Sen. Kaine discusses his Too Narrow to Succeed Act

Published: Apr. 28, 2022 at 2:56 PM EDT
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CHARLOTTESVILLE, Va. (WVIR) - U.S. Senator Tim Kaine is introducing a bill to help expand opportunities for women and people of color at asset management firms.

Sen. Kaine’s Too Narrow to Succeed Act aims to help strengthen retirement security for people across America.

“Retirement advisors always tell you to diversify your portfolio. Well, one way to diversify the portfolio is making sure that investment funds are run by diverse personnel and often there’s very, very little diversity in the personnel of the decision makers who make investment decisions,” the senator said Thursday, April 28.

The goal of his legislation is to make sure that is the case: It focuses on diversity in federally controlled pensions and retirement funds. Federally controlled funds would be required to file annual reports on if they’re using minority-owned firms to make those investment decisions on the federal pensions.

“The investment industry is one where there isn’t enough diversity and we think a transparency bill will encourage more firms to think about as they put together their roster of decision makers,” Kaine said.

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