June 15, 2010

Congressman Gregory W. Meeks Statement on this Morning’s Debate in Financial Reform Conference Committee over House Offer to Title III

(WASHINGTON, DC)–Congressman Gregory W. Meeks (D-NY) released the following statement regarding this morning’s debate in the financial reform conference committee over the House offer to Title III:

“Recent studies demonstrate that during the boom years on Wall Street, women and minorities were largely excluded from participating in the gains.   The financial crisis, wrought by Republican policies of mismanagement and a laissez-faire philosophy, devastated families and livelihoods, putting millions out of their homes and into the street.  The crisis has disproportionately affected women and minorities with higher unemployment rates than the general public, coupled with a significant diminishment of wealth and savings.  Republicans now want to prevent the same people devastated by their policies from participating in the nascent recovery.  It is shameful.

I am shocked that the Republicans would disingenuously argue against some participation by women and minorities in the securities industry, employing antiquated arguments against participation to effectively filibuster progress on the financial reform bill.  Too small a group has been involved in the process of decision-making in our financial industry, and therefore have imposed greater risks on the general public.  Just as in financial theory, where diversification is a vital tenet of asset management, greater diversity in representation, opinions, and perspectives -- especially at the management level -- will be critical to averting concentration of risk.

I praise Chairman Frank and my Democratic colleagues on the conference committee for voting with me to include the Office of Minority and Women Inclusion in the House Offer to Title III.  I look forward to working with all my colleagues to ensure this remains in the bill through final passage.”

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