Shearman And Sterling

News March 02, 2015

Lilienfeld Quoted on Diversity Mandates in Dodd-Frank

Partner Doreen Lilienfeld (New York-Compensation, Governance & ERISA) was quoted in an article published on March 2 by The Legal Intelligencer titled, “Lawyers Brace for Diversity Mandates in Dodd-Frank Act.”

The article focuses on Section 342 of the Dodd-Frank Act, which regulates diversity and inclusion in the financial industry, and the proposed rules promulgated by the agencies charged with enforcing the statute. Lilienfeld remarked that Dodd-Frank and the proposed standards lack an enforcement mechanism. "At the end of the day, who is going to enforce this and how is it going to make an impact?" she asked. She further noted that many financial institutions clients have already implemented robust diversity policies. “I do think most employers who are in this space, which is a real competitive space for talent, are spending HR time thinking about and implementing diversity programs, not just because of 342," she said.