Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following statement at a Subcommittee on Oversight and Investigations hybrid hearing entitled, “An Enduring Legacy: The Role of Financial Institutions in the Horrors of Slavery and the Need for Atonement.”

Thank you very much, Chair Green. Financial services institutions played a powerful role in financing chattel slavery. Insurance companies provided the financial protection necessary to transport stolen people from Africa to the United States, and to protect slave owners from loss when a slave died. Banks provided loans to finance the purchase of slaves and accepted human beings as collateral. And some of these institutions are still in operation today, including JP Morgan Chase.

Today, this Committee continues its work to address systemic racism. So, I do look forward to discussing the actions of our financial industry and what they can do to remedy the lasting effects of their having profited from the enslavement of human beings.

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