IV 
109TH CONGRESS 
2D SESSION 
H. CON. RES. 429 
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 
JUNE 13, 2006 
Mr. MEEKS of New York (for himself, Mr. OWENS, Ms. MOORE of Wisconsin, 
Ms. KILPATRICK of Michigan, Mrs. CHRISTENSEN, Mr. SCOTT of Geor-
gia, Mrs. MALONEY, Mr. HINOJOSA, Mr. KUCINICH, Mr. CLAY, Ms. 
MILLENDER-MCDONALD, Mr. WYNN, Mr. JEFFERSON, Mr. CLYBURN, 
Mr. DAVIS of Alabama, Mr. THOMPSON of Mississippi, Mr. DAVIS of Illi-
nois, Mr. BUTTERFIELD, Mr. JACKSON of Illinois, Mr. LEWIS of Georgia, 
Mr. WATT, Mr. FORD, Mrs. JONES of Ohio, Ms. WATSON, Mr. CLEAVER, 
Ms. WATERS, Mr. MEEK of Florida, Mr. BISHOP of Georgia, Mr. 
GUTIERREZ, Ms. MCCOLLUM of Minnesota, Mr. RUSH, Mr. AL GREEN 
of Texas, Mr. TOWNS, Ms. LEE, Ms. CORRINE BROWN of Florida, Mr. 
RANGEL, Mr. SERRANO, Ms. JACKSON-LEE of Texas, Mr. HASTINGS of 
Florida, Mr. CONYERS, Mr. PAYNE, Mr. CUMMINGS, Mr. BACA, Mr. PAS-
TOR, Ms. VELA´ZQUEZ, Mr. CROWLEY, Mr. ISRAEL, Mrs. LOWEY, Mr. 
ENGEL, Mr. LARSON of Connecticut, Ms. MCKINNEY, Mr. MCNULTY, 
Mr. ACKERMAN, Mr. LANTOS, Mr. WU, Mr. SCOTT of Virginia, Mr. 
WEINER, Mr. GONZALEZ, Ms. SOLIS, Mr. FILNER, Mr. HINCHEY, Mr. 
LYNCH, Mr. DELAHUNT, Ms. CARSON, Mr. FATTAH, Mr. ROTHMAN, Mr. 
HIGGINS, Mrs. MCCARTHY, Mr. CAPUANO, Mr. FRANK of Massachusetts, 
Ms. EDDIE BERNICE JOHNSON of Texas, Ms. WASSERMAN SCHULTZ, 
Mr. MOORE of Kansas, Mr. GRIJALVA, Ms. LINDA T. SA´NCHEZ of Cali-
fornia, Ms. LORETTA SANCHEZ of California, Ms. ROYBAL-ALLARD, Mr. 
REYES, Mr. BECERRA, Mrs. NAPOLITANO, Ms. NORTON, and Mr. 
CUELLAR) submitted the following concurrent resolution; which was re-
ferred to the Committee on Financial Services, and in addition to the 
Committee on Education and the Workforce, for a period to be subse-
quently determined by the Speaker, in each case for consideration of such 
provisions as fall within the jurisdiction of the committee concerned 
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•HCON 429 IH
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 indus-
try 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-su-
pervisory 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 ob-
taining 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 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 employ-
ees has slowly decreased from 10.5 percent to 9.8 percent 
between 2000 to 2003; 
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Whereas in 2003, blacks were only 9.8 percent of those em-
ployed in the financial services industry and just 6.9 per-
cent of financial managers; 
Whereas from 2000 to 2003, Hispanics have been an increas-
ing percentage of the United States workforce and the fi-
nancial 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 
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 per-
cent) believe that promotion decisions are made fairly in 
their firm: Now, therefore, be it 
Resolved by the House of Representatives (the Senate 
concurring), That— 
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(1) the Congress— 
(A) recognizes that minorities and women 
still face unique challenges entering into and 
obtaining upper level positions within the finan-
cial services industry; 
(B) encourages financial institutions to 
partner with organizations which are focused on 
developing opportunities for minorities and 
women to place talented young minorities and 
women in industry internships, summer employ-
ment and full-time positions; 
(C) encourages financial institutions to 
partner with inner-city high schools, girls’ high 
schools, and high schools with majority minority 
populations to establish or enhance financial lit-
eracy programs and provide mentoring; 
(D) encourages financial institutions, in-
cluding Federal and State financial institution 
regulatory agencies, to build and retain a di-
verse staff through initiatives, including— 
(i) providing financial support for mi-
norities and women undergraduate and 
graduate business programs; 
(ii) heavily recruiting at historically 
Black colleges and universities, Hispanic 
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serving institutions, women’s colleges, and 
colleges that typically serve majority mi-
nority populations; 
(iii) sponsoring and recruiting at job 
fairs in urban communities; and 
(iv) placing job ads in newspapers and 
magazines oriented toward people of color; 
(E) encourages financial institutions to ap-
point more minorities and women as board 
members; and 
(F) encourages financial institutions, and 
public and private pension funds to seek quali-
fied minority and women owned firms as invest-
ment managers, underwriters and other busi-
ness relationships; and 
(2) it is the sense of the Congress that— 
(A) active measures should be taken by 
employers and educational institutions to in-
crease the demographic diversity of the finan-
cial services industry; and 
(B) diversity within the financial services 
industry is vitally important not only to pro-
moting innovation and creativity in the industry 
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but to developing a more inclusive workforce for 
a fair and just economy. 
Æ 
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