Source: United States Senator for New Jersey Cory Booker
WASHINGTON, D.C. – U.S. Senator Cory Booker (D-NJ) and U.S. Representative Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, sent a letter to the United States Government Accountability Office (GAO) highlighting the severe lack of progress our nation’s federally managed pension funds have made in boosting representation of diverse asset management firms over the years. In the letter Chairwoman Waters and Senator Booker urge the agency to investigate these disparities by conducting a comprehensive study that focuses on new metrics that assesses the efforts fund investors, such as federal pension funds, have taken to engage diverse asset managers.
The letter comes after the publication of a comprehensive Financial Services Committee report entitled, “Diversity and Inclusion: Holding America’s Largest Investment Firms Accountable” and two Diversity and Inclusion subcommittee hearings exploring large investment firms and asset managers, respectively.
“Diversity within the asset management industry is not only a matter of fairness for professionals in the financial services sector, but it has wide-ranging impacts on the millions of Americans whose $115 trillion are under management. It has long been documented that minority- and women-owned (MWO) asset management firms perform as well as their peers, yet nearly 99% of assets continue to be managed by White, male-led firms,” said Senator Booker and Chairwoman Waters. “Despite congressional and administrative efforts to address the disparities that limit opportunities for MWO asset managers, there has been little to no progress made over the last decade.”
Co-signers for this letter include: Representatives Alma Adams (D-NC), Joyce Beatty (D-OH), Al Green (TX), Al Lawson (D-FL), Juan Vargas (D-CA), Nikema Williams (D-GA) and Senators Timothy Kaine (D-VA), Ben Ray Luján (D-NM), Robert Menendez (D-NJ), Patty Murray (D-WA) and Elizabeth Warren (D-MA).
Click here to view the letter.