Wall Street Avoids Board Diversity Mandate in Modest Bill (2)

Investors may have enough clout to gain passage of a bill in Congress that would finally give consumer advocates more insight into how diverse Wall Street boardrooms are.

But while the bill is a step in the right direction, advocates say, it’s still an open question whether it will—or can—substantively catalyze change.

A measure (H.R. 1277) championed by New York Democratic Reps. Gregory Meeks, Carolyn Maloney, and Sen. Bob Menendez (D-N.J.) would require companies to disclose the racial, ethnic, and gender makeup of their boards and executive officers to the Securities and Exchange Commission.

While the information is ...