The 2018 Midterm elections are shaping up to be one of the most pivotal elections in modern history. With a strong economy under our belts, now seems to be the time to create a structure around growth externally and internally for businesses. According to Recode, leading black lawmakers are looking to do just that by growing diversity through force in the tech sector if major improvements are not made soon.
The Congressional Black Caucus (CBC) began connecting with Silicon Valley on black employee hiring back in 2015 and has not been satisfied with the growth thus far. Due to the slow growth of black opportunity, some members of the CBC, in particular Rep. Maxine Waters, D-Calif, are threatening the industry with regulations if nothing is done.
While many of you are probably thinking this may be an empty threat, depending on the upcoming elections, it may not be. “Waters is poised to become the chair of the House Financial Services Committee if Democrats win control of the House in the upcoming midterm elections. As a potential chair of the influential committee and a leader in passing Dodd-Frank, she could be well placed to enact regulatory action on tech.”
While Democrats have been in a similar position to win big before, this year seems different especially with big victories in Pennsylvania and Alabama of all places.
In addition to potentially implementing regulations on hires in tech, the CBC is also looking to expand “the Community Reinvestment Act — which makes sure financial institutions help meet the needs of low-income communities they operate in — to include tech, improving requirements around companies’ EEO-1 diversity reporting and negotiating partnerships with tech companies and underserved school districts to improve education for black students.”
Currently the industry average of black employment sits at around 5%, versus the black population in America, which makes up closer to 15%