BERKELEY, Calif. (Aug. 22, 2013) – The Greenlining Institute introduced Racial Equity Framework on Thursday: Strengthening the Financial Sector Through Diversity. The framework is the latest in Greenlining’s ongoing series of Racial Equity Frameworks, intended to promote equitable policymaking that considers and respects the needs of all of America’s diverse communities. This latest tool specifically addresses the work of the Offices of Minority and Women Inclusion created by the Dodd-Frank financial reform law.
“A few years ago, our financial regulatory system failed spectacularly, and a big reason for that failure was that most regulators had no clue what was going on in communities of color, who were experiencing the most predatory subprime lending,” said Greenlining Institute Executive Director Orson Aguilar. “More diversity among regulators won’t solve all our problems, but we see it as an essential first step toward preventing another Great Recession.”
A 2012 Greenlining Institute report found a disturbing lack of diversity in executive-level positions among federal financial regulatory agencies.
“A lot of people talk about diversity, fairness and equity,” said Framework co-author Danielle Beavers, “but putting it into practice requires a step-by-step approach to make sure you aren’t leaving anyone out. We’ve tried to put that process into a form designed specifically to be useful for policymakers in financial regulatory agencies. We think of this framework not as a checklist, but as a tool to stimulate new thinking about how regulators and others can see past their blind spots to meet the needs of a diverse and changing society.”