SUBSTITUTE ORDINANCE
WHEREAS, the City of Chicago has long had a policy of encouraging the participation of firms owned and/or controlled by women and minorities in financial matters affecting the City, including the issuance of municipal debt; and
WHEREAS, the policy was adopted because firms owned and/or controlled by women and minorities have traditionally been smaller and lacked access to capital that can spur economic growth; and
WHEREAS, because its financial transactions tend to be large, the City's policy opens opportunities for firms owned and/or controlled by women and minorities to acquire valuable business experience that can lead to greater acceptance in the market; and
WHEREAS, many firms that are not owned and/or controlled by women and minorities and that participate in City financial matters employ women and members of minority groups; and
WHEREAS, the participation of such employees in city financial transactions can give them the type of professional and business experience that can lead to advancement, opening of management opportunities, and eventual ownership; and
WHEREAS, it is appropriate for the City Council of the City of Chicago to encourage the development of business skills that can enhance the City's business climate and growth; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1. This ordinance shall be known as the "Diversity in Firms Disclosure Ordinance." The purpose of this ordinance is to promote full and accurate disclosure to the City of data about gender and race or ethnicity by type of job for firms that provide financial services to the City in connection with debt obligation transactions and brokerage services, and to encourage equal opportunities to develop professional expertise and experience and to participate in or otherwise work on such transactions and services.
SECTION 2. Chapter 2-154 of the Municipal Code of Chicago is hereby amended by adding new sections 2-154-017 and 2-154-018, ...
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