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The Housing and Economic Recovery Act of 2008 requires Fannie Mae and Freddie Mac, which issue mortgage-backed securities, to ensure diversity in their workforce and include diverse businesses in their business activities.
This testimony looks at trends in the diversity of financial services firms' management and potential talent pools, among other things.
From 2007 through 2015, we found that
Overall minority representation in management increased from 17.3% to 21%
Asian representation increased from 5.
What GAO Found Overall representation of minorities in first-, mid-, and senior-level management positions in the financial services industry increased from about 17 percent to 21 percent from 2007 through 2015.
What GAO Found According to asset managers and industry associations with which GAO spoke, minority- and women-owned (MWO) asset managers face challenges when competing for investment management opportunities with institutional investors, such as retirement plans and foundations.
What GAO Found Nonexecutive employees at the Consumer Financial Protection Bureau (CFPB) who responded to GAO's survey identified strengths and areas for improvement in CFPB's personnel practices and culture.
What GAO Found Representation of women on the boards of U.S. publicly-traded companies has been increasing, but greater gender balance could take many years. In 2014, women comprised about 16 percent of board seats in the S&P 1500, up from 8 percent in 1997.