The Daily Money: At mega-contractors like Raytheon, Moderna and Lockheed, diversity remains a challenge
Happy Hump Day! This is Swapna Venugopal Ramaswamy bringing you today's top headlines.
Hope you’re breathing a sigh of relief now that Tax Day is behind you.
Now, what if I told you that your tax dollars can reinforce gaps in wealth and opportunity for women and people of color?
That is exactly what a first-ever analysis by Paste BN and Reveal from The Center for Investigative Reporting has found based on newly released data by the Department of Labor.
Executives at companies that receive billions of dollars in federal contracts were less likely to reflect America’s diversity than their employees, according to the analysis. Some have been sued for workplace discrimination.
In 2020, 21 companies each were paid more than $3 billion by the federal government, including defense contracting giants like Lockheed Martin and pharmaceutical companies like Moderna, one of the pioneers of the COVID-19 vaccine.
People of color were underrepresented among executives at these corporations compared with the rest of their workforce, the analysis showed. And women were less likely than men to break into top ranks, particularly those of color.
The data is the largest trove of corporate diversity information ever made public after a years-long legal battle by Reveal seeking the reports filed by government contractors each year to the Equal Employment Opportunity Commission. It includes more than 19,000 federal contractors. More than 4,000 others have objected, and their information remains in limbo pending further litigation.
A looming credit crunch as banks slow lending
If you are in the market for a loan or a new credit card, chances are you already are feeling the squeeze of higher interest rates.
The average interest rate on a credit card has climbed to 20.92%, the highest since the Federal Reserve started tracking this information in 1994. New credit card offers carry even higher rates, averaging 22.15% in the first three months of the year, up from 18.32% at the end of 2022.
Despite that, you still have time to take steps to manage their debt and finances to mitigate the fallout, experts say.
To find out what they are, read: "A credit crunch is coming as banks slow lending, brace for impact: Here's how you can prepare"
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About The Daily Money
Each weekday, The Daily Money delivers the best consumer news from Paste BN. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.