Congresswoman Beatty to Chair Financial Services Diversity and Inclusion Subcommittee
Subcommittee to focus on making the financial services industry work better for all Americans
WASHINGTON, D.C.– U.S. Congresswoman Joyce Beatty (OH-03) was officially named Chairwoman of the new Financial Services Diversity and Inclusion (D&I) Subcommittee. In this role, Beatty will lead the powerful Financial Services Committee’s work to bring diversity and inclusion out of the shadows and to the forefront of the conversation on how to make the financial services industry meet the needs of and work better for the middle-class, at-risk Americans, and all hardworking families.
“In order for the economy to work for everyone, we must embrace and harness the skills and talents of individuals from every background,” Beatty said. “Diversity and inclusion can no longer be buzzwords, rather they need to become part of the overall fabric of the companies and industries that are the engines and lifeblood of our economy—it is not only the right thing to do, but it benefits the bottom line.”
According to the McKinsey Global Institute’s 2018 “Delivering Through Diversity” report, companies in the top-quartile (25 percent) for gender and ethnic/cultural diversity on executive teams were 21 percent and 33 percent more likely respectively to outperform their peers on profitability. On the other hand, that same report found companies in the bottom-quartile were 29 percent less likely to achieve above-average profitability.
“While the statistics clearly illustrate the economic impact of diversity and inclusion, we need to look beyond just the numbers—the Subcommittee needs to look at partnerships and engagement, and make changes when necessary.” Beatty continued, “As Chairwoman of the Diversity and Inclusion Subcommittee, I look forward to working with my fellow members, government entities, and the entire financial services industry to help create more ladders of opportunity and safeguard against artificial barriers and ceilings.”
In the 116th Congress, the exclusive Financial Services Committee will be made up of 60 Members of Congress, of which 34 are Democrats and 26 are Republicans. The Committee’s work will be handled by 6 subcommittees. The D&I Subcommittee will be comprised of 21 Members of Congress, 12 Democrats and 9 Republicans.