ICYMI: Waters Calls For More Diversity In Financial Services, Americans Say ‘No’ To Retirement And The Dow Hits A Record High

Ahead of a House Financial Services Committee meeting, Rep. Maxine Waters (D – Calif.) called for more diversity and representation in the financial services industry.

“I am also pleased that today we will consider several bills aimed at increasing diversity in the financial services sector. Corporate and federal boards are badly lacking in racial, ethnic and gender diversity,” Waters said. “According to the Alliance for Board Diversity, over 80 percent of new board directors at Fortune 500 companies in 2017 were white males.”

The committee is considering three pieces of legislation to increase diversity in the financial services industry.

HR 281 the “Ensuring Diverse Leadership Act of 2019”

HR 1018 the “Improving Corporate Governance through Diversity Act of 2019”

HR 3279 the “Diversity in Corporate Leadership Act of 2019”

Retirement? Americans say, ‘No, thanks’

From an Associated Press – NORC Center for Public Affairs Research poll, nearly a quarter of Americans say they never plan to retire. You heard that right, never.

Experts say the poll illustrates the disconnect between individuals’ retirement plans and the realities of aging in the workforce.

When asked how financially comfortable they feel about retirement, 14 percent of Americans under the age of 50 and 29 percent over 50 said they felt extremely or very prepared. Among those who were fully retired, 38 percent said they felt very or extremely prepared when they retired, while 25 percent said they felt not very or not at all prepared.

The Dow Hits A Record High

On Thursday, the Dow Jones catapulted to a record high, jumping 200 points and stretching the 30-stock average above 27,000.

The record-breaking run was likely fueled by a surge in United Health shares, which climbed 5% after the White House abruptly withdrew its proposal to eliminate rebates from government drug plans.

Another factor in the Dow’s historic high was Fed Chair Jerome Powell’s testimony to the House Financial Services Committee a day earlier. Powell hinted that the “notably” slower economic outlook could benefit from a rate cut.

AdvisorNews Managing Editor Cassie Miller may be reached at cassie.miller@Adnewsfeedback.com. Cassie has an extensive background in magazine writing, editing and design. Follow her on Twitter @ANCassieM.