[inaudible] thank you. The subcommittee will come to order. Without objection the chair is authorized to declare a recess of the subcommittee at any time. Without objection members of the full committee not on this subcommittee are authorized to participate in todays hearing. Members are reminded to keep their video function on at all times, even when they are not recognized by the chair. Members are also reminded that they are responsible for muting and unmuting themselves, and to meet themselves after they finished speaking. Consistent with the regulations of a Company House resolution 965, staff will only mute members and witnesses as appropriate. We not recognized to avoid inadvertent background noise. Members are reminded that all house rules relating to order and decorum apply to this remote hearing. This hearing is entitled Holding Financial regulators accountable for diversity and inclusion. I now recognize myself for four minutes to give an opening statement. Todays hearing focus is Holding Financial regulators accountable for diversity and inclusion, perspective from offices of minority and women inclusion. Our country is facing three pandemics, covid19 and economic pandemic, at this fight for social justice pandemic. These challenges have reshaped our work and our personal relationships in unprecedented ways. Todays hearing is dashed by appreciate all of our witnesses and members for participating by webex. Im hopeful we will be able to strike a balance between pastoral contents, the man for greater industry inclusiveness and transparency, as well as highlights accomplishment. 2020 marks the tenth anniversary of the doddfrank wall street for a Consumer Protection act. Through the leadership of our chairwoman, chairwoman Maxine Waters come members of the Democratic Caucus and countless diversity and inclusion stakeholders section 342 of doddfrank was devised to serve as a catalyst to enhance diversity and inclusion performance as a financial regulatory agency, and for the entities they regulate. Prior to the enactment of doddfrank policymakers, Financial Services come stakeholders, lack access to performance data to transparency review diversity practices and policies of regulated entities. And the financial crisis in 2008 disproportionally impacted low income americans in communities of color. Congress recognizing the Important Role the First Communities of plate in the United States economy took action to diversify the Financial Service sector to help prevent the usage and discriminative practices that help cause the crisis from happening again. Throughout the 116th congress, i along with my colleagues have reminded that all diversity and inclusion is a business imperative. Improve the bottom line and its essential, it is an essential tool for closing the racial wealth gap. Our diversity and Inclusion Work has brought new life into how Financial Institutions and agencies evaluate, access, and expand inclusiveness. A recent analysis highlights a persistent lack of racial diversity in senior roles at the regulatory agency. Our work is pointed to systemic racism as the need for us to the intentional in our inclusiveness, contrary to President Trump comments. System grayson is a National Crisis which Diversity Community in our economy here in june Federal Reserve chairman Jerome Powell acknowledged structural discrimination exists in the United States economy today, and impedes the economic success of communities of color. Mr. Powell also highlighted that theres a requirement that Asset Managers and brokerdealers who contract with the fed in the pandemic relief effort must meet diversity and inclusion performance requirements. Just as we have charged the banks and other Financial Institutions to discuss and share data regarding how they have improved the workplace and supply diversity policy and practices, we are eager to hear from you regarding your agencys performance. Because transparency and accountability are critical to achieving effective and sustainable performance. We recognize your limited authority, and have been informed each other Agency Directors that this is them that this committee will be Holding First in line for accountabilities on diversity and inclusion performance. In closing, we are resolute and determined to see your agencys and regulated entities achieve both the letter and spirit of doddfrank, the success of our economy depends on the full inclusion of all communities. The chair now recognizes the Ranking Member, the gentlewoman from missouri, and my friend, congresswoman wagner for five minutes. Thank you, madam chairwoman. Its good to see. I pray she juuling district at a like to to thank all the witnesses for testifying today. We look forward to hearing from each of you on the work that the office of minority and women inclusion have been doing this successfully diversify the workforces of our financial regulators. Over the past year this subcommittee has failed multiple hearings on the benefits of Diverse Workforce studies Show Companies with Diverse Workforces performed better compared to the less diverse competitors come Diverse Firms proving more innovative and companies with less diversity. It is in a Companies Best interest to hire and develop a Diverse Workforce and create an Inclusive Work environment. Federal agencies like the private sector will realize many benefits from a Diverse Workforce. The pursuit inclusion while related are not separate issues and must be addressed couple i company or federal agency may be able to increase recruitment is equally as important to focus efforts to make sure the environment is included. Every change and to fully realize the benefits of a Diverse Workforce. Studies continue to show minorities and women tend to lead Financial Services firms at a higher rate than their white male counterparts. To improve the rate of retention, companies and federal agencies must adjust their culture and promote the development of diverse talent. This requires a pronounced commitment from leadership and a specific action plan to increase inclusion. In order to be most Effective Company policy changes should be of limited from the top down and have buyin at all levels of management. When i speak of topdown policy changes be if omitted, a prime example is mentioned in todays test one. Ms. Cofield needs regular with acting control brook and the agencies executive eddie and Senior Management to assure the occ fulfills its commitment to diversity and inclusion. Its by ends like this at the senior level that makes a diverse, that makes a big difference whether its a director meeting with an agency head in senior staff, or the chief diversity officer having constant communication with the ceo. That relationship fosters a strong commitment to successfully recruit, retain and promote minorities and women. The benefits of a Diverse Workforce of wellestablished and the private sector still a set of best practice to recruit and retain a Diverse Workforce and prioritize inclusion. Federal agencies would also benefit from implementing these strategies. Some of the best practices we have learned about in hearings this congress that increased retention rates and approved inclusivity of the workplace, include providing Financial Literacy training, transparency regarding salaries, and promotion opportunities. Mentoring and sponsorship programs, Employee Resource Groups, unconscious buys training, a Flexible Work for working mothers. Our goal today should be to identify the successful strategy for recruiting and retaining minorities and women, and explore how Government Agencies can better but those strategies within their own structures. I look forward, try to about the work that you all and always has been doing today and i have his committee for examining these important issues. I thank you and i yield back, madam chair. Thank you very much, Ranking Member kaine the chair now recognizes the chair of the full committee, the gentlewoman from california, the author of doddfrank 342, congresswoman Maxine Waters. Very much, chairwoman beatty. [inaudible] february hearing today we have assembled of the directors of the office of minority women and inclusion known as omwi from the financial regulator agencies to discuss their progress and challenges in fulfilling their diversity of inclusion oversight initiative. Ten years ago i authored the language in the doddfrank wall street reform and Consumer Protection act that created the own to be champions and watchdogs that are Financial Services agencies for diversity and inclusion on the tenth anniversary of doddfrank it was growing protests across the country calling for an end to systemic racism. This hearing is long overdue. I want to thank you and ms. Wagner for the work that you been doing, giving oversight ever since her elected to office. You have been taken on this responsibility and i so appreciate you for. The Financial Services regulators play an Important Role in removing systemic racial and gender barriers and the literature the American Economy is inclusive and accessible to all. I yield back the balance of my time thank you so much to our chairwoman. Today, we are, we welcome the testimony of nine witnesses divided into two panels. Our first panel of omwi directive will focus on the banking regulators. Joyce cofield is the executive director, office of minority and women inclusion of the office of the comptroller of currency. Sheila clark is the director of the office of minority women inclusion of the board of governors of the Federal Reserve system. Lacey dingman is the director, office of minority and women inclusion of the Federal Reserve bank of new york. Nikita pearson is the acting director, office of minority women inclusion of the federal deposit insurance corporation. And monica davy is a director, office of minority and women inclusion of the National CreditUnion Administration witnesses are reminded that their oral testimony would be limited to five minutes. I chime will go off at the end of your time and ask that you respect the members and other witnesses time by wrapping up your oral testimony. Without objection your written statement he made part of the record. Ms. Cofield, you are now recognized for five minutes to give an oral presentation of your testimony. Chairwoman beatty, Ranking Member wagner, and members of the subcommittee, i am Joyce Cofield and i serve as the executive director of the office of minority and women inclusion at the office of the comptroller of the currency. I am pleased to discuss our commitment to diversity and inclusion within a workplace as suppliers in the federal Banking System. The occ omwi was established in 2010 in the doddfrank act. I have served as the executive director since its inception. Acting comptroller brooks and i share a commitment for promoting diversity and inclusion. I meet regularly with the acting comptroller as i with previous comment to restrict the occ is dedicated to maintain a Diverse Workforce through a strategy that focuses on leadership commitment, Recruitment Strategies that provide diverse workplace, retention strategies, sensitive to employ differences and a culture that respects, values, speaks diversity. As the subcommittee has heard in previous things come successful diverse and inclusion begins the tone at the top acting comptroller brooks has vigorously championed his commitment towards improving the impact of occ diversity programs and disengage executive committee on how to improve the diversity of candidates place for hiring and promotion. Additionally, we are excited about a recently launched Initiative Project reach that convenes leaders from banking, civil rights, technology and business organizations to execute projects that will reduce barriers to the full and fair economic participation, and expand access to credit and capital to minority and underserved communities. To ensure that occ hires and retains management of staff, omwi provide each position with Detailed Analysis that Workforce Trends twice you to visit the integration of diversity and inclusion into Business Unit plans. These analyses include recruitment and hiring, emotions and separations, and Employee Development and retention information. To expand the diversity of our applicant pool, the occ took more than 200 colleges and universities including hispanic serving visitations, historically black colleges and universities, and institutions with large female student populations. We participate in my nordic professional organizations actively support interns. This summer we hosted more than one of minority students from local high schools for a six week paid virtual leadership internship. Despite limitations from the coronavirus, the occ provided the interns with many positive, enriching experiences. The occ provides a variety of education and developmental opportunities. Omwi supports these efforts by providing focused diversity and inclusion training including for both managers and employees and, of course, on women in leadership. The agency recently added leadership exploration and Development Program to build leadership competencies for aspiring leaders and managers. In the first cadre completing this fall, there was 53 female, 18 blacks, and 12 hispanic. The occ is also committed to the inclusion of minority womenowned businesses at all levels of our business activity. I am proud that over the last ten years greater than 30 all occ procurement contracts of god to minority and womenowned businesses. Working closely with our procurement colleagues, omwi staff provides Technical Assistance, greater awareness and facilitate matchmaking with potential contracting. And finally omwis efforts including collecting data from the diversity policies and practices of the banks we supervise. In 2015 rejoice in the publication of the policy for joint standards. This policy statement provides the framework for banks to complete selfassessment, encourages disclosure to the occ and to the public to keep awareness of the banks commitment to diversity. To encourage bank to submit the selfassessment we have collaborated with the other agencies. This year the banks will have until october to return their 2020 Self Assessments. I thank you for the opportunity to appear before you today and look forward to your questions. [background sounds] thank you. Ms. Clark, you are now recognized for five minutes to give an oral presentation on your testimony. Thank you. Chairwoman beatty, Ranking Member wagner, members of the subcommittee, thank you for the opportunity to testify today on the Important Role of the office of minority women and occlusion of the Federal Reserve board. The board is deeply committed to an Inclusive Workplace and a Diverse Workforce. As well as fostering the purchase and own particular practices and those at the institution we regulate. Diverse perspectives in spite of best ideas, speak to the best decision and advance the Federal Reserve mission in service to the public. The board established its office of diversity and inclusion in january 2011 to promote Diversity Inclusion throughout the board, the system and in the Financial Services industry. I work closely throughout the board and the system with the other omwi directors of the 12 reserve banks recognizing the commitment of the board on these important issues is shared by the banks and their leadership. We administer and directs equal Employment Opportunity compliance policies and programs, and includes the office of