A coalition of 22 state attorneys general sent a letter to the Nasdaq stock exchange on Thursday demanding a response to the exchange’s “zeal” to impose diversity quotas on companies listed on the exchange. I asked for it.

Nasdaq proposes regulations in 2020 stipulate Companies have at least two “diverse” directors, including at least one woman and at least one “LGBTQ+” or racial minority person. reconfigure According to the regulation, the rule is “aspirational and not mandatory.” letter. Attorneys general later indicated that the policy could violate state and federal anti-discrimination laws and that Nasdaq would only make the policy voluntary if it faced legal challenges. (Related: ‘Not on your side’: Religious group accuses insurance giant of ‘woke politics’ in underwriting gender ideologues)

“For more than three years, Nasdaq has defended policies that are separate from quotas, that look like quotas, and that act like quotas,” the attorneys general wrote. “We are looking for assurances that we have policies in place to ensure that state and federal anti-discrimination laws are complied with.”

I just warned Nasdaq about the discriminatory gender, sexuality, and race-based quotas it sets for directors.

No matter how the Nasdaq tries to spin it, we know that if it walks like a duck and talks like a duck, it’s a duck.https://t.co/GrKqfCCt6L

— Iowa AG Brenna Byrd (@AGIowa) October 3, 2024

The case determining the policy’s legality is currently pending after the Fifth Circuit heard arguments with 24 states in May. joining An amicus brief filed against quotas based on race and gender tells the court:skeptical” rule. In a letter to Nasdaq CEO Adena Friedman, the attorney general drew similarities between the exchange’s diversity rules and race-based admissions at universities, and the U.S. Supreme Court It is clear that “the abolition of racial discrimination means the abolition of all racial discrimination.”

The letter also tells Nasdaq that the exchange requires listed companies to comply with anti-discrimination laws and explains how non-mandatory diversity quota policies do not conflict with these regulations. requested the submission of “specific documents” showing a comprehensive analysis.

“Not only this, [Nasdaq’s diversity rule] It is illegal and morally repugnant, especially for an organization that is supposed to serve as a foundation for capital formation and allocation,” said Will Hild, executive director of Consumers Research. said “Make no mistake about it. This rule is not only bad for workers, it’s also bad for consumers. When companies focus on perpetrating gross racism rather than improving their products, consumers will be at a loss.”

Nasdaq did not respond to a request for comment.

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