Quotas Hidden in Bank Reform Bill Will Cost Taxpayers Millions

Newsmax reports on the financial reform bill, also to known as a quota bill:

Section 342 of the bill calls for an "Office of Minority and Women Inclusion" to be established in each of 29 federal bureaus and offices.

The regulations appear to go beyond ensuring that discrimination in hiring decisions does not occur. Instead, it requires assurance of "fair inclusion." Furchtgott-Roth says it will pressure companies to find and hire minorities even if one hasn't applied for a specific job.

The bill's affirmative action provisions -- some suggest they are de facto quotas -- would apply not only to the 29 federal agencies but also to all "financial institutions, investment banking firms, mortgage banking firms, asset management firms, brokers, dealers, financial services entities, underwriters, accountants, investment consultants, and providers of legal services" who do business with them.

Moreover, the law also applies to those firms' sub-contractors "as applicable."

Furchtgott-Roth says that means financial firms seeking to do business with the government will have to verify the racial and gender composition of their subcontractors -- including office-cleaning crews, paper-shredding vendors, office-party catering firms -- if they wish to do business with the government.

If you are a white male, it's probably not a good time to go into financial services of any kind.