Source: United States Senator for New Jersey Bob Menendez
WASHINGTON, D.C. – U.S. Senator Bob Menendez (D-N.J.), a senior member of the Senate Banking Committee, in today’s oversight hearing of the U.S. Securities and Exchange Commission (SEC), questioned SEC Chairman Gary Gensler on the agency’s progress in adopting diversity recommendations.
“Chairman Gensler, the last time you came before this committee, I asked you to move expeditiously to adopt the Asset Management Advisory Committee’s (AMAC) recommendations on diversity. And last October, twenty two senators, including nine members of this committee, sent you a letter supporting the recommendations and asking for immediate approval,” said Sen. Menendez.
“In so many other areas, the SEC under your leadership has taken bold steps forward to protect consumers and strengthen oversight of our markets, such as your proposed climate risk disclosure rule. However, when presented with AMAC’s noncontroversial, unanimous recommendations that would promote diversity in the asset management field, you haven’t been as aggressive,” added Sen. Menendez.
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Sen. Menendez has long advocated for increased diversity and inclusion across all sectors and industries. Last October, the Senator led a letter signed by 21 Senate Democrats calling on the SEC to expeditiously adopt the AMAC’s recommendations. Sen. Menendez also led the charge to further diversify corporate America by authoring the Improving Corporate Governance Through Diversity Act of 2021, legislation that would address shortcomings in the SEC’s diversity disclosure rule by requiring public companies to disclose information related to the racial, gender, ethnic makeup and veteran status of corporate boards and senior management.
In the 116th Congress, Sen. Menendez introduced the Federal Jobs Act, a bill that would have required the development and implementation of a government-wide initiative to promote, expand, and retain diverse talent across the federal workforce. For over a decade, Sen. Menendez has also regularly conducted corporate diversity surveys of the largest companies in the country.