Welch Joins Castro and Advocates to Launch Proposal Demanding Increased Corporate Diversity at Big Banks

HILLSIDE, Ill. – State Rep. Emanuel “Chris” Welch, D-Hillside, is joining state Sen. Cristina Castro, D-Elgin, and Otis Monroe, Chief Executive Officer of the Monroe Foundation to announce new legislation that requires financial institutions doing business with the state of Illinois to meet minimum corporate diversity standards at a press conference scheduled for Thursday, July 9 at 11:00 a.m. in the Thompson Center.

Welch’s House Bill 5806,  targets financial institutions that lack diversity on their public board of directors by requiring state and local governments to only contract with banks or financial institutions that have corporate boards comprised of at least 20 percent people of color. If an institution lacks the new corporate diversity requirement, the institution has until Jan 1, 2021 to come into compliance or the state will divest its funds. Sen. Castro is planning on introducing a companion version of the legislation in the Illinois Senate.

“Many of these big banks have voiced support for the Black Lives Matters movement and greater diversity, yet they lack voices of people of color on their public board of directors,” Welch said. “If these institutions are not willing to stand with communities of color by adopting a more diverse corporate culture, they shouldn’t receive a dime of taxpayer funded business.”

Additionally, Welch is leading a boycott of  the twenty largest public companies that do not have an African-American serving as a member of their corporate leadership board. Supporters can sign an online petition, to encourage each company to publicly commit to adding voices of people of color to their public board.

Who: State Rep. Emanuel “Chris” Welch, State Sen. Cristina Castro and Otis Monroe, CEO of the Monroe Foundation

What: Press Conference re: New Legislation Demanding Corporate Diversity at Big Banks

When: Thursday, July 9 at 11 a.m.

Where: Thompson Center, 15th floor press room; 100 W. Randolph St., Chicago (Attendees must wear a mask and take social distancing precautions)