April 3 (Bloomberg) — Morgan Stanley Chief Financial Officer Ruth Porat called the low number of women running U.S. companies an "embarrassment" that shows the need for new laws.

"Women are still not reaching the most senior levels of corporations," Porat, one of Wall Street's highest-ranking women, said yesterday at the Japan Society in New York. "This is not the shortcoming of women. We're talented and smart."

Four decades after substantial numbers of women began entering management ranks, they tend to start at lower salaries than men and rarely reach the top posts that pay most. Lawmakers should consider structural changes, such as requiring companies to provide family leave, so that women aren't forced to choose between successful careers and having children, said Porat, 56.