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tv   Hearing on LGBTQ Financial Inclusion and Equality  CSPAN  November 30, 2021 12:03am-1:22am EST

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committed to providing eligible families access to affordable internet through the compete program bridging the digital divide one student at a time. civil rights advocates testified on barriers facing lgbtq individuals in the financial service industry from a house financial service subcommittee this is about one hour 15 minutes. >> this hearing entitled that there is no pride and prejudice, eliminating barriers to full economic inclusion for the lgbtq
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plus community. i now recognize myself for four minutes to give an opening statement. good afternoon. i'm pleased to convene the subcommittee for the hybrid hearing entitled there's no pride and prejudice, eliminating barriers to fullmi economic inclusion for the lgbtq plus community. there are no explicit statewide laws protecting people from discrimination on the basis of sexual orientation or gender identity and employment, housing and public accommodation. at the federal level, there areo no fair housing or credit protections based on expressly sexual orientation or gender. this puts manyal individuals at risk, youth at risk or
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experiencing chronic homelessness, unemployment. we are a nation of many colors, a rainbow if you will, and today we will explore the lgbtq community and what it faces with systemic barriers to financial inclusion and employment simply because of whof we are. just the other day, i was at a metro w high school where a youg student in a program had one of the categories as lgbtq plus because they understood the value of diversity. what a great preview for today and having me to have this hearing and to have so many experts. today we know it has been documented by a recent gallup
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poll of 2021 that 18 million adults are self identified as lgbtq individuals. these are our family members comeme our colleagues come our , our friendsand every day thess face bigotry, discrimination especially when it comes to securing safe and stable housing. i joined with my colleagues to pass hr five that would prohibit discrimination based on sex, sexual orientation and gender identity in any areas, specifically including unemployment and housing. this bill is currently pending in the senate but the founding principles in our community are clear all men and women are created equal.
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there was a young individual that had written an article on racism and diversity and he stood so proudly as he escorted adults to talk about the value of that. this young man you will hear more about, and i talked to our expert witnesses and i will give you a quote by him as we talk to our witnesses, but let me just say we have a lot to learn about this agenda and i look forward to the testimony of the witnesses who will not only enumerate the depth of the challenges but will also share comprehensive solutions to help our country live up to its values. now i yield back b the rest of y time, and it is my honor as the
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chair to recognize the ranking member for four minutes for an opening statement. my friend and colleague and congresswoman wagoner. >> thank you, madam chairwoman and i want to thank all of thee witnesses for joining us today as we examine policies that promote economic success for all americans, protections against discrimination, the benefits of a diverse workforce and the ways in which corporate culture creates a more inclusive environment and are proving effective throughout the private sector including the financial services sector. research shows companies with more diverse workforcess outperform the less diverse competitors specifically companies that implement inclusion workplace practices saw an average of 6.5% increase
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in stock performance compared to industry peers. additionally, inclusive companies are able to better attract candidates and retain their workforce. a 2017 study found that 80% of respondents said workplace inclusion was an important factor when choosing an employer and business community has taken notice. in this subcommittee, we have assessed ways that a business can improve retention and develop a more inclusive workplace. those best practices including transparency regarding salaries and promotion opportunities, mentoring and sponsorship programs, employee resource groups with flexible work hours for working mothers and families to name just a few.
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i believe that every american should have equal access to economic opportunities, and i look forward to hearing from today's witnesses and i but now like to take the opportunity to yield one minute to my friend and colleague from northm carolina, the ranking member of the financial service committee, mr. patrick mchenry. >> thank you, ranking memberr wagoner and certainly appreciate your leadership on these important issues and how we more importantly drive inclusion across the economy. the promise of the american dream is that if you work hard and play by the rules, you can achieve success. we know that dream is not reality for everyone and what we find is we must knock them down or find discrimination and eliminatet. it. every american deserves access to opportunity tools and services to make the american dream a reality.
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i want to thank the witnesses for being here and the ranking member for yielding and i only yelled back. >> thank you and i will yield back the balance of my time. >> it now gives me a great honor to recognize the chairwoman of the full committee for one minute, the honorable congresswoman maxine waters. >> thank you s so very much for holding this important hearing. the site is long from over while the milestones have become a reality within the last ten years, this community still faces discriminatory barriers and financial burdens, for example data shows individuals within the community often have
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more trouble finding affordable, safe and equitable housing across america. the community faced difficulties with access to these opportunities. i am proud that this committee is ensuring that these kind of disparate impacts are not tolerated. thank you again, and i will yield back the balance of my time. >> thank you to the chairwoman. today we welcome the testimony of our distinguished witnesses. first we have david john's, the
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executive of the coalition. next the president and executive director of the center for lgbtq advancementt and research and at the gender advocacy group and women's support group facilitator. then the founder of out leadership. witnesses are reminded testimony is limited to five minutes. you should be able to see the time on your screen that will indicate how much you have left. when you have one minute remaining a yellow light will appear. a i would ask that you be mindful of the timer and when the red
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light appears to quickly wrap up your testimony so we can be f respectful of both the other witnesses and the committee members time. without objection, your written statements will be made a part of the record. you are recognized to give an oral presentation on your testimony. >> outhank you. thank you for allowing me this opportunity. i am honored to serving as the executive director of the justice coalition the nation's most preeminent civil rights organization focused on empowering black, lgbtq plus members and communities. if there's one thing i want the subcommittee to hear me say it's while the beautifully diverse community is started by a problem, like people are often confronted with additional challenges too often neglected andeg ignored.
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imo will highlight three things. first, students who are assumed to be lgbtq left the protections afforded to their peers into the challenges they face in schools olmake it difficult to be happy, healthy and successful later in life. my dissertation afforded the learning and development of black lgbtq plus students, called for an investment in invn schooling and community-basedsc support for lgbtq youth and national interoperable data sets that acknowledge the identities and shape how we experience the institutions like schools and powerful ways. i think about classmates surrounded by peers and she was
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suspended as a former classroom teacher students cannot demonstrate. in welcoming spaces to develop the skills, experiences and relationships needed to be successful later in life. as you know what happens to students in schools has a profoundnd impact upon life opportunities and outcomes especially the youth that are often forced to begin their journey into adult hood. as a result i'm familiar and overrepresented among the foster youth and they are significantly. young people experiencing housing instability are less likely to support and making it difficult for the entrepreneurs to obtaingo a good job. 2021 and event hosted annually, members of the community
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describe the promotion opportunity and when the discrimination occurs, due to race, gender, sexual orientation filing the claim, however with one discrimination or other forms of discrimination based on race and sexual orientation are more those that voted for the equality act will aid and addresses this loophole and considering how the homeownership and housing stability and economic stability in the u.s. more than half the states still lack the laws banning the
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discrimination against americans and we often face discrimination working with real estate agents requesting loans for housing. the executive director for the programs and policy experience housing discrimination. after meeting with the realtor, they were assured an apartment was available with others that made it clear between the property ownerwn and the couple. after that experience they decided to purchase a home and during this they would see dramaticallyre different interet rates. it makes a significant difference in how much the loans will cost after 30 years.
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they did not change although the institution and the processing application to be clear it would provide a federal remedy for the couples and single members of the community for the housing and stability and while protections based on race exist there are spouses from the housing f discrimination. of the significant, mental and emotional challenges and collectively leveling the playing field to ensure everyri american has an economic opportunity essential to preserving the communities and families that struggle economically often to no fault of our own. i hope that somewhere in these
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words i've made clear the need to eliminate the barrier. >> the gentleman's time is up. >> thank you so much. you are now recognized for five minutes to give an oral presentation on your testimony. >> thank you forr the opportuny to testify at today's hearing. iou am the founder and president and executive director of the centerr for lgbtq advancement research and in my testimony today i will be sharing ofsh the most current knowledge about the financial well-being and the current estate of the lgbtq wealth gap. like underserved communities, the lgbtq people report smaller
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incomes and are more likely to live in poverty earning less than $25,000 a year with 1.5 times more often and one in 20 was 2.5 timesme more often there are four times more likely to times more likely to make use of the programs and are more likely toed be underemployed they are
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more likely to report that they were unemployed and looking for work and one third who were employed said they wanted to work more one in ten did not health insurance in 2019 and 1.5 times more likely than adults and one in the six. less likely to offer inclusive plans that cover people's unique health needs including gender affirming care and costs such as
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fertilization and surrogacy and the lack of adequate insurance coverage forces many people to forgo the needed healthcare and pay more out of pocket for the healthcare that they do receive. without insurance out-of-pocket healthcare. more than $5,000 which was 1.8 times more often. to build the financial security, people are less likely to obtain the benefits of homeownership because they are less likely to own their homes, less than half own their home in 2019 and if they are more likely to pay their mortgage instead of to own their homee in full. there will more likely report they didn't own their home because they couldn't afford a down payment where they didn't think they would qualify for a mortgage and the women and people of color are even less
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likely to own their homes. in 2019, 43% of lgbtq owned their home. lgbtq households are more likely to be un- banked and under banked andol in 2019 they were 6 times more likely to be under banked and also adequate access they are likely to make use of the services such as check catchers, payday loans into title lenders. one in five households could use more than one service 1.25 more.
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overeo one third apply to credit in 2019 have the applications rejected and they were also 1.25 times less likely. they were likely to experience difficulties when they changed their names and to highlight the fact thebt lgbtq community they come from different ratio and socioeconomic backgrounds. >> your time is expired but thank you very much for your testimony. ms. walker, you are recognized to give an oral presentation on your testimony we need you to
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unmute. hello, members of the committee at a thank you for holding the hearing on an issue that i believe impacts the entire lgbtq community. it affects those that are transgender, gender nonconforming and non-binary. i am a proud black transgender woman and a combat engineer army veteran. my path hasn't been an easy one despite suffering harassment and abuse verbally, physically and sexually in the army, i received
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an honorable discharge in 1984. i went on to study social work at thek college of staten island where i was constantly missed gendered by my professors and was eventually ran off the campus for protesting for judge karen bernstein in 1994 against her remarks, against remarks that she was an out and wasn't fit to serve as the attorney general so therefore i was refused to leave college and i wasn't able to finish my education. so, i was forced to leave school abruptly. i was the leader of the group at csi, and i protested for the judge and was then called all kinds of names. a couple students rode up to me and called me all kinds of
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epithets, so i wasn't able to complete my education as a social worker. in 1988, i was severely injured in a car accident, which served as a catalyst for me to come to terms with my identity as a woman, and i decided that life is too short for me to live on authentically. i tried to find medical care to assist with my transition but was turned away, laughed at and at times declared mentally ill. one of my doctors called me schizophrenic and prescribed me pills for a condition i didn't have. from 1990 through 2010, it was virtually impossible to find doctors or other medical providers who did not overtly reject or minimize my issues. they even ridiculed and mocked me for my gender identity. i've been laughed at, missed
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gendered and called the name given to me at birth, that was often m a problem. this impacted my life greatly not only with healthcare, but with my ability to find work and save housing. many of my friends and i were unable to find employment, because people wouldn't hire transgender folks. despite being a combat engineer veteran, i was forced to rely on food pantries and kitchens throughout my adult life. i had a lot of problems finding hormones and habit to resorts to the streetsts to find them. today i'm here to advocate for adequate housing for trans folks
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who are often missed gendered and not able to live authentically and not self-actualized in society at the hierarchy of need. i'm here to advocate for the equality and full inclusion of the transgender folks into this arena. ..
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>> . >> thank you very much. chairwoman waters and ranking member mchenry and the
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distinguish members of the subcommittee thank you for holding this important hearing today. i said before you as a proud open the game american, former investment them private thinker, former chief diversity officer now the founding ceo of our leadership. and the very first company in history of the united states whose sole product is equality. red a member companies employee overme 7 million americans in this country. with over 1000 ceos and hundreds of businesses in the last 20 years and show me to achieve equality and inclusion should not be political. not a democrat or republican issue. it is a business issue and impacts every american gay or straight pitching every corner of the economy. every study has shown stock prices from the companies outperformed peers from six on —- six and a half almost 9 percent also companies have higher incomes for employees
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patents, trademarks and copyrights as well as much higher engagement and retention then less inclusive companies and counterparts. unfortunately do the absence of protections that inclusion is not felt throughout united states u leaving the burden for companies to navigate state laws recent research revealed one third lgbtq will take a pay cut to move to a state that has more favorable treatment. diversity efforts have to be inclusive. time and again countless federal and state bills are introduced to promote diversity and inclusion and disclosure but those that exclude the lgbtq community they are not a protected category that is something most americans don't know. racial justice and gender equality must continue to be a
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core in separate part the most vulnerable households in e america or hold multiple intersectional identities that compounds the burden based on sexual orientation and gender identity pandemic data shows lgbt q households show outcomes that are to times worse than heterosexual peers food insecurity, unemployment, evictn difficulty paying for expenses with those of color suffering the greatest impact. this last year our leadership has champion three bills hr 1443 on access to credit and the equality act which passes the house of representatives earlier this year. and to take the opportunity to thank you for your work on this important bill.ca on behalf of the entire business community we advocate firstof and foremost the
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equality act without that lgb to one dish lgbtq with the constant chipping away at federal protections even as we saw last week around title ix. the expansion of diversity definition and disclosure mandates to be inclusive in intersectional for all regulated entities and businesses in the us. currently there's just 19 ofhe the fortune 500 that include in diversity —- is 29 board members are half of a percent of the entire fortune 500. and all data collection surveys the freedom of religion that does not include a religious right to discriminate in the promotion of economic security of lgbtq
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people by fostering inclusive labor practices and workplace policies including access to credit and capital. lgbtq inclusive and diversity is good for business. twenty-five years of research has shown us those inclusive policies outperformed peers on every measure of success. there are clear economic consequences to discrimination as well by 92 percent of fortune 500,000 us companies have invested in equality and diversity and inclusion. individual companies can only do so much. those that must address by the federal government and is very committee. the patchwork of state laws that are now protected stand and way of progress. asked the committee to undertake this important work
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in our company stand ready to support you. thank you for the time to appear today and i look forward to your question. >> spent thank you to all expert witnesses i cannot take how informative and needed to provide information to us and with that said i now recognize myself for five minutes for questions. we have heard a lot about the impact as it relates to housing and finances in a whole host of things so earlier in my opening statement ing talked about a young last man who came up to me that i had met and he shared his experiences over the last few years. and i want to say thank you.
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thank you for your work and for your paper and writing about how we are still dealing with racism and still evaluating the initiative and let me share with everyone for example financial support of the initiative are not always present in the amount of that is needed. we heard that from you one of the most frequently recorded suggestions for equity from our commitment to financial support over a long period of time. we need to have more support and hopefully this just opens the door. with that there are individuals in the lgbtq
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community that feel alienated from accessing traditional financial services due to implicit and explicit bias what can i do to be more inclusive? >> as you mentioned lgbtq people in particular transgender and nonconforming people do experience harassing and insensitive treatment frequently from customer service representatives and financial professionals when they seek financial services and in order to address that i do think it would behoove many of the financial presence with
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cultural competency training to increase their understanding and awareness of lgbtq people and their identities and how to provide sensitive services for that. >> thank you only because the clock is ticking. ms. johnson come at the federal level there are no fair housing or credit protections based on sexual orientation or gender identity. can you share with us if you have any experience with lgbtq+ do the it to the absence of these protections? >> is ms. johnson still with us. >> i'm sorry. ms. walker. i am so sorry. >> yes. many people are denied because
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their name might not match their documents and they can be refused housing for that. the most staff do not have sensitivity cultural trading it or not permit on —- prepared to meet with a transgender person norance. some of the ignorance is both oral - - willful but those that i would consider hate speech however with more ongoing cultural sensitivity training to handle customers think would be appropriate and also to change the documentation. change in the computer and
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currently data is not being collected on that community. >> there is a poll for the human rights campaign and those that position many lgbtq+ individuals at a greater risk to be unemployed. >> so black people generally that are most likely to be runderemployed with the greatest level of risk then that. >> thank you so much and my time is up. at this time and those that
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are recognized for five minutes. so why is access to credit important with dad economic freedom and prosperity? in general? >> thank you for the question and thank you for your support of this work. at all think five minutes will give us nearly enough time to answer the question unfortunately. was my colleagues have noted access to capital is the underpinning of literally everything that moves our economy. lgbtq people can have access to mortgages we can't own homes. if we pay more we are literally taken advantage of by the system.
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so if we look at the bill under discussion is about reporting into make sure lgbtq people are listed in that definition of diversity so we can manage access to credit and how that does impact our economic outcome. >> . >> and with that financial literacy quick. >> they have been for many years one ofof my favorite programs is merrill lynch with investing pays off it was 25 years ago on the idea that the founder of merrill lynch would write widows of world war ii veterans and offer advice. so the opportunity for these financial institutions to expand what they have been doing for many years is significant but they are doing it. if investing pays off then there are significant investment companies they are making.
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but the challenges they don't have the numbers or the ability for these institutions to provide the access because we are not counted as the lgbtq community the chamber of commerce is the only place they can go for the data the federal government doesn't have that data. >> i thank you for that. that keys things up for watson because you talk about data collection. when you elaborate on that a little bit more. >> yes. there is a significant information gap with lgbtq people because there is inadequate data collection and those surveys. it is important for all data collection where we are
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examining economic well-being. and with their gender identity their sex as assigned at birth and sexual orientation and then to vastly improve our understanding with those unique circumstances of the lgbtq people experience andpo also important to enforcement of the disclosure act before the data collection for small businesses. >> so what steps can financial institutions take what are some of your thoughts in that arena?e >> that is the definition of
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insurable interest to expand lgbtq families including places like asia they still have no recognition if you look at the policy through every institution there is significant opportunities to identify those exact same areas if we are not counted in how they approach then they cannot include us across the boardr:. >> thank you all for your testimony today i will yield back the time that i have left. >> thank you so much that was our ranking member. now i see that are chair of the financial services committee is in the room. so this time he gives me great pleasure to yield. >> so in march 2021 the cp
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ostp at the equal credit opportunity act that discriminates includes absently protections against sexual orientation, discrimination want to go further for a question. with housing barriers. as indicated it demonstrates that threatens access to housing and the stability of individuals with the lgbtq+ community. members of that community are more likely to experiencess homelessness while enduring
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there are approximately 8900 homeless youth in los angeles county identifying is lgbtq. and those that are at an increased risk for violence and discrimination and keep themsi from accessing and issuing program guidance with shelter and housing for transgender people and with the conflicts to hold staff and residents accountable. i just want to go to a point of discussion that was not necessarily included in this discussion today.
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and then asked too include any information about something that is happening in our society today as it relates to transgender. >> there is b a discussion going on right now. a big discussion. about david chapelle and a woman that we learned about who evidently committed suicide after identifying and working with a show she had been invited to participate in by david chapelle. and i have real sad thoughts about her. her name is daphne. of course david chapelle is a brilliant comedian.
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there is a discussion going on. i am trying to listen to everything that is being said by the transgender community , david chapelle and on and on. i don't want to get into that today but i don't want us to pretend that this is not going on. with the housing in theng homelessness' we are also concerned about another kind of discussion that is going on so i word ask so please give me a call i will arrange a meeting with myself because i want to talk to you and i want you to share with me what you think and feel and in what way we could show our concern.
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with that i yield back the balance of my time. >> thank you to the chairwoman for extending that invitation again. thank you. the gentle man from ohio mr. gonzalez is now recognized for five minutes. >> thank you for holding this hearing today of thank you to our witnesses for joining us today. and how theyls impacted your lives and the lives of the communities that you so passionately advocate on behalf of the work you continue to do for those in similar situations. it is fair to say that no one on this committee or subcommittee condones any racism or hate or discrimination people should not have to live with any kind of violence they perpetrate toward them.
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additionally i want to extend my thanks to mr. tonya you server country quite admirably. and vor deepest respect on —- respect and what we are grateful for. thank you for that. in the united states all people should have access to eteconomic opportunity to create a better future for themselves and their loved ones. that is one of my top priorities here in congress, how do we empower more families to make sure everybody has an opportunity? my father immigrated here. and certainly had to overcome various period on —- various barriers and we want to make sure we eliminate as many barriers as humanly possible for everybody.
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and with that i have probably supported homeownership legislation to extend protections to people who are uadiscriminated against. and to think they should be denied housing access because of their sexual orientation. it is my hope we can use this hearing to learn moree and be part of the solutions where problems may exist. you provided a list of ideas that could implement in particular the elders and one was to provide guidance to community partners and share best practices. can you detail what that guidance can look like and what are the best practices that have the biggest impact for these communities?
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>> first of all it with the shelters. we need supportive housing. and then with social workers and medical care on staff. we also need transitional and permanent housing. to help address the needs of our community. we need wraparound services in the shelter and in transitional housing to adequately provide for the community.
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>>p. and with those challenges is it your belief with that accidental ignorance that i don't want to be offensive or do you think it's more willful discrimination? >> i believe it is a combo of both and a lack of cultures sensitivity training. those that were in shelter erwere allowed to stay in their own world. i thought that was wonderful and i like that model and we should keep the model.
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transgender people are not safe in single-sex shelters which is male or female. so i believe if trends people are housed in their own rooms i think they should have wraparound services in these shelters to help transgender folks to succeed in society and then not return to the shelter and also to have life skills training available to balance a checkbook. >> the gentleman's time has expired. >> we will come back asking you a lot of questions. thank you. >> .
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>> and now recognized for five. >> entering those lived experiences you very much missing so then and then to speak this truth missing in congress. and those of americans that are far less than the overall average if it is 64 percent and even more people of color that's a 35 percent is 35 percent lgbtq latino and 30 percent for the black lgbtq
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americans on their home. and that those couples or 73 percent more likely to be denied residential mortgages which i know chairwoman waters wants to hear about this. and those among transgender individuals of color 56 percent of native americans those that moved into a less desirable home because of transgender bias. even then they wanted better housing. this is lived experiences. but as you can see, housing discrimination is a major crisis in our country. three years agoin in michigan, a person could be fired from their job simply because of
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who they love. fortunately governor witmer eliminated that violation but it shows how prevalent. i cannot stress and then i want to leave some time for you for things that we did not ask about but the trauma that comes with living as you are and how should we be addressing quick. >> thank you for those comments. maxine water, thank you for your leadership i want to
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highlight we have a section in our written testimony describing the silent epidemic of violence. and then she further that discussion as well. and those challenges were shelter want to offer two things that prevent people from needing shelter and one is decriminalizing sex work black trans women are forced as a result to not show up and offered job interviews or promotionalad activities. and there is those that place economic hardship. so to decriminalize cannabis
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that should be related on —- realistic topic of conversation. >> i yield back. yo>> thank you for your comments and to the witnesses for responding.. ranking member do you have any more in the queue? we will see who joins stuart the gentleman from pennsylvania is now recognized for five minutes. >> . >> thank you to those who offer a powerful testimony. i represent suburban counties
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and building small businesses the dream of manyof americans and i'm particularly interested in what are the obstacles that lgbtq small business owners and entrepreneurs face and engaging the financial system? >> and thank you for that question and for the work you are doing. so thank you for that support. it is a quite a tremendous leader in our community. but to your question, if you look at the number of minoritye start more businesses at a rate that is almost double that of the average population and why is that? because it still exist in corporate america structure despite the fact 92 percent fortune 500 companies have no discrimination policies we all live and work in states that
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don't have that so even the spouses of those who are protected by the fortune 500 do not experience that protection in the state of which they live so that is number one based on that. then in the marketplace you look at the access of discrimination still exist all the way through to refusal of service laws but still allow people to deny service al qaeda and access. that is something we have not talked about yet but i do think the religious rights have to be addressed by this committee is not directly related but it's a false choice they have created over half of lgbtq americans consider themselves that has an impact on small businesses
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and on discrimination and on the laws that chairwoman waters mentioned. 131 anti- trans bills in the united states in the last 12 months driven by religious animus marginalizing and demonizing the most vulnerable of our communities because young people want to play a sport. so the opportunity for us to the fortune 500 to eradicate discrimination is significant. >> i'm interested if you can address accessing capital. gs>> yes. i want to underscore everything my colleagues said. and the ability for the financial service provider to make decisions it is that
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challenge. and then outside of the financial portfolio. and members of those community are discriminated and denied access to capital and then there is no private recourse with that also help to address moments when financial service providers. >> thank you for all of that
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important information. so i read a very shameful statistic 40 percent or more of people aged 18 through 26 in philadelphia, which is my neighboring district and my home city who experience homelessness identity on —- identify as lgbtq. think about that. 40 percent of homeless youth are lgbtq what is shameful statistic for our country. >> firstwe of all we need to meet the youth where they are. and then to use the harm reduction approach with the use and also we need shelter
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with transitional and housing and wraparound housing and in this transitional housing to support this view to make sure they are getting their nutrition. >> i apologize. my time has expired. i yield back i love to get information from you off-line. >> he will be popular as well as thes other witnesses but the gentle lady time has expired. and nowow the gentlewoman from texas who is also the vice chair of the subcommittee of diversity and inclusion is recognized for five minutes. >> thank you for this hearing.
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also congratulating for her years of service. veterans day is not until later this week but happy veterans day. so that was the first degree of social work. so come on down. this has been a very interesting discussion this morning because of the difficulties that they face are not discussedk often enough so thank you madame chair to underscore that issue. and then to focus on them but then they truly do have the economic freedom to build
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their wealth and their homes and as was stated to have the economic freedom that we should have for all americans. of course all of this is compounded with other barriers like race and ethnicity to name a few. lgbtq people are more likely to be under banked and experience various credit access i said before access t to credit is to building wealth and this is concerning. the 2020 report found that nondiscrimination protections with the addition of hundreds of thousands of those followed into the tax receipt you alluded to that enable take a
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one third pay cut is the reverse true so can we expect people? >> the short answer is yes i spent this last week in california meeting with leaders in the community and the texas bill in particular pastight others that anti- trans bills knows came up and terms of expansion in north carolina whether paypal were salesforce and they convened in the investor statement we had almost $4 billion worth of assets invested in north carolina and 6 billion in texas a and had
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discriminatory policies around the trans peopleve increase the risk in the marketplace and decrease the return on the assets invested so there is a direct return on investment and a direct economic consequence so the short answer is yeses absolutely companies pay attention to this significantly because their use won't stand for it they will not come to companies that are not lgbtq inclusive and if they are unfriendly it is an economic problem. >> with those barriers with those issues that it is not
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actively measuring or quantifying to the lgbtq community. >> so i do think the lack of attention that the firms are paying to that community and it is v very traditional and frequently relying on systems that were designed with heterosexuals sis gender with the normative functions so those are less able to process
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with the unique needs and to accommodate things such as name changes or to recognize all the genders. >> the gentle ladies time is up. thank you to the witness stand to the vice chair. >> the. gentle man from massachusetts is now recognized. he is also the vice chair of the full committee advice on —- of services. you are recognized for five minutes. >> thank you madame chair. >> a study by had measures the treatment of same-sex couples while advertised online while compared to similar heterosexual couples are treated and this is the first time had had ever studied
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same-sex that they received a lower response rate trying to keep all variables the same. the social services committee with the importance of housing from education for young people in both with the chairman of thech subcommittee and the overall committee has been outspoken leaders. how has had worked around discrimination unveiled by the study and has the agency continued to track the bias for same-sex couples? >> i appreciate that. and one is the provision of the housing vouchers and the subsidies. they have not been targeted and that is a particular issue
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acknowledging and disproportionate sharein of the youth and homeless identify to be the lgbtq so the second part of the question has there been accountability around those actions? >> and has had continued to same-sex couples quick. >> i do not have the answer to that question but we will work with the deputy director to provide you with one. >> in a comment that was made earlier there are very few if any enterprises that account for intersectional identity and arm make this point in my formal testimony many will ask about race or ethnicity and
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those questions that include so we should think with more data efforts. that is also interoperable. and through the community? >> madame chair i yield back the balance of my time. >> .
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>> thank you so much to our vice chair and thank you to all of our witnesses today and also to the chair of the financial services committee for joining us for this hearing. >> thank you to all of our witnesses. and i know we will continue the dialogue i yield back. >> we think the witnesses and i can tell you from the questions on both sides of the aisle we have a lot more we want too hear from you but for the first ever dni subcommittee we are thankful for you to help us grow.
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without objection all members will have five legislative days to submit written questions to theed chair which will be forwarded to the witnesses for their response i asked the witnessesti to please respond as promptly as you are able andt without objection all members will have five legislative days with which to submit extraneous materials for inclusion in the record and i remind members to submit materials for the record to the e-mail address provided by your staff without objection i would like to enter statements from the credit union national association and the human rights campaign for inclusion with no objection. the hearing is now it might —- adjourned
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>> be passionate what you are discussing the matter how large or small you think the audience will receive that to be and know that the world he does matter. >> content is king. remember to be as neutral and as impartial as possible on both sides of the issues. >>

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