Newsom Signs Bill Mandating Diversity Reporting In Venture Capital, Vetoes Similar Bill Aimed At His Office
Story by Robert Schmad •
18h
Democratic California Gov. Gavin Newsom vetoed a bill on Oct. 8 requiring the governor’s office to report the ethnic breakdown of its appointees the same day he signed a bill requiring that venture capital firms report the racial and sexual diversity of companies they invest in, according to statements released by the governor.
Newsom said that California Senate Bill 54, which requires venture capitalists to produce annual diversity reports, “resonates deeply with my commitment to advance equity and provide for greater economic empowerment of historically underrepresented communities.” Newsom was less warm toward diversity reporting for his own office as proposed in Senate Bill 702, saying in his veto statement that self-reporting was sufficient for demographic information for the governor’s appointees.
The National Venture Capital Association (NVCA) in a letter to state Sen. Nancy Skinner, the author of Senate Bill 54, says that it already conducts its own diversity surveys on the venture capital industry.
Under SB 54, venture capital firms will be required to report the gender identity, race, ethnicity and “LGBTQ+” identity of each member of the founding team of start-ups they invest in, according to the bill’s text.
https://www.msn.com/en-us/news/politics/newsom-signs-bill-mandating-diversity-reporting-in-venture-capital-vetoes-similar-bill-aimed-at-his-office/ar-AA1iY3Hc?ocid=msedgntp&cvid=aa27eb11c2ee440cab9bed92b1086011&ei=40
