The Federal Reserve announced the establishment of offices to promote diversity and inclusion at the Federal Reserve Board and at all 12 of the Federal Reserve Banks.

The offices will build on the Federal Reserve System’s long-standing efforts to promote equal employment opportunity and diversity, and will continue to work to foster diversity in procurement, with a focus on minority-owned and women-owned businesses. The Dodd-Frank Wall Street Reform and Consumer Protection Act required that diversity and inclusion offices be established at certain federal agencies, including the Federal Reserve Board, and at the Federal Reserve Banks. In addition to promoting diversity at the Board and throughout the System, the Board’s Office of Diversity and Inclusion will play an integral role in the development of standards to assess the diversity practices at entities regulated by the Federal Reserve as required by the Dodd-Frank Act.

The Office of the Comptroller of the Currency has announced similar steps.

The SEC however has not complied with the mandate of the Dodd-Frank Act citing budgetary uncertainties.

Check dodd-frank.com frequently for updates on the Dodd-Frank Act and other important securities law matters.