12 2 STA T . 2 68 2 PUBLIC LA W 11 0– 28 9—J UL Y3 0 , 2008 ‘ ‘ MINOR I TYA N DW OM E NIN CLUS ION
DI V ERSITY RE Q UIRE - MENTS ’ ’
- (2)insub
s ect i o n( a ) , b y st r i k in g ‘‘(a) INGE NE RAL.—E ac h enter p rise’’ an d inserting ‘‘(e) OUT REA CH .—Each regu l ated entity’’; and ( 3 ) by striking subsection (b); ( 4 ) by inserting be f ore subsection (e), as so redesignated by paragraph (2) of this section, the follo w ing new subsections
‘‘(a) O F F I CE O F M INORIT Y AN DW O M EN INCLU S ION.—Each regu - lated entity shall establish an Office of Minority and Wo m en Inclu- sion, or designate an office of the entity, that shall be responsible for carrying out this section and all matters of the entity relating to di v ersity in management, employment, and business activities in accordance with such standards and re q uirements as the D irector shall establish. ‘‘(b) INCLUSION IN A LL L E V ELS OF B USINESS ACTIVITIES.—Each regulated entity shall develop and implement standards and proce- dures to ensure, to the ma x imum extent possible, the inclusion and utili z ation of minorities (as such term is defined in section 1 2 0 4(c) of the F inancial Institutions R eform, Recovery, and Enforce- ment Act of 1 98 9 (12 U . S . C . 1811 note)) and women, and minority- and women-owned businesses (as such terms are defined in section 21A(r)(4) of the Federal H ome Loan Bank Act (12 U.S.C. 1441a(r)(4)) (including financial institutions, investment banking firms, mort- gage banking firms, asset management firms, broker-dealers, finan- cial services firms, underwriters, accountants, brokers, investment consultants, and providers of legal services) in all business and activities of the regulated entity at all levels, including in procure- ment, insurance, and all types of contracts (including contracts for the issuance or guarantee of any debt, equity, or mortgage- related securities, the management of its mortgage and securities portfolios, the making of its equity investments, the purchase, sale and servicing of single- and multi-family mortgage loans, and the implementation of its affordable housing program and initiatives). T he processes established by each regulated entity for review and evaluation for contract proposals and to hire service providers shall include a component that gives consideration to the diversity of the applicant. ‘‘(c) A P PLICA B ILITY.—This section shall apply to all contracts of a regulated entity for services of any kind, including services that require the services of investment banking, asset management entities, broker-dealers, financial services entities, underwriters, accountants, investment consultants, and providers of legal services. ‘‘(d) INCLUSION IN ANNUAL REPORTS.—Each regulated entity shall include, in the annual report submitted by the entity to the Director pursuant to section 309(k) of the Federal N ational Mortgage Association Charter Act (12 U.S.C. 1 7 23a(k)), section 307(c) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 14 56 (c)), and section 20 of the Federal Home Loan Bank Act (12 U.S.C. 1440), as applicable, detailed information describing the actions taken by the entity pursuant to this section, which shall include a statement of the total amounts paid by the entity to third party contractors since the last such report and the percent- age of such amounts paid to businesses described in subsection (b) of this section.’’; and (5) by adding at the end the following new subsection: Contrac t s.S tan d ards. P roc e d u res. E sta bli s hm ent.
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