House Passes Bill to Increase Corporate Diversity

Washington, DC, November 19, 2019

Today, the U.S. House of Representatives passed H.R. 5084, the Improving Corporate Governance Through Diversity Act of 2019, a bill that requires public companies to

annually disclose the voluntarily, self-identified gender, race, ethnicity, and veteran status of their board of directors, nominees, and senior executive officers.

This bill was introduced by Congressman Gregory Meeks (D-NY), Chairman of the Subcommittee on Consumer Protection and Financial Institutions, and cosponsored by Congresswoman Carolyn Maloney (D-NY), Chair of the Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets. HR 5084 passed by a vote of 281-135.

H.R. 5084 includes the text of H.R. 1018, the Improving Corporate Governance through Diversity Act of 2019, introduced by Congressman Meeks, and H.R. 3279, the Diversity in Corporate Leadership Act of 2019, introduced by Congresswoman Maloney.

In July, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Committee, convened afull Committee markup of H.R. 1018 and H.R. 3279. Both bills passed out of Committee by a bipartisan vote of 53-5 and 52-6, respectively.

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...we find that banks with more gender diversity on their board perform better once the composition of these boards reaches a critical level of gender diversity, corresponding to a board female share of around 13-17 percent.

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