This legal alert is the second in a series addressing significant areas of reform enacted under the Dodd-Frank Wall Street Reform Act. In our first alert, Sweeping Reforms Imposed by Dodd-Frank Act Create Obligations for Employers, available on our web site at: http://www.fordharrison.com/shownews.aspx?show=6621, we addressed requirements related to executive compensation and corporate governance. This alert addresses an aspect of the Act about which federal contractors should be aware: diversity and inclusion requirements.
Under the Act, several agencies involved in regulating the banking and financial industries are required to establish offices responsible for all matters of the agencies related to diversity in management, employment, and business activities. Each office will be known as the Office of Minority and Women Inclusion (OMWI). The director of each office will be charged with developing standards for increased participation of minority-owned and women-owned businesses in agency programs and contracts.
Please see full alert below for more information.
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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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