The mission of the Center for Capital Markets Competitiveness (CCMC) is to advance America’s global leadership in capital formation by supporting diverse capital markets that are the most fair, transparent, efficient, and innovative in the world. CCMC advocates on behalf of American businesses to ensure that legislation and regulation strengthen our capital markets so that businesses—from the local flower shop to a multinational manufacturer—are able to mitigate risks, manage liquidity, access credit, and raise capital.

The U.S. Chamber of Commerce commends the Committee for convening this hearing and its attention to concerns that have been raised about discrimination based on race or other impermissible factors. There should be no room for discrimination and racism in banking, in other parts of the financial services sector, in other industries, or anywhere in our society. The business community strongly supports effective anti-discrimination policies and adherence to the laws prescribed by Congress. We agree with the concept of fairness in our marketplace based on equal opportunity.

The U.S. Chamber of Commerce launched the Equality of Opportunity Initiative (EOI) to develop real, sustainable solutions to help close race-based opportunity gaps in six key areas: education, employment, entrepreneurship, criminal justice, health, and wealth. Driven by data and informed by conversations, the EOI agenda advances these solutions through private sector initiatives, and policy advocacy at the federal, state, and local levels. Through this work, we continue to develop research and data insights, convene key stakeholders to address EOI issues, advocate and drive action to advance policies and private sector solutions, and design programs, initiatives and partnerships that address systemic inequalities and promote the promise of equal opportunity for all Americans.