It looks like nothing is safe from the House Dems as they are now trying to impose their will on banks. They have put together a new bill that will give banks a diversity rating as they feel banks are controlled by white men.
“House Democrats are proposing that all banks and credit unions receive a new “diversity and inclusion” rating in an unprecedented step that would fundamentally alter federal regulators’ critical “CAMELS” rating system…”
“The “Promoting Diversity and Inclusion in Banking Act of 2019” is draft legislation supported by Democrats on the House Subcommittee on Diversity and Inclusion, which was created by House Financial Services Committee chairwoman Maxine Waters Rep. Maxine Waters, D-Calif. Waters has long pushed for government-led diversity efforts, even as Republicans have challenged her knowledge of fundamental economic issues.
“We need to change it and we need to change it right away. The excuse that we can’t find any, that’s what I’m hearing from some of you, that’s not acceptable,” Rep. Al Green, D-Texas, said at a Wednesday hearing held by the subcommittee. “When you have power, you have to use it. We have the power. Regulations may be the thing to do. I think the carrot was a good idea, but after having heard some things today, I think we have to move to the stick, that’s regulations.”
The CAMELS system… assesses banks’ (c)apital adequacy; (a)ssets; (m)anagement capability; (e)arnings; (l)iquidity; and (s)ensitivity to market risk, each on a scale of 1 to 5.
All of those categories involve financial information, and the CAMELS rating is then used by federal authorities that oversee and regulate banks; a failing CAMELS score is considered so significant that it is ordinarily hidden from public view to avoid a run on the bank involved.
“Specifically, the new category looks at whether depository institutions have policies to “encourage diversity and inclusion” in hiring practices; whether they train employees on diversity and inclusion; and whether they have a “Diversity and Inclusion officer” who reports to the CEO.
Any “equivalent rating by any such agency under a comparable rating system” should also have a diversity score, the bill states.”
Maxine Waters tweeted about the bill.
“In 2020, our nation’s banks are still mostly white & male! As the 1st woman & African American to chair @FSCDems, I’m making sure EVERYONE has a seat at the table. We are calling these banks out & holding them accountable.”
Shouldn’t the banks have the right to pick the best candidate for a job regardless of race? It seems like the House is overstepping here.
This sounds like quotas, and quotas have already been termed illegal by the Supreme Court. This is insane, and will only further racial divisiveness. Maxine is also being condescending to blacks by saying that they cannot do it on their own, based on merit, so she will try to legislate it.
Banks have been functioning just fine without her crazy ideas. She’s the last person I’d want on a board at my bank. She’s crazy!
Mad Maxi Pad at it again…totally biased
I would say that anything MAD MAX says would be garbage. I don’t remember her saying anything that was correct or right, so why now.
Just another ploy to allow her family yo sneak in and gain control of banks to fatten her bank account. She’s done it before and will continue since the alleged ethics committee will do nothing to stop anyone.
Maxine you evil bit*ch keep your hands off of our banks .
What about the NAACP? Its time they diversify and get some white people in there. Ditto Congressional Black Caucus. And what about Black Gangs? Not enough white people in those Groups either.
This POS could not even spell bank, and this idiot is the one that over sees banks, God help us. Someone needs to look into her band records and see how she got so rich.
SCREW THIS OLD REPROBATE, HOPEFULLY SHE GETS VOTED OUT IN NOV. 2020!
Join the discussion..No. Hopefully this lying , thieving, seditious lefty scumbag and ALL like this “it” is/are “dirt napping”…Period..
Another nut job idiot who can’t seem to fit into society so she feels the need to shape society around HER beliefs. She needs to resign her seat and shut her big mouth. She spews nothing but hate and contempt while offing NOTHING to the USA. Just another liberal waste of space costing the taxpayers money and resources.
Maxi-pads-mouth is lying, thieving lefty scumbag. A pos “it”.