Today, I want to spend my time with you focused on the need for corporate America and its regulators to embrace this nation’s growing diversity. It is past time to see the diversity of our nation reflected in corporate boardrooms, in the financial industry, and in the government. I also want to briefly discuss the need to improve financial literacy in minority communities.

Lack of Diversity in Corporate Boardroom

Let me start by talking about the persistent lack of diversity in our corporate boardrooms. As this group knows, many studies indicate that diversity in the boardroom results in real value both for companies and for their shareholders. [1]

Notwithstanding these studies, there is a persistent lack of diversity in corporate boardrooms across this country — and women and minorities remain woefully underrepresented. In 2008, for example, the Alliance for Board Diversity compiled statistics about the composition of the boards of directors of Fortune 100 companies and found 71.5% of all corporate board seats were held by white men, and that only 28.5% of the board seats were held by women and minorities. [2]

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