451 
information among inspectors general and to 
discuss the ongoing work of each inspector gen-
eral who is a member of the Council of Inspec-
tors General, with a focus on concerns that may 
apply to the broader financial sector and ways 
to improve financial oversight. 
(B) ANNUAL REPORT.—The Council of In-
spectors General shall, each year within a time-
frame that permits consideration by the Finan-
cial Services Oversight Council (in this section 
referred to as the ‘‘Oversight Council’’) prior to 
the submission of its report for such year under 
section 1006, submit to the Oversight Council 
and to Congress a report including— 
(i) for each inspector general who is a 
member of the Council of Inspectors Gen-
eral, a section within the exclusive editorial 
control of such inspector general that high-
lights the concerns and recommendations 
of such inspector general in such inspector 
general’s ongoing and completed work, 
with a focus on issues that may apply to 
the broader financial sector; and 
(ii) a summary of the general observa-
tions of the Council of Inspectors General 
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based on the views expressed by each in-
spector general as required by clause (i), 
with a focus on measures that should be 
taken to improve financial oversight. 
(3) COUNCIL OF INSPECTORS GENERAL WORK-
ING GROUPS.— 
(A) WORKING
GROUPS
TO
EVALUATE 
OVERSIGHT COUNCIL.— 
(i) CONVENING A WORKING GROUP.— 
The Council of Inspectors General may, by 
majority vote, convene a Council of Inspec-
tors General Working Group to evaluate 
the effectiveness and internal operations of 
the Oversight Council. 
(ii) PERSONNEL
AND
RESOURCES.— 
The inspectors general who are members 
of the Council of Inspectors General may 
detail staff and resources to a Council of 
Inspectors General Working Group estab-
lished under this subparagraph to enable it 
to carry out its duties. 
(iii) REPORTS.—A Council of Inspec-
tors General Working Group established 
under this subparagraph shall submit reg-
ular reports to the Oversight Council and 
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to Congress on its evaluations pursuant to 
this subparagraph. 
(B) WORKING
GROUPS
FOR
FINANCIAL 
COMPANIES UNDERGOING RESOLUTION.— 
(i) CONVENING A WORKING GROUP.— 
The Council of Inspectors General shall 
convene a Council of Inspectors General 
Working Group for each financial company 
for which the Secretary of the Treasury 
appoints the Federal Deposit Insurance 
Corporation as receiver under section 
1604. 
(ii) PERSONNEL
AND
RESOURCES.— 
The inspectors general who are members 
of the Council of Inspectors General may 
detail staff and resources to a Council of 
Inspectors General Working Group estab-
lished under this subparagraph to enable it 
to carry out its duties. 
(iii) REPORTS.—Not later than 270 
days after the appointment of the Federal 
Deposit Insurance Corporation as receiver 
for the financial company for which a 
Council of Inspectors General Working 
Group is convened under clause (i), such 
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Working Group shall submit to the pri-
mary financial regulatory agency and to 
Congress a report that includes— 
(I) the reasons for such financial 
company’s failure; 
(II) the reasons for the Secretary 
of the Treasury’s appointment of the 
Federal Deposit Insurance Corpora-
tion as receiver for such financial 
company; and 
(III) recommendations for pre-
venting future failures of financial 
companies. 
(b) RESPONSE TO REPORT BY OVERSIGHT COUN-
CIL.—The Oversight Council shall include in its annual 
report under section 1006 responses to the concerns raised 
in the report of the Council of Inspectors General under 
subsection (a)(2)(B) for such year. 
Subtitle I—Miscellaneous 
SEC. 1801. INCLUSION OF MINORITIES AND WOMEN; DIVER-
SITY IN AGENCY WORKFORCE. 
(a) OFFICE
OF MINORITY
AND WOMEN INCLU-
SION.— 
(1) ESTABLISHMENT.—Not later than 180 days 
following the enactment of this title, each agency 
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shall establish an Office of Minority and Women In-
clusion (hereinafter in this section referred to as the 
‘‘Office’’) that shall advise the agency administrator 
of the impact of policies and regulations of the agen-
cy on minority-owned and women-owned businesses, 
and shall be responsible for all matters of the agency 
relating to diversity in management, employment, 
and business activities, including the coordination of 
technical assistance, in accordance with such stand-
ards and requirements as the Director of the Office 
shall establish. 
(2) CONSOLIDATION.—Each agency that has 
assigned these or comparable responsibilities to ex-
isting offices shall ensure that such responsibilities 
are consolidated within the Office. 
(b) DIRECTOR.— 
(1) IN GENERAL.—For each Office, the Presi-
dent shall appoint, by and with the advice and con-
sent of the Senate, a Director of Minority and 
Women Inclusion (hereinafter in this section re-
ferred to as the ‘‘Director’’), who shall also hold a 
title within such agency comparable to that of other 
senior level staff who are, as applicable, either ap-
pointed by the President, by and with the advice and 
consent of the Senate, or act in a managerial capac-
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ity that requires reporting directly to the agency ad-
ministrator. 
(2) DUTIES.—Each Director shall— 
(A) ensure equal employment opportunity 
and the racial, ethnic and gender diversity of 
the agency’s workforce and senior management; 
(B) increase the participation of minority- 
owned and women-owned businesses in the pro-
grams and contracts of the agency; 
(C) provide guidance to the agency admin-
istrator to ensure that the policies and regula-
tions of the agency strengthen minority-owned 
and women-owned businesses; and 
(D) conduct an assessment, as part of the 
examination process for the entities regulated 
or monitored by the agency of the diversity and 
inclusion efforts by such entities. 
(c) INCLUSION IN ALL LEVELS OF BUSINESS ACTIVI-
TIES.— 
(1) IN GENERAL.—Each Director shall develop 
and implement standards and procedures to ensure, 
to the maximum extent possible, the inclusion and 
utilization of minorities (as such term is defined in 
section 1204(c) of the Financial Institutions Re-
form, Recovery, and Enforcement Act of 1989 (12 
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U.S.C. 1811 note)), women, and minority-owned and 
women-owned businesses (as such terms are defined 
in section 21A(r)(4) of the Federal Home Loan 
Bank Act (12 U.S.C. 1441a(r)(4)) (including finan-
cial institutions, investment banking firms, mortgage 
banking firms, asset management firms, broker-deal-
ers, financial services firms, underwriters, account-
ants, brokers, investment consultants, and providers 
of legal services) in all business and activities of the 
agency at all levels, including in procurement, insur-
ance, and all types of contracts (including, as appli-
cable, contracts for the issuance or guarantee of any 
debt, equity, or security, the sale of assets, the man-
agement of its assets, the making of its equity in-
vestments, and the implementation of programs to 
address economic recovery). 
(2) CONTRACTS.—The processes established by 
each agency for review and evaluation for contract 
proposals and to hire service providers shall include 
a component that gives consideration to the diversity 
of the applicant. 
(3) WRITTEN ASSURANCE.—All such contract 
proposals, provided such proposals are of an amount 
greater than $50,000 and the contractor employs 
more than 50 employees, shall include a written as-
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surance, in a form and substance that the Director 
shall prescribe, that the contractor shall ensure, to 
the maximum extent possible, the inclusion of mi-
norities and women in its workforce and, as applica-
ble, by its subcontractors. 
(4) TERMINATION.—A Director may terminate 
any contract upon a finding that the contractor has 
failed to make a good faith effort to comply with 
paragraph (3), except that a contractor may appeal 
such finding and termination to the agency adminis-
trator within a reasonable amount of time as deter-
mined by the Director. 
(d) APPLICABILITY.—This section shall apply to all 
contracts of an agency for services of any kind, including 
services that require the services of investment banking, 
asset management entities, broker-dealers, financial serv-
ices entities, underwriters, accountants, investment con-
sultants, and providers of legal services. 
(e) REPORTS.—Not later than 90 days before the end 
of each Federal fiscal year, each Director shall report to 
the Congress detailed information describing the actions 
taken by the agency and the Director pursuant to this sec-
tion, which shall— 
(1) to the extent contracts exceed the contract 
amount and employment levels established in sub-
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section (c)(3), include a statement of the total 
amounts paid by the agency to third party contrac-
tors since the last such report; 
(2) the percentage of such amounts paid to 
businesses described in subsection (c)(1); 
(3) the successes achieved and challenges faced 
by the agency in operating minority and women out-
reach programs; 
(4) the challenges the agency may face in hiring 
qualified minority and women employees and con-
tracting with qualified minority-owned and women- 
owned businesses; and 
(5) such other information, findings, conclu-
sions, and recommendations for legislative or agency 
action, as the Director may determine to be appro-
priate to include in such report. 
(f) DIVERSITY
IN
AGENCY
WORKFORCE.—Each 
agency shall take affirmative steps to seek diversity in its 
workforce at all levels of the agency consistent with the 
demographic diversity of the United States and the Fed-
eral government, which shall include— 
(1) heavily recruiting at historically black col-
leges and universities, Hispanic-serving institutions, 
women’s colleges, and colleges that typically serve 
majority minority populations; 
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(2) sponsoring and recruiting at job fairs in 
urban communities, and placing employment adver-
tisements in newspapers and magazines oriented to-
ward women and people of color; 
(3) partnering with organizations that are fo-
cused on developing opportunities for minorities and 
women to place talented young minorities and 
women in industry internships, summer employment, 
and full-time positions; 
(4) 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 
(5) such other mass media communications that 
the Director determines are necessary. 
(g) DEFINITIONS.—For purposes of this section: 
(1) AGENCY.—The term ‘‘agency’’ means— 
(A) the Department of the Treasury, 
(B) the Federal Deposit Insurance Cor-
poration, 
(C) the Federal Housing Finance Agency, 
(D) each of the Federal reserve banks, 
(E) the Board, 
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(F) the National Credit Union Administra-
tion, 
(G) the Office of the Comptroller of the 
Currency, 
(H) the Office of Thrift Supervision, 
(I) the Securities and Exchange Commis-
sion, 
(J) the Federal department or agency that 
the President has identified as the main depart-
ment or agency responsible for consumer finan-
cial protection, 
(K) the Federal department or agency that 
the President has identified as the main depart-
ment or agency responsible for insurance infor-
mation, 
and any successors to such entities. 
(2) 
AGENCY
ADMINISTRATOR.—The 
term 
‘‘agency administrator’’ means the head of an agen-
cy. 
Subtitle J—International Policy 
Coordination 
SEC. 1901. INTERNATIONAL POLICY COORDINATION. 
The President of the United States, or a designee of 
the President, shall coordinate through all available inter-
national policy channels similar policies as found in United 
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