Idiots: NASDAQ proposes illegal racial quotas for corporate boards; ACLU applauds

The stock exchange NASDAQ plans to impose racial quotas on companies that are listed on it, requiring them to violate federal law. Under a proposed NASDAQ rule, corporations would have to put at least one minority and one woman on their board of directors. Such racial quotas violate a federal statute, 42 U.S.C. 1981, which forbids racial discrimination in contracts, and which has been interpreted by the Supreme Court as forbidding racial quotas even when such quotas are motivated by a desire for diversity. Yet, the ACLU is applauding this illegal requirement

Idiots: NASDAQ proposes illegal racial quotas for corporate boards; ACLU applauds NASDAQ_stock_market_display-98fb86e5dbba4295810cec107ed70123-725x375

Idiots: NASDAQ proposes illegal racial quotas for corporate boards; ACLU applauds NASDAQ_stock_market_display-98fb86e5dbba4295810cec107ed70123-725x375

ABC News reports:

Nasdaq is proposing new rules that would mandate diversity in the boardroom for companies listed on its stock exchange. Nasdaq filed a proposal with the U.S. Securities and Exchange Commission Tuesday that … would require companies on the stock exchange to have at least one woman director and one who self-identifies as an “underrepresented minority” or member of the LGBTQ community — or face possible delisting.

Foreign and smaller companies would be able to satisfy this requirement with two women directors on their boards. Nasdaq defines “underrepresented minority” as an individual who self-identifies as Black or African American, Hispanic or Latino, Asian, Native American (including Native Alaskan or Hawaiian), Pacific Islander or someone who is two or more races.

The new rules still need to be green lit by the SEC. Under the proposal, however, Nasdaq-listed companies will be required to publicly disclose its [sic] board diversity statistics within one year of the SEC’s approval of the new rules. From then, all companies will be expected to have one diverse director within two years of the SEC’s approval of the rule. … If companies do not meet the diverse board requirements within the timeframes, they will have to provide a public explanation for why or face possible delisting from the exchange.

The proposal has garnered support from the American Civil Liberties Union. Anthony Romero, the ACLU’s executive director, lauded Nasdaq for “heeding the call of the moment.”

https://libertyunyielding.com/2020/12/01/nasdaq-proposes-illegal-racial-quotas-for-corporate-boards-aclu-applauds/

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Idiots: NASDAQ proposes illegal racial quotas for corporate boards; ACLU applauds PgkowJT

Idiots: NASDAQ proposes illegal racial quotas for corporate boards; ACLU applauds PgkowJT

Idiots: NASDAQ proposes illegal racial quotas for corporate boards; ACLU applauds

Idiots: NASDAQ proposes illegal racial quotas for corporate boards; ACLU applauds

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