Washington, D.C., February 12, 2020 – SIFMA President and CEO Kenneth E. Bentsen delivered testimony today before the U.S. House of Representatives Committee on Financial Services Subcommittee on Diversity and Inclusion about SIFMA members’ commitment to diversity and inclusion in the securities industry.

“The securities and capital markets industry has long recognized that building and maintaining a diverse and inclusive workforce that reflects the diversity of the clients and communities we serve is both the right thing to do and a business imperative,” Mr. Bentsen said. “Likewise, our industry recognizes that a workforce that is diverse in demographics, experiences, talents and ideas is the most effective way to cultivate varied perspectives that benefit our employees and the economy as a whole. SIFMA actively engages through efforts such as our Diversity and Inclusion Advisory Council which conducts regular assessments to evaluate the effectiveness of workforce, employment and business practices.”

For the past two decades, SIFMA members have proactively worked to support, promote and advocate for a diverse and inclusive securities industry. For example:

• SIFMA’s Diversity and Inclusion Advisory Council facilitates a biennial benchmarking survey examining demographics, D&I programs, and industry practices. We strongly believe that an evidence-based approach leads to the most successful D&I outcomes. This survey allows our members to assess their firm’s D&I plans and how their progress compares to the results of their peers.
• SIFMA, both through the D&I Advisory Council and industry-wide channels, convenes conferences, roundtables and symposiums offering advice, proven strategies and best practices to help firms focus on and enhance their D&I efforts.
• Member firms employ a wide array of strategies to develop diverse talent pipelines that are sustainable throughout the future. These programs focus on, for example, recruiting, mentoring, retention, pay equity, veterans support and facilitating an inclusive culture and ensuring advancement opportunities.
• Innovative financial literacy programs run by the SIFMA Foundation provide students the opportunity to learn and experience the securities industry first-hand where they may not have had the opportunity otherwise. The programs reach 600,000 high school and middle school students from more than 15,000 schools nationwide each year.

The full testimony further outlines these views.

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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s nearly 1 million employees, we advocate for legislation, regulation and business policy, affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.