Bill Highlighting Lack of Women on Boards Left Out of House Package (1)

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By Andrea Vittorio

A bill meant to nudge companies to bring more women into their mostly male boardrooms got left out of a planned legislative package in the House.

The bill from Rep. Carolyn Maloney (D-N.Y.) aims to highlight the lack of women on boards by requiring publicly traded companies to disclose the gender of their directors. It was slated to be considered July 11 by the House Financial Services Committee as Chairman Jeb Hensarling (R-Texas) puts together a package of business-focused bills to bring to the House floor this summer.

“The bill that I championed, along with many members of this committee, was not included in the package,” Maloney said at the markup.

She called on her colleagues to reconsider, saying it’s a “modest” attempt to give more information to investors interested in board diversity. State Street Corp. and other institutional investors have been pressing companies with all-male boards to add women or risk votes against directors.

Maloney’s bill ( H.R. 1611) has backing from both Catalyst, a nonprofit that helps advance women in the workplace, and the pro-business U.S. Chamber of Commerce, which wrote to the committee’s leadership in support of the bill July 10.

Negotiations for Hensarling’s package are ongoing, so there’s a chance Maloney’s measure could still make it in before the floor vote. Senate Republican leaders have given Hensarling assurances the package will be taken up after he agreed not to hold up consideration of an overhaul of portions of the Dodd-Frank Act.

A spokeswoman for Maloney didn’t comment.

To contact the reporter on this story: Andrea Vittorio in Washington at avittorio@bloomberglaw.com

To contact the editor responsible for this story: Fawn Johnson at fjohnson@bloomberglaw.com

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