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House Financial Services plans subcommittee to improve diversity in banking

A key congressional panel overseeing Wall Street is creating a new subcommittee focused on diversity and inclusion in financial services and banking.

The House Financial Services Committee, under likely chair Maxine Waters, D-Calif., is planning the move under new rules Democrats are imposing on the lower chamber. Because Democrats took the majority in the House after the midterm elections, they can restructure committees and impose new, broad rules in the House.

Democrats, led by likely incoming House Speaker Nancy Pelosi, D-Calif., and Rules Committee Chairman Jim McGovern, D-Mass., have introduced a slew of new rules for the chamber.

Among the rules released by the pair is the creation of the new subcommittee and the prohibition of members, delegates, the resident commissioner, officers or employees of the House to serve as an officer or director of any public company.

The list of new rules still needs approval by the full chamber, expected to be voted on during the first days of the new congressional session beginning Jan. 3.