Sect. 342 sets up racial, ethnic, and gender diversity quotas that must be followed by every financial institution that does business with the government.

Yesterday in the Wall Street Journal, two Democrat pollsters, Pat Cadell and Doug Schoen, accused Obama of being a divider of America based upon “race, class, and partisanship.”


Today we learn that Treasury Secretary Tim Geitner is going to move employees at seven federal agencies over to the newly empowered watchdog agency -- Consumer Financial Protection Bureau (CFPB).

You may ask why the CFPB is going to require so many employees. Here’s why:

The 2,300 page, newly passed financial regulatory bill (signed by Obama on 7.21.10 and undoubtedly penned by Obama’s czars who work 24/7 to insert his liberal-left agenda into our country) contains Section 342.

As explained by Diana Furchtgott-Roth of the Manhattan Institute in her 7.8.10 article, she was searching through the 2,300 page financial regulation bill and discovered Section 342.

To her horror Sect. 342 sets up racial, ethnic, and gender diversity quotas that must be followed by every financial institution that does business with the government.

Section 342 sets up at least 20 Offices of Minority and Women Inclusion, and this means separate offices have to be established to make sure quotas based upon race, ethnicity, and gender diversity are followed in all “financial institutions, investment banking firms, mortgage banking firms, asset management firms, brokers, dealers, financial services entities, underwriters, accountants, investment consultants and…law firms working for financial entities.”

As explained in Diana Furchtgott-Roth’s article, each of these 20 Offices of Minority and Women Inclusion will be required to have:

…its own director and staff to develop policies promoting equal employment opportunities and racial, ethnic, and gender diversity of not just the agency's workforce, but also the workforces of its contractors and sub-contractors…

Ultimately, the only way that financial firms doing business with the government would be able to comply with the law is by showing that a certain percentage of their workforce is female or minority…

To comply, federal agencies are likely to find it easier to employ and contract with less-qualified women and minorities, merely in order to avoid regulatory trouble.

[I, for one, believe that people need to be hired based upon their skills and expertise rather than upon their race, ethnicity, or gender diversity. We citizens should certainly care when the institutions that govern our country’s financial stability are at stake.

I taught school for 33+ years, and I know how important it is for students to learn to pay attention to detail.

Who cares what people’s skin color, ethnicity, or gender diversity might be if they are charged with handling trillions of our nation’s dollars? -- Donna Garner]

Now we understand why Treasury Secretary Tim Geitner is so busily stealing staff from financial agencies and moving them over to set up his newly empowered watchdog agency -- Consumer Financial Protection Bureau (CFPB).

It takes “manpower” [dare I use that word?] to make sure race-based, ethnicity-based, and gender-diversity-based quotas are forced on every financial institution that does business with the government.

Diana Furchtgott-Roth did her part to read the 2,300 page bill and to warn the Senators before they foolishly signed the financial regulation bill on 7.15.10, and I did my part to contact my Senators and to help spread Furchtgott-Roth’s article around the country. All to no avail -- Those voting for the bill were three Republicans (Sen. Brown (R-MA), Sen. Collins (R-ME), and Sen. Snowe (R-ME)) and 57 Democrats; Sen. Feingold (D-WI) was the only Democrat who opposed the bill.

Now all of our financial institutions are held captive to race, ethnic, and gender-diversity quotas.

To read Diana Furchtgott-Roth’s entire article, please go to:

http://www.realclearmarkets.com/articles/2010/07/08/diversity_in_the_financial_sector_98562.html

To read more about Tim Geitner’s plan to steal employees to staff his watchdog organization, please go to:

http://www.washingtonpost.com/wp-dyn/content/article/2010/07/28/AR2010072806040.html?wpisrc=nl_fed


To read H. R. 4173, the ‘‘Dodd-Frank Wall Street Reform and Consumer Protection Act,” Section 342, please go to:

http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:h4173enr.txt.pdf