,,ii  #aafth ,,congress  #b;d ,session  
,s4 #ccfg  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,march #b1     
#bjbj,ms4 ,cortez ,masto 7for herself1  
,ms4 ,smith1 ,mr4 ,van ,hollen1 ,mrs4   
,feinstein1 ,ms4 ,duckworth1 ,ms4       
,rosen1 and ,ms4 ,klobuchar7 introduced 
the following bill2 which was read twice
 and referred to the ,committee on      
,banking1 ,housing1 and ,urban ,affairs 
,a ,,bill  ,to require the ,securities  
and ,exchange ,commission to establish a
 ,diversity ,advisory ,group to study   
and make recommendations on strategies  
to increase gender1 racial1 and ethnic  
diversity among the members of the board
 of directors of issuers1 to amend the  
,securities ,exchange ,act of #aicd to  
require issuers to make disclosures to  
shareholders with respect to gender1    
racial1 and ethnic diversity1 and for   
other purposes4  #a4 ,short title ,this 
,act may be cited as the ,diversity in  
,corporate ,leadership ,act of #bjbj4   
#b4 ,diversity study and disclosures    

7a7 ,definitions ,in this section-- 7#a7
 the term ,advisory ,group means the    
,diversity ,advisory ,group established 
under subsection 7b72  7#b7 the term    
,commission means the ,securities and   
,exchange ,commission2 and  7#c7 the    
term issuer has the meaning given the   
term in section #c of the ,securities   
,exchange ,act of #aicd 7#ae ,u4,s4,c4  
#gh;c74  7b7 ,diversity ,advisory ,group
  7#a7 ,establishment ,the ,commission  
shall establish a ,diversity ,advisory  
,group1 which shall be composed of      
representatives from the ,federal       
,government1 academia1 and the private  
sector4  7#b7 ,study and recommendations
 ,the ,advisory ,group shall-- 7,a7     
carry out a study on strategies to      
increase gender1 racial1 and ethnic     
diversity among the members of the board
 of directors of issuers2 and  7,b7 not 
later than #i months after the          
establishment of the ,advisory ,group1  
issue a report to the ,commission1 the  
,committee on ,banking1 ,housing1 and   

,urban ,affairs of the ,senate1 and the 
,committee on ,financial ,services of   
the ,house of ,representatives          
containing the findings and             
determinations made in carrying out the 
study under subparagraph 7,a71 along    
with recommendations to increase gender1
 racial1 and ethnic diversity among the 
members of the board of directors of    
issuers4  7#c7 ,annual report ,not later
 than #a year after the date on which   
the ,advisory ,group issues the report  
under paragraph 7#b77;,b71 and annually 
thereafter1 the ,commission shall issue 
a report to the ,committee on ,banking1 
,housing1 and ,urban ,affairs of the    
,senate and the ,committee on ,financial
 ,services of the ,house of             
,representatives on the status of       
gender1 racial1 and ethnic diversity    
among the members of the board of       
directors of issuers4  7#d7 ,public     
availability of reports ,the ,commission
 shall make all reports of the ,advisory
 ,group available to issuers and the    

public1 including on the website of the 
,commission4  7c7 ,disclosures ,the     
,securities ,exchange ,act of #aicd 7#ae
 ,u4,s4,c4 #gh;a et seq47 is amended by 
inserting after section #ad;,b the      
following3  #ad;,c4 ,diversity          
disclosures ,the ,commission shall1 by  
rule1 require each issuer to disclose1  
in any proxy or consent solicitation    
material for an annual meeting of the   
shareholders of the issuer1 the gender1 
racial1 and ethnic composition of the   
board of directors of the issuer and    
nominees for the board of directors4  4