Chair Beatty Promotes Power of Diverse Banking Leadership
WASHINGTON, D.C. — Yesterday, the House Financial Services Subcommittee on Diversity and Inclusion, chaired by U.S. Congresswoman Joyce Beatty (OH-03), held a hearing entitled, "A Review of Diversity and Inclusion at America's Large Banks." In conjunction with the hearing, the Committee released its much-anticipated report on diversity and inclusion efforts among America's 44 biggest banks.
"Last June, Chairwoman Waters and I sent a letter to our nation's largest financial institutions requesting their diversity data, and today's hearing is the culmination of months of analysis and review of that data," Beatty said to open the hearing. "This report confirms that despite some success in recruitment strategies and establishing employee resource groups, there are clear barriers in retaining and promoting underrepresented groups in the banking industry." She continued, "It is clear that financial institutions need to be more committed, have concrete plans, and adopt cultural changes to ensure varying voices are in the C-suite and boardroom."
Following full Committee hearings in March and April, Waters and Beatty asked the nation's largest financial institutions to share detailed information to better inform Congress on their diversity data, policies, and practices. To view the full report, "Diversity and Inclusion: Holding America's Large Banks Accountable," please visit the Financial Services Committee's website.
"When representation and equity is an overarching priority in the banking industry, we can develop banks that out-innovate and outperform—and more importantly we can continue to move the needle." Beatty added, "This is not only good for industry, but even better for customers and our nation's economy."
During the February 12th hearing, Subcommittee members heard from an expert panel of witnesses who echoed Beatty and a bipartisan majority of her colleagues in recognizing some progress, while also acknowledging the obstacles and much-needed work ahead, including potential legislative remedies to foster a more diverse, talented workforce. Panelists included: Kenneth Bentsen, President and CEO, Securities Industry and Financial Markets Association (SIFMA); Dr. Naomi Mercer, Senior Vice President of Diversity, Equity and Inclusion, American Bankers Association (ABA); Rawan Elhalaby, Senior Economic Equity Program Manager, The Greenlining Institute; Subha Barry, President, Working Mother Media; Joseph Vaughn, Executive Director, Corporate Diversity and Inclusion Forum; and Dr. Gail Greenfield, Principal of Workforce Strategy and Analytics, Mercer.