Office of Minority

 Annual

and Women Inclusion

Repor

TO CONGRES

t

S

MARCH 2020

U.S. SECURITIES AND EXCHANGE COMMISSION
CONTENTS

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

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

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

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

New Initiatives in FY 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

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

Interagency Efforts to Promote Diversity and Inclusion . . . . . . . . . . . . . . . . . . . . . . . 5

Workforce Diversity and Workplace Inclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Outreach and Recruitment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Diversity Training . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Leadership Development Programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Monitoring and Analyzing Internal Demographics........................... 13

Evaluating Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

Current State of Diversity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

Work Environment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

Challenges and Next Steps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

Supplier Diversity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

Supplier Diversity Initiatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

Supplier Diversity Performance Metrics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

One IT Program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35

Next Steps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35

Diversity Policies and Practices of SEC-Regulated Entities . . . . . . . . . . . . . . . . . . . 36

SEC Contractors’ Workforce Inclusion of Minorities and Women . . . . . . . . . . . . . . 38

Conclusion and FY 2020 Outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

Appendix A. OMWI FY 2019 Diversity Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40

Appendix B. FY 2019 Outreach and Recruitment Events . . . . . . . . . . . . . . . . . . . . . . 41

Appendix C. FY 2019 Programs for Special Observances . . . . . . . . . . . . . . . . . . . . . 42

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.
2020 ANNUAL REPORT TO CONGRESS | 1

INTRODUCTION

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

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

for Fiscal Year (FY) 2019 pursuant to Section 342 of the Dodd-Frank Wall Street Reform and 

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

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

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

other statutory requirements. This report covers the period October 1, 2018 to September 30, 

2019, unless otherwise noted.

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

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

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

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

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

promote diversity and inclusion.

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

ORGANIZATIONAL OVERVIEW

U.S. Securities and Exchange Commission

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

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

Chairman of the Commission. Jay Clayton is the current Chairman of the Commission. The 

SEC’s mission is to protect investors; maintain fair, orderly, and efficient markets; and facilitate 

capital formation. Accordingly, as outlined in the SEC’s Strategic Plan, the SEC’s goals are to 

focus on the long-term interests of our Main Street investors; recognize significant developments 

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

allocating our resources; and elevate the agency’s performance by enhancing our analytical 

capabilities and human capital development.

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

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

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

Industry Regulatory Authority, Municipal Securities Rulemaking Board, and the Public Company Accounting Oversight Board. The agency’s functional responsibilities are carried out 

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

SEC also has 11 regional offices located throughout the country.

The Office of Minority and Women Inclusion

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

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

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

a Senior Officer reporting directly to the Chairman. OMWI’s permanent staff is also comprised 

of 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 minorityowned 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

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

3 See Section 342(b)(3).
2020 ANNUAL REPORT TO CONGRESS | 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 minorities and women in the workforce of the 

contractor and, as applicable, its 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

4 See Section 342(c)(2).

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

NEW INITIATIVES IN FY 2019

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

and efficiency in the performance of its three-part mission. In FY 2019, the SEC continued to 

pursue initiatives and activities to advance the diversity and inclusion goals and objectives of the 

Dodd-Frank Act. Several new initiatives from the past year are described below. 

Promoting Diversity and Inclusion at the SEC

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

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

goals and objectives. SEC Chairman Jay Clayton’s advocacy and support for diversity, inclusion, and opportunity were most instrumental in the development of the SEC’s Diversity and 

Inclusion Strategic Plan for Fiscal Years 2020-2022, which will help guide the agency’s ongoing 

efforts to enhance diversity and inclusion in the agency’s workforce, foster diversity among the 

agency’s vendors and suppliers, and promote diversity and inclusion within the entities the 

SEC regulates. 

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

» Demonstrate leadership commitment and accountability;

» Foster a connected culture;

» Build a diverse talent pipeline;

» Leverage diversity and inclusion for mission effectiveness; and

» Promote business diversity with SEC stakeholders.

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

Strategic Plan for Fiscal Years 2018-2022.6 The Diversity and Inclusion Strategic Plan includes 

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

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

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

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

division and office, Employee Affinity Groups, and the SEC Diversity Council. A draft was 

made available to all SEC staff for comment prior to formulating the final Diversity and Inclusion Strategic Plan issued on March 25, 2020.7

6 See SEC Strategic Plan for Fiscal Years 2018-2022.

7 See Diversity and Inclusion Strategic Plan for Fiscal Years 2020-2022.
2020 ANNUAL REPORT TO CONGRESS | 5

In July 2019, Chairman Clayton moderated an agency-wide Town Hall on key human capital issues at the SEC, with a focus on diversity, inclusion, and opportunity. The Directors of 

OMWI, Office of Human Resources (OHR), and Office of Equal Employment Opportunity

(OEEO) discussed a range of topics, including how the agency might reinforce a culture of 

openness, expand professional and career development offerings, and increase participation in

Employee Affinity Groups. The SEC has taken steps to address comments and concerns raised 

during the Q&A segment of the Town Hall. For example, the SEC published on the agency’s

intranet guidance concerning inclusion of employees with disabilities in the workplace, which

was responsive to comments and concerns about disability etiquette.

With support from the SEC Chairman and Commissioners, the SEC launched a Mentoring 

Program on a pilot basis in FY 2018. Following the marked success of the pilot, the agency converted the Mentoring Program to a continuing program in FY 2019. The Mentoring Program 

focuses on professional development and encourages collaboration among employees in different divisions and offices. The 30 mentoring pairs participating in the pilot attended a

speaker series, mentor and mentee meet-ups, and a capstone event. The second cohort of 30 

mentoring pairs began the 10-month program in October 2019. The SEC’s Office of the Chief

Operating Officer oversees the Mentoring Program with assistance from OMWI and the Office

of Public Affairs.

In FY 2019, the SEC Diversity Council, in partnership with OMWI and OHR, developed the 

SEC Diversity Dashboard. This interactive platform is designed to increase transparency, provide employees access to current workforce data, and show the progress toward, and challenges 

of, building and sustaining a diverse workforce. The Diversity Dashboard allows for multiple 

views of the SEC’s workforce, including the composition of divisions and offices by gender, 

race, ethnicity, occupations, and generations.

Interagency Efforts to Promote Diversity and Inclusion

In keeping with the tradition of collaboration and cooperation, the SEC and other federal financial regulatory agencies hosted three major conferences in 2019.

In May 2019, the agencies held a Joint OMWI Symposium. The day-long conference featured 

a keynote address from Congresswoman Joyce Beatty, Chairwoman of the House Committee 

on Financial Services’ Subcommittee on Diversity and Inclusion, and included sessions led by 

diversity and EEO professionals that covered a range of topics relevant to the work of OMWI. 

The Joint OMWI Symposium was conceived as an opportunity to give agencies the opportunity 

to share leading practices, enhance cooperation between programs, and invigorate the members 

of OMWI teams as they continue to carry out their responsibilities under the Dodd-Frank Act.
6 | OFFICE OF MINORITY AND WOMEN INCLUSION

The Offices of Minority and Women Inclusion held their second Financial Regulatory Agencies’ Diversity and Inclusion Summit in October 2019 at the Chicago Reserve Bank. In addition 

to providing a forum for business leaders and diversity professionals from financial services 

institutions to discuss best practices for advancing diversity and inclusion, the Summit gave the 

OMWI Directors an opportunity to highlight the benefits of conducting self-assessments of 

diversity policies and practices and encourage regulated entities to share diversity self-assessments with their primary financial regulators.

In December 2019, Offices of Minority and Women Inclusion from all eight federal financial 

regulatory agencies hosted their third OMWI Joint Procurement Technical Assistance event for 

companies interested in building and growing their federal contracting opportunities. “Connections that Count” was the theme of the day-long event held at George Mason University in 

Arlington, Virginia. The event featured sessions on strategies for successful teaming arrangements, business models and blueprints for growth, and other useful topics for potential and 

existing vendors with the government. The 135 attendees also had an opportunity to network 

and meet representatives from the Minority Business Development Agency and the Northern 

Virginia Procurement Technical Assistance Center, among others.

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

inclusion throughout the SEC’s workforce and business activities in FY 2019. Those efforts are 

described in more detail in the sections that follow.
2020 ANNUAL REPORT TO CONGRESS | 7

WORKFORCE DIVERSITY AND 

WORKPLACE INCLUSION

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

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

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

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

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

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

internship opportunities;

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

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

with the lifting of the hiring freeze in FY 2019;

» Supporting employee participation in leadership development training programs;

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

for supervisors and managers;

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

agency’s workforce and identify opportunities for improvement; and

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

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

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

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

coordinates and collaborates with OHR, OEEO, and other offices to execute the agency’s strategy for workforce diversity and inclusion.

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

at the SEC. 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.
8 | OFFICE OF MINORITY AND WOMEN INCLUSION

In FY 2019, as in previous years, the SEC continued to direct efforts towards enhancing 

diversity in the agency’s senior management positions and five designated “mission critical 

occupations”—attorney, accountant, economist, securities compliance examiner, and information technology (IT) management. Employees in these occupations comprised 78.2 percent of 

the SEC workforce as of the end of FY 2019. The SEC workforce continues to become more 

diverse. The data for FY 2017 to FY 2019 show:

» The representation of women among Senior Officers continued the upward trend, increasing 

from 38.9 percent in FY 2017 to 41.8 percent in FY 2019.

» Minorities held 24.8 percent of supervisory and management positions in FY 2019, up from 

24.1 percent in FY 2017.

» Minorities represented 27 percent of new hires into mission critical occupations in FY 2019; 

more than double their 13.6 percent of new hires in these occupations in FY 2018, when hiring restrictions remained in effect, though slightly lower than their 29 percent of new hires in 

mission critical occupations in FY 2017.

Outreach and Recruitment

Strategic outreach and recruitment has been the cornerstone of the SEC’s strategy for enhancing workforce diversity. As in the previous year, the agency continued to focus on developing a 

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

graduates, and students.

DIVERSITY PARTNERSHIPS

The SEC maintains relationships with minority and women professional associations and 

educational organizations to help further the agency’s workforce diversity objectives. These collaborative relationships, referred to as “Diversity Partnerships” 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 2019, the SEC maintained its Diversity Partnerships with student-focused organizations, 

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

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

with several minority professional associations, including the Association of Latino Professionals for America, 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.
2020 ANNUAL REPORT TO CONGRESS | 9

OUTREACH EVENTS AND ADVERTISING

In FY 2019, OMWI coordinated the SEC’s participation in 24 diversity outreach and recruitment events to inform professionals and students about employment at the SEC, and the SEC 

regional offices participated in dozens more. The agency also distributed job advertisements to 

265 recruitment sources. Over 50 SEC employees actively participated in diversity outreach by 

serving as speakers and panelists at conferences, participating in meetings of partnering organizations, and representing the SEC at career fairs and outreach events held on campuses of 

minority-serving colleges, universities and law schools. For a list of the FY 2019 outreach and 

recruitment events, see Appendix B.

STUDENT OUTREACH INITIATIVES

In FY 2019, the SEC continued efforts to encourage interest in future careers and internships 

with the agency through outreach activities geared toward students. In March 2019, the SEC 

welcomed 45 students and the Dean of Students from the Florida International University (FIU) 

College of Law. The event included a career panel consisting of an Attorney Advisor in the 

Office of the Administrative Law Judge, a Supervisory Trial Counsel in the Division of Enforcement, a Senior Counsel in the Office of Market Intelligence, and the Chief Attorney Advisor in 

the Miami Regional Office (MIRO). The panelists all spoke about their career journeys, work 

at the SEC and relevant life experiences. SEC Chairman Clayton attended the networking session that concluded the event.

Additionally, in July 2019, the SEC welcomed 35 students and four counselors from the Hispanic National Bar Association Foundation’s Summer Law Camp (HNBF). Participants were 

high school students interested in pursuing careers in law. Students were introduced to securities law, the work of the SEC, and financial services legal careers more broadly. MIRO’s Chief 

Attorney Advisor’s presentation on “Savings and Investing for Students” was a highlight of the 

event, and the Office of Investor Education and Advocacy (OIEA) provided financial literacy 

materials to the students. The event concluded with a networking session between the students 

and SEC staff.

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

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

and several regional offices. Students from high schools with high minority populations participate in the PROPELS program to gain exposure to careers in business, finance, law, and 

information technology and learn about the importance of financial education.

In FY 2019, more than 250 students participated in the PROPELS program. SEC headquarters 

hosted 35 high school students from National Academy Foundation, a public magnet school 

in Baltimore, Maryland. As discussed in more detail below, SEC regional offices engaged in a 

variety of financial education and career exploration activities as part of PROPELS.
10 | OFFICE OF MINORITY AND WOMEN INCLUSION

DIVERSITY OUTREACH AND INITIATIVES IN REGIONAL OFFICES

SEC staff in regional offices have been indispensable to the success of the agency’s initiatives to 

promote workforce diversity and inclusion. They have been especially helpful in carrying out 

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

of the agency’s workforce. For example, staff from the Miami and Chicago regional offices 

conducted outreach and recruitment on the campuses of several historically black colleges and 

universities (HBCUs) and Hispanic-serving institutions (HSIs) in their regions in FY 2019, 

including FIU, Southern University, Florida A&M University, Nova Southeastern University, 

St. Thomas University, and Roosevelt University. In addition, staff from the Atlanta, Chicago, 

Miami, and Philadelphia regional offices represented the SEC at conferences, career fairs, and 

other diversity outreach events.

MIRO continued to actively support the SEC’s efforts to promote workforce diversity and 

inclusion. In FY 2019, MIRO staff participated in 25 diversity outreach, recruitment, and education events for diverse professionals, law students, and business students. In addition, MIRO 

staff delivered over 20 financial education presentations to high school students at schools, 

career fairs, and teen programs in South Florida, reaching approximately 1,500 students. 

Further, MIRO attorneys taught a 14-week Securities Law course at FIU College of Law in FY 

2019. 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.

In addition to activities aimed at promoting workforce diversity and inclusion, staff from 

regional offices worked to ensure the SEC’s outreach, education, and consultation efforts 

extended to investors and businesses of all backgrounds. For example, in July 2019, the Atlanta 

Regional Office (ARO), the SEC’s new Office of the Advocate for Small Business Capital Formation, and Morehouse College’s Innovation and Entrepreneurship Center hosted an event for 

minority entrepreneurs and investors.8 Participants had an opportunity to share success stories, 

best practices, solutions to challenges faced in raising capital, and resources to support new ventures. Morehouse students, faculty and business leaders also attended a networking event and a 

student entrepreneur exhibit. In FY 2019, the ARO Director also conducted outreach with leaders of the NAACP, 100 Black Men of Atlanta, and the Urban League of Greater Atlanta.

As part of the FY 2019 PROPELS program, staff in the Chicago, Denver, Los Angeles, Philadelphia and San Francisco regional offices mentored high school students about careers in 

financial services and financial literacy. The Philadelphia Regional Office staff paired with high 

school students twice during FY 2019 to discuss career paths and acquiring the necessary skills 

to pursue those paths, in addition to conducting mock interviews. Staff from the Los Angeles 

Regional Office supported the Junior Achievement Finance Park in Studio City, California, 

providing assistance to the all-day financial literacy simulation program for 50 students. 

8 See video “Reaching New Heights – Conversations on Raising Capital for Businesses of Color.”
2020 ANNUAL REPORT TO CONGRESS | 11

The Denver Regional Office staff hosted about 30 teens from the Boys and Girls Club of Metro 

Denver for a program that included an overview of the SEC, job opportunities and career paths 

in government service, financial literacy, and one-on-one mentoring. The Chicago Regional 

Office staff hosted an event for 45 students from a nearby public high school who are in the 

prelaw program.

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 understanding of diversity, and promote an inclusive workplace culture. For a list of programs to commemorate Special Observances, see Appendix C.

STUDENT INTERNS

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

learn about securities regulations and the work of the SEC through the Student Honors Program. The ten-week internship is offered at headquarters and in the SEC’s 11 regional offices. 

From fall 2018 to summer 2019, 666 students participated in the Student Honors Program; 44 

(6.6 percent) were from HBCUs and HSIs—educational institutions specified in Section 342(f)

(1) of the Dodd-Frank Act as outreach and recruitment sources.

Diversity Training

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

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

fostering an inclusive workplace. OMWI works closely with SEC University (SECU), a component of OHR, to offer on-demand, web-based courses, as well as classroom training, related 

to diversity and inclusion throughout the year. In FY 2019, SECU continued to make available 

online classes on unconscious bias. The SEC also expanded its library of training videos to 

include a new four-part series collaboratively created by OMWI, OHR, and OEEO on transgender awareness and inclusion in the workplace.

In FY 2019, OMWI staff completed the in-person unconscious bias training for supervisors and 

staff in regional offices, conducting training in the New York, Atlanta, Denver, Salt Lake, and 

Chicago regional offices. More than 350 SEC regional office staff received unconscious bias 

training in FY 2019, which was delivered separately for supervisors and staff. OMWI plans to 

offer in-person unconscious bias training to divisions and offices at headquarters in FY 2020.

Further, in FY 2019, the SEC offered over two dozen training events aimed at increasing understanding and awareness of workforce diversity and inclusion. The training events covered a 

wide range of topics such as building bridges across cultural divergence, understanding workplace diversity, and preventing harassment. More than 1,100 employess participated in diversity 

and inclusion related training in FY 2019.
12 | OFFICE OF MINORITY AND WOMEN INCLUSION

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 classroomstyle 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 internal noncompetitive, interactive blended learning program designed to strengthen the leadership and management skills of SEC nonsupervisory (SK-13 and SK-14) employees. In FY 2019, the SEC selected 50 employees to 

participate in the Aspiring Leader program. This year, SECU also launched a new core skills 

training program specifically for Administrative and Support professionals.

» 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 five employees to participate in the Women in Leadership program in FY 2019.

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

Public Service and 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 participated in cohort meetings at SEC headquarters to explore and share in more depth what they were learning and how this information 

could be applied to improve organizational performance, workplace relationships, and productivity within the SEC. In FY 2019, the SEC supported the participation of nine employees 

in the EIG Fellows program.

» The Career Advancement Program (CAP) sponsored by the non-profit organization Management Leadership for Tomorrow (MLT) is a 12-month external professional development 

program geared toward mid-career professionals who aspire to senior leadership roles. MLT 

aims to transform the career trajectories of diverse leaders by providing the skills, coaching 

and connections needed to accelerate their careers. Participants in this highly specialized leadership development program attend a week-long in residence seminar and receive ongoing 

one-on-one executive coaching. In FY 2019, one employee participated in MLT’s CAP.
2020 ANNUAL REPORT TO CONGRESS | 13

Monitoring and Analyzing Internal Demographics

In FY 2019, 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. OMWI also conducted briefings for newly appointed 

division and office heads to provide an overview of the current state of diversity and inclusion 

in their organizations. In addition to monitoring and providing this personnel activity data on a 

quarterly basis, OMWI works with senior management to develop strategies to continue increasing representation of minorities and women in mission critical occupations.

Evaluating Performance

APPLICANT DATA ANALYSIS

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

applicants for vacancies in the agency’s mission critical occupations—attorney, accountant, 

economist, securities compliance examiner, and IT management—filled through the USAJOBS.

gov website. In FY 2019, 5,675 applications were submitted for vacancies in mission critical 

occupations and 3,631 or 64 percent of the applications were from individuals who voluntarily 

disclosed their gender, race, and ethnicity as part of their USAJOBS profiles.9 OMWI analyzed 

data from applicants who provided demographic information to determine the levels of diversity 

in applicant pools.

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

gender, race, and ethnicity. In FY 2019, the representation of each minority group among applicants for each mission critical occupation was higher than the group’s representation in the same 

occupations in the Civilian Labor Force (CLF).10 The representation of women among applicants 

for all mission critical occupations except attorney was lower than their representation in these 

occupations in the CLF in FY 2019.

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

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

drawing conclusions about the application rates of demographic groups.

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 720.202(d).
14 | OFFICE OF MINORITY AND WOMEN INCLUSION

Men Women White Black Hispanic Asian All Other

0905 General 

Attorney

Applied 63.4% 36.6% 53.7% 19.5% 13.7% 11.6% 1.5%

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

0510 

Accounting

Applied 53.0% 47.0% 31.9% 37.8% 10.3% 18.9% 1.1%

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

1831 Securities

Compliance 

Examining

Applied 65.6% 34.4% 48.4% 19.4% 12.9% 19.4% 0.0%

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

0110 Economist Applied 71.6% 28.4% 64.2% 7.5% 11.9% 14.9% 1.5%

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

2210 IT 

Management

Applied 78.9% 21.1% 26.2% 33.1% 10.2% 28.8% 1.7%

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

Figure 1: FY 2019 Applications for Mission Critical 

Occupations Compared to Occupational CLF 

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

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

Census 2010 EEO Tabulation using occupational cross-classification provided by EEOC.

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

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

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

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

fairness and inclusiveness of agency recruitment efforts.

Current State of Diversity

FY 2019 SEC WORKFORCE PROFILE

As of the end of FY 2019, the SEC workforce had 4,365 employees (4,266 permanent and 

99 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. 

The SEC workforce had 83 fewer employees as of the end of FY 2019 than in FY 2018. 

The overall demographic composition of the SEC workforce, however, remained relatively 

unchanged.

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

of FY 2019, men comprised 53.8 percent and women comprised 46.2 percent of the SEC workforce. The breakdown of the SEC workforce by race and ethnicity was as follows: 65.3 percent 

of SEC employees self-identified as White, 15.6 percent as Black or African American, 12.4 

percent as Asian, 5.6 percent as Hispanic or Latino, 0.4 percent as American Indian or Alaskan 

Native, 0.6 percent as Two or More Races, and less than 0.1 percent as Native Hawaiian or 

Other Pacific Islander.

11 Unless otherwise noted, data is reported for permanent and temporary employees.
2020 ANNUAL REPORT TO CONGRESS | 15

Figure 2: Workforce Composition by Gender, Race, and Ethnicity FY 2017 – FY 2019

70%

60%

50%

40%

30%

20%

10%

0%

Men Women White Black Hispanic Asian All Other

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%

FY 2019 53 .8% 46 .2% 65 .3% 15 .6% 5 .6% 12 .4% 1 .1%

Source: Federal Personnel and Payroll System (FPPS) FY 2019 data retrieved on November 12, 2019 . “All Other” 

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

Races categories .

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

shown in Figure 3. The overall representation of minorities and women increased slightly from
16 | OFFICE OF MINORITY AND WOMEN INCLUSION

Figure 3: Women and Minority Representation FY 2017 – FY 2019

Source: FPPS FY 2019 data retrieved on November 12, 2019 .

Minority Women

30%

40%

50%

45%

35%

5%

15%

25%

20%

10%

0%

FY 2017 FY 2018 FY 2019

46 .0% 45 .9% 46 .2%

FY 2017 to FY 2019.

SEC WORKFORCE COMPARED TO THE FEDERAL WORKFORCE AND CLF

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

workforce, as of the end of FY 2019, 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 2019, at 46.2 percent, 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 (48.1 percent).

Minorities collectively represented 34.7 percent of the SEC workforce as of the end of FY 2019, 

which was 26 percent higher than their representational percentage in the CLF (27.6 percent), 

and 8 percent lower than their representational percentage in the Federal workforce (37.6 

percent). The SEC workforce had a lower representation of Black or African American employees (15.6 percent) and Hispanic or Latino employees (5.6 percent) than the FY 2019 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.

34.4% 34.3% 34.7%
2020 ANNUAL REPORT TO CONGRESS | 17

Demographic Groups SEC FY 2019

Workforce

FY 2019 Federal

Workforce*

2010 Civilian 

Labor Force

Men 53.8% 56.3% 51.9%

Women 46.2% 43.7% 48.1%

White (Non-Minority) 65.3% 62.4% 72.4%

Minority 34.7% 37.6% 27.6%

Black or 

African American

15.6% 18.5% 12.0%

Hispanic or Latino 5.6% 9.2% 10.0%

Asian 12.4% 6.0% 3.9%

Native Hawaiian or 

Other Pacific Islander

0.1% 0.5% 0.1%

American Indian or

Alaska Native

0.4% 1.7% 1.1%

Two or More Races 0.6% 1.8% 0.5%

Figure 4: FY 2019 SEC Workforce Compared to CLF and Federal Workforce

Source: FPPS FY 2019 data retrieved on November 12, 2019. Federal workforce data from the Office of Personnel 

Management and CLF data from Census 2010 EEO Tabulation. *Data current as of December 2018, retrieved on 

January 3, 2020.

WORKFORCE ANALYSIS BY OCCUPATION

The SEC has employees in over 50 occupations. Figure 5 shows the percentage of each demographic group in the 15 most prevalent occupations in the SEC workforce. It also reveals gender 

and racial differences in employment patterns.

Attorney is the most prevalent occupation in the SEC workforce; 42.1 percent of all SEC 

employees were in the attorney occupation as of the end of FY 2019. Attorney is the most 

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

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

the end of FY 2019, 50 percent of White, 36.1 percent of Asian, and 31.7 percent of Hispanic 

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

occupation for Black or African American employees (18.8 percent) as of the end of FY 2019. 

A slightly greater percentage of Black or African American employees were employed in positions in the Miscellaneous Administration and Program Series (19 percent).
18 | OFFICE OF MINORITY AND WOMEN INCLUSION

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 .1% 43 .1% 41 .0% 50 .0% 18 .8% 36 .1% 31 .7% 22 .2%

0510 Accounting 19 .8% 21 .0% 18 .4% 21 .8% 11 .2% 20 .6% 20 .3% 13 .3%

1831 Securities

Compliance

Examining

7 .5% 9 .1% 5 .6% 7 .5% 4 .3% 10 .5% 8 .9% 8 .9%

2210 Information

Technology

Management

6 .6% 8 .9% 3 .9% 4 .4% 9 .3% 13 .6% 7 .7% 13 .3%

0301 Miscellaneous

Administration &

Program

5 .5% 2 .7% 8 .7% 2 .6% 19 .0% 1 .7% 9 .3% 8 .9%

0343 Management

& Program Analysis

3 .5% 2 .4% 4 .8% 2 .2% 9 .0% 2 .4% 4 .5% 6 .7%

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

0950 Paralegal

Specialist

1 .9% 0 .8% 3 .3% 1 .4% 4 .3% 0 .9% 3 .7% 4 .4%

0201 Human

Resources

Management

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

1102 Contracting 1 .1% 1 .0% 1 .2% 0 .7% 2 .1% 0 .9% 2 .0% 4 .4%

1160 Financial

Analysis

1 .0% 1 .4% 0 .6% 0 .8% 0 .4% 3 .1% 0 .4% 0 .0%

0340 Program

Management

0 .7% 0 .8% 0 .7% 0 .9% 0 .3% 0 .0% 0 .4% 4 .4%

0501 Financial

Administration &

Program

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

0303 Miscellaneous

Clerk And Assistant

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

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

All Other

Occupations

4 .9% 4 .6% 5 .0% 4 .1% 8 .1% 5 .1% 6 .3% 4 .7%

Figure 5: FY 2019 Percent of Demographic Group in Top 15 Occupations

Source: FPPS FY 2019 data retrieved November 12, 2019. “All Other” includes Native Hawaiian/Pacific Islander, 

American Indian/Alaska Native, Two or More Races. Mission critical occupations are highlighted in brown.

The majority of White, Asian, and Hispanic or Latino employees worked in the agency’s mission critical occupations shown in brown in Figure 5. As of the end of FY 2019, 85.9 percent 

of White employees, 84.7 percent of Asian employees, and 71 percent of Hispanic or Latino 

employees worked in these occupations. In comparison, as of the end of FY 2019, 44.2 percent 

of Black or African American employees worked in mission critical occupations.
2020 ANNUAL REPORT TO CONGRESS | 19

MISSION CRITICAL OCCUPATIONS

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

the agency’s mission critical occupations. As discussed earlier, new hires in these occupations 

amongst racial and ethnic groups did increase in FY 2019 over FY 2018. Figure 6 shows how 

the workforce representation of minorities and women in each mission critical occupation, as 

of the end of FY 2019, compared to their availability in these occupations in the CLF. The SEC 

relies on the comparisons with the occupational CLF benchmarks to assess the agency’s progress towards improving diversity in mission critical occupations and to identify areas of focus 

for ongoing outreach and recruitment strategies.

As of the end of FY 2019, the percentage of women in all SEC mission critical occupations 

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

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

examiner and economist occupations in the SEC workforce was lower than their representational percentage in these two occupations in the CLF. The percentage of Hispanic or Latino 

employees in the attorney, economist, 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 22.4 percent of attorneys, 28.2 percent of accountants, 

34 percent of economists, and 34.4 percent of securities compliance examiners in the SEC 

workforce. In contrast, minorities collectively held 56.4 percent of IT management positions in 

the SEC workforce, which was more than double the percentage of minorities in the IT manMen Women White Black Hispanic Asian All Other

0905 General 

Attorney

SEC

Workforce 55.0% 45.0% 77.6% 7.0% 4.2% 10.7% 0.5%

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

0510 

Accounting

SEC

Workforce 57.0% 43.0% 71.8% 8.8% 5.8% 12.9% 0.7%

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

1831 Securities

Compliance 

Examining

SEC

Workforce 65.6% 34.4% 65.6% 8.9% 6.7% 17.5% 1.2%

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

0110 Economist SEC

Workforce 71.1% 28.9% 66.0% 4.1% 6.2% 21.6% 2.1%

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

2210 IT 

Management

SEC

Workforce 72.5% 27.5% 43.6% 22.0% 6.6% 25.8% 2.1%

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

Figure 6: FY 2019 SEC Workforce Mission Critical Occupations Compared to Occupational CLF

Source: FPPS FY 2019 data retrieved on November 12, 2019. OCLF data from Census 2010 EEO Tabulation.

“All Other” includes Native Hawaiian or Other Pacific Islander, American Indian or Alaskan Native, Two or More 

Races categories.
20 | OFFICE OF MINORITY AND WOMEN INCLUSION

agement occupation in the CLF (26.9 percent).

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

FY 2017 to FY 2019. The percentage of minorities in mission critical occupations increased 

marginally over the three-year period. The percentage of Asian and Black or African American 

employees in mission critical occupations increased negligibly, while the percentage of Hispanic 

or Latino employees decreased slightly. The percentage of women in mission critical occupations increased slightly from FY 2017 to FY 2019.

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 2019, the SEC workforce had 894 supervisors and managers.12

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

and ethnicity from FY 2017 to FY 2019. The percentage of women among SEC supervisors 

and managers increased from 37.5 percent in FY 2017 to 38.5 percent in FY 2019. Minorities 

collectively held 24.8 percent of supervisory and managerial positions at the SEC as of the end 

of FY 2019, up from 24.1 percent in FY 2017. The percentage of Hispanic or Latino and Asian 

supervisors and managers increased over the three-year period, while the percentage of Black or 

African American and all other racial minority groups in supervisory and management positions decreased slightly.

12 The SEC also had employees in supervisory positions in the SK-9 to SK-14 grade levels. In FY 2019, of the 894

managers and supervisors, 25 supervisors were at these grade levels.

Total Men Women White Black Hispanic Asian All Other

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%

FY 2019 3,413 1995 1418 2450 300 175 460 28

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

Percent Change 

(FY 2017 - 

FY 2019)

-5.0% -5.7% -4.0% -5.1% -4.5% -5.4% -4.4% -9.7%

Figure 7: Mission Critical Occupations FY 2017 – FY 2019

Source: FPPS FY 2019 data retrieved on November 12, 2019. “All Other” includes Native Hawaiian or Other Pacific 

Islander, American Indian or Alaskan Native, Two or More Races categories.
2020 ANNUAL REPORT TO CONGRESS | 21

Total Men Women White Black Hispanic Asian All Other

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%

FY 2019 894 550 344 672 79 44 94 5

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

Percent Change 

(FY 2017 - 

FY 2019)

-0.9% -2.5% 1.8% -1.9% -3.7% 7.3% 6.8% -16.7%

Figure 8: Supervisors and Managers FY 2017 – FY 2019

Source: FPPS FY 2019 data retrieved on November 12, 2019. “All Other” includes the Native Hawaiian or Other 

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

include all irrespective of their grades but excludes leaders and team leads.

SENIOR OFFICERS

Figure 9 presents data on the gender, race, and ethnicity of Senior Officers from FY 2017 to 

FY 2019. As of the end of FY 2019, the SEC had 146 Senior Officers, three more than at the 

end of the previous fiscal year.

In FY 2019, as in the two previous fiscal years, the representation of women among Senior 

Officers increased. Women represented 41.8 percent of Senior Officers as of the end of 

FY 2019, compared to 38.9 percent in FY 2017. 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 34 percent of Senior Executives in 

the Federal workforce in FY 2019.

The representation of minorities among Senior Officers increased slightly from FY 2017 to 

FY 2019. Minorities held 13 percent of Senior Officer positions as of the end of FY 2019, 

compared to 12.8 percent in FY 2017. In contrast, minorities held 21.1 percent of Senior 

Executive positions in the Federal workforce in FY 2019. Black or African American representation among Senior Officers increased from 4.8 percent in FY 2018 to 6.2 percent in FY 2019. 

Hispanic or Latino representation among Senior Officers remained unchanged from FY 2018 

at 1.4 percent; Asian representation among Senior Officers decreased from 5.6 in FY 2018 

percent to 4.1 percent in FY 2019.
22 | OFFICE OF MINORITY AND WOMEN INCLUSION

NEW HIRES

The hiring restrictions imposed near the end of FY 2017 were lifted in FY 2019, and as a result, 

the SEC on boarded more new hires than in the previous fiscal year. As shown in Figure 10, the 

SEC workforce on boarded 86 new employees by the end of FY 2019, representing a 62 percent 

increase from the FY 2018 hiring level.

More than half of new hires as of the end of FY 2019 (51.2 percent) were women, up from 

41.5 percent in FY 2018. The percentage of minorities among new hires also increased to 

34.9 percent in FY 2019, up from 13.2 percent in FY 2018. Each minority group’s percentage 

among new hires was higher in FY 2019 than in the previous fiscal year.

Total Men Women White Black Hispanic Asian All Other

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%

FY 2019 86 42 44 56 11 6 12 1

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

Figure 10: New Hires Trend by Gender, Race, and Ethnicity FY 20177 – FY 2019

Source: FPPS FY 2019 data retrieved on November 12, 2019. “All Other” includes the Native Hawaiian or Other 

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

temporary employees.

Total Men Women White Black Hispanic Asian All Other

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%

FY 2019 146 85 61 127 9 2 6 2

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

Percent Change 

(FY 2017 - 

FY 2019)

-2.0% -6.6% 5.2% -2.3% 28.6% -33.3% -25.0% 100.0%

Figure 9: Senior Officers FY 2017 – FY 2019

Source: FPPS FY 2019 data retrieved on November 12, 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. Includes only permanent and temporary employees in the SO pay plan.
2020 ANNUAL REPORT TO CONGRESS | 23

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

FY 2017 to FY 2019. The percentage of women among new hires into mission critical occupations increased by nearly 10 percentage points over the three-year period. The SEC had more 

new hires into mission critical occupations in FY 2019 than in FY 2018, and the percentage of 

minorities among new hires into mission critical occupations increased, from 13.6 percent in 

FY 2018 to 27 percent in FY 2019.

Total Men Women White Black Hispanic Asian All Other

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%

FY 2019 63 35 28 46 5 3 9 0

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

Figure 11: New Hires into Mission Critical Occupations FY 2017 – FY 2019

Source: FPPS FY 2019 data retrieved on November 12, 2019. “All Other” includes the Native Hawaiian or Other 

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

temporary employees.

SEPARATIONS

Figure 12 shows the separations by gender, race, and ethnicity since FY 2017. In FY 2019, 172 

employees left the SEC; 84.3 percent of the separations were due to resignations and retirements.

Total Men Women White Black Hispanic Asian All Other

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%

FY 2019 172 98 74 126 23 6 16 1

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

Figure 12: Workforce Separations by Gender, Race, and Ethnicity FY 2017 – FY 2019

Source: FPPS FY 2019 data retrieved on November 12, 2019. “All Other” includes the Native Hawaiian or Other 

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

temporary employees.
24 | OFFICE OF MINORITY AND WOMEN INCLUSION

Women made up a slightly smaller percentage of separating employees in FY 2019 than in 

FY 2018. Similarly, the percentage of minorities among separating employees (26.7 percent) 

was lower in FY 2019 than in FY 2018 (28.5 percent).

Separations from mission critical occupations by gender, race, and ethnicity from FY 2017 to 

FY 2019 are shown in Figure 13. In FY 2019, 75.5 percent of employees who separated from 

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

mission critical occupations was slightly lower in FY 2019 than in FY 2018.

The net effect of the increase in percentage of minorities among new hires and the slight 

decrease in the percentage of minorities among separations was a slight increase in the overall 

representation of minorities in mission critical occupations.

Total Men Women White Black Hispanic Asian All Other

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%

FY 2019 130 78 52 100 8 5 16 1

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

Figure 13: Separations from Mission Critical Occupations FY 2017 – FY 2019

Source: FPPS FY 2019 data retrieved on November 12, 2019. “All Other” includes the Native Hawaiian or Other 

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

temporary employees.

PROMOTIONS

Figure 14 shows promotions by gender, race, and ethnicity from FY 2017 to FY 2019. 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 41.4 percent of promotions in FY 2019, an increase from 40 percent of 

promotions in FY 2018. Compared to FY 2018, the percentage of promotions received by 

Black or African American and Asian employees increased slightly in FY 2019, while there was 

no change in the percentage of promotions received by Hispanic or Latino employees. Women 

received 48.7 percent of the promotions in FY 2019, a decrease from 50.6 percent of promotions in FY 2018 though above FY 2017 (48.1 percent).
2020 ANNUAL REPORT TO CONGRESS | 25

Total Men Women White Black Hispanic Asian All Other

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%

FY 2019 304 156 148 178 56 23 40 7

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

Figure 14: Promotions FY 2017 – FY 2019

Source: FPPS FY 2019 data retrieved on November 12, 2019. “All Other” includes the Native Hawaiian or Other 

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

Work Environment

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. 

Employee Affinity Groups foster inclusion at the SEC by providing educational, cultural, and 

networking opportunities for SEC employees. They also serve as resources for outreach and 

recruitment initiatives.

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 2019, 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 2019 programs and activities for Special Observances, see Appendix C.
26 | OFFICE OF MINORITY AND WOMEN INCLUSION

FEDERAL EMPLOYEE VIEWPOINT SURVEY (FEVS)

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 ranked fifth among 25 mid-size agencies in 2019, dropping 

two places from the previous year. The agency’s overall FEVS average score decreased slightly 

from 74 percent positive in 2018 to 72 percent positive in 2019.

The scores on three indices related to engagement and satisfaction also decreased compared 

to last year; Global Satisfaction was 75 percent positive (down 7 percentage points), New 

Inclusion Quotient Index (the New IQ) was 69 percent positive (down 2 percentage points), 

and Employee Engagement was 76 percent positive (down 2 percentage points). Despite the 

decreases, the SEC scores still were higher than the government-wide averages and the averages 

for mid-size agencies on all three indices, and show the SEC remains an employer of choice 

within the federal government. Opportunities for improving employee satisfaction and engagement exist, and SEC managers, staff, and union representatives are working to make those 

improvements.

FEVS INCLUSION QUOTIENT INDEX

The 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 2019 was 69 percent positive, 

which was 2 percentage points lower than the agency’s overall New IQ for 2018, but still 9 percentage points higher than 2015. The SEC’s scores on each Habit of Inclusion decreased: Fair 

(down 4 percentage points), Open (down 2 percentage points), Cooperative (down 2 percentage 

points), Supportive (down 3 percentage points), and Empowering (down 4 percentage points). 

The decrease seen in the New IQ was consistent with the decreases in the percent of positive 

scores seen in items across the FEVS in 2019. Still the trend calculations shown in Figure 15 

show the SEC New IQ in 2019 was 12 percentage points higher than it was in 2015.
2020 ANNUAL REPORT TO CONGRESS | 27

Figure 15: SEC’s New IQ vs. Government Average

Source: OPM’s Federal Employee Viewpoint Survey 2019 retrieved on February 10, 2020 .

Government SEC

FY 2018 FY 2019

57%

69%

60%

62%

FY 2015 FY 2016 FY 2017

In addition to the New IQ, OMWI tracks the percentage of positive responses to three diversityrelated FEVS questions, as shown in Figure 16. Although the percentage of positive scores on 

each question decreased by a percentage point, the scores increased since FY 2015, and suggest 

support for the agency’s diversity and inclusion efforts continues.

Figure 16: SEC Scores on Selected Diversity Related FEVS Questions

Source: OPM’s Federal Employee Viewpoint Survey 2019 retrieved on February 10, 2020 .

Question 2015 2016 2017 2018 2019

Q34–Policies and programs promote diversity in 

the workplace (for example, recruiting minorities and 

women, training in awareness of diversity issues, 

mentoring).

63% 65% 67% 67% 66%

Q45–My supervisor is committed to a workforce 

representative of all segments of society. 72% 76% 80% 82% 81%

Q55–Supervisors work well with employees of 

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

Challenges and Next Steps

The SEC continues to make progress towards achieving diversity at all levels of the workforce, 

but opportunities for improvement still exist. Developing a pipeline of diverse talent for senior 

management and certain mission critical occupations continues to be the focus of the SEC’s 

ongoing diversity and inclusion efforts. The agency will also continue to work towards getting 

more students from minority serving institutions to apply for internships with the SEC.
28 | OFFICE OF MINORITY AND WOMEN INCLUSION

SUPPLIER DIVERSITY

The SEC actively embraces its obligations under Section 342 of the Dodd-Frank Act to promote 

the increased utilization of minority-owned and women-owned businesses (MWOBs) in the 

agency’s business activities. Establishing and maintaining a diverse supplier base maximizes the 

SEC’s ability to procure the best goods and services to meet its contracting needs. To implement 

the agency’s strategy for promoting supplier diversity, OMWI works closely with the Office of 

Acquisitions (OA), which is responsible for all contracting activities at the agency.

The SEC follows the Federal Acquisition Regulation (FAR), which includes provisions that 

require contracting officers to set aside certain requirements for competition solely among specific categories of small businesses.13 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 2019, the SEC continued to pursue supplier diversity initiatives for ensuring the utilization of MWOBs in the agency’s business activities. As discussed in more detail below, the 

data show:

» Contract payments to MWOBs increased to $139.4 million or 32.1 percent of SEC total 

contract payments in FY 2019 from $124.4 million or 31.6 percent in FY 2018.

» Contract awards to MWOBs decreased slightly to $141.3 million or 29.2 percent of SEC 

total contract awards in FY 2019 from $143.8 million or 31.9 percent in FY 2018.

Supplier Diversity Initiatives

OUTREACH AND TECHNICAL ASSISTANCE

While the SEC’s supplier diversity efforts extend to MWOBs of all sizes, over 90 percent of 

MWOBs awarded SEC contracts in FY 2019 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 make MWOBs and small businesses more aware of SEC requirements and 

participation in agency contracting. The SEC also provides potential contractors technical assistance on how to conduct business within the SEC procurement space.

OMWI and OA 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 2019, 69 

businesses participated in Vendor Outreach Day.

13 See FAR Subpart 19.5 – Set-Asides for Small Businesses for more information.
2020 ANNUAL REPORT TO CONGRESS | 29

In addition, OMWI participates in external business networking events and procurement 

matchmaking sessions to increase the interaction between MWOBs and the SEC. During FY 

2019, OMWI engaged with hundreds of potential suppliers by participating in 10 national business conferences and procurement matchmaking sessions, including the 29th Annual Government Procurement Conference; CelebrAsian Procurement and Business Conference; National 

8(a) Association Conference; National Reservation Economic Summit; and the National Minority Supplier Development Council Conference and Business Expo.

OTHER INITIATIVES TO PROMOTE SUPPLIER DIVERSITY

OMWI continues to maintain 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. SDBMS is 

also a valuable tool for SEC prime contractors needing assistance with meeting subcontracting 

requirements. Information about contractors registered in SDBMS is disseminated to prime contractors to promote and encourage partnerships with diverse suppliers. Further, OMWI uses the 

SDBMS to regularly disseminate information to MWOBs about SEC contracting opportunities, 

industry days, and supplier diversity outreach events.

The self-registry web portal added to SDBMS in FY 2018 enables MWOBs to securely complete 

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

to augment the repository of interested diverse suppliers. In FY 2019, OMWI actively engaged 

with vendors registered in the system based on a fit relative to the company’s North American 

Industry Classification System (NAICS) categories, SEC current and forecast business needs, 

and conversations with the companies about their current capabilities and goals.

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, including project descriptions 

and projected date of the procurement. The Forecast also indicates the SEC division with the 

potential contracting need and the anticipated acquisition strategy.

OMWI maintains a webpage for Supplier Diversity Outreach, provides a dedicated email 

address, and telephone line for contracting inquiries and outreach, and interacts daily with vendors seeking information about how they can do business with the SEC.
30 | OFFICE OF MINORITY AND WOMEN INCLUSION

Supplier Diversity Performance Metrics

CONTRACT PAYMENTS14

Figure 17 shows the total number of contractors the SEC paid and the number of MWOBs 

receiving contract payments from FY 2015 to FY 2019. In each fiscal year since FY 2015, 

nearly a quarter of firms receiving SEC contract payments have been classified as MWOBs. 

Of the 404 firms receiving contract payments in FY 2019, 110 or 27.2 percent were MWOBs. 

Non-minority women-owned businesses (i.e., women-owned firms without minority designations) represented 6.9 percent of the firms receiving SEC contract payments in FY 2019.15 The 

percentage of non-minority women-owned businesses among firms receiving contract payments 

had decreased in FYs 2015–2017, but their percentage increased the last two fiscal years.

FY 2015 FY 2016 FY 2017 FY 2018 FY 2019

SEC Total 504 100 .0% 405 100 .0% 430 100 .0% 427 100 .0% 404 100 .0%

All Other Firms 381 75 .6% 294 72 .6% 323 75 .1% 318 74 .5% 294 72 .8%

Total MWOBs 123 24 .4% 111 27 .4% 107 24 .9% 109 25 .5% 110 27 .2%

Asian 39 7 .7% 44 10 .9% 26 6 .0% 31 7 .3% 32 7 .9%

Black 28 5 .6% 27 6 .7% 29 6 .7% 25 5 .9% 22 5 .4%

Hispanic 14 2 .8% 9 2 .2% 15 3 .5% 14 3 .3% 17 4 .2%

Other 

Minority

9 1.8% 6 1.5% 12 2.8% 11 2.6% 11 2.7%

Non-minority 

Women

33 6.5% 25 6.2% 25 5.8% 28 6.6% 28 6.9%

Figure 17: SEC Contractors Receiving Payments FY 2015 – FY 2019

Source: Federal Procurement Data System (FPDS) and Delphi retrieved on November 12, 2019. Firm count 

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

minority designations.

Figure 18 shows SEC total contract payments and the payments made to MWOBs in each fiscal 

year since FY 2015. The SEC paid $433.4 million to contractors in FY 2019, of which $139 

million or 32.1 percent was paid to MWOBs. Although the percentage of the SEC total contract payments to MWOBs increased half a percentage point from FY 2018 to FY 2019, it was 

lower than the average of the four previous fiscal years (33.4 percent).

14 “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.

15 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 Asianowned business.
2020 ANNUAL REPORT TO CONGRESS | 31

Contract payments to Asian American-owned businesses increased slightly to 15.1 percent of 

SEC total contract payments in FY 2019, from 14.7 percent in FY 2018. Hispanic Americanowned businesses, Black/African American-owned businesses, and non-minority women-owned 

businesses saw negligible decreases (less than half a percentage point) in their percentages of the 

SEC total contract payments from FY 2018 to FY 2019.

FY 2015 FY 2016 FY 2017 FY 2018 FY 2019

SEC Total $362.9 100.0% $380.9 100.0% $371.0 100.0% $393.5 100.0% $433.4 100.0%

All Other Firms $239.8 66.1% $257.3 67.6% $237.3 64.0% $269.1 68.4% $294.4 67.9%

Total MWOBs $123.2 33.9% $123.6 32.4% $133.7 36.0% $124.4 31.6% $139.0 32.1%

Asian $52.9 14.6% $72.7 19.1% $68.7 18.5% $57.9 14.7% $65.5 15.1%

Black $18.9 5.2% $16.2 4.3% $14.7 4.0% $10.0 2.5% $9.7 2.2%

Hispanic $19.6 5.4% $5.8 1.5% $14.2 3.8% $15.7 4.0% $16.9 3.9%

Other Minority $4.3 1.2% $8.0 2.1% $16.2 4.4% $23.9 6.1% $29.1 6.7%

Non-minority 

Women

$27.6 7.6% $20.8 5.5% $20.0 5.4% $16.8 4.3% $17.9 4.1%

Figure 18: Contract Payments by MWOB Category FY 2015 – FY 2019 (Amount in Millions)

Source: FPDS and Delphi retrieved on November 12, 2019. “Non-minority women” includes women-owned 

businesses without minority designations.
32 | OFFICE OF MINORITY AND WOMEN INCLUSION

CONTRACT AWARDS16

Figure 19 shows the total number of MWOBs awarded SEC contracts in each fiscal year since 

FY 2015, and their percentage among firms awarded SEC contracts. The percentage of MWOBs 

among firms awarded SEC contracts increased since FY 2015. In FY 2019, the SEC awarded 

contracts to 381 firms, of which 111 or 29.1 percent were classified as MWOBs. Women-owned 

businesses represented 14.2 percent of the firms awarded SEC contracts in FY 2019, and their 

percentage among firms awarded SEC contracts increased slightly since FY 2015.

FY 2015 FY 2016 FY 2017 FY 2018 FY 2019

SEC Total 549 100.0% 484 100.0% 438 100.0% 413 100.0% 381 100.0%

Total MWOBs 145 26.4% 126 26.0% 115 26.3% 107 25.9% 111 29.1%

WOBs 75 13.7% 63 13.0% 54 12.3% 54 13.1% 54 14.2%

MW-OBs 35 6.4% 35 7.2% 26 5.9% 26 6.3% 27 7.1%

MOBs 105 19.1% 98 20.2% 83 18.9% 78 18.9% 84 22.0%

Asian 45 8.2% 42 8.7% 33 7.5% 31 7.5% 31 8.1%

Black 30 5.5% 28 5.8% 26 5.9% 26 6.3% 26 6.8%

Hispanic 20 3.6% 16 3.3% 12 2.7% 13 3.1% 14 3.7%

Native 

American

3 0.5% 5 1.0% 6 1.4% 6 1.5% 6 1.6%

Other 7 1.3% 7 1.4% 6 1.4% 2 0.5% 7 1.8%

Figure 19: MWOBs with SEC Contract Awards FY 2015 – FY 2019

Figure 20 shows the dollar value of contract awards to MWOBs in each fiscal year since 

FY 2015, and the percentage of SEC contract dollars awarded to MWOBs. Of the $484 million

in SEC contract awards made in FY 2019, $141.3 million or 29.2 percent of SEC contract 

dollars were awarded to MWOBs. This represents a decrease of 2.5 percentage points from 

FY 2018, and a decrease of nearly 5 percentage points since FY 2015.

Contract awards to minority-owned businesses represented 24.7 percent ($119.4 million) of 

SEC contract awards; awards to women-owned businesses represented 11.3 percent ($54.9 

million), and awards to minority women-owned businesses represented 6.8 percent ($32.9 

million). The amount awarded to MWOBs in FY 2019 was $2.5 million less than the amount 

awarded to MWOBs in FY 2018, representing a decrease of 2.5 percentage points.

Source: FPDS retrieved on November 12, 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.

16 “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.
2020 ANNUAL REPORT TO CONGRESS | 33

FY 2015 FY 2016 FY 2017 FY 2018 FY 2019

SEC Total $456 .9 100 .0% $486 .0 100 .0% $418 .9 100 .0% $451 .0 100 .0% $484 .0 100 .0%

Total MWOBs $155 .6 34 .1% $153 .9 31 .7% $142 .5 34 .0% $143 .8 31 .9% $141 .3 29 .2%

WOBs $73 .3 16 .0% $75 .6 15 .6% $57 .0 13 .6% $61 .3 13 .6% $54 .9 11 .3%

MW-OBs $49 .0 10 .7% $50 .2 10 .3% $34 .7 8 .3% $33 .8 7 .5% $32 .9 6 .8%

MOBs $131 .3 28 .7% $128 .5 26 .4% $112 .4 26 .8% $116 .2 25 .8% $119 .4 24 .7%

Asian $73 .3 16 .0% $71 .1 14 .6% $72 .6 17 .3% $65 .1 14 .4% $72 .6 15 .0%

Black $30 .4 6 .7% $24 .8 5 .1% $12 .8 3 .1% $12 .0 2 .7% $14 .4 3 .0%

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

Native

American

$5 .6 1 .2% $9 .3 1 .9% $14 .9 3 .6% $14 .3 3 .2% $13 .7 2 .8%

Other $11 .0 2 .4% $7 .7 1 .6% $7 .1 1 .7% $6 .9 1 .5% $3 .7 0 .8%

Figure 20: Contract Awards by MWOB Category FY 2015 – FY 2019 (Amount in Millions)

Source: FPDS retrieved on November 12, 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 .

MAJOR CONTRACT AWARD CATEGORIES

Figure 21 shows the distribution of SEC contract awards by NAICS categories. The largest 

percentage of SEC contract dollars was awarded for contracts in the NAICS category of Computer Systems Design and Related Services, followed by Management, Scientific, and Technical 

Consulting Services. These categories also accounted for the two largest percentages of SEC 

contract dollars awarded to MWOBs. In FY 2019, contract awards in these two categories 

accounted for 67.7 percent of SEC contract dollars awarded and 80 percent of the contract 

dollars awarded to MWOBs.
34 | OFFICE OF MINORITY AND WOMEN INCLUSION

Figure 21: SEC and MWOBs Contract Amount by NAICS Category (Amount in Millions)

Source: FPDS retrieved on November 12, 2019 .

Computer 

Systems 

Design and 

Related 

Services

Management, 

Scientific, 

and Technical 

Consulting 

Services

$21 .2

Legal 

Services 

Other 

Information 

Services

Agencies, 

Brokerages, 

and Other 

Insurance 

Related 

Activities

Data 

Processing, 

Hosting, 

and Related 

Services

All Other 

NAICS 

Catagories

$267 .1

$77 .9

$60 .7

$36 .0

$0 .7

$19 .5

$0 .4

$14 .5

$0 .0

$13 .8

$1 .0

$87 .1

$25 .3

“All Other NAICS Categories” includes, among others:

» Investigation and Security Services (5616)– $10.7 million in SEC contract awards, with 

$1.4 million awarded to MWOBs;

» Software Publishers (5112)– $10.5 million in SEC contract awards, with $0.6 million 

awarded to MWOBs;

» Computer and Peripheral Equipment Manufacturing (3341)– $9.1 million in SEC contract 

awards, with $7.7 million awarded to MWOBs;

» Other Professional, Scientific, and Technical Services (5419)– $7.4 million in SEC contract 

awards, with $0.8 million awarded to MWOBs;

» Accounting, Tax Preparation, Bookkeeping, and Payroll Services (5412)– $6.7 million in 

SEC contract awards, with $2.9 million awarded to MWOBs; and

» Business Support Services (5614)– $5.6 million in SEC contract awards, with all awarded 

to MWOBs.

SEC Contracts MWOBs

Millions
2020 ANNUAL REPORT TO CONGRESS | 35

One IT Program

In FY 2018, the SEC’s Office of Information Technology launched a program to streamline the 

acquisition process for information technology platforms and services. The resulting Indefinite 

Delivery Indefinite Quantity (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, titled “One IT,” could be used to award up to 

$2.5 billion in procurements over the 10-year period of performance.

One IT has a significant “pool” of contractors which includes several MWOBs. The SEC 

awarded three contracts to large businesses in late FY 2018, and 15 to small businesses in early

FY 2019. Ten of the small businesses in the One IT pool are MWOBs, and seven are womenowned businesses. In FY 2019, the SEC initiated its first One IT on-ramp opportunity, allowing 

interested small business firms to submit proposals to become One IT contract holders. The 

on-ramp proposals are currently under evaluation.

Next Steps

OMWI will continue monitoring how the One IT program impacts the participation of 

MWOBs in this spend category, which historically has accounted for over 50 percent of SEC 

contract awards. OMWI also is exploring ways to connect SEC’s One IT prime contract holders 

with diverse information technology firms seeking contract opportunities. In the meantime, 

OMWI will continue outreach to information technology suppliers in an effort to increase the 

SEC’s diverse base of One IT contract holders.
36 | OFFICE OF MINORITY AND WOMEN INCLUSION

DIVERSITY POLICIES AND PRACTICES OF 

SEC-REGULATED ENTITIES

In January 2018, the SEC introduced the “Diversity Assessment Report for Entities Regulated by 

the SEC” (Diversity Assessment Report) to complement 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 a June 2015 interagency policy statement.17

The Diversity Assessment Report was developed 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.

Over the course of 2018, the SEC invited approximately 1,300 of its largest regulated entities 

(investment advisers, broker-dealers, municipal advisors, and self-regulatory organizations) to 

share information about their self-assessments of diversity policies and practices by completing 

and submitting the Diversity Assessment Report to OMWI. Although the Joint Standards envision that regulated entities would conduct self-assessments of their diversity policies and practices 

at least annually, the SEC will collect diversity self-assessment information from its regulated 

entities every two years. In January 2020, the SEC began inviting regulated entities to once again 

submit Diversity Assessment Reports and will send additional requests later this year.

As was noted in OMWI’s Annual Report to Congress for FY 2018, the number of individual 

diversity self-assessments received from SEC-regulated entities during the first year was lower 

than expected. Accordingly, the SEC has taken steps to get more entities to share information 

about efforts to enhance diversity and inclusion in their organizations. 

At educational events and conferences hosted by industry trade associations and professional 

organizations, the SEC will continue to encourage regulated entities to conduct self-assessments 

of their diversity policies and practices and share their self-assessments with OMWI. For example, the SIFMA Compliance and Legal Conference and Practicing Law Institute SEC Speaks 

Conference held in 2019 provided opportunities for the SEC to engage regulated entities in 

discussions about the benefits of diversity and inclusion. The SEC has used these annual forums 

to promote the Joint Standards and raise awareness about the Diversity Assessment Report and 

will continue to do so in the future.

17 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).
2020 ANNUAL REPORT TO CONGRESS | 37

The SEC joined with other financial regulatory agencies to host the second Financial Regulatory Agencies’ Diversity and Inclusion Summit in October 2018. The Summit provided OMWI 

Directors an opportunity to promote the value of diversity self-assessments and encourage 

regulated entities to share them with their primary financial regulators. It also gave participants 

a chance to discuss steps that might be taken to increase the number of responses. The OMWI 

Directors plan to jointly host a diversity and inclusion focused event for regulated entities similar to the Summit annually.

Several participants at the Summit said requests for diversity self-assessments were not sent to 

the right person in their institutions. In response to these comments, OMWI is sending emails 

to chief compliance officers of SEC-regulated entities requesting that they provide the appropriate point of contact in their organizations to receive future communications about the Diversity 

Assessment Report. Sending the request to the appropriate person at the outset should help 

increase the number of responses.

Further, the SEC plans to host a series of webinars for regulated entities to encourage them 

to conduct diversity self-assessments and address their questions about the Diversity Assessment Report. The agency will highlight that the Joint Standards are intended to be applied in 

a manner appropriate to the regulated entity’s unique characteristics, such as workforce size, 

governance structure, total assets, and geographic location, and that some standards may not be 

applicable to every regulated entity. By emphasizing that not every standard will apply, the SEC 

hopes entities that may have been deterred from sharing diversity self-assessments because they 

could not respond “yes” to most of the questions asked in the Diversity Assessment Report will 

choose to respond.
38 | 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 2019, OMWI reviewed a total of 29 contractors (27 prime and 2 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. During the review, OMWI 

also compared the diversity in the contractor’s workforce by EEO-1 job categories to the 

diversity in the same EEO-1 job categories in the relevant labor market, using the 2006-2010 

Census EEO Tabulation as the benchmark. Where OMWI’s analysis of a contractor’s workforce data revealed that the representation of women or minorities in an EEO-1 job 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 case of 10 contractors (9 prime and one subcontractor) or 34.4 percent 

of the reviews conducted in FY 2019, OMWI identified job categories that should be the focus 

of diversity efforts.
2020 ANNUAL REPORT TO CONGRESS | 39

CONCLUSION AND FY 2020 OUTLOOK

For the SEC, leveraging diversity and inclusion throughout the agency is a strategic imperative. 

Promoting workforce diversity and inclusion and supplier diversity assists the SEC in maintaining the highest standards in pursuit of its mission. The new Diversity and Inclusion Strategic 

Plan provides the SEC a blueprint for building upon and continuing the progress toward 

achieving the agency’s diversity and inclusion goals and objectives. Although SEC leadership, 

managers, and supervisors in all divisions and offices will have direct responsibility for the 

Plan’s implementation, promoting diversity and inclusion and ensuring opportunity are an 

individual and collective responsibility. As the SEC endeavors to make diversity and inclusion 

a prominent part of the workplace culture, in FY 2020, the agency will focus on successfully 

executing the Diversity and Inclusion Strategic Plan and meeting the timetables and milestones 

for specified actions.
40 | OFFICE OF MINORITY AND WOMEN INCLUSION

Organization Name

ASCEND, Inc.

Association of Latino Professionals For America

Council on Legal Education Opportunity, Inc.

D.C. Diverse Partners Network, Inc.

Hispanic Association of Colleges and Universities

Hispanic National Bar Association

Hispanic Bar Association of the District of Columbia

International Leadership Foundation

National Association of Asian MBAs

National Association of Black Accountants

National Association of Black Accountants, Metropolitan D.C. Chapter

National Bar Association

National Bar Association, Greater Washington Area Chapter

National Black MBA Association, D.C. Chapter

National Society of Hispanic MBAs

National Society of Hispanic MBAs, D.C. Chapter

Thurgood Marshall College Fund

United Negro College Fund

White House Initiative on HBCUs

Women’s Bar Association

APPENDIX A . OMWI FY 2019 DIVERSITY PARTNERS

Source: Office of Minority and Women Inclusion.
2020 ANNUAL REPORT TO CONGRESS | 41

APPENDIX B . FY 2019 OUTREACH 

AND RECRUITMENT EVENTS

Event Date

National Association of Black Accountants (NABA) Western Regional 

Student Conference

October 2018

Securities Industry and Financial Markets Association (SIFMA) 

SIFMA Women's Leadership Forum

October 2018

Human Capital Management Forum October 2018

National Asian Pacific American Bar Association (NAPABA) Convention November 2018

2020 Women on Boards – National Conversation on Board Diversity November 2018

Florida International University (FIU) Law College Visit at SEC March 2019

National Diversity Coalition Washington DC Town Hall Meeting March 2019

SIFMA Compliance and Law Conference March 2019

Native American Finance Officers Association (NAFOA) Conference April 2019

NY SIFMA Diversity and Inclusion Conference May 2019

National Association of Black Accountants (NABA) National 

Convention & Expo

June 2019

National Black Prosecutors Association Job Fair July 2019

National Bar Association Convention July 2019

Hispanic National Bar Foundation (HNBF) Law Camp Visit to SEC July 2019

National Urban League Conference July 2019

ALPFA Convention August 2019

UNIDOS Conference August 2019

LGBT Bar Association Lavender Law Conference and Career Fair August 2019

ASCEND Conference August 2019

Congressional Hispanic Caucus Institute (CHCI) Leadership Conference September 2019

Congressional Black Caucus Foundation (CBCF) Legislative Conference September 2019

African American Financial Advisors (AAAA) Conference September 2019

National Black MBA Association (NBMBAA) Conference and Career Expo September 2019

Hispanic National Bar Association (HNBA) Convention September 2019

Source: Office of Minority and Women Inclusion.
42 | OFFICE OF MINORITY AND WOMEN INCLUSION

APPENDIX C . FY 2019 PROGRAMS 

FOR SPECIAL OBSERVANCES

Program and Speaker

Disability Awareness Month (October 2018)

» Guest Speaker (HQ): Leslie Long, Vice President for Adult Services for Autism Speaks

Veterans Day Commemoration (November 2018)

» Panel Discussion (HQ): featuring Brigadier General David Blackledge, U.S. Army (retired); and 

Executive Vice President of Melwood Veterans Services LLC, and Ronald Spector, Vietnam veteran 

and Professor at George Washington University Elliott School of International Affairs; moderated 

by Chairman Jay Clayton

Native American Heritage Month (November 2018)

» Guest Speaker (HQ): V. Heather Sibbison, Native American Law and Policy Practitioner

African American History Month (February 2019)

» Guest Speaker (Philadelphia Regional Office): Mark C. Alexander, Dean and Professor of Law at

Villanova University Charles Widger School of Law

» Panel Program (Atlanta Regional Office): Black Migration and Urban Realities with 

Guest Speakers: Christy Garrison, Instructor at Atlanta Metropolitan State College; Deryl Bailey, 

Professor at University of Georgia, College of Education; and Samuel T. Livingston, Associate 

Professor at Morehouse College

» Guest Speaker (Chicago Regional Office): E. Patrick Johnson, Professor at Northwestern University

» Guest Speaker (HQ): Dr. Henry Louis Gates, Jr., Harvard Scholar and Emmy Award-winning 

Filmmaker, and screening of documentary “The African Americans - Many Rivers to Cross”

» Guest Speaker (New York Regional Office): Robert Fields, President and Executive Director at 

Weeksville Heritage Center

Women’s History Month (March 2019)

» Coffee Networking Event (HQ): featuring Commissioner Hester Peirce

Asian American Pacific Islander Month (May 2019)

» Guest Speaker (New York Regional Office): Joon H. Kim, Partner at Cleary Gottlieb Steen & Hamilton LLP

» Guest Speaker (Philadelphia Regional Office): Nelson S. T. Thayer, Jr., Assistant U.S. Attorney for the

Eastern District of Pennsylvania

Caribbean American Heritage Month (June 2018)

» Guest Speaker (HQ): Venroy July, Partner at Miles & Stockbridge P.C.

» Guest Speakers (Philadelphia Regional Office): Christopher Chaplin, Honorary Consul for the Jamaican Consulate in Pennsylvania; and Michel Francios, Electrophysics/Electrical/Biosensor Engineer

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

» TED Talk Presentation and Discussion (HQ): “Love No Matter What” by Andrew Solomon

» Guest Speaker (New York Regional Office): Stacey Friedman, General Counsel at JPMorgan Chase

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

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

for the Eastern District of New York

» Panel Discussion: featuring former SEC Commissioners, Troy Paredes and Roel Campos and 

moderated by Chairman Jay Clayton

LGBT History Month Event (October 15, 2019)

» Guest Speaker (Philadelphia Regional Office): Leonore F. Carpenter, Associate Professor of Law

at Temple University Beasley School of Law, “Does Title VII of the Civil Rights Act of 1964 Prohibit

Employment Discrimination Based on Sexual Orientation or Gender Identity?”

Source: Office of Minority and Women Inclusion.
OFFICE OF MINORITY AND WOMEN INCLUSION

U.S. Securities and Exchange Commission

100 F Street NE | Washington, DC 20549