Waters, Brown and Green Statement on GAO Report on Management Representation of Minorities and Women and Diversity Practices in the Financial Services Industry
Today, following the public release of a Government Accountability Office (GAO) report entitled “Financial Services Industry: Trends in Management Representation of Minorities and Women and Diversity Practices, 2007-2015,” Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, Senator Sherrod Brown (D-OH), Ranking Member of the Senate Committee on Banking, Housing and Urban Affairs, and Congressman Al Green (D-TX), Ranking Member of the House Financial Services Subcommittee on Oversight and Investigations, issued the following comments:
“It is important that we improve the racial, ethnic and gender diversity of the financial services industry workforce,” said Ranking Member Waters. “In this report, the GAO found only a modest improvement in the overall representation of minorities in management positions in the financial services industry from 2007 through 2015, and the report very troublingly shows that representation of African Americans actually decreased at various management levels, despite the increasingly diverse racial and ethnic demographic makeup of the American population. This is unacceptable. Diverse representation in the management of these institutions is essential in order to ensure that all consumers have fair access to credit, capital and banking and financial services.”
The GAO report found that:
The GAO report, which is an update to an April 2013 report, was requested by Ranking Member Waters, Ranking Member Brown, and Ranking Member Green.