12.2.20
Senator Pat Toomey (R-PA), the next Chair or Ranking Member of the Senate Banking Committee in the 117th Congress, is at odds with Nasdaq Inc. surrounding their request to require thousands of companies listed on its stock exchange to include women, racial minorities, and LGBT individuals on their boards. “A quasi-regulatory body like NASDAQ should not be creating and enforcing social policy in America. This is the realm of democratically-elected representatives who are accountable to the public. As Berkshire Hathaway CEO and Democrat Warren Buffet has said, corporate board members should be chosen by merit – not quotas… Ultimately, these kinds of initiatives decrease the number of companies going public, reduce access to capital, and slow economic growth, which means fewer jobs and missed opportunities for retail investors.”