Us Congress House Bill HB10354

Us Congress 2023-2024 Regular Session

Caption

To amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to require regulated entities to provide information necessary for the Offices of Women and Minority Inclusion to carry out their duties, and for other purposes.

Impact

If passed, HB 10354 could significantly alter the way regulated entities report their demographic data, leading to an increase in the availability of information related to the participation of women and minority groups in the financial industry. This change could facilitate better monitoring of diversity efforts, guide public policies aimed at promoting inclusion, and hold financial institutions accountable for their diversity practices. The bill aligns with broader national efforts to increase the representation of underrepresented groups in various sectors and improve the overall corporate governance of these entities.

Summary

House Bill 10354, known as the Diversity and Inclusion Data Accountability and Transparency Act of 2024, seeks to amend the Dodd-Frank Wall Street Reform and Consumer Protection Act. The primary objective of this bill is to impose new disclosure requirements on regulated entities, specifically those with 100 or more employees. It mandates that these entities provide information that is essential for the Offices of Women and Minority Inclusion to effectively fulfill their responsibilities regarding diversity and inclusion within the financial sector. This proposed legislation is a strategic effort to enhance transparency and accountability when it comes to the data related to diversity in financial services.

Contention

Although the bill's intent is seen as progressive, ensuring equitable representation and accountability, there may be points of contention regarding the practicality and impact of the new reporting requirements. Critics might argue that these additional regulations could impose undue burdens on companies, particularly smaller financial entities that may not have the resources to comply with complex reporting processes. There may also be concerns about data privacy and the potential for misuse of the disclosed information, fueling debates over the balance between transparency and the protection of sensitive data.