Creative Investment Research Requests Federal Agencies Hold Corporations Accountable for BLM Pledges

WASHINGTON - March 31, 2022 - PRLog -- Creative Investment Research requests the Federal Reserve Board (Fed), the US Securities and Exchange Commission (SEC), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB):

• Initiate notice and comment rulemaking to develop a comprehensive framework requiring all companies under each agency's jurisdiction that have promised financial support for Black Lives Matter ("BLM and BLM Pledge") to accurately disclose, on a timely basis, all activity related to that pledge;
• Discuss the clear materiality of BLM pledges;
• Discuss the importance of BLM Pledge disclosure for companies and the competitive position of U.S. capital markets;
• Point to the growing cost of racial discrimination targeting African Americans and the role a BLM Pledge activity requirement might play in reducing that cost; and
• Point to the impact an observed decline in standards of ethical behavior might have on the truthfulness of voluntary BLM Pledge disclosures.

In an interview with Pulitzer Prize-winning journalist Stephen Henderson titled "Some Companies Have Done Better Than Others Keeping Racial Justice Pledges" on NPR's Detroit Today dated May 28, 2021, William Michael Cunningham of Creative Investment Research stated that:

"Last year, after the murder of George Floyd, 251 American companies vowed to combat systemic racism within their own organizations. In aggregate, these companies pledged $65 billion to bolster their diversity and equity initiatives. One year later, only $500 million has been allocated toward these efforts.

American companies have the resources to honor these pledges, but structural and cultural problems, as well as a lack of accountability, are hindering their ability to follow through on their promises."

For recent information, see: https://www.instagram.com/p/CbiZ8MBppWI/

We respectfully request the Agencies promptly initiate rulemaking to develop mandatory rules for companies to disclose high-quality, comparable, decision-useful information concerning BLM Pledge fulfillment.

You can support our SEC petition by sending an email to: rule-comments@sec.gov. The subject line of your message must include File Number 4-774. Our petition can be found at: https://www.sec.gov/rules/petitions/2021/petn4-774.pdf