DAMI Applauds Reintroduction of Legislation to Ensure Equal Opportunity for Diverse Asset Managers
(Washington, D.C.) – Diverse Asset Managers Initiative (DAMI) founder and executive director Robert Raben applauded the reintroduction of the Endowment Transparency Act to bring transparency and accountability to college and university endowment funds across the country. The legislation was reintroduced by U.S. Representative Emanuel Cleaver, II (D-MO) and Senator Cory Booker (D-NJ) to bring transparency and accountability to college and university endowment funds across the country. Cleaver first introduced the legislation in the 117th Congress.
"Thank you to Senator Booker and Congressman Cleaver for their leadership in drawing attention to the underutilization of talented women and people of color in the management of universities’ endowments. It remains incredible to the Diverse Asset Managers Initiative that it requires federal legislation to get universities to say whether and how they work with women and Black, Latino or Asian Americans, but sadly that is where we are,” said Robert Raben, Executive Director, Diverse Asset Managers Initiative.
Rep. Cleaver and Senator Booker have reintroduced the Endowment Transparency Act to ensure institutions are providing data to policymakers. The legislation would provide public transparency and accountability for diversity and inclusion in the management of more than $807 billion in assets from higher education endowments by:
Amending the Higher Education Act of 1965 to require information about investments with women- and minority-owned firms to be included in other data annually collected from colleges and universities;
Requiring the Minority Business Development Agency to publish a report, to be updated every two years, recommending legislative changes and best practices for substantially increasing the use of women- and minority-owned firms in higher education investment and bond transactions; and
Authorizing a conference, every two years, which shall convene institutions of higher education and investment advisors, firms, and consultants to develop professional networks and increase the visibility of business opportunities.
The Endowment Transparency Act is endorsed by the Diverse Asset Managers Initiative, National Association of Securities Professionals, National Urban League, Kapor Center, New America Alliance, U.S. Black Chambers, Inc., and Garcia Hamilton Associates, the largest Hispanic-owned firm in the country.