Welcome back to Human Capital! I’m Melanie Waddell in Washington. The new year kicked off with the inaugural meeting of the Securities and Exchange Commission’s Asset Management Advisory Committee (AMAC). SEC Chairman Jay Clayton’s marching orders for the committee: Bring “diverse perspectives” to bear to help the agency fine-tune regulations for this segment of the financial services realm. House Financial Services Committee Chairwoman Maxine Waters, D-Calif., however, says the committee isn’t diverse enough.
Waters, along with Rep. Joyce Beatty, D-Ohio, chair of the Subcommittee on Diversity and Inclusion, aired their concerns in a Jan. 14 letter to Clayton that there’s an “ongoing lack of ethnic and racial diversity” on the agency’s four advisory committees — including the 23-member AMAC, which has no black members.
Thanks for tuning in to the first issue of 2020, another year in which we’ll pull back the curtain on the people shaping the financial services regulatory landscape. You can reach me at [email protected], and follow me on Twitter at Think_MelanieW.
Don’t forget to listen in on the first Human Capital podcast of 2020 with Brian Hamburger, CEO of the regulatory consulting firm MarketCounsel. Click here.
Clayton’s high hopes for AMAC: “to provide informed, diverse perspectives and related advice” from outside the Beltway to help set the commission’s policy decisions.
More specifically: AMAC will help ensure the “SEC’s regulatory approach to asset management meets the needs of retail investors and market participants” as the industry evolves rapidly.
Part of AMAC’s goal: to find ways to promote diversity and inclusion in the asset management industry. A critical component of the asset management industry’s success, Clayton said, is that it must “include women and men with diverse backgrounds and perspectives.”
(He also noted the agency’s recent appointment of Robert Marchmanas as senior policy advisor on diversity and inclusion.)
Waters and Beatty pointed to the “important role” that advisory committees play across the federal government in providing advice and recommendations.