Congresswoman Sylvia R. Garcia Leads Democratic Women’s Caucus Leadership in Letter to FINRA, Advocating for Greater Diversity Initiatives in the Broker-Dealer Industry

WASHINGTON D.C. – Today, Congresswoman Sylvia Garcia (TX-29) along with the Democratic Women's Caucus leadership, sent a letter to the Financial Industry Regulatory Authority (FINRA) advocating for increasing diversity and reducing structural barriers to participation in the broker-dealer industry. The letter was sent in response to FINRA's Regulatory Notice 21-17, which called for comment on "Supporting Diversity and Inclusion in the Broker-Dealer Industry."

"Unfortunately, the broker-dealer industry historically has struggled to be inclusive, and this has had consequences for consumers. Securities professionals play an important role in the financial markets, and it is important that this industry is reflective of society at large," said Congresswoman Sylvia Garcia (TX-29). "That is why I am pleased to see FINRA's efforts to foster diversity and equal opportunity."

The letter offers several potential solutions to key diversity challenges facing the broker-dealer industry, specifically for women, racial and ethnic minorities, non and limited english speakers, and older workers.

Among the proposals included in the letter are offering the Securities Industry Essentials (SIE) exam in languages other than English, working with prior SIE takers to reduce barriers to entry, expanding the length of certification validity, and engaging with workers, applicants, and partners to provide equal opportunity for all securities industry professionals.

"When the securities industry becomes more diverse, it's not just those workers that benefit," said Congresswoman Garcia. "Diversity among broker-dealers is critical for helping this industry better serve historically underserved communities. Especially in the Latino community, having more professionals who speak Spanish would greatly assist individuals and families who want to invest and build wealth but have previously been unable to access them due to language barriers."

The letter is signed by the Democratic Women's Caucus Leadership team, which includes Democratic Women Caucus' Co-Chair Rep. Jackie Speier (CA-14), Rep. Lois Frankel (FL-21), and Rep. Brenda Lawrence (MI-14), and Vice-Chairs Rep. Veronica Escobar (TX-16) and Rep. Sylvia Garcia (TX-29), and member Rep. Carolyn Bourdeaux (GA-07).

Congresswoman Sylvia R. Garcia was elected to the U.S. House of Representatives in November 2018, becoming the first Latina ever to represent the Texas 29th Congressional District. She serves on the House Judiciary and Financial Services Committees