Nasdaq's 'diversity' mistake

 NY Post:

A group of Republican-led states slammed Nasdaq’s implementation of a diversity disclosure rule for corporate boards this week, arguing in a court filing that the requirement is illegal and unconstitutional.

The states outlined their position in a legal brief supporting a lawsuit in the Fifth Circuit Court of Appeals, which seeks to block the rule. In the filing, the GOP administrations argued that Nasdaq rule “violates both the Constitution and exceeds the SEC and Nasdaq’s statutory authority.”

“It is unconscionable to see discrimination so blatantly put on display by requiring these companies to hire employees based solely on race, sex, and sexuality,” Texas Attorney General Ken Paxton said in a statement.

“The SEC’s quotas violate the Constitution and federal civil rights laws by requiring that companies overlook a person’s relevant qualifications under the guise of promoting diversity,” he added.
...

The rule is a costly mistake.  People should be selected on the basis of their merit for a job and not on the basis of ethnicity or gender.   It is the equivalent of requiring the New York Giants to hire a petite woman as a defensive tackle because women are underrepresented on a football team.  They are turning diversity into a weakness for companies.

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