Hybrid Hearing Entitled: An Enduring Legacy: The Role of Financial Institutions in the Horrors of Slavery and the Need for Atonement, Part Two
Wednesday, December 7, 2022 10:00 AM in 2128 RHOB & Cisco Webex Subcommittee on Oversight and Investigations
H.R. ____,to amend the Securities Exchange Act of 1934 to require covered issuers to carry out a racial equity audit every 2 years, and for other purposes. This bill would require public companies to conduct an independent audit assessing: the issuer’s policies and practices on civil rights, equity, diversity, and inclusion; how such policies and practices affect the issuer’s business; and whether the issuer had direct or indirect ties to or profited from the institution of slavery. Issuers must report assessment findings in its filings and on the company website. To the extent that these institutions did have ties to or benefited from slavery, they would be required to disclose what steps they have taken to reconcile. Additionally, the bill establishes the Offices of Reparations Programs within the Department of the Treasury to administer programs determined appropriate by the Secretary in furtherance of racial equity.
