December 6, 2022

Volume XII, Number 340


December 05, 2022

Subscribe to Latest Legal News and Analysis

Congress to Increase Scrutiny on Diversity in Corporate Leadership

Congresswoman Maxine Waters (D-CA) is the new chair of the U.S. House Committee on Financial Services. In this role, she plans to push for more diversity in corporate leadership positions. There are reports that she may create a subcommittee dedicated to this effort. 

Waters has support from the Congressional Hispanic Caucus and the Congressional Black Caucus, the latter of which has its own task force dedicated to promoting the inclusion of African Americans at all levels of the public and private sectors. The Congressional Black Caucus also has a specific initiative directed at the tech industry, and Rep. Waters has joined the caucus in visiting Silicon Valley. 

Senior Democrats on the Committee are already preparing to introduce legislation on this topic. Congresswoman Carolyn Maloney (D-NY), the likely chair of the Subcommittee on Capital Markets, Securities, and Investment, has previously introduced language that would require public companies to disclose the gender composition of their boards. The measure would also require the SEC to set up an advisory group on gender diversity. Congressman Gregory Meeks (D-NY), the likely chair of the Subcommittee on Financial Institutions and Consumer Credit, plans to introduce legislation that would require public companies to disclose the gender, race, and ethnicity of their board members. 

While this information is often readily available, the introduction of these bills will likely be used as an opportunity to highlight the lack of diversity in corporate leadership and to propose hearings to further bring attention to the issue. These committees will try to bring change as much through public pressure as through legislative action. 

© 2022 Foley & Lardner LLPNational Law Review, Volume IX, Number 25

About this Author

Beth Boland, Securities Enforcement, Litigation Attorney, Foley Lardner Law Firm

Beth Boland is chair of the firm’s Securities Enforcement & Litigation Practice, and represents clients in shareholder suits, SEC and Attorney General investigations, and consumer class actions. Recently named one of the most “influential” attorneys in the Commonwealth by Massachusetts Lawyers Weekly, Ms. Boland regularly represents corporations and institutional investors in connection with insider trading issues, accounting fraud, corporate control issues, and derivative actions. Ms. Boland sits on the board of the New England Chapter of the National Association of...

Theodore H. Bornstein, Foley Lardner, Legislative Drafting Lawyer, Government Public Policy attorney

Theodore H. Bornstein is a partner and public policy lawyer with Foley & Lardner LLP and a member of the Government & Public Policy Practice. He serves as counsel to the firm’s Federal Public Affairs Practice, providing the practice and Foley’s clients with experienced legal and legislative drafting advice. He is also a member of the Automotive Industry Team. As Foley's most senior lobbyist, he oversees the federal lobbying practice in Foley's Washington, D.C. office and also works with an experienced Political Law team to advise clients on permissible political...

Dennis A. Cardoza, public affairs director, Foley Lardner, law firm
Director, Public Affairs

Dennis A. Cardoza is a public affairs director, co-chair of the Federal Public Affairs Practice and chair of the California Public Affairs Practice of Foley & Lardner LLP. He advises a broad range of clients on legislative, regulatory, and public policy and advocacy matters, and has extensive policy experience with respect to water resource, banking, housing, infrastructure, energy, agriculture, education, foreign affairs, and health care issues.

Scott Klug, Folry Lardner Law Firm, Public Affairs Attorney

Scott Klug is a public affairs director and co-chair of the Federal Public Affairs Practice at the national law firm of Foley & Lardner LLP. The former Congressman represents a broad array of Foley’s clients in Washington and several state capitals. He is also able to draw on 15 years of experience as an Emmy Award-winning television reporter to help clients craft proactive media strategies particularly when faced with crisis management challenges.

For eight years, Mr. Klug represented Madison, Wisconsin in the U.S. Congress, where he developed an expertise in health care,...

Jennifer F. Walsh, public affairs director, Foley law firm
Director, Public Affairs

Jennifer F. Walsh is a public affairs director with Foley & Lardner LLP. She has extensive experience in government affairs, including a lengthy career as a senior staffer in the U.S. Congress and the California Legislature, and as a vice president for Federal Government Affairs at a top 20 Fortune 500 health care company. Ms. Walsh has effectively advanced key issues before the United States Senate, House of Representatives and the Administration. She is a member of the firm’s Government & Public Policy Practice.