Congressional Democrats want publicly traded companies to divulge more demographic information about their boards and senior ranks.
A bill reintroduced Tuesday by New Jersey Senator
Menendez says the bill -- which has a companion in the House and is also backed by Senate Banking Committee Chairman
Similar legislation was passed by the Democratically controlled House in November 2019, but was never considered by the Senate, where the current proposal faces challenging prospects in the closely-divided chamber. Republicans are already
The U.S. business community is largely on board with Menendez’s measure, with the U.S. Chamber of Commerce, the Financial Services Forum and Real Estate Roundtable among its supporters.
The bill “will establish a model to organically boost diversity on boards through disclosure, rather than the counterproductive quota-driven strategies that some have attempted,” Tom Quaadman, executive vice president for the Chamber’s Center for Capital Markets Competitiveness, said in the statement released by Menendez’s office.
To contact the reporter on this story:
To contact the editors responsible for this story:
Vivek Shankar, Caitlin Webber
© 2021 Bloomberg L.P. All rights reserved. Used with permission.
To read more articles log in.