Bloomberg Law
Dec. 13, 2022, 10:14 PM

SEC’s Diversity Changes Fall Short, Agency Advisor Tells Senate

Clara Hudson
Clara Hudson

The SEC should explain why it hasn’t implemented more diversity recommendations for asset managers, an agency advisor told senators Tuesday.

Gilbert Garcia, who advised the SEC as chair of the Diversity and Inclusion Subcommittee on the Asset Management Advisory Committee, said Tuesday that the Securities and Exchange Commission’s progress has been “extremely disappointing.”

In October, the SEC released new diversity guidance for investment advisers following July 2021 recommendations by Garcia’s committee. The SEC adopted some of the committee’s proposals, clarifying that investment advisers can factor diversity, equity and inclusion into their recommendations to clients.

The committee, however, had also recommended ...