Federal Deposit Insurance Corporation 

Office of Minority and Women Inclusion 

DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT OF 2010 

SECTION 342. OFFICE OF MINORITY AND WOMEN INCLUSION 

(a) OFFICE OF MINORITY AND WOMEN INCLUSION.—

(1) ESTABLISHMENT.—

(A) In general.—Except as provided in subparagraph (B), not later than 6 months after the date of enactment of this Act, 

each agency shall establish an Office of Minority and Women Inclusion that shall be responsible for all matters of the 

agency relating to diversity in management, employment, and business activities.

(B) Bureau.—The Bureau shall establish an Office of Minority and Women Inclusion not later than 6 months after the 

designated transfer date established under section 1062.

(2) TRANSFER OF RESPONSIBILITIES.—Each agency that, on the day before the date of enactment of this Act, assigned 

the responsibilities described in paragraph (1) (or comparable responsibilities) to another office of the agency shall ensure 

that such responsibilities are transferred to the Office.

(3) DuTIes WITh respecT TO cIvIl rIghTs laWs.—The responsibilities described in paragraph (1) do not include 

enforcement of statutes, regulations, or executive orders pertaining to civil rights, except each Director shall coordinate 

with the agency administrator, or the designee of the agency administrator, regarding the design and implementation of any 

remedies resulting from violations of such statutes, regulations, or executive orders. 

(b) DIRECTOR.—

(1) In general.—The Director of each Office shall be appointed by, and shall report to, the agency administrator. The 

position of Director shall be a career reserved position in the senior executive service, as that position is defined in section 

3132 of title 5, united states code, or an equivalent designation.

(2) DUTIES.—Each Director shall develop standards for—

(a) equal employment opportunity and the racial, ethnic, and gender diversity of the workforce and senior management 

of the agency;

(B) increased participation of minority-owned and women-owned businesses in the programs and contracts of the agency, 

including standards for coordinating technical assistance to such businesses; and

(c) assessing the diversity policies and practices of entities regulated by the agency.

(3) OTHER DUTIES.—Each Director shall advise the agency administrator on the impact of the policies and regulations of 

the agency on minority-owned and women-owned businesses.

(4) rule Of cOnsTrucTIOn.—nothing in paragraph (2)(c) may be construed to mandate any requirement on or 

otherwise affect the lending policies and practices of any regulated entity, or to require any specific action based on the 

findings of the assessment.

(c) INCLUSION IN ALL LEVELS OF BUSINESS ACTIVITIES.—

(1) In general.—The Director of each Office shall develop and implement standards and procedures to ensure, to the 

maximum extent possible, the fair inclusion and utilization of minorities, women, and minority-owned and women-owned 

businesses in all business and activities of the agency at all levels, including in procurement, insurance, and all types of 

contracts. 

(2) cOnTracTs.—The procedures established by each agency for review and evaluation of contract proposals and for 

hiring service providers shall include, to the extent consistent with applicable law, a component that gives consideration 

to the diversity of the applicant. Such procedure shall include a written statement, in a form and with such content as the 

Director shall prescribe, that a contractor shall ensure, to the maximum extent possible, the fair inclusion of women and 

minorities in the workforce of the contractor and, as applicable, subcontractors.

(3) TERMINATION.—

(A) DETERMINATION.—The standards and procedures developed and implemented under this subsection shall include 

a procedure for the Director to make a determination whether an agency contractor, and, as applicable, a subcontractor 

has failed to make a good faith effort to include minorities and women in their workforce.

(B) effecT Of DeTerMInaTIOn.—

(i) recOMMenDaTIOn TO agency aDMInIsTraTOr.—Upon a determination described in subparagraph 

(a), the Director shall make a recommendation to the agency administrator that the contract be terminated.

(ii) acTIOn By agency aDMInIsTraTOr.—Upon receipt of a recommendation under clause (i), the agency 

administrator may— 
 

(I) terminate the contract;

(II) make a referral to the Office of federal contract compliance programs of the Department of labor; or

(III) take other appropriate action.

(d) APPLICABILITY.—

This section shall apply to all contracts of an agency for services of any kind, including the services of financial institutions, 

investment banking firms, mortgage banking firms, asset management firms, brokers, dealers, financial services entities, 

underwriters, accountants, investment consultants, and providers of legal services. The contracts referred to in this subsection 

include all contracts for all business and activities of an agency, at all levels, including contracts for the issuance or guarantee of 

any debt, equity, or security, the sale of assets, the management of the assets of the agency, the making of equity investments by 

the agency, and the implementation by the agency of programs to address economic recovery. 

(e) REPORTS.—

each Office shall submit to congress an annual report regarding the actions taken by the agency and the Office pursuant to this 

section, which shall include—

(1) a statement of the total amounts paid by the agency to contractors since the previous report;

(2) the percentage of the amounts described in paragraph (1) that were paid to contractors described in subsection (c)(1);

(3) the successes achieved and challenges faced by the agency in operating minority and women outreach programs;

(4) the challenges the agency may face in hiring qualified minority and women employees and contracting with qualified 

minority-owned and women-owned businesses; and

(5) any other information, findings, conclusions, and recommendations for legislative or agency action, as the Director 

determines appropriate. 

(f) DIVERSITY IN AGENCY WORKFORCE.—

each agency shall take affirmative steps to seek diversity in the workforce of the agency at all levels of the agency in a manner 

consistent with applicable law. Such steps shall include—

(1) recruiting at historically black colleges and universities, hispanic-serving institutions, women’s colleges, and colleges 

that typically serve majority minority populations;

(2) sponsoring and recruiting at job fairs in urban communities;

(3) placing employment advertisements in newspapers and magazines oriented toward minorities and women;

(4) partnering with organizations that are focused on developing opportunities for minorities and women to place talented 

young minorities and women in industry internships, summer employment, and full-time positions;

(5) where feasible, partnering with inner-city high schools, girls’ high schools, and high schools with majority minority 

populations to establish or enhance financial literacy programs and provide mentoring; and

(6) any other mass media communications that the Office determines necessary.

(g) DEFINITIONS.—

for purposes of this section, the following definitions shall apply:

(1) agency.—The term “agency” means—

(a) the Departmental Offices of the Department of the Treasury;

(B) the corporation;

(c) the federal housing finance agency;

(D) each of the federal reserve banks;

(E) the Board;

(f) the national credit union administration;

(g) the Office of the comptroller of the currency;

(h) the commission; and

(I) the Bureau.

(2) agency aDMInIsTraTOr.—The term “agency administrator” means the head of an agency. 

(3) MInOrITy.—The term “minority” has the same meaning as in section 1204(c) of the Financial Institutions Reform, 

recovery, and enforcement act of 1989 (12 u.s.c. 1811 note).

(4) MInOrITy-OWneD BusIness.—The term “minority-owned business” has the same meaning as in section 21A(r)(4)

(a) of the federal home loan Bank act (12 u.s.c. 1441a(r)(4)(a)), as in effect on the day before the transfer date.

(5) Office.—The term “Office” means the Office of Minority and Women Inclusion established by an agency under 

subsection (a).

(6) WOMen-OWneD BusIness.—The term “women-owned business” has the meaning given the term “women’s 

business” in section 21a(r)(4)(B) of the federal home loan Bank act (12 u.s.c. 1441a(r)(4)(B)), as in effect on the day 

before the transfer date. 

Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (P.L. 111-203) (July 21, 2010)