Wall Street’s Lack of Diversity Under Spotlight in House Hearing (1)

A first-of-its-kind House subcommittee will assess whether legislation is needed to boost diversity in the financial industry, according to the panel’s chair.

“Numerous studies have proven empirically that diversity increases productivity and the bottom line,” Rep. Joyce Beatty (D-Ohio), chairwoman of the House Financial Services Subcommittee on Diversity and Inclusion, said during its first hearing on Feb. 27. “Yet the data on diversity and inclusion efforts in our nation’s industries and government are not aligned.”

The panel centered its hearing around a recent trend report showing that women and minorities remain underrepresented as managers at banks, insurers, and other financial ...