U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the Securities and Exchange Commission (SEC) approved NASDAQ’s proposed rule requiring publicly traded corporations to adopt new racial and gender diversity standards for boards of directors.

“Corporate board rooms, like all organizations, can benefit from a diversity of perspectives, but NASDAQ’s one-size-fits-all quota misses the mark. By defining diversity by race, gender, and sexual orientation, NASDAQ’s mandate will inevitably pressure companies to subordinate crucial factors such as knowledge, experience, and expertise when selecting board members. These prescriptive requirements may ultimately harm economic growth and investors by pressuring companies to select directors from a narrower pool of candidates and discouraging others from going public. I’m disappointed Chairman Gensler is turning a financial regulator into a laboratory for progressive social engineering.”

On February 12, 2021, Ranking Member Toomey and all Banking Committee Republicans sent a letter to the SEC urging the rejection of NASDAQ’s proposed rule.

Source: Senate Banking Committee Minority


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s