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

Thank you so very much, Chair Beatty. I am proud that we are releasing a third in an unprecedented series of reports examining diversity and inclusion within the financial services sector. This time, we have focused on the diversity of our nation’s largest property and casualty and life insurance companies.

The insurance industry is a unique sector of financial services that has had much less federal oversight than the rest of the financial services industry because it is primarily regulated by the states. But insurance products are equally, if not more, ubiquitous in the everyday lives of consumers. While no one is required to have a bank account or make investments, it is often a requirement to obtain certain types of insurance to drive a car or obtain a mortgage or rent a home.

The Committee’s report makes clear that these companies still have much work to do to improve transparency and accountability.

So, I look forward to discussing the findings of this report. And thank you, Chair Beatty.

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