Transcripts For CSPAN3 Hearing On Race And Gender-Based Wealth Gaps 20240714

Amass wealth and raised to help overcome those obstacles it. This is about an hour and a half law. The committee will come to order. I know its that all shall be present. Without objections the committee has authorized to declare a recess at the committee at any time without objection, they will accept the full committee on the subcommittee are authorized to participate in todays hearing. The committee is meeting today, pursuant to notice the testimony on examining the racial engender and wealth gap. I now recognize myself four minutes to give an opening statement. Todays hearing is rendered allround a subcommittee exists and the racial and wealth gap is real and acceptable and actually much larger than people think it could be get total access the cash retirement now or youre home and then subtracting abilities such as Credit Card Debt, student loans, mortgage to reach your net worth. But according to the United States in borough, the net worth of white households was 130,000 and 800 dollars. The white Media Network of while the network of the households was 17,530. And for black households it was 9590 dollars. For nearly all working families the, most powerful wealth Building Tools are homeownership and retirements. However due to Structural Racism and rered lining and practices and out white disparity in the list goes on. With long with predatory lengths of disproportion and communities of color and it is been more difficult for certain families to actually build wealth across multiple generations. There is always talk about disparities in come between men and people of color. But social and economic differences should not explain the way racial inequities. Todays reality in which the Home Ownership for black households today is the same as it was in 1967. When race pace discrimination in housing was legal. It did not happen by accident. Weve heard all of those stories. Racial agenda inequities or not caused by individual behavior but steeped in systems that perpetuate past injustices. And this will help leaders who confront the reality that these systems then outcomes emanate from an unjust hierarchy of the United States was built. According to richard ross stein he says we needed a cast system of African Americans and geographically and separated by racial explicit Government Policies and most of these policies are now off the books and have never been remedied and their effect indoor. Flow for that reason, i am proud to have the hearing to identify the undermining issue that perpetuates the gender wealth vied and help set up the stage for the solutions to impromptu saving the nation. Barriers to wealth and accumulation remains the growing issue facing our communities. In particular, my constituents and Congressional District of ohio and the nation at large. There is no one size that fits all and i call him my colleagues of this committee to give this topic my full attention it deserves and Work Together multifaceted federal policy solutions. I yield back and reserve the balance of my time for the chair of the Financial Services committee to chairwoman maxine waters. The chair now recognizes the Ranking Member congresswoman for her full five minutes and for her opening statement. I think the chair and thank you so much for putting together this hearing today and a critical hearing as we direct congressional efforts towards addressing the racial gender pay and wealth gaps. In 1976 one in 20 women were the sole breadwinners and their households and by 2013 it was one in four. And today, women are the breadwinner and nearly two thirds of families with children. There were substantial games in the participating in the workforce and growing our economy. We must ensure that women have equal access to opportunities to support their families safe for the future and build assets. The good news is that we have seen a tremendous improvement and how women are compensated in the past few decades and a 2018 pay scale study which i would ask madam chair that we submit for the record. Without objection. Comparing men and women with similar experience industry and job levels found that women actually received, 98 cents for every dollar earned by men and this is fantastic progress. But, there is so much to be done. Particularly in addressing the wealth gap and the managers gap. And ensuring that the American Workforce is more flexible and Family Friendly so that mothers can participate without facing unnecessary hurdles or sacrifice of the wellbeing of their children and americas next generation. As a woman i worked before, during and after i had my children. And grandchildren. I have always been a passionate defender of equal pay for equal work and order to close the pay gap and empower war women and people of color to be leaders in our workforce. I am proud cosponsor of hr 1925 and the wage equity act. This legislation would empower employees to utilize Flexible Work arrangements and create proactive incentivize businesses to fix this disparity. Protect individuals and negotiating employment based upon merit and not salary history. Target negotiation, education for women and protective employees and discussing their compensation what their colleagues. In 2017, the Accountability Office found that women are under represented in Financial Services industry especially in management. In this industry in mathematics, mathematicians and physicists that work alongside but women receive a far fewer degrees in math, statistics, computers its an engineering compared to men. The under representation of women and minorities in well paid stem careers as one of the underlying causes and creating greater diversity in education and doing it at an early age is critical. Not only for the opportunities for minorities and finance but for all workforce sectors. It is key to sustaining robust Economic Growth in the United States which isnt a letter yesterday to the g8 all which would like to submit for the record in that chair without objection. Requesting a study to assess how firms are supporting participation among women in these programs at the secondary undergraduate and graduate levels. And what best practices firms are using to recruit and with stem degrees. This study will help us to continue to define the strength and the u. S. Industry and i thank you and i will now yield the remainder of my time to the Ranking Member of the Financial Services committee mr. Patrick mchenry. I appreciate the chair for holding this meeting but the things are pretty simple. American syrup full and equal access to the same economic opportunities. That indicating their gender or wealth gap tells us that this is not the case. Financial firms and other companies of all types have recognized the consequences in this country. And firms were taking our steps to address underlined and women and minority length save lives and the Financial Literacy in where we leave in child care policies that i have been supportive of and pushes for higher participation in stem programs that up an effective. So thank you for a special tank thanks and for your initiatives and for looking forward to a good hearing. Thank you. Today, we welcome the testimony of a very diverse and distinguished panel of five witnesses, thank you. First we welcome testimony of dedrick asantemuhammad, the chief of race wealth and community at the National Camp Unity Coalition he. Overseas the and our seas Small Business program and mr. Dedrick asantemuhammad overseas their Small Business program as well. Prior to his role he was a senior director of the Economic Department and executive director of the financial freedom. Next we welcome the testimony of Kilolo Kijakazi who is the Institute Fellow at the urban institute. Miss Kilolo Kijakazi let me do that again, Kilolo Kijakazi, closer research is focused on Economic Security and Structural Racism and the wealth gap. Publications include African American Economic Development and Small Business ownership. Shes an adviser for the closing the Womens Wealth Gap Initiative and was a member of the Bipartisan Commission or Retirement Security and personal saving. We next welcome the testimony of doctor the researcher and specializing in an external evaluation and to increase Faculty Diversity and bring under representing groups into Stem Science Technology engineering and mathematics. Doctor Mariko Chang Pyle is a National Expert and he wealth gap especially gender and racial dimensions of wealth and equality. She is also a Founding Member of closing Womens Wealth Gap Initiative and a member of the Insights Centers experts of color network. Next we welcome the testimony of sallie l. Krawcheck who, is the chair of the network and a 135,000 strong Global Professional womens network. Miss sallie l. Krawcheck is the ceo and cofounder of they digitally First Mission to trim an Investment Platform for women. Before launching miss sallie l. Krawcheck a built a successful center as a ceo and smith barring and u. S. Trust and City Private Bank and stanford bernstein. Shes also the chief Financial Officer for city proof. Finally we welcome the testimony of doctor lisa cook and associate professor as part of economics at the jane Madison College at Michigan State university. She served as president of the National Economic association from 2015 to 2000 and and currently serves as codirector of the American Economic Association Summer training program. Prior to this academic appointment of among faculty and the Universal School of government. She was also the Deputy Director for African Research for the center of International Development and Harvard University. Wow a huge reminder that the testimony will be limited to five minutes. Without objection your written statement will be part of the record. The witnesses are reminded to turn on your microphone and the three lights in front of you. Green means go, yellow means wrap up and red means stop. Men were going to first art with miss kijakazi and you are now recognized for five minutes to give an oral presentation of your testimony. Chairwoman joyce beatty and wagner and other members of the subcommittee, thank you for inviting me to testify today. The views expressed their my own and should not be attributed to the urban institute and its trustees or its funders. This hearing represents a critical step in work that has been done to bring racial and gender wealth gaps to national attention. My remarks will focus on three key points. First, the racial wealth gap is not the result of bad financial choices by people of color. It was created through Structural Racism. Second, to understand and effectively address the racial wealth gap, we need more expensive collection that is federally funded. Third, the gap can be closed but it will require hold Equitable Solutions that focus on policy change and not changing peoples behavior. The ration wealth gap is the difference in net worth between families of collar and white families. Comedian wealth of white families in 2016 are ten times the wealth to black families and a wealth of the research that demonstrates the wealth gap was created by policies for the institutional practices and designed to facilitate the accumulation by white families while impeding wealth is building by the families of color. These policies include Human Trafficking and bondage and building the wealth for white people a policies are restricted back home and Business Owners of the educational opportunities. The family has experience the loss and especially and the displacement of the deportation thereafter. Native americans lost much of their land in Natural Resources in the treaties and forced displacement. Including the home stand act that the americans face special fees and regulations that make them less competitive or white people. Japanese americans were interned during world war ii and losing their freedom and their assets. It was not until 1900 where the state legislation among womens controlled their property and labor market discrimination existed into the 19 seventies and more recently, families of color was for some crime mortgages and they qualified for loans resulting in the loss of Home Ownership inequity. The wealth gap persists even when black families make all of the right and good choices. Black people with college to please and wealth in White High School dropouts and black people who work fulltime have less mauve than unemployed why people and to black families are a single parent white families and may have had the feud First Research that is designed of the ration wealth gap and the data not only by race and ethnicity but the country of origin and affiliation. If the study was limited to the five cities, we need federally funded Data Collected periodically to better understand the drivers and the racial agender wealth gaps and Foreign Policy makers. A possible solution is to expand the reserve board survey and Consumer Finance and the racial and gender wealth gaps are not the problems that require bold and equitable policy solutions and eliminate them. Baby bonds are a solution opposed by Derrick Hamilton that would give all newborns a publicly funded ranging from 500 dollars to 60,000 dollars a. Based on the familys wealth and was held by the federal government and became a young adult and use them and an asset like Higher Education. And they closed the gap and they baby bonds could be covered and our existing taxes for asset building. Over 70 of tax expenditures are to help income earners are a more equitable use of subsidies is a really great cost of baby bonds. In summary, wealth gaps are caused by discriminatory policies and practices thank you. Thank you so much miss Kilolo Kijakazi. I would like to recognize mr. Dedrick asantemuhammad provide minutes. Good afternoon and thank you for inviting me here as the chief of race wealth at the Investment Coalition to speak about the racial divide it was must be done to address this critical issue. He ncrc has grown into based organizations to promote the services of Affordable Housing in entrepreneurship and vibrant communities for america is working families. Groundbreaking work of dr. Kilolo kijakazi and Mariko Chang Pyle there, is growing recognition of the challenge of dropped and growing glacial wealth divide. For racial inequality is racial economic inequality. The race it inequality is racial wealth inequality. As the demographics continue to change, the race so wealth divide is primarily challenged to disenfranchise minorities and the american middle class. As the report referred to in the notes since the 19 eighties, the black and latino families have stuck adolescent and thousand dollars. Why white household is about 105,230 40,000. Despite the growth of white wealth they have slightly declined about three 4000 to 82,000. Showing the wealth divide as the american middle class as a whole. Similar to the divide theres been a racial equality for the assets in the portfolio. This is ownership and for the last 40 years homeownership is below 50 and white homeownership is about 70 . The Second Quarter of 2019 brings about 73 of latino homeownership which that 47 and its about 41 were black homeowners. According to Business Ownership, 30 of the u. S. Population and 10 of African Americans are Business Owners and 2 of businesses were employees as black owners. Spanish a 17 of the population and only 6 of Small Businesses are employees. As was done to jump start White American middle class, significant Investment Capital but we invested to African American, latino a native life. To encourage the wealth divide, we have brought proposals to economic inequality as a whole and racial wealth divide. This report was collaborated between the ncrc institute of the study of race and initially and the project of the institute. These proposals include baby bonds and similar to those that senator cory booker at the 2018 bill titled the accounts act. We also propose a significant investment to Affordable Housing and homeownership. As amplified elizabeth warrens American Housing and economic mobility act and senator Bernie Sanders housing for all plan. It also promotes the h. R. 40 to the study in development of African Americans. Finally, improving Data Collection on race and wealth is another solution. Ncrc strongly advocates for Data Collection in regards to the wealth divide such as the poll ten 71 section of the frank act which requires the see fbi be to disclose better data to the women owned and Small Businesses and and see our sea avocations of the American Housing mobility act requires the banks to be examples of retail loans outside the area of branches and level the Playing Field for Financial Institutions and will be examined by the cra. Old policy proposals are addressing the crisis of racial equality and the committee and diversity will be discussing those areas for us. Thank you very much. If you miss pyle you are now recognized for five minutes to get your oral presentation of her testimony. Ranking member wagner and my name is Mariko Chang Pyle a former associate of sociology at Harvard University and murray Coaching Consulting and i appreciate the opportunity to testify about the Womens Wealth gap and the Womens Wealth gap not only impact women but it affects men, families and especially children and two thirds of mothers are the bread winners are coal breadwinners and one quarter of children under age 18 live in a single mother family and more than ever before the, Economic Security of families rests on women shoulders and data from the 2013 survey of Consumer Finances provide the Federal Reserve reveal a significant wealth gap between single men and women during the prime working ages of 18 to 64. Single men and those who had never been married or divorced or widowhood had a medium wealth of 10,150 dollars. And comparison, single women owned 3210. Expressed as a proportion, women had 32 cents for every dollar of wealth owned by single men. These gaps remain when we take into consideration the other factors that impact wealth such as age, income and level of education. The wealth gap is magnified for women of color and single black women of working age have immediate wealth of 200 dollars. For single Hispanic Women it is 100. Which amounts to less than a penny of wealth for every dollar by their single white non hispanic male counterparts. Women of all races experience a motherhood wealth penalty with mothers possessing only 20 as much wealth as fathers. Again this is much greater for women of color. Black Hispanic Women and children under age 18 have a medium wealth of zero and 50 dollars respectively. In contrast single white men who are fathers at a medium wealth of more than 41,000 dollars. Wages no doubt contributed to what is building they are not the sole determinant and to illustrate and married women working fulltime have closed the wage gap at are almost about one third as much wealth as married men. Closing the wage gap is insufficient for closing the wealth gap for two reasons. The first reason is that women bear a negative economic cause a parenthood and mothers experienced the wage penalty and women are more likely to be Single Parents supporting more people on a single income. Two or more cannot live as cheaply as one. The second reason is that women lack full access to the wealth escalator. The wealth escalator is a mechanism built into our current systems that help people turn their incomes into wealth more quickly. Wealth escalator consists of government benefits such as Social Security and employer related fringe that if its such as paid six days and contributions to retirement plans and tax plates that help people retain wealth. Women and especially women of color lack full access to the escalator because of the types of jobs and because they engage and and because they have lower incomes. Women are also carrying more that which further restricts their ability to build wealth. Differential access of the escalators cement other equities into place. Magnifying the impact of the wage gap and women of color with the racial wealth gap. To reduce the wealth gap we have pay equity and must also expose the wealth escalator so its more than accessible to those caregivers that were not penalized. Ill give three examples of ways this can be done. First, Social Security were that will give credit to the working parttime of caregiving that will not lower average retirement benefits. Second, access to paid family and medical leave is essential. Third, if it limits the political benefits were raised or certain types of assets such. As a vehicles of excluded, than these assets will help low income women in times of temporary need and rather than becoming a barrier to wealth. In summary, reducing the wealth gap is not only about addressing the wage gap. Its a comprehensive approach and doing so is not only good for women but, is essential from proving the wellbeing of the families are nation. I appreciate and welcome your questions. Thank you very much. Miss sallie l. Krawcheck and are looking to give a testimony of your presentation. Thank you and good afternoon everyone. Madam chairwoman and Ranking Members of the committee, thank you for the invitation to testify in the state of agenda wealth of Biden America today. My passion for this topic is a result of the recognition a few years ago of the savings gap and the Retirement Savings crisis in this country and we looked at through the lens of gender women today live six to eight years longer than men and 75 plus of women die single and retire with two thirds of the money and less than a woman of color and the wealth gap is provided as a result of many things of the residential pay gap and the dead gap and the motion gap and they were kept among others and i would add another one to which is sheer wealth escalator which is youre investing gap in which women today have 71 cents of every dollar on their wealth and cash and more than invested the many structural reasons for this is showing us that they will address a couple of issues more addressed in terms of the investment gap and the money gaps. First in, our Society Today boys and girls receive different messages and received them from childhood through adulthood. It we, the gender of internalized beliefs and bounds but research so that young boys and their households today who told to earn money and become a ceo and girls are taught to be careful about crew ponds and saves. Boys receive higher balances of chores and boys city receive higher grades in math with the same answers of the girls. Later in life as will young women we are captivated about money and articles explain to us by budgeting is hard. Websites teller to take the quiz to see if your money type and entire books are written to guilt women and giving up a latte or the off bases of the small luxuries with the financial security. In contrast they are told to dare and grow. So we women tend to go over the course of our lives internalizing and in fact it is today unattractive characteristic in our society to do that as a female. With any lumber that theyre less confident in the money today for women is associated with loneliness and stress and not with power. The second issue relates to the representation of females and the industry. The industry in which they spent more than two and a half decades long and wall street. Today 80, 6 of Financial Advisers are men and 90 of wall street traders are men and 90 are Mutual Fund Managers and 90 of these assets are women. This despite the fact that the Research Tells Us as women are as good or better Money Managers and men are. I dont want to miss the point, the industry symbol of wall street and big and distorting anatomically correct and masculine and it isnt getting any better. Instead, of the industry and diversity that went backwards of the financial crisis. Even though research sows that it is good or better and even though the Research Points clearly to the performance of companies and the leadership. By superior performance, it defeats lowering risks to some that will be able to have done for wall street. What the industry will perhaps be no surprise but will earn less than men do. This wealth gap is important and for example the power in equity of the Metoo Movement is also a money equity. I like to say the amount of money that we could have earned is in a no more metoo money and the and over the leg money. The women and others of why weve gone and built the invested algorithm of gender bias and that women live longer and our salaries need to also. We need to be accessible as possible in investing in minimums. To make it accessible for more people. Among quickly the Investment Platforms engaging with more money and a patronizing way. So many women are on money or shame and loneliness. But Research Indicates that the key driver of the womens confidence and future goals is whether theyre investing in saving. Thank you. Doctor cook, you are now recognized for five minutes to give an oral testimony and presentation. Chairwoman joyce beatty and Ranking Member wagner and members technical problem and we testify today about examining the racial wealth gap in america. 11 to one and from the survey until super finances this is the ratio of households network to black Media Network. 31,000 to one from the Federal Reserve and Derek Hamilton and coauthors of the color wealth in the Boston Report is the ratio of white Household Network to black media household not worth and boston. 50 to one. From the census Animal Survey of entrepreneurs this is the number of white to black entrepreneurs in the United States. They widely covered species on equality in 2014. The chair of the Federal Reserve identified four pillars of opportunity and Building Blocks for income and wealth that most americans hope are the reach of those who strive for them. Resources available for children including education and Higher Education. Business ownership and wealth and given the data on entrepreneurship a network it appears that the opportunities in america are unlocked for racial and ethnic minorities and what we know from economic history and current data is that policies and institutions and practices that are the key opportunity have emerged and that these are diminishing theyre expected outcomes. To quote the opening two Roosevelt Institute. They Roosevelt Institute report provided the racial rules for the economic and social rules roar tougher all and are not working. In a short time i have left, out like to say how that works through the critical impacts of Economic Growth. We mentioned the focus of the long term research. Despite the major gains and women in African Americans remain under represented in the economy. Allow me to start with a few basic facts about the economy. And 2014, the median worker earned 1000 dollars compared to 36,000 dollars for all workers. In general, the economy jobs are growing faster than other sectors and the grades or lower. Research suggests that every stage of innovation process for women under minorities is Education Training and commercialization and i will review each in turn. Education in 1979, this engineering fields were provided to women and about 2014 this was 41. 6 . In 1971, 1 of all phds went to African Americans win by 2014, of this year that went to African Americans was 20. 5 . They trends are similar and the bachelors degrees and comparable to through 2014. What is preventing participation and we have some clues. The recent research of francis suggests that black girls are disproportionately under recommended for calculus classes by math teachers which are a system clears and is a lot more research to suggest that women and minorities are interested in stem but are not consistently supported throughout their academic careers. The second stage of participating in the economy is to be actively engaged. Although, participation has increased, at this critical training stage in 2015, white women made up only 18 of scientists and engineers working in science and engineering occupations. African american women was up to present an African American men was a 3 . Unemployment for under represented minority men was just above 4 and was higher for white and asian men in higher than the average for all scientists and engineers. The Unemployment Rate for African American women is higher than the employment rate overall. Nearly double that a vile scientists and engineers. There are big divides with the respect to this as well. The third and final stages where wealth has accumulated in my coauthor yang and i calculated that the capital could be 0. 6 to 4. 4 higher and more women in africa can participate at the beginning of the admission process. Thank you. Thank you to all of the witnesses and i yield myself five minutes for the first question. Im going to try to get through several questions quickly. The first question will go to dr. Cook, miss krawcheck and mr. Dedrick asantemuhammad. Evidence shows than additional path and additional pathway to Building Wealth is through investments and securities. Yet black families are less likely to own stocked and white families. Partly because black families have fewer Discretionary Income with little or none to invest. Several of you mentioned my good friend darroch milton and the baby bonds issue. So, in 2014, president obama established the program to help low and middle class outcome workers regardless and who dont have access to a 401 k and a pension plan to start saving for retirement. In 2017, the Trump Administration ended this program. So to the three of you, how could the program like this or other federal saving programs help families invest comfortably to build this in the future . I would suggest that this would be reinstituted and is not exactly my research but i know the work of terror camel ton and it used to be the Research Assistant and unfamiliar with the research. I would say that this is urgent. Because we, are starting from so far back and we are talking about boston with the 30,000 to one that worth radio and moments like this are being reinstated. Add programs like my are a will have more wealth and equality and i think also with this Additional Program and you mentioned the Bonds Program that provides Investment Opportunities and finance opportunities for people in their young adult lives and are not just following the note that the main challenge around investment for African American latino families is not just lack of Discretionary Income. Its that deep asset poverty, if youre not a homeowner you can have the challenge of stocks and having even solidified your household and of owning a house. Anything you want to add miss krawcheck . There are more avenues of Retirement Savings and taking care of the finance of the family and Credit Card Debt and the student loan that and individuals from investing for retirement. We were trying to do in the private sector is to keep minimum sorry low. How investment in their nature relief in racist at the end of the day because theyre the ones that have the money and are able to overcome those high investment minimums and working to keep it as plain english and intuitive as possible and suppose to reaching juan scholes is supposed to have this mutual fund or that stop. Let me say thank you. Earlier, we are having a conversation we talk about disparities and talking about algorithms. Its quite interesting that i told the story as when i stick my hands under the water fountain, that its based on people being in trials and nine out of ten times the water does not come on in somebody next to me will put their hands under there and the water would come on. So when we talk about oftentimes people watching, why too we always talk about rate and ethnicity. You finish the story for me. You want to say what you said . We are talking about earlier was just a medical research about the white males art attack and used as crashed armies in the interest of male so, for the investment industry was not surprisingly to the industry which will go by and four men and is probably no surprise that so much about investing remind you so much of sports. Buying low, selling high etc. Thank you. Last question because of the time and this is policy and we have a lot of young people sitting in the audience today. So, when i think about the future and i think about that. I cant help but think about the student loan debt. Can you share how that affects young people in millennials who should be included in wanting to have a prosperous future . So debt really impacts the ability of a young person to accumulate wealth in their lifetime and African American students are more likely to incur debt which means that they may have to delay when they are going to purchase a home which means that at the rate at which they can accumulate their home is slower than that of white students and is absolutely affecting how they can move forward in terms of the rest of the accumulation. Going back to baby bonds, if they had that kind of with the beginning of a young adulthood, they would be able to invest in Higher Education without occurring as much and having the choice that they made for them. Thank you, my time is up but we may be able to put you in on someone else is question. But thank you. I now yield five minutes for questioning to the Ranking Member in my committee, congressman wagner. Chairman beatty, studies have shown that when children are introduced to opportunities indifferent professions at a young age. There are more likely to add to this field. Doctor cook, i know youve done research on this and i am son to hear about the under recommended for a pea courses in color and oftentimes young girls are seeing. What efforts are proactive Companies Taking to increase the number of women and minorities and degrees in the stem programs . What more can be done to increase the number in your estimation . Thank you for your question. I happen to be the director of the American Economic Association Summer program. Economics is a stem field and they come to Michigan State university and supported by the National Science foundation. This is intensive mentoring and it is intensive in a sense that i tell them all the time, new belong here. What age do start . For undergraduates. This is to encourage a representative of minorities and phds an economics. One thing that theyve always been told many times throughout their educational careers is that they dont belong there and in higher level math classes and dont belong in economics classes and metrics classes and data science classes and ai classes for example. A lot of this has to do with mentoring. This is what i do in this two month course and most programs that are similar to it have similar focus. They focus on different pathways to these careers and one that i would suggest in addition to my own is going to the limits at the National Museum of American History to spark the children who can go through these steps and theres about eight steps related to innovation. The last thing they do is to have innovation so youre exactly right in terms of the beginning of your statement. The earlier the exposure and they have their work showing that others have this work showing that children who are exposed to it mention early have much better life outcomes. They accumulate wealth and many outcomes that or prospective. Thank you. Diversity inclusion are two distinct about the economy if this Workplace Climate. You mentioned making workplaces more friendly for women. I interviewed entrepreneurs and tech firms every october and one thing that i find is when men are kept out of a lot of project management and a lot of the projects because they have to go home and take care of children. Changing Workplace Climate is critical. Repercussions because of that, i read your issue in the Washington Center for Global Growth in july and one time you discussed within the stem participation is the effects in the doctoral programs. You touched on a little bit and how these efforts could impact whether they graduate within six years. Its how we can improve this retention. One thing with economics in that what you do is allow them to be isolated you dont have the kind of mentor ship or role modeling but you need. It goes back to the whole concept of not just diversity, but inclusion and acceptance. Ive run out of time and i have to run to the floor. I believe mr. Gonzales will be taking a seat and then i will take back questions. Questions. Thank you very much. We think the panelists for your participation today. Please start with and hoste