SEC Sued over Nasdaq’s ‘Diversity’ Rule for Race, Gender, LGBTQ Quotas on Boards

The National Center for Public Policy Research, a conservative think tank advocating free market policies, sued the U.S. Securities and Exchange Commission (SEC) on Tuesday after it approved the Nasdaq’s controversial “diversity” rule. The policy attempts to avoid the problem of racial, gender, and sexual quotas — which are often illegal — by allowing companies that don’t comply with the policy to write a report explaining why they have failed or refused to do so. Critics contend that the “comply or report” approach is the same as a hard quota, since few companies will want to risk the public cost of opposing the policy or admitting they have not complied with it.

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