S.Amdt. 3876

SA 3876. Mr. MENENDEZ (for himself and Mr. Burris) submitted an
amendment intended to be proposed to amendment SA 3739 proposed by Mr.
Reid (for Mr. Dodd (for himself and Mrs. Lincoln)) to the bill S. 3217,
to promote the financial stability of the United States by improving
accountability and transparency in the financial system, to end ``too
big to fail'', to protect the American taxpayer by ending bailouts, to
protect consumers from abusive financial services practices, and for
other purposes; which was ordered to lie on the table; as follows:

On page 372, line 2, strike ``bank.'' and insert the
following: ``bank.

SEC. 343. WOMEN AND MINORITY ADVANCEMENT.

(a) Definitions.--In this section--
(1) the term ``covered person'' means a person that--
(A) has more than 50 employees; and
(B) makes a proposal to a financial agency for a contract
that has a value of more than $50,000;
(2) the term ``Director'' means a Director of Minority and
Women Advancement appointed under subsection (c);
(3) the term ``diversity'' includes racial, gender, and
ethnic diversity;
(4) the term ``financial agency'' means--
(A) the Department of the Treasury;
(B) the Corporation;
(C) the Federal Housing Finance Agency;
(D) each of the Federal reserve banks;
(E) the Board of Governors;
(F) the National Credit Union Administration;
(G) the Commission;
(H) the Office of the Comptroller of the Currency;
(I) the Council;
(J) the Bureau; and
(K) the Office of National Insurance established under
title V;
(5) the term ``financial agency administrator'' means the
head of a financial agency;
(6) 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);
(7) the terms ``minority-owned business'' and ``women-owned
business''--
(A) have the same meanings as in section 21A(r)(4) of the
Federal Home Loan Bank Act (12 U.S.C. 1441a(r)(4)); and
(B) include financial institutions, investment banking
firms, mortgage banking firms, asset management firms,
brokers, dealers, financial services firms, underwriters,
accountants, investment consultants, and providers of legal
services; and
(8) the term ``Office'' means an Office of Minority and
Women Advancement established under subsection (b).
(b) Office of Minority and Women Advancement.--
(1) Establishment.--Not later than 180 days after the date
of enactment of this Act, each financial agency shall
establish an Office of Minority and Women Advancement that
shall--
(A) be responsible for all matters of the financial agency
relating to diversity in management, employment, and business
activities, including contracting and the coordination of
technical assistance, in accordance with such standards and
requirements as the Director of the Office shall establish;
and
(B) advise the financial agency administrator of the impact
of policies and regulations of the financial agency on
minority-owned businesses, women-owned businesses, and
diversity at such businesses.
(2) Transfer of responsibilities.--Each financial agency
that, before the date of enactment of this Act, assigned the
responsibilities described in paragraph (1) (or comparable
responsibilities) to another office of the financial agency
shall ensure that such responsibilities are transferred to
the Office.
(c) Director.--
(1) In general.--The head of the Office of a financial
agency shall be the Director of Minority and Women
Advancement, who shall be appointed by the financial agency
administrator of the financial agency.
(2) Reporting; title.--Each Director shall report directly
to the financial agency administrator and hold a title within
the financial agency of the Director that is comparable to
the title of other senior-level staff members of the
financial agency who act in a managerial capacity and report
directly to the financial agency administrator.
(3) Duties.--Each Director shall--
(A) ensure equal employment opportunity and encourage the
racial, ethnic, and gender diversity of the workforce and
senior management of the subject financial agency;
(B) work to increase--
(i) the participation rates of minority-owned businesses
and women-owned businesses in the programs and contracts of
the subject financial agency; and
(ii) the percentage of the amounts expended by the subject
financial agency that is expended with minority-owned
businesses and women-owned businesses; and
(C) provide guidance to the financial agency administrator
to ensure that the policies and regulations of the financial
agency strengthen minority-owned businesses and women-owned
businesses.
(d) Advancement in All Levels of Business Activities.--Each
Director shall develop and implement standards and procedures
to ensure, to the maximum extent possible, the advancement of
minorities and women, and the use of minority-owned
businesses and women-owned businesses, in all activities of
the financial agency at every level, including in
procurement, insurance, and all types of contracting
(including, as applicable, contracting for the issuance or
guarantee of debt, equity, or security, the sale of assets,
the management of assets, the making of equity investments,
and the implementation of programs to promote economic
recovery).
(e) Contracts.--
(1) In general.--Any process established by a financial
agency for the review and evaluation of a contract proposal
or the employment of a service provider shall give

[[Page S3369]]

consideration to the diversity of the covered person.
(2) Written assurance.--Each covered person shall include
in the contract of the covered person with a financial agency
a written assurance, in a form and manner that the Director
of the financial agency shall prescribe, that the covered
person will ensure, to the maximum extent possible, the
advancement of minorities and women--
(A) in the workforce of the covered person; and
(B) as applicable, by any subcontractor of the covered
person.
(3) Referral system.--Each Director shall establish a
referral process by which the Director may refer a Federal
contractor or subcontractor to the Office of Federal Contract
Compliance Programs of the Department of Labor for further
investigation, and appropriate enforcement, under Executive
Order 11246 (42 U.S.C. 2000e note; relating to
nondiscrimination in employment by Government contractors and
subcontractors), or any successor thereto.
(4) Applicability.--This subsection shall apply to all
contracts of a financial agency for services of any kind,
including the services of investment banking, asset
management entities, broker-dealers, financial services
entities, underwriters, accountants, investment consultants,
and providers of legal services. Nothing in this subsection
may be construed to affect the responsibilities or authority
of the Office of Federal Contract Compliance Programs of the
Department of Labor or the responsibilities of Federal
contractors under Executive Order 11246 (42 U.S.C. 2000e
note; relating to nondiscrimination in employment by
Government contractors and subcontractors), or any successor
thereto.
(f) Reports.--Not later than 90 days before the end of each
fiscal year, the Director of each financial agency shall
submit to Congress a report that contains detailed
information describing the actions taken by the Director and
the financial agency under this section, including--
(1) a statement--
(A) of the total amount paid by the financial agency to
covered persons during--
(i) the period beginning on the date of the most recent
report submitted by the financial agency under this
subsection; or
(ii) in the case of the first report submitted under this
subsection, the first fiscal year following the date of
enactment of this Act; and
(B) that analyzes the amount described in subparagraph (A)
by the type of population involved, as determined by the
Director;
(2) the percentage of the amount described in paragraph (1)
that was paid to minority-owned businesses and women-owned
businesses, analyzed by the type of population involved, as
determined by the Director;
(3) the successes achieved and challenges faced by the
financial agency in operating outreach programs for
minorities and women;
(4) any challenges that the financial agency may face in
hiring and retaining qualified minority and women employees
and contracting with qualified minority-owned businesses and
women-owned businesses;
(5) the efforts that the financial agency has made to
ensure that the financial agency recruits diverse talent; and
(6) any other information, findings, conclusions, or
recommendations for legislative or financial agency action,
as the Director determines appropriate.
(g) Diversity in Financial Agency Workforce.--Each
financial agency shall take affirmative steps to seek
diversity in the workforce of the financial agency at all
levels of the financial agency, consistent with the
demographic diversity of the United States, including--
(1) targeted 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 focus on developing
opportunities for minorities and women, to place talented
minorities and women in internships, summer employment, and
full-time positions with the financial agency;
(5) where feasible, partnering with inner-city high
schools, girls' high schools, and majority minority high
schools, to establish or enhance financial literacy programs
and provide mentoring;
(6) ensuring that women and minorities are included in the
recruitment process, as staff or in the interview phase of
the process; and
(7) using any other form of mass media communication that
the Director determines is necessary.
(h) Diversity Report Cards.--
(1) Reporting required.--The Commission, in consultation
with the Secretary of Labor and the Equal Employment
Opportunity Commission, shall, by rule, require each issuer
to disclose in the annual report of the issuer on Form 10-K
under the Securities Exchange Act of 1934 (15 U.S.C. 78a et
seq.), comparative percentage data, with separate categories
for race, ethnicity, and gender, concerning--
(A) the 200 most highly compensated officers, executives,
or employees of the issuer (excluding the members of the
board of directors of the issuer);
(B) the total compensation of the 200 most highly
compensated officers, executives, or employees of the issuer
(excluding the members of the board of directors of the
issuer);
(C) all employees of the issuer; and
(D) the total compensation of all employees of the issuer.
(2) Total compensation.--For purposes of this subsection,
total compensation shall be determined in accordance with
section 229.402(c)(2)(x) of title 17, Code of Federal
Regulations, as in effect on the day before the date of
enactment of this Act.

SEC. 344. PRESERVING AND EXPANDING MINORITY DEPOSITORY
INSTITUTIONS.

(a) In General.--Section 308(a) of the Financial
Institutions Reform, Recovery, and Enforcement Act of 1989
(12 U.S.C. 1463 note) is amended by striking ``Director of
the Office of Thrift Supervision'' and inserting ``, the
Chairman of the Board of Governors of the Federal Reserve
System,''
(b) Report.--Section 308 of the Financial Institutions
Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1463
note) is amended by adding at the end the following:
``(c) Reports.--The Secretary of the Treasury and the
Chairman of the Board of Governors of the Federal Reserve
System shall each submit an annual report to Congress
containing a description of actions taken to carry out this
section.''.
(c) Technical and Conforming Amendments.--Section 3(g) of
the Home Owners' Loan Act (12 U.S.C. 1462a(g)) is amended--
(1) in paragraph (1), by striking ``; and'' and inserting a
period;
(2) by striking ``include'' and all that follows through
``any changes'' and inserting ``include a description of any
changes''; and
(3) by striking paragraph (2).
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