Sec. 18003. Diversity advisory group
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/bill/116/hr/6395/pcs/section-18003·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Securities and Exchange Commission shall establish a Diversity Advisory Group (the Advisory Group ), which shall be composed of representatives from the government, academia, and the private sector. The Advisory Group shall— carry out a study that identifies strategies that can be used to increase gender, racial, and ethnic diversity among members of boards of directors of issuers; and not later than 9 months after the establishment of the Advisory Group, submit a report to the Commission, the Committee on Financial Services of the House of Representatives, and the Committee on Banking, Housing, and Urban Affairs of the Senate that— describes any findings from the study conducted pursuant to paragraph (1); and makes recommendations of strategies that issuers could use to increase gender, racial, and ethnic diversity among board members.
Not later than 1 year following the submission of a report pursuant to subsection (b), and annually thereafter, the Commission shall submit a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate that describes the status of gender, racial, and ethnic diversity among members of the board of directors of issuers. The Commission shall make all reports of the Advisory Group available to issuers and the public, including on the website of the Commission.
For the purposes of this section: The term issuer has the meaning given the term in section 3 of the Securities Exchange Act of 1934. The term Commission means the Securities and Exchange Commission.