Democrats from the House Financial Services Committee sent a letter to 20 fintech companies and venture capital firms requesting data regarding their diversity equity and inclusion efforts.
The letter was signed by committee Chair Rep. Maxine Waters (D-Calif.); Rep. Joyce Beatty (D-Ohio), chair of the Subcommittee on Diversity and Inclusion; Rep. Al Green (D-Texas), chair of the Subcommittee on Oversight and Investigations; Rep. Bill Foster (D-Ill.), chair of the Task Force on Artificial Intelligence; and Rep. Stephen Lynch (D-Mass.), chair of the Task Force on Financial Technology.
It served as a follow-up to the committee hearing “Combatting Tech Bro Culture: Understanding Obstacles to Investments in Diverse-Owned Fintechs.”
“The Committee on Financial Services in the United States House of Representatives has made diversity and inclusion a core pillar of its efforts to ensure that the U.S. financial services system works for everyone,” the letter read. “There is a concerning lack of publicly available data to effectively evaluate the diversity among America’s largest digital assets companies, and the investment companies with significant investments in these companies. We believe transparency is a critical, first step to achieving racial and gender equity. That is why your participation in this snapshot is imperative in our efforts to understand how and whether the industry is working toward a more equitable environment for everyone.”
Under Waters leadership, the House Financial Services Committee established the Subcommittee on Diversity and Inclusion, the first in the history of Congress.