To implement the requirements of Section 342 of the Dodd-Frank Act related to the workforce diversity of agency contractors, the SEC includes the Contract Standard for Contractor Workforce Inclusion (Contract Standard) in all solicitations and contracts for services with a dollar value of $100,000 or more. The Contract Standard also is to be included in subcontracts for services with a dollar value of $100,000 or more awarded under the contract.

The Contract Standard requires the service contractor to confirm it will ensure, to the maximum extent possible and consistent with applicable law, the fair inclusion of minorities and women in its workforce. The Contract Standard further requires the contractor to provide documentation, upon the request of the OMWI Director, demonstrating it has made good faith efforts to ensure the fair inclusion of minorities and women in its workforce and, as applicable, documentation demonstrating its covered subcontractor(s) has made such good faith efforts.

OMWI conducts post-award reviews, referred to as “Good Faith Effort Reviews,” to determine whether contractors and subcontractors have complied with the requirements of the Contract Standard to make good faith efforts to ensure workforce inclusion of minorities and women. To initiate the review, OMWI sends the contractor a letter requesting the documentation specified in the Contract Standard. Frequently Asked Questions provides additional guidance to contractors on responding to the request.

Contract Standard and Good Faith Effort Reviews Webinar

In August 2020, the SEC’s Office of Minority and Women Inclusion hosted a webinar to provide an overview of the Contract Standard and Good Faith Effort Reviews conducted by OMWI.

• Watch Webinar
• Download webinar slides