RJ and Makay

The recently passed financial reform law, also known as the “Dodd-Frank Wall Street Reform and Consumer Protection Act,’’ or HR 4173, has been questioned by many observers as to whether the financial reforms it proposes will be effective in the industry. While most of the concern has been focused on what might happen to derivatives, many on the Street haven’t had a chance yet to address Section 342 of the 2300 pages document.

Section 342 mandates the creation of an Office of Minority and Women Inclusion (OMWI) to monitor race and gender employment proportions at private financial institutions must meet yet-to-be created standards set by yet-to-be named OMWI directors.