Report to the Congress on the Office of Minority and Women Inclusion, March 2012

The Board of Governors of the Federal Reserve System (the Board) is responsible for implementing numerous provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act). The Dodd-Frank Act requires, among other things, that the Board produce reports to the Congress on a number of potential reform topics. Pursuant to section 342(e) of the Dodd-Frank Act, Sheila Clark, director of the Board’s Office of Diversity and Inclusion, submits this first annual report to the Congress outlining the activities, successes, and challenges of the office. In January 2011, pursuant to section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the Board of Governors of the Federal Reserve System (the Board) established its Office of Diversity and Inclusion (ODI). The ODI builds on the Board’s long-standing efforts to promote equal employment opportunity and diversity and to foster diversity in procurement. The Board has welcomed the new requirements under section 342 as a complement to its existing efforts as well as an opportunity to strengthen those efforts. The ODI’s mission and scope include the responsibilities identified in section 342 for the Office of Minority and Women Inclusion, as well as Equal Employment Opportunity (EEO) compliance and programs and initiatives addressing diversity and inclusion more generally (for example, inclusion of persons with disabilities).