IV 

Union Calendar No. 180 

110TH CONGRESS 

1ST SESSION H. CON. RES. 140 

[Report No. 110–278, Part I] 

Recognizing the low presence of minorities in the financial services industry 

and minorities and women in upper level positions of management, and 

expressing the sense of the Congress that active measures should be 

taken to increase the demographic diversity of the financial services 

industry. 

IN THE HOUSE OF REPRESENTATIVES 

MAY 3, 2007 

Mr. MEEKS of New York (for himself, Ms. CORRINE BROWN of Florida, Ms. 

LORETTA SANCHEZ of California, Mr. JEFFERSON, Ms. MOORE of Wisconsin, Mrs. NAPOLITANO, Mr. HINOJOSA, Mrs. MALONEY of New York, 

Mrs. JONES of Ohio, Mr. CUELLAR, Mr. FRANK of Massachusetts, Ms. 

KILPATRICK, Mr. BISHOP of Georgia, Mr. WEINER, Mr. MEEK of Florida, Ms. EDDIE BERNICE JOHNSON of Texas, Mrs. MCCARTHY of New 

York, Ms. MCCOLLUM of Minnesota, Mr. AL GREEN of Texas, Mr. 

WYNN, Mr. HASTINGS of Florida, Mr. DAVIS of Alabama, Ms. LEE, Mr. 

THOMPSON of Mississippi, Mr. RUSH, Mr. FATTAH, Mr. RANGEL, Mr. 

DAVIS of Illinois, Mr. SCOTT of Georgia, Mr. KUCINICH, Ms. WATSON, 

Mr. PAYNE, Mrs. CHRISTENSEN, Mr. TOWNS, Mr. CLEAVER, Mr. 

BUTTERFIELD, Mr. ACKERMAN, Mr. JOHNSON of Georgia, Mr. JACKSON

of Illinois, Mr. CLYBURN, Mr. BACA, Mr. CROWLEY, Mr. CONYERS, Mr. 

SERRANO, Mr. LEWIS of Georgia, Ms. CARSON, Mr. ELLISON, Mr. 

GUTIERREZ, Ms. WATERS, Mr. WATT, Mrs. LOWEY, Ms. VELA ́ZQUEZ, 

Ms. JACKSON-LEE of Texas, Mr. LYNCH, Mr. ROTHMAN, Mr. 

DELAHUNT, Mr. WEXLER, Mr. GRIJALVA, Mr. SIRES, Mr. CLAY, Mr. 

CUMMINGS, Mr. SCOTT of Virginia, Ms. CLARKE, and Ms. NORTON) submitted the following concurrent resolution; which was referred to the 

Committee on Financial Services, and in addition to the Committee on 

Education and Labor, for a period to be subsequently determined by the 

Speaker, in each case for consideration of such provisions as fall within 

the jurisdiction of the committee concerned 


pwalker on PROD1PC71 with BILLS
2 

•HCON 140 RH 

JULY 30, 2007 

Additional sponsor: Ms. HIRONO

JULY 30, 2007 

Reported from the Committee on Financial Services with an amendment 

[Strike out all after the preamble and insert the part printed in italic] 

JULY 30, 2007 

Committee on Education and Labor discharged; committed to the Committee 

of the Whole House on the State of the Union and ordered to be printed 

[For text of introduced concurrent resolution, see copy of concurrent resolution as introduced 

on May 3, 2007] 

CONCURRENT RESOLUTION 

Recognizing the low presence of minorities in the financial 

services industry and minorities and women in upper 

level positions of management, and expressing the sense 

of the Congress that active measures should be taken 

to increase the demographic diversity of the financial 

services industry. 

Whereas the financial services industry is vitally important to 

the United States economy; 

Whereas in 2003, employment in the financial services industry was 7 percent of total employment in the United 

States, with over 9,000,000 employees; 

Whereas since 1995, the average hourly earnings of non-supervisory workers in financial activities was above the 

private industry and increased from approximately $12 in 

1995 to $17.53 in 2004; 

Whereas minorities and women face various challenges in obtaining and maintaining positions, especially upper level 

positions, within the financial services industry; 


pwalker on PROD1PC71 with BILLS
3 

•HCON 140 RH 

Whereas minorities and women often cite the lack of mentors 

and leadership training as barriers to their advancement; 

Whereas in 2003, only 6 percent of the board seats at the 

Fortune 1,000 companies were held by minorities and 

women comprised only 13.4 percent of Fortune 500 

board seats in 2003; 

Whereas in financial services, the percentage of black employees has slowly decreased from 10.5 percent to 9.8 percent 

between 2000 to 2003; 

Whereas in 2003, blacks were only 9.8 percent of those employed in the financial services industry and just 6.9 percent of financial managers; 

Whereas from 2000 to 2003, Hispanics have been an increasing percentage of the United States workforce and the financial services industry; 

Whereas in 2003, Hispanics comprised only 9 percent of 

those employed in the financial services industry, just 6.1 

percent of financial managers, and less than 2 percent of 

the directors of Fortune 1,000 companies; 

Whereas in 2004, Asians represented only 4.1 percent of the 

employees in the financial services industry and just 3.4 

percent of all financial managers; 

Whereas from 2000 to 2003, a greater percentage of women 

worked in the financial services industry than any other 

United States industry; 

Whereas approximately half of financial managers are women 

and the percentage of women financial managers was 

52.7 in 2003; 

Whereas in a 2001 survey of 2,200 senior and pipeline level 

women and men representing approximately 60 securities 


pwalker on PROD1PC71 with BILLS
4 

•HCON 140 RH 

firms, 65 percent of women reported that women have to 

work harder than men to get the same rewards, and 51 

percent of women report that women are paid less than 

men for doing similar work; and 

Whereas a minority of women (32 percent) and men (43 percent) believe that promotion decisions are made fairly in 

their firm: Now, therefore, be it 

Whereas the financial services industry is vitally important to 

the United States economy; 

Whereas in 2005, employment in the financial services industry was about 7 percent of total employment in the United 

States, with over 10,000,000 employees; 

Whereas since 1995, the average hourly earnings of non-supervisory workers in financial activities was above the private 

industry and increased from approximately $13 in 1997 

to $18.80 in 2006; 

Whereas minorities and women face various challenges in obtaining and maintaining positions, especially upper-level 

positions, within the financial services industry; 

Whereas minorities and women often cite the lack of mentors 

and leadership training as barriers to their advancement; 

Whereas in 2005, about 14.9 percent of the board seats at the 

Fortune 100 companies were held by minorities, and 

women comprised about 16.9 percent of Fortune 100 company board seats in 2005; 

Whereas in the financial services industry, the percentage of 

black employees has slowly decreased from about 10.5 percent to 9.8 percent between 2000 to 2005; 


pwalker on PROD1PC71 with BILLS
5 

•HCON 140 RH 

Whereas in 2005, blacks were approximately 9.8 percent of 

those employed in the financial services industry and 

about 7.4 percent of financial managers; 

Whereas from 2000 to 2005, Hispanics have been an increasing percentage of the United States workforce and the financial services industry; 

Whereas in 2005, Hispanics comprised about 9.7 percent of 

those employed in the financial services industry, just 6 

percent of financial managers, and less than 2 percent of 

the directors of Fortune 1,000 companies; 

Whereas in 2004, Asians represented about 5.5 percent of the 

employees in the financial services industry and about 6.3 

percent of all financial managers; 

Whereas in 2004, the financial services industry ranked third 

in the percentage of women employed in the workforce behind healthcare and education; 

Whereas approximately half of financial managers are women 

and the percentage of women financial managers was approximately 51.7 in 2005; 

Whereas in a 2001 survey of 2,200 senior and pipeline level 

women and men representing approximately 60 securities 

firms, 65 percent of women reported that women have to 

work harder than men to get the same rewards, and 51 

percent of women report that women are paid less than 

men for doing similar work; 

Whereas a minority of women (32 percent) and men (43 percent) believe that promotion decisions are made fairly in 

their firm; 

Whereas the House-approved Financial Services Regulatory 

Relief Act of 2005 directed each Federal banking agency 


pwalker on PROD1PC71 with BILLS
6 

•HCON 140 RH 

to submit biennial reports to Congress on the status of the 

employment by the agency of women and minorities; 

Whereas the Government Accountability Office found in its report ‘‘Financial Services Industry: Overall Trends in 

Management-Level Diversity and Diversity Initiatives, 

1993–2003’’, issued in June 2006, that overall diversity at 

the management level in the financial services industry 

did not change substantially from 1993 to 2004; and 

Whereas, although the Government Accountability Office acknowledged that financial services firms have initiated 

programs to increase workforce diversity, the Office found 

that these initiatives face challenges: Now, therefore, be it 

1 Resolved by the House of Representatives (the Senate 

2 concurring), 

3 SECTION 1. SHORT TITLE. 

4 This resolution may be cited as the ‘‘Financial Serv5 ices Diversity Initiative’’. 

6 SEC. 2. FINANCIAL SERVICES DIVERSITY INITIATIVE. 

7 (a) CONGRESSIONAL RECOGNITION.—The Con8 gress— 

9 (1) recognizes that minorities and women still 

10 face unique challenges entering into and obtaining 

11 upper level positions within the financial services in12 dustry; 

13 (2) encourages financial institutions to partner 

14 with organizations which are focused on developing 

15 opportunities for minorities and women to place tal16 ented young minorities and women in industry inVerDate Aug 31 2005 22:26 Jul 30, 2007 Jkt 059200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\HC140.RH HC140

pwalker on PROD1PC71 with BILLS
7 

•HCON 140 RH 

1 ternships, summer employment, and full-time posi2 tions; 

3 (3) encourages financial institutions to partner 

4 with inner-city high schools, girls’ high schools, and 

5 high schools with majority minority populations to 

6 establish or enhance financial literacy programs and 

7 provide mentoring; 

8 (4) encourages financial institutions, including 

9 Federal and State financial institution regulatory 

10 agencies, to build and retain a diverse staff through 

11 initiatives, including— 

12 (A) providing financial support for minori13 ties and women undergraduate and graduate 

14 business programs; 

15 (B) heavily recruiting at historically Black 

16 colleges and universities, Hispanic serving insti17 tutions, women’s colleges, and colleges that 

18 typically serve majority minority populations; 

19 (C) sponsoring and recruiting at job fairs 

20 in urban communities; and 

21 (D) placing job ads in newspapers and 

22 magazines oriented toward people of color; 

23 (5) encourages financial institutions to appoint 

24 more minorities and women as board members; and 


pwalker on PROD1PC71 with BILLS
8 

•HCON 140 RH 

1 (6) encourages financial institutions, and public 

2 and private pension funds to seek qualified minority 

3 and women owned firms as investment managers, 

4 underwriters and other business relationships. 

5 (b) SENSE OF THE CONGRESS.—It is the sense of 

6 the Congress that— 

7 (1) active measures should be taken by employ8 ers and educational institutions to increase the de9 mographic diversity of the financial services indus10 try; and 

11 (2) diversity within the financial services indus12 try is vitally important not only to promoting inno13 vation and creativity in the industry but to devel14 oping a more inclusive workforce for a fair and just 

15 economy. 


pwalker on PROD1PC71 with BILLS

pwalker on PROD1PC71 with BILLS
Union Calendar No. 180 

110TH CONGRESS 

1ST SESSION H. CON. RES. 140 

[Report No. 110

–278, Part I] 

CONCURRENT RESOLUTION 

Recognizing the low presence of minorities in the fidustry. mographic diversity of the financial services in- tive measures should be taken to increase the de- and expressing the sense of the Congress that ac- women in upper level positions of management, nancial services industry and minorities and 

JULY 30, 2007 

Reported from the Committee on Financial Services with 

J

an amendment 

ULY 30, 2007 

Committee on Education and Labor discharged; comState of the Union and ordered to be printed mitted to the Committee of the Whole House on the 


pwalker on PROD1PC71 with BILLS