Recent moves by the Financial Industry Regulatory Authority (FINRA) to quietly scale back references to diversity, equity, and inclusion (DEI) and racial justice on its website have sparked intense debate. These changes come amidst mounting conservative opposition to DEI initiatives but also highlight a critical question: Were these programs ever implemented in a way that truly created meaningful change?
I'm Braeden Anderson, a Black attorney, former NCAA athlete, and author of Black Resilience: The Blueprint for Black Triumph in the Face of Racism. My experiences, which range from overcoming childhood abuse and homelessness to becoming a Big Law attorney and successful entrepreneur, shape my views on DEI. I believe in the power of diversity but also recognize where our current approaches have fallen short.
A Shift in DEI Strategy: What FINRA's Changes Signal
Previously, FINRA had prominently featured a "Working to Advance Racial Justice" page that outlined strategies for promoting equity and addressing systemic racism in the financial industry. This page, along with a dedicated DEI section, has now been replaced by a more subdued "Inclusive Workplace" page. While the new content emphasizes internal equity, it omits past initiatives focused on transforming the broader industry and no longer mentions terms like "racial justice" or "DEI."
FINRA explained that these changes were part of a broader redesign aimed at improving user experience. Yet, given the heightened scrutiny from conservative groups, the timing has raised eyebrows.
Conservative Critiques and Legislative Backlash
The broader context for these changes is a landscape where DEI efforts are under fire, criticized as divisive or performative. The Project 2025 "Mandate for Leadership: The Conservative Promise" has even called for dismantling financial regulators that pursue DEI agendas. While President-elect Donald Trump has distanced himself from some of these proposals, the influence of conservative voices remains strong.
Companies like Ford and Lowe's have already begun scaling back their DEI efforts. Legislative efforts from the House Oversight and Accountability Committee, aimed at dismantling DEI programs in federal agencies, signal the shifting sentiment. Even if such proposals don't pass, they underscore the challenges DEI faces.
Where DEI Falls Short: A Perspective from Experience
As someone who has navigated the realities of systemic bias and institutional barriers, I know firsthand the complexity of the DEI conversation. My book, Black Resilience, delves into the nuances of overcoming adversity in a society where racism remains pervasive. My critique isn't that DEI efforts shouldn't exist; rather, it's that they often miss the mark. "There's been a massive focus on saying the right things and having programs on these types of issues," I've observed, particularly in the legal field. Yet, the impact often feels shallow and even condescending.
"The majority of diversity and inclusion meetings and conferences ... I've been a minority in the room, and more often than not, the person leading the seminar is Caucasian," I explained. "I can tell you how it feels to be sitting in those meetings and experiencing the narrative of Black victimhood ... it's very condescending."
The Need for More Authentic DEI Efforts
Current DEI strategies often come across as performative, aimed more at appeasing critics than effecting real change. The problem isn't just with how these programs are implemented but with the broader cultural perceptions that undermine their impact. For example, the idea that Black professionals are merely "diversity hires" undermines our accomplishments and creates barriers to advancement. "Despite our objective merit, we're often perceived as receiving employment opportunities only as a result of a diversity initiative," I said. "This is almost always wrong, and almost always racist."
Recruiting practices must also evolve. If major law firms and corporations continue to draw talent primarily from the same elite schools, they limit their ability to access diverse candidates from state universities and historically Black colleges and universities (HBCUs). Diversity must be more than a checkbox; it should be about finding and nurturing talent in all its forms.
Highlighting Success, Not Trauma
In Black Resilience, I argue for focusing on stories of success rather than trauma. Celebrating Black achievement helps dispel harmful stereotypes and inspires future generations. As I wrote, "Racism can be as loud and resounding as a gunshot or as quiet and inconspicuous as being laid off. Whether it's hidden or apparent, we will not escape it without taking action."
Promoting stories of triumph creates a narrative of empowerment rather than victimhood. A Pew Research study found that nearly 70% of Black Americans felt that the increased focus on racism following the Black Lives Matter movement did not improve their lives. This underscores the need for a different approach—one that emphasizes resilience and self-empowerment.
Building Resilience and Seizing Control
For Black professionals and other people of color, waiting for societal change is not an option. "I hope the world changes, but I'm not going to bet my life on it, and neither should you," I wrote. Instead, we must focus on cultivating resilience and leveraging our strengths. This means building relationships with mentors, mastering our craft, and positioning ourselves for success despite systemic barriers.
My journey has taught me that real change comes from within. By focusing on our own growth and surrounding ourselves with allies who believe in our vision, we can drive progress even in the most challenging environments.
The Future of DEI: Time for a Rethink
FINRA's rollback of DEI content should prompt deeper reflection on how we approach diversity. Are we creating programs that lead to meaningful, measurable outcomes, or are we content with surface-level commitments? As someone who has lived these struggles, I urge institutions to pursue more authentic and impactful strategies.
It's time to move beyond performative gestures and embrace a new era of DEI—one that genuinely empowers people of color and creates environments where we can all thrive.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
