SEC Boosts Opportunities for Minority-owned and Women-owned Businesses

• The U.S. SEC’s Office of Minority and Women Inclusion released its fiscal year 2022 Annual Report to Congress.
• The SEC has outperformed the Civilian Labor Force in its employment of minorities.
• The representation of minorities among Supervisors, Managers, and Senior Officers increased from FY 2021 to FY 2022.

The U.S. Securities and Exchange Commission’s (SEC’s) Office of Minority and Women Inclusion (OMWI) released its fiscal year (FY) 2022 Annual Report to Congress on April 4, 2023. The report showcases the SEC’s commitment to promoting diversity, equity, inclusion, and accessibility (DEIA) in its workforce, enhancing opportunities for minority-owned and women-owned businesses (MWOBs), and utilizing DEIA to boost mission effectiveness.

One of the notable achievements highlighted in the report is that as of the end of FY 2022, the SEC outperformed the Civilian Labor Force (CLF) in its employment of minorities overall, with a percentage of 35.9% compared to CLF’s 32.5%. This percentage shows a gradual increase from 35.0% in FY 2020 and 35.3% in FY 2021. However, representation for women has slightly decreased from 46.2% to 46.1%.

The report also shows an increase in the representation of minorities among Supervisors and Managers from 26.9% to 29.3%, and among Senior Officers, the highest-ranking employees at the SEC, from 19.4% to 25.5% from FY 2021 to FY 2022. The SEC also onboarded 306 new employees in FY 2022, 15 more than in FY 2021, and reduced the separations by minorities from 86% to 79%, showing a more diversified workplace.

However, the promotion rate that includes all instances of employees being converted to a higher pay grade among minorities dropped from 39.7% to 19.9%, and among women, from 47.8% to 42.9%.

Despite this, the SEC increased its contract payments to MWOBs, accounting for $202.6 million in FY 2022, compared to $182.6 million in FY 2021. The agency also increased its contract awards to MWOBs to $233.5 million in FY 2022, up from $226.9 million in FY 2021.

Furthermore, the SEC expanded its paid internship programs enabling students from all walks of life to participate. Overall, the agency hosted 59 paid interns in FY 2022, with plans to continue expanding these opportunities in the coming year.