White Women Likely Main Beneficiaries of Offices of Minority and Women Inclusion

WASHINGTON - Nov. 18, 2020 - PRLog -- Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act contains a provision creating an Office of Minority and Women Inclusion (OMWI) at twenty nine (29) agencies. The Section requires the Department of the Treasury, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, each of the Federal Reserve Banks, the Board of Governors of the Federal Reserve System, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Securities and Exchange Commission and the Bureau of Consumer Financial Protection to create "an Office of Minority and Women Inclusion ('OMWI') to be responsible for all agency matters relating to diversity in management, employment and business activities."

We reviewed the performance of the OMWI offices from 2014 to 2019, based on annual reports these offices issue to Congress. Total contracting at the agencies subject to OMWI increased  from $2,872,716,865 in 2014 to $3,367,292,219 by 2019.

Contracts awarded to minority owned firms grew from  $505,469,385 in 2014 to $614,962,143 in 2019, a difference of $109 million. Contracts awarded to women owned firms grew from  $323,382,575 in 2014 to $465,080,469 in 2019, a difference of $141,697,895.

Firms owned by white women make up the majority of the Women-business category listed above.  Minority firms are defined as firms owned by men from the following ethnic groups: African-America, Asian/Pacific Islander, Hispanic, Native American and Multi-ethnic (more than one of the preceding categories.)

Thus, the data shows that the bulk of the benefit from the growth in minority and women contracting at these agencies has gone to firms owned by white women.

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