Congressman Al Green Chairs Historic and Consequential Hearing on the Role of Financial Institutions in the Horrors of Slavery

(Washington, D.C.) — On Tuesday, December 6, 2022, Congressman Al Green, Chairman of the Financial Services Subcommittee on Oversight and Investigations, released the following statement ahead of the hearing he will chair on Wednesday, December 7, 2022, entitled, “An Enduring Legacy: The Role of Financial Institutions in the Horrors of Slavery and the Need for Atonement, Part Two”:

“Tomorrow’s hearing is an exceedingly important milestone in the ongoing discussion of the role that financial institutions played in the perpetuation of slavery. This historic and consequential hearing will shed additional light on how actions taken by banks and insurance companies in the past helped lay the groundwork for the racial wealth gap that persists to this day (while these institutions became mega wealthy). Additionally, this hearing signals a willingness on behalf of lawmakers to make greater efforts toward acknowledging our seminal sin in tandem with the painful consequences of our failure to atone.” Congressman Al Green said.

“As you will become aware during tomorrow’s hearing, luminous evidence exists revealing that many financial institutions had some degree of historical connection to slavery. Many of today’s financial institutions have ties to slavery via predecessor banks that profited by accepting slaves as collateral for loans and sometimes took ownership of those slaves when borrowers defaulted on loans. Wells Fargo and one of its predecessor institutions that was active in the Antebellum South is a clear example of this: according to the Federal Reserve Bank of Minneapolis, the total value of enslaved people held by one of Wells Fargo’s predecessor institutions between 1842-1843 was estimated to be nearly $49,000, which is approximately $1,500,000 in 2022.”

Congressman Al Green concluded, “I trust that if Members of Congress are willing to listen to the unabridged truth of our nation’s past from our expert witnesses on this topic, then Congress can begin working to deliver overdue justice. I am hopeful that if our leaders realize how our ancestors were exploited, pawned, and insured for profit, they will do more than seek apologies. I also trust that holding hearings such as this will evince how the humble hands of enslaved people helped make the U.S.A. great as well as cause African Americans to say they are the proud descendants of enslaved Africans who deserve justice for their enslavement resulting in over two centuries of free labor.”

“Earlier this year, under Subcommittee Chair Green’s leadership, we brought to attention the extent to which many of our nation’s largest banks and insurance companies profited from the unjust legacy of slavery," said Chairwoman Maxine Waters. “Since then, it’s become even more clear that these institutions have a lot more work to do to ensure that the damages resulting from slavery are remediated, including helping address our nation’s widening racial-wealth gap. Public apologies and acknowledgements are simply not enough. I look forward to exploring solutions that these institutions can put forward to properly address this history of exploitation.”

The hearing entitled, “An Enduring Legacy: The Role of Financial Institutions in the Horrors of Slavery and the Need for Atonement, Part Two” will take place tomorrow, Wednesday, December 7, 2022 at 9:00 am CT / 10:00 am ET. To watch the full, live hearing click here.