Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following statement at a Subcommittee on Oversight and Investigations virtual hearing entitled, “How Invidious Discrimination Works and Hurts: An Examination of Lending Discrimination and Its Long-term Economic Impacts on Borrowers of Color.”
Good afternoon Chairman Green,
The discriminatory lending policies of the twentieth century continue to affect minority communities long after their repeal.
The effects of decades of government-sanctioned discrimination continue to plague our housing and lending markets today, ultimately hindering the ability of households of color to build equity and accumulate wealth through homeownership relative to white households. Since home equity is the primary source of wealth for most families, disparities in homeownership and home equity are key drivers of the racial wealth gap.
So, I look forward to hearing from our witnesses today about what we can do to remedy the continuing economic effects of discrimination. I thank you, and I yield back the balance of my time.
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