Today, Congressman David Scott, a senior member of the House Committee on Agriculture, introduced H.R. 4257, legislation to establish an Office of Minority and Women Inclusion at the U.S. Commodity Futures Trading Commission (CFTC). Dodd-Frank’s passage in 2010 established Offices of Minority and Women Inclusion at the financial regulatory agencies, including the Department of the Treasury, the Federal Reserve Banks, the OCC, the CFPB, and others. These agencies were required to take proactive steps to improve workforce diversity, but the CFTC was excluded from these critical provisions.
As the other financial regulators have established their offices, the CFTC has proactively implemented its own office to lead its civil rights, equal employment opportunity, diversity, and inclusion programs. H.R. 4257 would build upon this progress, establishing in statute the requirement that the regulator have an Office of Minority and Women Inclusion and providing certainty and longevity for the CFTC’s diversity initiatives.
In addition, H.R. 4257 would establish an annual internship program for students attending one of the nineteen 1890s Land-Grant Institutions and others, providing students at historically black colleges and universities with the opportunity to serve a semester-long program within varying divisions of the CFTC.
“I am proud to sponsor this legislation to bring the CFTC’s diversity and inclusion requirements to parity with our other financial regulators,” said Congressman Scott. “By requiring the establishment of an Office of Minority and Women Inclusion within our commodities and futures regulator, we can help leverage the unique viewpoints, knowledge, and perspective that a diverse workforce can bring. And equally important is access to opportunity. Through this scholarship program, some of our brightest and most promising young scholars will gain valuable experience that will continue to serve them throughout their careers.”
Congressman Scott serves as Chairman of the Subcommittee on Commodity Exchanges, Energy, and Credit, which oversees the CFTC.
