Are authorized to participate. Even when they are not recognized and that they are responsible and then to convince themselves after they finished speaking consistent with the regulations and only is appropriate. All house rules related to order and decorum applied to this remote hearing. To hold financial regulators tyaccountable and in conclusion perspective from the offices of minority and women inclusion. I now recognize myself or four minutes to give an opening statement. Todays hearing focus Holding Financial regulators accountable with diversity and inclusion. Our country is facing covid19 and an economic pandemic and the fight for social justice. These challenges have reached our personal relationship in the unprecedentedys way. I appreciate all the witnesses i am hopeful we will be able to strike a balance between Historical Context with the demand of greater industry inclusiveness and transparency and accomplishment 2020 marks the tenth anniversary of the dodd frank reform act. Chairwoman Maxine Waters from the Democratic Caucus and one of the stakeholders section 342 of dodd frank would provide as a catalyst. And prior to the enactment the Financial Services stakeholders have access to performance data and in the financial crisis of 2008 disproportionately impacted low income americans and communities of color. Congress recognizes the diverse role it plays to help prevent the abusive and discriminatory practices that stop the crisis from happening again. 116th congress i along with my colleagues that all diversity and inclusion is essential to buy gap it brings new life into the Financial Institutions to evaluate and access with inclusiveness. And without recent analysis of the diversity of a Regulatory Agency. Appoints to systemic racism in our inclusiveness contrary to President Trumps comments. Systemic racism is a National Crisis that diversity community. In june Federal Reserve chairman Jerome Powell acknowledged discrimination exist in the united te states and that the access managers who contract is the pandemic relief efforts mostly that performance requirements those to discuss and share to improve the workplace we are eager to hear from you with transparency are critical to achieving sustainable performance. With each of the Agency Directors with diversity and inclusion performance. And the agency and regulated entity with a letter and spirit of god dodd frank and with that conclusion the chair now recognizes the Ranking Member congresswoman wagner for five minutes. Its good to see you and most of the committee here today. I appreciate you holding the hearing and thank you to all the witnesses for testifying today. We look forward those have been successfully diversifying the workforce of financialal regulators. On the benefits of ae Diverse Workforce those those that are more innovative. And that is the best interest to higher to create the inclusion and federal agencies like the private sector to realize many benefits as a federal agency may be able to increase recruitment as equally as important to focus efforts to make sure the environment is included to fully realize the benefits of a Diverse Workforce. And to retain the rate of retention and with that development and this requires a pronounced equipment and action plan to increase inclusion and should be implemented from the top down to have buyin at all levels of management the prime example and the testimony she meets regularly with acting contrary theres an agency and the Senior Management to ensure the occ fulfills its commitment to diversity andei inclusion. And at the senior level to make a big difference and to have constant communication with the ceo that fosters a strong relate on commitment to retainsu and promote minorities and women those are wellestablished in thed private sector a set of best practices to recruit and retain a Diverse Workforce and prioritize inclusion. Federal agencies would also benefit to implement the strategies. Some of the best practices we have learned about to improve the inclusivity of a workplace with Financial Literacy training and transparency with salaries and promotion opportunities. Mentoring and sponsorship programs with unconscious bias training and Flexible Work hours for working mothers. Our goal to be identified as a successful strategy to recruit and retain minorities and women and how the Government Agencies can better implement within those structures. I am proud of this committee to examine these important issues. I yield back. We now recognize the chair of the full committee the gentlewoman from california congresswoman Maxine Waters. Thank you very much. And with that hearing today with the office of inclusion of a Regulatory Agency toci discuss progress with their diversity and inclusion. Ten years ago to create that champion and watchdog for the Financial Services entity and with those protest across the country to call for systemic racism this hearing is long overdue thank you for the work you have been doing ever since you have been elected to office you have taken on this responsibility. And then to remove systemic racial bias to ensure the American Economy is improving. Thank you to our chairwoman. Today we welcome the testimony of nine witnesses divided into two panels. Coming to focus on the banking regulators. The executive director inclusion of the comptroller. Sheila clark is the director of office of minority women inclusion of the board of governors of the federal reserv reserve. The Director Office of minority of women inclusion of the Federal Reserve bank of new yor york. And from the fdic and the Director Office of minority and women inclusion of the National Credit union administration. The oral testimony is limited to five minutes. Please respect the members and other witnesses time by wrapping up oral testimony. You are now recognized for five minutes to give an oral presentation of your testimony. Chairwoman and members of the subcommittee i serve as executive director of the office of minority of women inclusion from the comptroller. And with that commitment to diversity and inclusion established in 2010 and those to share ate commitment with diversity and inclusion with the acting comptroller the occ is dedicated to maintain a Diverse Workforce with the commitment in the proven strategy for diverse workplace with that competency pipeline in the strategy and to employ differences and the culture thatre respects value acting comptroller and with this mmcommitment with that Diversity Program and how additionally with that initiative launch project with the executing projects to reduce barriers to the full and fair participation and expand access to the underserved communities to ensure occ hires a Growth Management to have Detailed Analysis twice a year totr facilitate the integration of diversity and inclusion. With hiring and promotion and employee development. And to expand to 200 colleges and universities and historically black colleges and universities and those with large female student populations to participate in the professional organizations posting more than 100 minority students despite limitations from the coronavirus many positive experiences. With the developmental opportunity to support the efforts by focused diversity inclusive training of course women in leadership. And with the leadership and exploration programs in the first half 50 percent female 18 percent black 12 percent hispanic. I am proud over the last ten years all of those contracts had gone to minority and women owned businesses working closely and finally these efforts to collect data from the diversity of the pink of the banks we supervise. With thats occ to increase awareness to diversity. This year the banks will return and i thank you for the opportunity. And to giveur an oral presentation on your testimony. Members of the subcommittee thank you for the opportunity to testify today on the Important Role of the Federal Reserve board it is deeply committed with the workforce. And to make the best decision to advance the Federal Reserves mission the board establishes including january 2011 for diversity and inclusion into the Financial Services industry i work closely throughout the board at the 12 reserve banks to recognize these important issues is shared by the banks and their leadership so the equal Employment Opportunity policy and program so the office of minority and inclusion section 342 of the dodd frank act the procedures and initiatives to ensureus fair inclusion of minorities, and women owned businesses with all activities of the board with those policies and practices. And then to outline those challenges i will highlight key areas of this report increasing the level of diversity and in 2196 female divisional directors one is africanamerican. Those that were male but in addition three africanamericans and one hispanic and those that served as deputy directors and then to engage in the division of progress against the board Diversity Inclusion standards we will continue to adjust challenges with major Job Functions and in the pipelines. The federall reserve system racial ethnic and sectarian old diversity they sponsor more effectively even they constitute to encourage a variety of diverse and 2020 those that were appointed to represent the public in those class b directors for race and ethnicity and gender and those inclusion of minority owned and women owned businesses in that process said for example 2019 contracted awarded to minority and women owned businesses increased in 2019 due in part to engagement focusing on minority and women ipowned businesses and also creating a database to ensure the capabilities that meet our needs and in addition we align businesses a with subcontracting activities so with a wide range to increase Financial Literacy to help students for economic and with those to the board Federal Reserve outreach programso and also to participate in the economic us to Seek AssociationSummer Program hosted by Howard University 2021 through 2025 this is discussed in the in your report those we regulate to provide information and then to facilitate greater participation we appreciate the subcommittees interest in our work and we look forward to work with you to continue to advance ill be glad to answer any questions. You are recognized for five minutes for your presentation. Chief Human Resources officer and director at the new york fed my pronouns are she, hers and her. Thank you for including the Federal Reserve bank of new york racism persist and continues to hinder advancement for too Many Americans the economic equality is a critical component for social justice in the inclusive economy i am proud and empowered to be the director of an institution dedicated to understanding and finding solutions to the inequality and inequity of the Federal Reserve and the economy at large a commitment to advancing women and minority commit communities through the inclusion of the new york fed we start with people more than exemplary employees at the new york fed the recruitment efforts provide the opportunity 41 percent of new hires and those of whom 50 percent are minority a diverse class 50 percent are minorities themselves. Board of directors as of 2019 and the Leadership Team those that include 36 percent minorities and 45 percent female we know the needs of women and minorities are better served when decisionmaking includes them at the table and we will continue our efforts to exemplify the Leadership Team representative of the. Opulation we serve beyond the talented Employee Base those that conducted business with the new york fed we recently operation those facilities by the Federal Reserve board to support within the wake of the pandemic the National Association of Security Professionals working to diversify relationships also the open Market Operations that are unique im excited to tell you we will be announcing new counterparty relationships including minority women and veteran owned firms we deploy considerable resources when it comes to identifying economic inequities and just as important to identify opportunities to bridge these gaps. Soso proud what my colleagues have brought to bear. This work is only increased in dedication since the pandemic struck we helped identify and support the Federal Reserve system responsive to Workforce Development needs and challenges and those across a variety ofon issues for solutions for the most Vulnerable Community reflecting advancing our commitment the Caucus Foundation what aaron segment on economic recovery featuring John Williams and your colleagues. I have highlighted is a fraction of the Progress Provisions those to make thatat area of women and minority inclusion to acknowledge a progress there is a long waylo to go we are steadfast with our commitment for more equitable economy and society for all to redouble our efforts that i am confident and determined providing with the tools to make a difference and enhance the experience all those who work at the new york fed thank you for the opportunity to meet with you today i welcome your questions. Thank you very much you are now recognized to give an oral presentation on your testimony. Chairman and Ranking Member and members of the t subcommittee thank you for the opportunity to testify. Two weeks ago i became acting director of the office of minority and women inclusion at fdic. Before i discuss this important work i would like to explain why this is not just another job for me. Was a young black girl growing ckirup in georgia and when i was older i remember going with my mother to the same bank watching tears rolled down her face as a loan officer disrespectfully denied her loan application i knew what i was witnessing was wrong they trusted the keys to my bank would not give to my mother. This was just one experience that came to mind when recruiters came to the university historically black and spoke to my class about the mission of theth fdic. Now is a 22 year veteran of the agency i understand the progress the fdic has made on Diversity Inclusion as well as chthe challenges upon the arrival of the chairman she made the value and expectations clear. We will not tolerate discrimination. We will assure the Banking System is safe and inclusive we will recruit and retain and advance a Diverse Workforce so with these goals in mind we have implemented several initiatives to advance diversity and inclusion in the workforce and business and the banks we regulate while we have greater detail there are several missions we have taken i would like to highlight. Special emphasis on the Largest Group of employees make up 50 percent of the workforce to occupy significant number of leadership positions across the agency to promote diversity we must focus the ability to attract and retain a workforce is a number of factors in travel and infrastructure in the impact of low turnover i have seen all of these challenges firsthand the fdic has taken steps to address these issues and create the executive Level Task Force to prove that we are seeing inclusion it is now more efficient we have targeted outreach to hcb you to have a more diverse pipeline we are using technologygy to cut the time we are expanding and have improved Workplace Benefits by adding paid parental leave with the Repayment Program these initiatives have proven successful approximately 33 percent has been minority with decades long with that current representation rates the agency has increased diversity across Management Level positions in the chairman senior Leadership Team beyond the workforce we have also diversified our supply chain to provide opportunities for minorities and women ownedd businesses the fdic awarded 35 percent of all new awards to