Do DEI by one color only: green, as in $, as Prof G Scott Galloway advocates (at min. 26:00 https://www.youtube.com/watch?v=_T_YMpAk-gs). Race is a very imperfect proxy for social class and efficient talent discovery.
Who's a "person of color" anyway? Is an Arab Moroccan less white than the grandchild of his former Jewish neighbor now living in Israel and Silicon Valley? Is the great-grandson of Catalans from Puerto Rico or Cuba Hispanic like a black Cubano or Boricua?
The bilingual middle school in Spanish Harlem I taught in 1978 was a totally uncategorizable bouillabaise. Add a Sicilian immigrant girl for good measure. Would you make her DEI eligible? I would based on culture shock from recent immigration, linguistic adaptation, lower class origins from one of the poorest areas of Italy. She was certainly in no way privileged compared to a native-born black high school kid in Iowa.
And how do you define "marginalized"? By race? social and economic class? native born vs recent immigrant? distance between native language and English? (Hispanics find it easier to acculturate than Hmong, Somali and Khmer immigrants)?
Should the son or daughter of an Indian immigrant private equity multi-millionaire benefit from DEI more than a white coal miner's son from West Virginia or Ohio?
The economist Roland Fryer has the data that says so: https://www.youtube.com/watch?v=IQ9tTottjB8
His argument is the same as Galloway's: race-driven, as opposed to class-driven DEI privileges elite people of color while penalizing poor whites. His black kids will have all the advantages any elite white kid, with the added advantage of socialism for the rich legacy admissions. It's utterly senseless to have race-based DEI that would make his kids DEI eligible.
Want to feed white supremacist racial resentment? Tell the majority of poor people who are white that they're privileged (a majority of white people aren't poor, but a majority of poor people are white).