Law Boosts Gov’t Contracts Among Minorities and Women

June 6, 2011  |  

(Washington Post) — Section 342 of the recently enacted Dodd-Frank Act requires nearly 30 agencies that oversee the financial system, including the Federal Reserve, the Treasury Department and the Federal Deposit Insurance Corp., to establish offices of minority and women inclusion to monitor diversity within their ranks and the pool of contractors who provide goods and services to the government. Federal Reserve system and some of the agencies essentia The lly were exempt from contract diversity efforts previously. The provision was introduced by Rep. Maxine Waters (D-Calif.), who argued that minority- and women-owned firms were largely shut out of getting a piece of the billions of dollars the government spent to bail out financial institutions. Now, though, every woman- and minority-owned firm in the Washington region has a chance to benefit, with the provision offering them an avenue to reap millions of dollars in new annual revenue.

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