Financial Reform Law Takes Aim at Whites
n the new multicultural America, whites looking for jobs in the financial services industry -- especially white males -- will soon find themselves up against a giant federal bureaucracy determined to limit their chances of being employed.
Thanks to passage of financial reform legislation that contains mandatory anti-white hiring provisions sponsored by black left-wing Rep. Maxine Waters, D-CA, the hiring of white males will be curtailed in "all private financial institutions that do business with the government." The same legislation will also pressure financial institutions to make lending decisions based on race and gender.
Sponsored by left-wing Sen. Chris Dodd, D-CT and radical homosexual Rep. Barney Frank, D-MA, the Restoring American Financial Stability Act of 2010 establishes 20 different "Offices of Minority and Women Inclusion" with the power to ensure "race and gender employment ratios" that the federal government deems appropriate.
Waters, the former head of the openly racist Congressional Black Congress that forbids white members, said she wrote the racial quota provisions because "expanding opportunities for female and minority professionals is the right thing to do." Waters said unnamed lenders and other financial service providers "deliberately and sytematically preyed upon minority and low-income individuals and helped cause this economic crisis," but offered no evidence for the charge.
The newly signed law requires federal agencies regulating the financial sector of the economy to "develop standards" that will guarantee undefined "racial, ethnic and gender diversity" among employees and management as well as "increased participation of minority-owned and women-owned businesses in the programs and contracts of the agency." The federal bureaus affected include the 10 Department Offices of the U.S. Treasury, the Federal Deposit Insurance Corp., the Federal Housing Finance Agency, the 12 Federal Reserve regional banks, the Board of Governors of the Federal Reserve, the National Credit Union Administration, the Office of Comptroller of the Currency, the Securities and Exchange Commission, and the new Consumer Financial Protection Bureau.
The law also sets up a scheme for race-based lending by requiring banks to report whether loan applications from minorities were approved or denied. The New York Post reported that the goal is to "use the small business loan data as a cudgel to beat everyone into lending more to minority businesses."
National Urban League President Marc Morial praised the new race law. "The evidence shows we haven't overcome discrimination or the need to promote diversity or inclusion. We have to make sure this agency has teeth."
Rep. Ed Royce, R-CA, believes it does have "teeth." Royce said "financial regulators will be required to assess the diversity policies of every single institution they oversee, including every credit union and community bank." He said those regulators will have to shift regulatory focus "toward racial and gender lending when inspecting insitutions they oversee."