FHFA's 2019 OMWI Annual Report to Congress describes the measures taken under the Dodd-Frank Act to increase diversity and ensure inclusion throughout the FHFA workforce and in our business activities, including procurement. The Report describes how FHFA achieved its objectives by continuing existing programs that have been effective, as well as developing and implementing new strategies and initiatives to support a diverse workforce and maintain an inclusive organizational culture. I'm proud of what's been done.
The Report also summarizes FHFA's oversight of the diversity and inclusion activities of its regulated entities – Fannie Mae, Freddie Mac, the 11 Federal Home Loan Banks and the Office of Finance, and Common Securitization Solutions, as required under the Housing and Economic Recovery Act of 2008.
Key takeaways from the 2019 report:
- Minority representation in FHFA's workforce grew more diverse — from 229 minority employees in 2015, to 261 in 2019. Minority and female representation across our top six mission-critical occupations rose to 38.54 percent and 40.56 percent, respectively.
- Minority- and women-owned business (MWOB) participation at FHFA is down from 2018, with MWOBs representing 36.29 percent of all contracting actions and 22.19 percent of our total obligations in 2019 compared to 43.6 percent and almost 31 percent, respectively in 2018. The Agency's size and acquisition needs include highly specialized requirements that tend to make contracting with MWOBs more challenging.
- FHFA, through the leadership of its new Director and in concert with OMWI, embarked on a major initiative to improve employee engagement and the workforce culture.
- OMWI developed and implemented our new Contractor Outreach Program Standards to fulfill the Dodd-Frank Act's mandate to create standards for coordinating technical assistance to MWOBs and encourage more contracting opportunities for MWOBs at FHFA.
- The OMWI supervision and examinations team completed the third year of FHFA's diversity and inclusion examination program to examine and assess the diversity and inclusion program of each regulated entity.
- OMWI developed a Data Strategic Plan for FY 2019 – FY 2021 to leverage relevant data as a strategic asset to facilitate oversight, promote transparency, and increase efficiency. The OMWI Data Management Framework was used as guidance.
We are pleased with the progress made advancing diversity and inclusion and look forward to further strengthening this core value as an integral part of FHFA's mission.
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By: Sharron Levine
Director, FHFA Office of Minority & Women Inclusion