Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following statement today at a Subcommittee on Diversity and Inclusion hearing entitled, “Building Opportunity: Addressing the Financial Barriers to Minority and Women-Owned Businesses’ Involvement in Infrastructure Projects.”

Thank you so very much, Ms. Beatty. I am so pleased that you are holding this hearing. It is so timely. It is so important. And I thank you for your leadership.

President Biden’s $1.2 trillion Infrastructure Investment and Jobs Act not only will repair our nation’s crumbling roads and bridges, but also presents an opportunity for minority- and women-owned small businesses. As we celebrate Black History Month, we must keep in mind that diversity and inclusion require intentionality. We saw with the initial rollout of the Paycheck Protection Program, the big banks provided concierge access to their larger, majority owned clients, instead of providing fair access to all small businesses, and it required the Members of this Committee to end that practice.

I am interested in hearing from our witnesses on what needs to be done to ensure the federal government and the financial sector make available the resources necessary for minority- and women-owned firms to access the many federal contracts in the infrastructure legislation.

So, I thank the witnesses for their testimony, and I yield back.

###