OMWI Frequently Asked Questions
What is the Office of Minority and Women Inclusion?
The Office of Minority and Women Inclusion was established in accordance with Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, to ensure the fair inclusion of minorities and women in management, employment, and business activities.
The provision applies to several agencies including all 12 Federal Reserve Banks and the Board of Governors of the Federal Reserve System.
The Office is part of the Bank’s broader diversity and inclusion efforts, and responsible for all matters related to diversity in management, employment, and business activities at the Federal Reserve Bank of San Francisco.
What are the primary duties of the Office of Minority and Women Inclusion?
The OMWI is responsible for:
- overseeing diversity efforts related to minorities and women in all the Bank’s business activities;
- advising the Bank’s senior management regarding progress and challenges with diversity and inclusion efforts for all the Bank’s activities including recruitment, staff development, outreach to high school students, financial literacy efforts, and supplier diversity; and,
- submitting an annual report to Congress that includes data on the percentage of contract expenditures to minority-and women-owned businesses, as well as information about the office’s successes and challenges related to recruiting and hiring minorities and women.
Doesn’t the Federal Reserve Bank of San Francisco already have programs in place to foster diversity and inclusion in its hiring and recruiting efforts?
Yes. The Federal Reserve Bank of San Francisco views the Office of Minority and Women Inclusion’s mission as a complement to its long-standing commitment to increasing diversity and inclusion in all of the Bank’s activities, including recruiting and developing its workforce. For information about career opportunities, please visit the Career homepage.
What is the effect of the Office of Minority and Women Inclusion requirements on the Bank’s procurement program?
The Office of Minority and Women Inclusion provision in the Dodd-Frank Act requires the Federal Reserve Banks and certain federal agencies to include minority- and women-owned businesses to the maximum extent possible in their procurement of goods and services. The Federal Reserve Bank of San Francisco has a long-standing commitment to supplier diversity and views this new office as an opportunity to advance these efforts.
Where is the press release announcing the creation of the Office of Minority and Women Inclusion?
On January 18, 2011, the Federal Reserve announced the establishment of offices to promote diversity and inclusion at the Federal Reserve Board and at all 12 Federal Reserve Banks.
The offices build on the Federal Reserve System’s long-standing efforts to promote equal employment opportunity and diversity and continue efforts to foster diversity in procurement, with a focus on minority-and women-owned businesses.