A provision of the Dodd-Frank Act aimed at bringing more women and minorities to the male-dominated world of finance is moving one step closer to being implemented, after the Securities and Exchange Commission announced this week that it had named Pamela A. Gibbs to head its recently created Office of Minority and Women Inclusion.
The provision, which was proposed by Representative Maxine Waters, Democratic of California, mandated the creation of diversity-monitoring offices at various regulatory agencies, including the Treasury Department, the Federal Deposit Insurance Corporation, the Consumer Financial Protection Bureau and all 12 Federal Reserve banks. Those offices would be responsible for monitoring their own diversity efforts, as well as those of any private companies, including law firms and investment banks, that have contracts with them.
“I am pleased to announce that Pamela Gibbs will be the first director of our Office of Minority and Women Inclusion,” said Mary L. Schapiro, chairwoman of the commission, in a statement announcing Ms. Gibbs’s appointment. “I’m confident that given Pamela’s extensive experience, her leadership will ensure this office’s success.”
Full story: A New Diversity Monitor for the SEC