Congressman Al Green Helps Pass Historic Legislative Package to Address Invidious Discrimination and Systemic Racism Entrenched in U.S. Financial System

Statement

On Wednesday, June 15, 2022, Congressman Al Green released the following statement:

"I am proud to share that the House today chose to act righteously by voting for passage of H.R. 2543 -- the Financial Services Racial Equity, Inclusion, and Economic Justice Act. H.R. 2543 is a comprehensive package comprised of 13 bills that address economic injustice in the U.S. financial industry," Congressman Al Green, Chairman of the Financial Services Subcommittee on Oversight and Investigations shared. "People of color across our nation struggle to access capital and credit every day due to obstacles such as inflated loan rates or loan denials to credit worthy borrowers. These systemic barriers prevent minority communities from buying homes, launching businesses, and building wealth. As of 2020, according to the Census Bureau, the homeownership rate for Black families was approximately 44% compared to 75% for White families. And in 2021, according to the Federal Reserve, the average Black and Hispanic household held 15-20% of the wealth that a White household held."

"The Financial Services Racial Equity, Inclusion, and Economic Justice Act addresses these issues and helps ensure that no American is denied economic opportunities. It also includes two bills I led: H.R. 166 -- Fair Lending for All Act and H.R. 2516 -- Promoting New and Diverse Depository Institutions Act. H.R. 166 makes it illegal for creditors to discriminate against people based on their race, color, religion, national origin, sex (including sexual orientation and gender identity), and other criteria. Lenders who discriminate would now be subject to criminal penalties. H.R. 2516 requires banking regulators to incorporate diversity and inclusion into their evaluations of federally insured depository institutions."

Congressman Al Green concluded, "All of these measures combined are a quantum leap in the righteous direction to combat systemic racism and disparities in opportunity. Invidious discrimination in lending and homebuying must end. I thank the honorable Maxine Waters, Chairwoman of the U.S. House Committee on Financial Services for her leadership and resolve to bring the Racial Equity, Inclusion, and Economic Justice Act to the House floor for a successful vote."

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