupations from FY 2016 to FY 2018 by 

gender, race, and ethnicity. From FY 2017 to FY 2018, the percentage of women among new 

hires into mission critical occupations increased. The percentage of Black or African American 

and Asian new hires into mission critical occupations decreased from FY 2017 to FY 2018, as 

the number of new hires into those roles across the agency decreased from 124 to 44.

Figure 16. New Hires into Mission Critical Occupations FY 2016–FY 2018

Total Men Women White Black Hispanic Asian All Other

FY 2016 325 180 145 209 27 21 63 5

100 .0% 55 .4% 44 .6% 64 .3% 8 .3% 6 .5% 19 .4% 1 .5%

FY 2017 124 81 43 88 6 5 22 3

100 .0% 65 .3% 34 .7% 71 .0% 4 .8% 4 .0% 17 .7% 2 .4%

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%

Source: FPPS FY 2018 data retrieved on January 29, 2019. “All Other” includes the Native Hawaiian or Other Pacific 

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

temporary employees.
28 | OFFICE OF MINORITY AND WOMEN INCLUSION

SEPARATIONS

Figure 17 depicts the separations by gender, race, and ethnicity since FY 2016. In FY 2018, 

200 employees left the SEC. Separations due to resignation, retirement, and term appointments 

accounted for nearly all separations from FY 2016 to FY 2017.

Figure 17. Workforce Separations by Gender, Race, and Ethnicity FY 2016–FY 2018

Total Men Women White Black Hispanic Asian All Other

FY 2016 201 144 87 138 30 10 20 3

100 .0% 56 .7% 43 .3% 68 .7% 14 .9% 5 .0% 10 .0% 1 .5%

FY 2017 249 148 101 167 37 10 30 5

100 .0% 59 .4% 40 .6% 67 .1% 14 .9% 4 .0% 12 .0% 2 .0%

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%

Source: FPPS FY 2018 data retrieved on January 29, 2019. “All Other” includes the Native Hawaiian or Other Pacific 

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

temporary employees.

From FY 2016 to FY 2018, the percentage of employees separating from the SEC workforce

who were women increased from 43.3 percent to 44.0 percent. The percentage of employees 

separating who were minorities was lower in FY 2018 than in FY 2016.

Separations from mission critical occupations by gender, race, and ethnicity in each fiscal year 

since FY 2016 are shown in Figure 18. In FY 2018, 76.3 percent of employees who separated 

from the SEC left from mission critical occupations. The percentage of minorities separating 

from mission critical occupations was 4.1 percentage points lower in FY 2018 than in FY 2017. 

However, the separations in FY 2018 had little effect on the overall representation of minorities 

in mission critical occupations.

Figure 18. Separations from Mission Critical Occupations FY 2016–FY 2018

Total Men Women White Black Hispanic Asian All Other

FY 2016 128 77 51 100 10 4 13 1

100 .0% 60 .2% 39 .8% 78 .1% 7 .8% 3 .1% 10 .2% 0 .8%

FY 2017 162 109 53 117 11 6 26 2

100 .0% 67 .3% 32 .7% 72 .2% 6 .8 % 3 .7% 16 .0% 1 .2%

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%

Source: FPPS FY 2018 data retrieved on January 29, 2019. “All Other” includes the Native Hawaiian or Other Pacific 

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

temporary employees .
2019 ANNUAL REPORT TO CONGRESS | 29

PROMOTIONS

Figure 19 depicts promotions by gender, race, and ethnicity since FY 2016. 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 percent of promotions in FY 2018. Compared to FY 2016, the percentage 

of promotions received by Black or African American, Hispanic or Latino, and Asian employees 

increased in FY 2018. The percentage of promotions received by women also increased since 

FY 2016.

Figure 19. Promotions FY 2016–FY 2018

Total Men Women White Black Hispanic Asian All Other

FY 2016 612 330 282 390 102 40 77 3

100 .0% 53 .9% 46 .1% 63 .7% 16 .7% 6 .5% 12 .6% 0 .5%

FY 2017 559 290 269 330 103 44 76 6

100 .0% 51 .9% 48 .1% 59 .0% 18 .4% 7 .9% 13 .6% 1 .1%

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%

Source: FPPS FY 2018 data retrieved on January 29, 2019. “All Other” includes the Native Hawaiian or Other Pacific 

Islander, American Indian or Alaskan Native, Two or More Races categories, and unknowns. Promotions include all 

employee transactions resulting in a higher grade level.

Work Environment

The Partnership for Public Service annually publishes rankings for the Best Places to Work in 

the Federal Government, which are based on the Federal Employee Viewpoint Survey (FEVS) 

administered by OPM. The SEC moved up two places in rankings in 2018, and was ranked third 

out of 27 mid-size agencies. While opportunities for improvement remain, the steady increases in 

FEVS scores since 2012 on the indices for Global Satisfaction (23 percentage points), New Inclusion Quotient Index (17 percentage points), and Employee Engagement (16 percentage points) 

reflect the SEC’s commitment to promoting workforce diversity and fostering workplace inclusion as an integral part of the agency’s human capital strategic plan.

EMPLOYEE AFFINITY GROUPS

SEC Employee Affinity Groups have been instrumental in helping to cultivate a workplace 

culture that attracts diverse talent and encourages employee engagement and retention. The 

improvements seen in FEVS scores and the SEC’s high ranking among the Best Places to Work 

are attributable, in part, to the active involvement of Employee Affinity Groups in fostering 

inclusion at the SEC. Employee Affinity Groups provide educational, cultural, and networking 

opportunities for SEC employees, and serve as a resource for outreach and recruitment initiatives.
30 | OFFICE OF MINORITY AND WOMEN INCLUSION

SEC Commissioners and Senior Officers serve as executive sponsors for Employee Affinity 

Groups. OMWI provides program support for all Employee Affinity Groups except the Veterans 

Committee, which receives program support from OHR. In FY 2018, nine Employee Affinity 

Groups were active at the SEC:

» African American Council;

» American Indian Heritage Committee;

» Asian American and Pacific Islander Committee;

» Caribbean American Heritage Committee;

» Disability Interests Advisory Committee;

» Hispanic and Latino Opportunity, Leadership, and Advocacy Committee;

» Lesbian, Gay, Bisexual, and Transgender (LGBT) Committee;

» Veterans Committee; and

» Women’s Committee. 

Employee Affinity Groups have a major role in planning and conducting SEC-sponsored programs and activities to commemorate Special Observances. These programs celebrate the diversity in the SEC workforce and enhance cross-cultural awareness and understanding. For a list of 

the FY 2018 programs and activities for Special Observances, see Appendix C. 

FEVS INCLUSION QUOTIENT INDEX

The FEVS Inclusion Quotient Index (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 2018 was 71 percent positive, which 

was 2 percentage points higher than the agency’s overall New IQ for 2017 and 15 percentage 

points higher than 2014. The SEC’s scores on each Habit of Inclusion also increased: Fair 

(up 3 percentage points), Open (up 2 percentage points), Cooperative (up 2 percentage points), 

Supportive (up 1 percentage point), and Empowering (up 1 percentage point). The trend 

calculations shown in Figure 20 indicate the SEC New IQ continues to increase.
2019 ANNUAL REPORT TO CONGRESS | 31

Figure 20. SEC’s New IQ vs. Government Average

Government SEC

FY2017 FY2018

56%

71%

58%

62%

FY2014 FY2017 FY2017

Source: OPM’s Federal Employee Viewpoint Survey 2018 retrieved on January 30, 2019.

In addition to the New IQ, OMWI tracks the percentage of positive responses to three diversityrelated FEVS questions. As shown in Figure 21, the agency’s scores on these questions increased 

each year since FY 2014, which suggests growing support for the agency’s diversity and inclusion 

efforts.

Figure 21. SEC Scores on Selected Diversity Related FEVS Questions

Question 2014 2015 2016 2017 2018

Q34–Policies and programs promote diversity in

the workplace (for example, recruiting minorities

and women, training in awareness

of diversity issues, mentoring) .

60% 63% 65% 67% 67%

Q45–My supervisor is committed to a 

workforce representative of all segments 

of society .

71% 72% 76% 80% 82%

Q55–Supervisors work well with employees of 

different backgrounds . 63% 64% 68% 77% 78%

Source: OPM’s Federal Employee Viewpoint Survey 2018 retrieved on January 30, 2019.

Challenges and Next Steps

Enhancing diversity in senior management positions and certain mission critical occupations 

remain key areas of focus for the SEC’s ongoing diversity and inclusion efforts. In FY 2019, 

OMWI will work with the divisions and offices authorized to fill positions to identify specific 

recruiting needs and develop outreach and recruitment strategies. The SEC will also increase 

efforts to recruit diverse students for SEC internship opportunities.
32 | OFFICE OF MINORITY AND WOMEN INCLUSION

DIVERSITY POLICIES AND PRACTICES OF 

SEC-REGULATED ENTITIES

Assessing Diversity Policies and Practices

In January 2018, the SEC introduced a new form called the “Diversity Assessment Report for 

Entities Regulated by the SEC” (Diversity Assessment Report) as a complement to the Joint 

Standards for Assessing Diversity Policies and Practices of Entities Regulated by the Agencies 

(Joint Standards) issued by the SEC and five other financial regulatory agencies in June 2015.15

The Diversity Assessment Report is designed to help SEC-regulated entities conduct voluntary 

self-assessments of their diversity policies and practices, and provide them with a template for 

sharing information about their diversity self-assessments with the SEC, as contemplated under 

the Joint Standards.

The Diversity Assessment Report is intended primarily for SEC-regulated entities with more than 

100 employees, as the agencies focused on institutions of this size when developing the Joint 

Standards. Using registration statements and other public information, the SEC identified regulated entities meeting the threshold number of employees, and asked 1367 investment advisers, 

broker-dealers, municipal advisors and self-regulatory organizations to submit a Diversity Assessment Report during calendar year 2018.

The requests for Diversity Assessment Reports were staggered; they were sent in January, 

September, and November. The SEC asked regulated entities in the first group, which was 

comprised of largest SEC-regulated entities (1000 or more employees), to complete and submit 

the Diversity Assessment Report online using a secure web-based survey management system. 

Regulated entities in the second and third groups were invited to submit either a pdf version of 

the Diversity Assessment Report, which is available on the OMWI page of the agency’s public 

website,16 or their own self-assessment instruments.

The response from regulated entities to the request for information about their diversity selfassessments was lower than expected. The SEC received 22 responses from the first group, and 

16 from the second and third groups, for a total of 38 individual responses. Some SEC-regulated 

entities are divisions or subsidiaries of large financial institutions regulated by other Federal 

financial agencies. In some instances, the SEC asked more than one division or subsidiary of a 

financial institution to submit a Diversity Assessment Report, and the parent company submitted 

a single response for all of its subsidiaries that referred to the diversity policies and practices of 

the “enterprise” or the parent company. 

15 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). 

16 See https://www.sec.gov/omwi/regulated-entities.
2019 ANNUAL REPORT TO CONGRESS | 33

While the 38 responses cover 55 or 4 percent of the regulated entities asked to submit diversity 

self-assessment information, the firms represented employ nearly 47 percent of the employees in 

securities and other financial investments.17

Of the 38 responses, the overwhelming majority (89 percent) indicated the firm has a written 

diversity and inclusion policy. The majority of responses (84 percent) indicated that a senior level 

officer directs the firm’s diversity and inclusion efforts, and a majority (73 percent) said the firm 

publishes information about its diversity and inclusion efforts on its website. A smaller majority 

of responses (55 percent) indicated the firm has a supplier diversity policy aimed at providing 

business opportunities to MWOBs.

Financial Regulatory Agencies’ Diversity and Inclusion Summit

In September 2018, the first-ever “Financial Regulatory Agencies’ Diversity and Inclusion Summit” 

was held at the Federal Reserve Bank of New York. The Offices of Minority and Women Inclusion from the SEC, Office of the Comptroller of the Currency, Federal Reserve Board, Federal 

Deposit Insurance Corporation, and the National Credit Union Administration convened the 

Diversity and Inclusion Summit to provide a forum for business leaders, diversity professionals, 

and government officials to discuss ongoing efforts to promote diversity and inclusion in the 

financial services sector. The half-day event, which had over 140 participants, focused on the 

Joint Standards, as well as best practices for promoting workforce diversity and inclusion, 

supplier diversity, and organizational commitment to diversity.

Challenges and Next Steps

The Joint Standards envision that regulated entities will conduct self-assessments of their diversity policies and practices at least annually. The SEC expects to collect diversity self-assessment 

information from its regulated entities every two years. The next round of requests for diversity 

self-assessments will not be sent until FY 2020. A challenge for the SEC will be to find a way to 

incentivize regulated entities to conduct diversity self-assessments and share them with the agency.

In the meantime, the SEC will continue to promote the Joint Standards at educational events 

hosted by industry trade associations and conferences of professional associations. In addition, 

the agency will continue to encourage SEC-regulated entities to the use the Diversity Assessment 

Report as a guide for their diversity self-assessments. 

17 Based on the current employment statistics in the Securities, Commodity Contracts, and Other Financial Investments and Related Activities subsector (NAICS 523) of the Finance and Insurance sector (NAICS 52).
34 | OFFICE OF MINORITY AND WOMEN INCLUSION

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,” 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 FY 2018, OMWI reviewed a total of 45 contractors (38 prime and 7 subcontractors). In each 

review, 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. Where OMWI’s analysis of a contractor’s workforce data revealed that the representation of women or minorities in an EEO-1 job 

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 the reviews for 20 prime contractors (53 percent) and 7 subcontractors (100 percent), OMWI identified job categories that should be the focus of diversity efforts.
2019 ANNUAL REPORT TO CONGRESS | 35

CONCLUSION AND FY 2019 OUTLOOK

For the SEC, diversity and inclusion 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. OMWI will continue to work with all divisions and offices and SEC senior leadership 

to advance the agency’s diversity and inclusion goals and objectives.

The SEC will also continue to implement initiatives that have been effective and explore new 

strategies for enhancing diversity in senior management positions and the agency’s mission 

critical occupations. Diversity in both leadership and the workforce is needed to maximize 

mission effectiveness. Further, as limitations on new hiring are expected to continue, OMWI 

will continue to focus on developing a pipeline of diverse talent for future employment and 

internship opportunities.
36 | OFFICE OF MINORITY AND WOMEN INCLUSION

 .

 .

 .

Organization Name

ASCEND, Inc

Association of Latino Professionals For America

Council on Legal Education Opportunity, Inc

DC 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 DC Chapter

National Bar Association

National Bar Association, Greater Washington Area Chapter

National Black MBA Association, DC Chapter

National Society of Hispanic MBAs

National Society of Hispanic MBAs, DC Chapter

Thurgood Marshall College Fund

United Negro College Fund

White House Initiative on HBCUs

Women’s Bar Association

APPENDIX A. OMWI FY 2018 DIVERSITY PARTNERS

Source: Office of Minority and Women Inclusion.
2019 ANNUAL REPORT TO CONGRESS | 37

APPENDIX B. FY 2018 OUTREACH 

AND RECRUITMENT EVENTS

Event Name Date

Minority Corporate Counsel Association (MCCA)

Pathways to Diversity Conference

October 2017

Women of Color (WOC) STEM Conference October 2017

Securities Industry and Financial Markets Association (SIFMA) 

Women’s Leadership Forum

October 2017

West Virginia State University Campus Visit October 2017

National Association of Insurance Commissioners (NAIC) Annual Conference October 2017

National Association of Black Accountants, Inc . (NABA) 

2017 Western Regional Student Conference

October 2017

National Association of Women MBAs (NAWMBA)

2017 Annual Conference and Career Fair

October 2017

Securities Industry and Financial Markets Association (SIFMA) 

Annual Conference

October 2017

TOIGO Groundbreakers Summit October 2017

Accounting and Financial Women’s Alliance (AFWA) National Conference October 2017

Sweet Briar College Federal Career Expo November 2017

Urban Financial Services Coalition Conference January 2018

Women-in-Business Breakfast January 2018

Florida International Law College Visit February 2018

Financial Literacy and Your Future Program February 2018

Hispanic National Bar Association (HNBA) 

2018 Corporate Counsel Conference

March 2018

Bowie State University Career and Internship Fair April 2018

Trinity Washington University Spring Career Fair April 2018

Financial Industry Regulatory Authority (FINRA) 

Sixth Annual Diversity Summit

April 2018

National Association of Securities Professionals (NASP) 

29th Annual Pension and Financial Services Conference

June 2018

U .S . Department of Housing and Urban Development (HUD) 

4th Annual EEO and Diversity Conference

June 2018

National Association of Black Accountants, Inc . (NABA) 

2018 National Convention and Expo

June 2018

UnidosUS 2018 Annual Conference July 2018

Hispanic National Bar Foundation (HNBF) Law Camp Visit to SEC July 2018

International Leadership Foundation (ILF) Visit to SEC July 2018
38 | OFFICE OF MINORITY AND WOMEN INCLUSION

Appendix B. FY 2018 Outreach and Recruitment Events (continued) 

Event Name Date

National Bar Association (NBA) 

93rd Annual Convention and Exhibits

August 2018

National LGBT Bar Association 

2018 Annual Lavender Law Conference and Career Fair

August 2018

ASCEND Pan-Asian Leaders 

2018 National Convention and Career Fair

September 2018

Hispanic National Bar Association (HNBA) Annual Convention September 2018

Congressional Black Conference Foundation 

48th Annual Legislative Conference

September 2018

Howard University Law School Open House September 2018

Source: Office of Minority and Women Inclusion. Representative list.
2019 ANNUAL REPORT TO CONGRESS | 39

APPENDIX C. FY 2018 PROGRAMS 

FOR SPECIAL OBSERVANCES

Program and Speaker

Disability Awareness Month (October 2017)

» Guest Speaker (HQ): Sara Hart Weir, President and C .E .O . of the 

National Down Syndrome Society

Veterans Day Commemoration (November 2017)

» Guest Speaker (HQ): Bradley Warren “Brad” Snyder, a combat-wounded Naval explosive ordinance

disposal officer turned gold medal-winning Paralympic swimmer and author

American Indian Heritage Month (November 2017)

» Guest Speaker (HQ): Keith Harper, Former U .S . Ambassador to

UN Human Rights Council

African American History Month (February 2018)

» Keynote Event (HQ): Command Sgt . Major Michael L . Gragg, U .S . Army Medical Command

» Networking Event (HQ): “Financial Literacy and Your Future” program hosted by

African American Council, Office of Investor Education and Advocacy, and OMWI for

local university students

Women’s History Month (March 2018)

» Keynote Event (HQ): Gen . Flora D . Darpino, Retired, Three-Star Army General and 

39th Judge Advocate General of the Army

» Panel Discussion (New York Regional Office): Cryptocurrencies and Cybersecurity

» Financial Fitness Information Session (HQ) hosted by Women’s Committee and

Office of Investor Education and Advocacy

Asian American Pacific Islander Month (May 2018)

» Guest Speaker (Los Angeles Regional Office): Mia Yamamoto, criminaldefense attorney and co-founder

of the Multicultural Bar Alliance and Asian Pacific American Bar Association of Southern California

» SEC Career Panel (HQ): AAPI Heritage Month Theme “Unite Our Vision by Working Together”

» Guest Speaker (Philadelphia Regional Office): Rob Buscher, Director, Philadelphia Asian American

Film Festival Discussion

Caribbean American Heritage Month (June 2018)

» Guest Speaker (HQ): Dr . Winnette McIntosh Ambrose, chemical engineer-turned-entrepreneur, twotime Food Network Champion, and the creative director and owner of Souk and the Sweet Lobby,

an artisanal bakery

Lesbian, Gay, Bisexual and Transgender (LGBT) Pride Month (June 2018)

» Night OUT at Nationals Park (HQ) Washington Nationals baseball game hosted by the 

LGBT Committee

» Guest Speaker (Philadelphia): Evan Thornburg, Deputy Director of the

Philadelphia Office of LGBT Affairs

» Guest Speaker (Los Angeles Regional Office: Michael Eselun, co-founder of GLIDE-Gays 

and Lesbians Initiating Dialogue for Equality

» Guest Speaker (Denver Regional Office): Judy and Dennis Shepard, parents of

Matthew Shepard, discussing hate crimes prevention

» Guest Speaker (New York Regional Office): Douglas Hallward-Driemeier, appellate

practice attorney who argued landmark case Obergefell v . Hodges
40 | OFFICE OF MINORITY AND WOMEN INCLUSION

Appendix C. FY 2018 Programs for Special Observances (continued) 

Hispanic Heritage Month (September 15-October 15, 2018)

» Keynote Event (HQ): Jovita Carranza, U .S . Treasurer, U .S . Department of Treasury

» Guest Speaker (Chicago Regional Office): Gloria Castillo, President and CEO of 

Chicago United

» Guest Speaker (Philadelphia Regional Office): The Honorable Juan R . Sanchez, 

Chief Judge U . S . District Court for the Eastern District of Pennsylvania

» Guest Speaker (New York Regional Office): The Honorable Dora L . Irizarry, Chief Judge U .S . District

Court for the Eastern District of New York

Program and Speaker

Source: Office of Minority and Women Inclusion. Representative list.

OFFICE OF MINORITY AND WOMEN INCLUSION

U.S. Securities and Exchange Commission

100 F Street NE | Washington, DC 20549