Rep. Maxine Waters Wants Diversity Data from 401k Firms

March 24, 2021

Congresswoman Maxine Waters, D-Calif., Chairwoman of the House Committee on Financial Services, and Congresswoman Joyce Beatty, D-Ohio, Chair of the Subcommittee on Diversity and Inclusion, sent requests to the nation’s 31 largest investment firms—those with $400 billion or more of assets under management—for data on their diversity and inclusion.

“We are making progress to ensure a comprehensive understanding of diversity and inclusion performance in the financial services industry,” the lawmakers wrote in the letter. “However, this cannot be achieved until organizations, especially the largest investment managers, disclose their diversity data and policies with the Offices of Minority and Women Inclusion, Congress, and the public.”

The lawmakers say the requests are part of a “longstanding effort to hold the financial services sector accountable and provide the American public with a complete picture of how financial firms are meeting their commitments to diversity and inclusion.”

They requested information about each institution’s diversity and inclusion data and policies from 2016 through the present, including:

  • workforce and board diversity;
  • spending with diverse suppliers, including the use of diverse asset management firms; and
  • challenges implementing diversity and inclusion policies and practices.

List of firms that received the requests

BlackRock

Vanguard Group

State Street Global

Fidelity Investments

J.P. Morgan Chase

Capital Group

Bank of New York Mellon

Goldman Sachs

Prudential Financial

Northern Trust

Invesco

T. Rowe Price

Wellington Management

Morgan Stanley

Wells Fargo

Nuveen

Legg Mason

Ameriprise Financial

Principal Financial

Affiliated Managers Group

Franklin Templeton

AllianceBernstein

Dimensional Fund Advisors

MetLife Investment

New York Life Investments

Geode Capital Management

Federated Hermes

Blackstone Group

MassMutual

Eaton Vance

Charles Schwab Investment

“With these data requests to America’s largest investment firms, we are continuing to hold the financial services industry accountable for diversity and inclusion,” Waters said in a statement. “Generally, investment firms have failed to prioritize diversity and inclusion on their staffs and boards and have also failed to prioritize doing business with diverse-owned asset managers. Chair Beatty and I are requesting this information both to gain specific data about the diversity and inclusion policies, practices and outcomes from this sector, and to make clear that these firms will be held publicly accountable.”