The Future of DEI: The Case of the Fearless Fund
A Regulatory Transparency Project Fourth Branch Film
A Regulatory Transparency Project Fourth Branch Film
In March 2025, President Trump issued an Executive Order scaling back federal DEI initiatives, signaling a major turning point in the national conversation around race-conscious policies in the workplace.
This Regulatory Transparency Project’s latest short film revisits American Alliance for Equal Rights v. Fearless Fund, a case challenging a race-based grant program under Section 1981 of the Civil Rights Act of 1866.
Featuring legal scholars, civil rights attorneys, and policy experts from across the ideological spectrum, this documentary explores the origins of DEI policies and asks whether these initiatives are a necessary path to equality — or an obstacle to it?
Featuring:
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As always, the Federalist Society takes no position on particular legal or public policy issues; all expressions of opinion are those of the speaker.
Jackson Eli Reynolds Professor of Law, Stanford Law School
Ralph Richard Banks is the Jackson Eli Reynolds Professor of Law at Stanford Law School and a professor, by courtesy, at the Stanford Graduate School of Education. He is the Founder and Faculty Director of the Stanford Center for Racial Justice, an initiative that aims to confront and counter the polarization that plagues American society through an analysis of contentious racial issues free from the orthodoxies of Left and Right.
Professor Banks is the co-author of two leading law school casebooks, Racial Justice and the Law: Cases and Materials (2016) (with co-editors Kim Forde-Mazrui, Guy Uriel Charles and Cristina Rodriguez) and Family Law in a Changing America (2nd ed. 2024) (with co-editors Douglas NeJaime, Joanna Grossman, and Suzanne Kim). He is also the author of the trade book Is Marriage for White People? How the African American Marriage Decline affects Everyone (2011; paperback 2012), described by the Los Angeles Times as a “must read,” by the New York Times as “important” and by the Wilson Quarterly (the official publication of the Woodrow Wilson International Center for Scholars) as one of the Top Ten Books of 2011. The book has been featured by a wide range of media outlets, including The Wall Street Journal, The Economist, Essence magazine, The Village Voice, Time, Newsweek/The Daily Beast, and also NPR (local and national) CNN, ABC News/Nightline, The View, and Fox News, among many others. His forthcoming book, The Big Sort: How College Can Make or Break the American Dream, will be published in 2025.
At Stanford, Professor Banks teaches Constitutional Law, Family Law and a variety of courses related to race, law and inequality. He joined the Stanford faculty in 1998 after clerking for federal judge Barrington D. Parker, serving as the Reginald F. Lewis Fellow at Harvard Law School and practicing law at the law firm O’Melveny & Myers. He graduated from Harvard Law School with honors and received Bachelor’s and Master’s degrees from Stanford University.
Partner, Consovoy McCarthy PLLC
Thomas R. McCarthy is a partner at Consovoy McCarthy Park PLLC. Mr. McCarthy assists clients with a wide array of issues in federal district and appellate courts across the country. He frequently represents clients in complex litigation involving diverse legal issues arising under the First Amendment, the Equal Protection Clause, the Commerce Clause, and other provisions of the U.S. Constitution. Mr. McCarthy also represents clients in litigation matters involving numerous federal statutes such as the Administrative Procedure Act, the Federal Arbitration Act, the Sherman Act, the Communications Act, the Voting Rights Act, and the Patent Act. He also represents clients with regulatory matters before the Federal Communications Commission, the Federal Trade Commission, and various other federal agencies.
Mr. McCarthy is a former law clerk to Judge David B. Sentelle of the United States Court of Appeals for the D.C. Circuit, and Judge Frank W. Bullock, Jr. of the United States District Court for the Middle District of North Carolina. Since 2011, McCarthy has been the co-director of the George Mason University School of Law Supreme Court Clinic. He previously taught an advanced constitutional law seminar at Mason Law.
Mr. McCarthy earned his BS from the University of Notre Dame, where he was a Notre Dame Scholar, and his JD magna cum laude from George Mason University School of Law. Mr. McCarthy is a member of the Virginia and District of Columbia bars.
Aditi Juneja is the Executive Director of Democracy 2076, an organization founded in 2023 working long-term to change our Constitution, political culture, and political parties. She was most recently Chief of Staff at the Movement Voter Project and previously spent 4 years at Protect Democracy where she led the work of the National Task Force on Election Crises. Her writing has been featured in Vox, NPR, and Talking Points Memo. She received her J.D. from NYU Law School and a B.A. from Connecticut College
Managing Partner, AKP Management
Ayana Parsons is an award-winning leadership expert who founded and runs AKP Management LLC, a business and leadership consultancy for purpose-driven changemakers. In 2024, Ayana was named one of the 100 Most Influential African-Americans by The Root and one of 18 experts closing the racial wealth gap in America by Time Magazine.
In addition to AKP Management, Ayana is Co-Founder of the Fearless Fund, the first venture capital fund created for women of color by women of color. The fund was formed in 2019 to eradicate the racial and gender disparities that exist in venture capital.
Prior to AKP Management and Fearless Fund, Ayana co-founded Yardstick Management alongside her husband, Dr. Ebbie Parsons. Yardstick eventually became the best consulting firm in America (Inc. Magazine), providing organizational strategy support to hundreds of notable clients.
As part of her efforts to advance equity and inclusion at the highest levels, Ayana formerly led Board & CEO Inclusion at Korn Ferry. During her time as a Principal at Heidrick & Struggles, she served as a cabinet member for Stanford University’s Clayman Institute for Gender Research where she provided thought leadership on closing the gender gap in corporate boardrooms and in the executive suite. Prior to Korn Ferry and Heidrick & Struggles, Ayana served as the Global Head of Retail, Consumer Goods, and Lifestyle Industries at the World Economic Forum.
A seasoned corporate executive, Ayana’s industry career spans sales, marketing, strategy and general management roles at several of the world’s most admired companies including Philips, Pfizer, Kimberly-Clark and Procter & Gamble.
With 20+ years of experience as a venture capitalist, organizational consultant, corporate executive and entrepreneur, Ayana leverages her deep expertise in consumer markets, business strategy, general management, enterprise leadership, top team effectiveness, board effectiveness and inclusive talent management to help fuel personal and professional growth and transformation.
Devon Westhill is the Assistant Secretary for Civil Rights at the U.S. Department of Agriculture. The U.S. Senate confirmed President Donald Trump’s nomination of Westhill on October 7, 2025.
Westhill returns to the USDA where he previously headed the civil rights office as Deputy Assistant Secretary in President Trump’s first term. His previous government appointments also include service at the U.S. Department of Labor, liaison to the Administrative Conference of the U.S., and liaison to the White House Initiative on Historically Black Colleges and Universities. Prior to returning to government service, Westhill was President and General Counsel of a nonprofit civil rights organization.
Westhill has testified on civil rights matters before Congress, federal agencies, and as an expert witness in federal court. He has spoken hundreds of times at college campuses, conferences, and on radio and TV programs, and he is frequently quoted in print publications, and his writing has appeared in numerous national outlets. A U.S. Navy veteran, Westhill earned his BA from the University of North Carolina at Chapel Hill and his JD from the University of Florida.