House Financial Services Ranking Member Maxine Waters (D-Calif.) criticized committee Chair Patrick McHenry (R-N.C.) and other committee Republicans for eliminating the first diversity and inclusion subcommittee.
The subcommittee, chaired by Rep. Joyce Beatty (D-Ohio) for its entire existence, was created by Waters during the 116th Congress in 2019.
The subcommittee’s jurisdiction covered all matters related to diversity and inclusion within all the agencies, departments, programs, and entities within the jurisdiction of the Financial Services Committee, including workforce diversity and inclusion, external or customer diversity and inclusion, and supplier diversity. It also oversaw the Offices of Minority and Women Inclusion within the federal financial agencies and was responsible for the methods, initiatives, and measures to promote financial economic inclusion for all consumers.
“I am deeply disappointed and disturbed to hear that committee Republicans plan to eliminate the diversity and inclusion subcommittee,” said Waters. “When I assumed the chair in 2019, one of my first moves was to establish this subcommittee in an effort to add greater scrutiny to the financial services industry, which for so long, has been overwhelmingly White and male.”
Waters continued: “Through Congress’ first-ever subcommittee of its kind, we held historic hearings and authored ground-breaking reports that provided unprecedented transparency and accountability to America’s largest financial institutions. Our efforts to combat inequities in America’s financial services systems including wealth inequality, gender and racial wage gaps, and high poverty rates ushered in major wins for women, communities of color, and minority-owned and women-owned businesses. Not to mention, we finally put a spotlight on the challenges facing persons with disabilities, the LGBTQ+ community and justice-involved individuals.”
According to a press release from McHenry, which announced the creation of a new subcommittee on digital assets, financial technology, and inclusion, some of the jurisdiction and oversight responsibilities of the now-defunct subcommittee will continue on in this new one and other previously existing subcommittees.