- Judicial rebuke of Nasdaq’s diversity rules: The Fifth Circuit Court of Appeals vacated the SEC’s approval of NASDAQ's race and gender-based board quotas, calling them an overreach of statutory authority.
- A growing backlash against DEI: Americans are increasingly rejecting policies that discriminate against white individuals under the guise of “antiracism” and “equity.”
- Corporate accountability: Companies like Goldman Sachs and asset managers like BlackRock continue to enforce neo-racist policies, but public and legal pushback is mounting.
- The future of equality: True progress lies in addressing socio-economic disparities, not in dividing people by race.
The Judicial strike against neo-racism
In a landmark decision that sent shockwaves through corporate America, the U.S. Court of Appeals for the Fifth Circuit delivered a resounding rebuke to the Securities and Exchange Commission (SEC) and Nasdaq over their controversial “Board Diversity Rules.” The court ruled that the SEC had overstepped its statutory authority by approving Nasdaq’s mandate, which required companies to meet race, gender, and sexual orientation quotas or face de-listing.
The case, National Center for Public Policy Research v. SEC, centered on the argument that the SEC’s approval of these rules had no connection to the purposes of the Securities and Exchange Act of 1934. Judge Andrew S. Oldham, writing for the court, emphasized that the SEC had ventured far beyond its mandate, intruding into the realm of social engineering. The court found no empirical evidence linking board diversity to improved corporate governance, a key justification often cited by DEI advocates.
This ruling is not an isolated incident but part of a growing backlash against policies that discriminate against white individuals under the banner of “antiracism” and “equity.” Americans are increasingly rejecting the Orwellian notion that discrimination can be used to combat discrimination. The court’s decision reflects a broader cultural shift: people are tired of divisive identity politics and are demanding accountability from corporations and government agencies alike.
The corporate double standard
While the Fifth Circuit’s decision marks a significant victory for those opposing neo-racist policies, the battle is far from over. Major corporations and financial institutions continue to enforce race and gender-based quotas, often under the guise of promoting “diversity, equity, and inclusion.”
Take Goldman Sachs, for example. The investment giant has made headlines for its policy of denying IPO services to companies that fail to meet its diversity requirements. In 2021, Goldman upped the ante, mandating that companies have at least two “diverse” board members, including one woman, to qualify for its services. This policy effectively excludes companies with all-white, all-male boards, regardless of their qualifications or merit.
Similarly, the so-called “Big 5” asset managers—BlackRock, Vanguard, State Street, ISS, and Glass Lewis—continue to pressure corporations to allocate resources based on race and gender. These firms wield immense influence over corporate governance, often using their power to advance a neo-racist agenda.
But the tide is turning. As public awareness grows, so does the backlash. Consumers, employees, and shareholders are increasingly holding corporations accountable for their discriminatory practices. Boycotts, lawsuits, and public shaming campaigns are becoming powerful tools in the fight against neo-racism.
True equality cannot be achieved by pitting one group against another or by sorting people into racial buckets. Instead, progress must be rooted in principles that unite rather than divide. Addressing inequality does not require neo-racism. By focusing on socio-economic status, geographic diversity, and viewpoint diversity, corporations can create opportunities for all without resorting to discriminatory practices. The goal should be to foster environments where individuals are judged by their character, skills, and contributions—not by the color of their skin or their gender.
The Fifth Circuit’s decision is a wake-up call for corporations and policymakers alike. It’s time to abandon the divisive rhetoric of DEI and embrace a vision of equality that uplifts everyone. The American people have spoken: they will not tolerate discrimination, no matter how noble the intentions behind it may seem.
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