Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following statement at a Subcommittee on Diversity and Inclusion hybrid hearing entitled, “A Review of Diversity and Inclusion Performance at America’s Largest Investment Firms.”

Thank you so very much, Chair Beatty. I am proud that your efforts have culminated in yet another groundbreaking report, this time on the diversity of our nation’s largest investment firms. 

In March 2021, Chair Beatty and I sent letters to 31 firms that manage more than $400 billion in assets, and requested their diversity and inclusion data, practices, and policies.  

The firms in this report oversee assets totaling more than twice the size of the United States GDP. They invest the retirement savings of millions of Americans and drive investment in companies and communities.

The Committee’s report makes clear that these firms have much work to do; and transparency and accountability is the path to progress. 

So, I look forward to discussing the findings of this report. And again, I thank you so very much, Chair Beatty, for the progress that you are making in this whole area of diversity and inclusion.