Cleaver Wants Federal Investment Firms to Adopt “Rooney Rule”

Congressman Emanuel Cleaver, II (D-MO) sent letters to several heads of major federal government retirement boards urging them to apply the “Rooney Rule” and interview at least one minority- or woman-owned firm when contracting for asset management opportunities. A 2017 study by the Knight Foundation found that only 1.1% of the $71 trillion asset management industry is managed by women- and minority-owned firms. “Some public plan funds that take money from women and minority employees are sending funds to firms owned exclusively by white males. A federal- level Rooney Rule would direct federal investment firms to at least consider woman-and minority-owned firms, which they have been limited in doing in the past,” said Cleaver. “There’s a problem here. The government is missing out on lucrative investment opportunities simply by overlooking these particular groups.” See the letters here.