|
Waters Holds Hearing Exploring Inequities in Financial Services for Persons with Disabilities
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following opening statement at a Subcommittee on Diversity and Inclusion hearing entitled, “Diversity Includes Disability: Exploring Inequities in Financial Services for Persons with Disabilities, Including Those Newly Disabled Due to Long-Term COVID.”
Thank you so very much, Chair Beatty.
It is unfortunate that the financial services and housing markets do not adequately serve persons with disabilities. These industries often put profit first and neglect to make accommodations even when the law requires it. Disabled people are disproportionately at risk of being homeless and living in poverty; and Black, Indigenous, or Latinx people are at even greater risk.
Today, roughly 1.2 million more Americans identify as having a disability because of COVID. I have drafted legislation, and encouraged the SEC, to provide investors better information about which companies are accommodating the disabled community. These and other reforms are long past due...
Read Chairwoman Waters’ full opening statement HERE.
Waters and Brown Urge SEC Chair Gensler to Require Data Reporting to Improve Future Rulemakings on Human Capital and Diversity Disclosure
This week, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee and Senator Sherrod Brown (D-OH), Chairman of the Senate Banking, Housing and Urban Affairs Committee, sent a letter to Gary Gensler, Chair of the Securities and Exchange Commission (SEC) urging him to require disclosure of standardized data to help investors and other stakeholders include race, ethnicity, gender, sexual orientation, and disability status in all future rulemaking.
“We write to urge the Securities and Exchange Commission (SEC) to require the disclosure of standardized data of race, ethnicity, gender, sexual orientation, and disability status,” wrote the lawmakers. “As the SEC continues to update its disclosure rules to ensure today’s investors have reliable data to make informed investment decisions, such data should be included in all future rulemaking related to human capital management and diversity.”
See the full text of the letter HERE.
|
|
|
Member Spotlight
| Congressman Sean Casten (D-IL) |
Congressman Sean Casten (D-IL) serves on the Subcommittee on Investor Protection, Entrepreneurship and Capital Markets, the Subcommittee on Consumer Protection and Financial Institutions, and the Task Force on Artificial Intelligence. This week, he participated in the Subcommittee virtual hearing entitled, “Reauthorization and Reform of the National Flood Insurance Program,” and the virtual hearing entitled, “Digital Assets and the Future of Finance: Examining the Benefits and Risks of a U.S. Central Bank Digital Currency.”
Weekend Reads
###
Waters Calls on President Biden to Advance Financial Access and Inclusion for Caribbean Nations
This week, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, sent a letter to President Biden urging him to leverage the ongoing dialogue at the Summit of the Americas to incorporate a key priority for Caribbean nations: financial access and inclusion, particularly to advance solutions to the harmful phenomenon of bank de-risking.
“Most of the Caribbean region has witnessed large financial institutions, both U.S. and foreign, scaling back or terminating their relationships with respondent banks in the region, making it significantly more difficult to do business and obtain financial services,” wrote Chairwoman Waters. “While the de-risking issue overlaps with the broader issues of digital inclusion and financial inclusion, resolving de-risking requires focused, proactive solutions implemented collaboratively with Summit nations. I urge you to ensure that these issues, including access to correspondent banking relationships, are raised at the Summit and are incorporated as a permanent part of the ongoing Summit dialogues.”
See the full text of the letter HERE.
Virtual Hearings
Diversity Includes Disability: Exploring Inequities in Financial Services for Persons with Disabilities, Including Those Newly Disabled Due to Long-Term COVID
The Subcommittee on Diversity and Inclusion convened a virtual hearing where Committee members explored inequities in financial services for persons with disabilities.
- Read Chairwoman Waters’ opening statement HERE.
- Watch the subcommittee hearing HERE.
Reauthorization and Reform of the National Flood Insurance Program
The Subcommittee on Housing, Community Development and Insurance convened a virtual hearing about the reauthorization and reform of the National Flood Insurance Program. In direct response to this private market failure, the National Flood Insurance Program (NFIP) was created in 1968 with the passage of the National Flood Insurance Act (NFIA).
- Watch Chairwoman Waters' statement and Q&A HERE.
- Watch the subcommittee hearing HERE
Digital Assets and the Future of Finance: Examining the Benefits and Risks of a U.S. Central Bank Digital Currency
The full Committee convened a virtual hearing about digital assets and the future of finance, where Committee members examined the potential implications of creating and using central bank digital currencies (CBDCs).
- Read Chairwoman Waters’ opening statement HERE.
- Watch the full Committee hearing HERE.
Chairwoman’s Corner
Waters Applauds Confirmation of Sandra L. Thompson as Director of FHFA
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, released the following statement following the confirmation of Sandra Thompson to serve as Director of the Federal Housing Finance Agency (FHFA).
“I congratulate Director Sandra L. Thompson, who will be the first Black woman to serve as FHFA Director. Our nation continues to face a worsening housing crisis that falls disproportionately on communities of color and threatens to lock future generations out of stable, equitable homeownership. Now more than ever, it is imperative that we have an FHFA Director who will work to find equitable and innovative solutions to expand access to homeownership and affordable housing for every community and prospective homebuyer.
“Ms. Thompson’s years' worth of experience in promoting access to mortgage credit nationwide and protecting the safety and soundness of the housing finance system demonstrates her unwavering commitment to ensuring that the government-sponsored enterprises (GSEs) are well capitalized and operate to expand low-cost mortgage credit to all communities. What’s more, Ms. Thompson’s experience working through several crises, including during the current pandemic, makes her well positioned to continue tackling our nation’s housing crisis head on.
See the full text of her statement HERE.
|
