Regulatory Outlook | 07.22.20
Black Regulators Rarely Appointed to Oversee Wall Street
.Senior roles supervising Wall Street and other parts of the financial sector have gone overwhelmingly to white officials over the years, according to new academic research, and today, only one of 21 politically appointed financial regulators at eight agencies is Black. Since the founding of the agencies, only 10 of 327 people appointed to the most senior jobs at financial watchdogs have been Black, a paper by Georgetown University law professor Chris Brummer shows. The paper, posted online Tuesday, argues that the absence of Black officials within the top ranks of financial agencies poses big challenges to government efforts to address issues that disproportionately hurt Black Americans, including unequal access to financial services and income inequality.
Read the full article on Wall Street Journal.