Sen. Menendez Delivers Remarks at U.S. Treasury Department Economic Summit on the Future of Latino Communities

WASHINGTON, D.C. – U.S. Senator Bob Menendez (D-N.J.) today delivered opening remarks at the U.S. Department of the Treasury’s summit on investing in the economic future of Latino communities. During his remarks, the Senator addressed the challenges the nation must address to ensure Latino families all across the country can thrive, especially as it relates to homeownership, access to capital, education, and economic opportunity.

“We’re a community — more than 62 million members strong wielding an economic output of nearly 3 trillion dollars. At consequential decision-making tables, from the marble halls of Congress to the executive suites of Fortune 500 companies, Latinos are blazing trails and leading the way,” said Sen. Menendez. “So to those who question whether our time is now, to those who downplay — or worse — attack our growing presence in American life, I say this: Ignore us at your own peril. Deny us opportunities at your own risk. The Latino community in America is America. We are a force to be reckoned with, and as such, we will continue to assert our rightful place.”

 

 

“I’m heartened that Secretary Yellen — together with her team at Treasury has put together an event to advance the economic potential of Latinos. But our commitment must go beyond a half-day summit if we are to reverse decades of disinvestment and neglect in Washington. It’s not the fault of any one decision or one administration alone, but as we come together today, Latinos remain disproportionately unbanked, disproportionately excluded from mortgage lending, and disproportionately affected by the whims and wills of the economy,” added Sen. Menendez. “We need economic policies that care less about stock prices on Wall Street and care more about the price of what’s in stock on Main Street. We need greater outreach — en Español por favor — so that Latinos can access the federal funds, programs, and protections to which they’re entitled. And more than anything, we need a governing philosophy that views Latinos not just as potential labor force — although we are, not just as a valued demographic — although we are but as an invaluable part of our nation’s tapestry.”

Below are the Senator’s remarks as prepared for delivery:

Good morning — thank you all for being here.

We’re here today at a summit appropriately titled: “Investing in the Economic Future of the Latino Community” because all of us in this room believe the same thing:

That the hopes and dreams of Latinos are central to the promise of America.

Earlier this week, I said this exact phrase when introducing Dr. Adriana Kugler at her nomination hearing to serve on the Board of Governors of the Federal Reserve.

Dr. Kugler is a first-generation American, the daughter of immigrants from Colombia, and a shining example of our ability to rise above our station in life.

I have forcefully advocated for her nomination — and I am pushing as hard as I can for her confirmation — because the Latino community sees themselves reflected in her success.

Only in America are stories like hers even possible, which to me, is part and parcel of what makes our country exceptional.

Since the earliest days of our nation, Latinas and Latinos have played integral roles.

We’ve fought valiantly in every conflict since the Revolutionary War.

We’ve unlocked towering scientific achievements that stand the test of time.

And every single day, millions of our fellow Americans enjoy the food, music, and culture that we create.

In countless ways, Latinos help the United States shine as a beacon of hope around the world.

We’re a community — more than 62 million members strong wielding an economic output of nearly 3 trillion dollars.

At consequential decision-making tables, from the marble halls of Congress to the executive suites of Fortune 500 companies, Latinos are blazing trails and leading the way.

So to those who question whether our time is now, to those who downplay — or worse — attack our growing presence in American life, I say this:

Ignore us at your own peril.

Deny us opportunities at your own risk.

The Latino community in America is America.

We are a force to be reckoned with, and as such, we will continue to assert our rightful place.

I begin my remarks today with such bold pronouncements because if we don’t tout our accomplishments, no one will.

If we don’t tell our stories, others will fill the void and tell them for us.

For too long, Latinos have been marginalized in this way by predominant parts of society.

In the past, we’ve been thanked for our service but denied the equal benefits of citizenship.

We’ve been welcomed into homes to cook and to clean, counted on to pick produce or provide care to children and seniors, all while being deprived of the equal wages of other Americans.

To this day, Latinos across our country continue to be denied equal housing through illegal redlining, denied equal credit through discriminatory lending practices, and denied equal opportunity through barriers to economic mobility.

The economic challenges before us are as multi-faceted as they are multi-generational.

To address them, we must frankly admit that we have an equity problem in America.

A problem that should concern all of us given the essential truths of our founding documents.

Last I checked, the Constitution does not begin with the words: some of the people; it begins with We the People.

But today in America, we see a stark divide in how some enjoy the inalienable rights to life, liberty, and the pursuit of happiness.

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Think about the very room we’re in right now.

Think about the historic building that’s hosting this summit.

Consider what it’s like when it bustles with Treasury employees…and consider what it’s like after all of those people go home.

I submit to you all that the people who work in this building, or at the White House, or inside the Capitol from the hours of 9 to 5 look very different than the people who work in these buildings from 5 to 9.

And I would argue that those who work a shift when the sun goes down are just as committed to public service as those who arrive in the morning.

So as I think about the economic future of the Latino community, I’m thinking about them.

I’m thinking of people with names that may rhyme with Menendez but who won’t show up in the event program you hold in your hands.

I’m thinking of people who disproportionately bear the brunt of record inflation and high interest rates.

And I’m thinking of people who — through no fault of their own — are relied upon to fill jobs that others are unwilling to do.

I began my remarks this morning by touching on Dr. Kugler’s historic achievement as the first Latina ever nominated to the Federal Reserve.

But it is shameful that it took nearly 110 years until someone of Latino descent was nominated by an American President.

Today, we can sit here and talk all we want about record low unemployment rates for Latinos, but progress will never be fully realized until we see parity — in terms of homeownership, in terms of access to credit, and in terms of opportunities for success.

It’s well and good that we discuss ways to expand Latino participation in civic and economic life, but achieving racial and economic equity cannot — and will not — come by executive orders alone.

It takes all of us.

It takes a wholehearted approach to advance the cause of Latinos, not just when it’s politically expedient or convenient but every single day.

We need a genuine commitment — from every corner of every government agency — to include Latinos in their planning and programming.

That means treating so-called “Latino issues” as American issues — not as afterthoughts to be included later.

I’m heartened that Secretary Yellen — together with her team at Treasury has put together an event to advance the economic potential of Latinos.

But our commitment must go beyond a half-day summit if we are to reverse decades of disinvestment and neglect in Washington.

It’s not the fault of any one decision or one administration alone, but as we come together today, Latinos remain disproportionately unbanked, disproportionately excluded from mortgage lending, and disproportionately affected by the whims and wills of the economy.

We need economic policies that care less about stock prices on Wall Street and care more about the price of what’s in stock on Main Street.

We need greater outreach — en Español por favor — so that Latinos can access the federal funds, programs, and protections to which they’re entitled.

And more than anything, we need a governing philosophy that views Latinos not just as potential labor force — although we are, not just as a valued demographic — although we are but as an invaluable part of our nation’s tapestry.

I’m talking about policies that acknowledge people who come to this country with nothing and unfailingly serve as the engine of our economy.

I’m talking about treating comprehensive immigration reform not as the third rail of politics but as the foundation of how we support the Latino community.

We don’t need restrictive visa caps and callous asylum transit bans, rather, we need concerted efforts to pair seasonal workers with jobs in critical industries.

As part of today’s program, you will hear from policy experts, civil rights advocates, and other leaders who have no doubt studied these issues for years.

They will bring to bear research and data — analysis and scientific studies all to further our collective goal of a Latino community that can thrive.

I’m hopeful that connections can be fostered between individuals of different backgrounds and skill sets.

But above all, I hope that today’s effort goes beyond just a half-day summit.

I hope that we begin to center the Latino community in all of our discussions — especially as we work on affording them their equal share of the American Dream.

This has been the guiding principle of my 50 years in public service — 31 of them in Congress.

To me, it’s advocacy that’s rooted in my upbringing.

It’s not just something I care about, it’s who I am.

I was raised by parents who were Cuban immigrants.

They left behind everything they had ever known in Havana because they yearned for a future other than the oppressive Batista regime and Fidel Castro’s false promises.

So they came here, setting down roots and moving our family into the only place we could afford — a tenement in Union City, New Jersey.

It was a shoebox apartment before they became trendy but I still remember my mom coming home to that apartment after a full day of work as a seamstress in a local factory — only to start her second shift cooking and cleaning for us as our primary caregiver.

Every day — despite the long hours and backbreaking demands of her job, my mother would sit me down at the kitchen table and say: Bobby leeme tu tarea.

Which in Spanish means, “sit here and read your homework to me.”

And every evening I would protest and say “but Mama you don’t understand English.”

And she would respond in Spanish, “that’s what you think — sit here and read your homework to me.”

It taught me the value that she placed on education even if she didn’t have it herself.

My mother was a fierce Latina who made enormous sacrifices so I could have an equal shot at the American Dream.

She never gave up on the promise of America — loving it in the way that only an immigrant can.

And so today, I serve as a United States Senator because of the values and the work ethic that she passed on to me.

It is a quintessential American story.

I was the first in my family to graduate from college.

The first to earn a law degree.

The first to own his own home.

But the fact remains that that story is still very much the exception and not the rule.

Our country held up its end of the bargain for me, but now, I feel a solemn responsibility to throw open the doors of opportunity so that others can walk through them.

Everything I do as a United States Senator is in pursuit of this goal — to create the conditions that allow stories like mine to be told.

Every decision I make, whether it’s legislation to increase corporate diversity, advocating for Hispanic Serving Institutions and programs, cracking down on predatory lending to Latino entrepreneurs, relieving Latino students from the crushing burden of student debt, ensuring that ITIN taxpayers can claim credits to keep their children out of poverty, or building livable communities for minority families.

On every decision I make, I am guided by the belief that the economic future of Latinos is intrinsically linked to the economic future of America.

If we are to fully participate in civic and economic life, then we need the equal opportunity that we fundamentally deserve.

Latinos are patriots.

We work hard, we pay taxes, and we dream big dreams.

Our ability to rise above our current station and earn a slice of America is well-documented.

It’s a skill we learned at home.

After all, most of us are only one or two generations removed from jobs and sacrifices that involved tired feet and calloused hands.

This is my message as you begin today’s meeting.

Give Latinos a fair shot and we’ll show you what we can do.

Invest in us and we will repay you principal plus interest.

The Latino community has a long tradition of proving naysayers wrong as we climb the ladder of success.

And if our hopes and dreams are truly central to the promise of America, then we will not remain silent in the face of denied opportunity.

I hope today’s summit is a fruitful one and I look forward to continue making the case to this administration that it’s time to turn these dreams into a reality.

Thank you.

 

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