Waters, Maloney, and Beatty Statement on Release of GAO Report They Requested Examining Diversity and Inclusion at Fannie Mae and Freddie Mac
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, Congresswoman Carolyn B. Maloney (D-NY), Chairwoman of the House Committee on Oversight and Reform, and Congresswoman Joyce Beatty (D-OH), Chairwoman of the House Financial Services Subcommittee on Diversity and Inclusion, issued the following statements on a new Government Accountability Office (GAO) report entitled, “Fannie Mae and Freddie Mac: Efforts to Promote Diversity and Inclusion.” The report is part of a series of reviews on diversity and inclusion requested by Representatives Waters, Maloney and Beatty in 2018.
“Under my leadership, the Committee has had a strong focus on diversity and inclusion,” said Chairwoman Waters. “This is work that began when I was Ranking Member and joined with Representatives Maloney and Beatty to request a series of reports from the GAO on diversity and inclusion. Then, as now, I was concerned that, despite the many qualified women and people of color who can contribute to the GSEs’ workforce, supplier, broker-dealer, senior management, and board diversity, their talents have not been utilized. This GAO report demonstrates that despite efforts to increase diversity, there has been a troubling lack of growth in diversity and inclusion at Fannie and Freddie. According to the report, the percentage of women of color in senior management roles at both Fannie and Freddie remained in the single digits from 2011 to 2019. The GSEs can and must do better. However, I am also concerned that GAO has failed to make any recommendations to the Federal Housing Finance Agency as to how its oversight could be improved to better hold Fannie and Freddie accountable for achieving real diversity and inclusion results.”
Summary of GAO’s report findings:
Despite the limited growth in diversity within Fannie Mae and Freddie Mac, GAO did not make any recommendations for the two enterprises regarding how they could increase their diversity and inclusion results.
To view the full report, click here.
The Subcommittee on Diversity and Inclusion held a hearing on Tuesday, September 8 entitled, “Holding Financial Regulators Accountable for Diversity and Inclusion: Perspectives from the Offices of Minority and Women Inclusion,” to examine the role of the OMWIs in tracking diversity and inclusion performance inside their respective agencies and among their regulated entities.
In June, the Committee on Financial Services held a full Committee hearing entitled, “Diversity in the Boardroom: Examining Proposals to Increase the Diversity of America’s Boards.”
In June of 2019, the Subcommittee on Diversity and Inclusion held a hearing entitled, “Diverse Asset Managers: Challenges, Solutions and Opportunities for Inclusion.”