Dear Vice President Joe Biden
Former US Senator Ted Kaufman and Jeffrey Zients
Co-Chairs, Biden – Harris Transition Team
With the election right around the corner, the Association of Asian American Investment Managers (AAAIM) and the New America Alliance (NAA) would like to engage your transition team on critical decisions around your economic agenda and the policy team you are assembling should you win the presidency.
Founded in 2006, AAAIM is a national non-profit organization dedicated to the advancement of Asian Americans & Pacific Islanders (AAPIs) in the field of investment management. Challenged with a lack of diverse executive leadership, AAAIM supports those trying to grow their careers by providing a forum for professionals in the investment field to meet, network and create business opportunities. With over 4,000 people in the AAAIM network, promoting diversity and inclusion within the investment industry has been central to our work everyday.
NAA, founded in 1999, is a national non-profit organization that is committed to forging a stronger America building on American Latino success. The NAA leverages its influence to accelerate diverse leadership in entrepreneurship, corporate America, and public service. We firmly believe access to investment capital by people, regardless of color or gender, is essential in making America strong. For our communities of color, the availability of capital means the difference between a community that can build both individual and community wealth through flourishing businesses and job opportunities, and those communities that stagnate, with ever higher levels of poverty and lack of opportunity.
Today, our country faces a dual challenge of racial injustice and the crippling economic effects of the COVID-19 pandemic which has disproportionately affected communities of color. The massive economic toll on families, communities and businesses can only be tackled if we successfully bring together financial industry and business leaders with diverse backgrounds and experiences to map out a lasting path to recovery. Too often, we perpetuate the revolving room of non-diverse individuals to steer the economy forward and there is rarely a seat at the table f or persons of color who can bring different perspectives and experiences to the challenge at hand.
This country has never seen a minority individual head up the Treasury Department, President’s Council of Economic Advisers, the Federal Reserve Board of Governors, the Securities and Exchange Commission, and the Commodity Futures Trading Commission. All of these roles play a central role in the development of economic policy that touch the well being of all Americans and the viability of all communities. The growing diversity within our nation demand that we bring decision makers into the Administration who are thoughtful about leveraging inclusion as a rudder for navigating multitude of challenges related to race, community opportunity, empowerment, and growth. We believe having the most diverse and best minds of all race and gender at the table in the potential Biden Administration will create a new path forward for all citizens and not simply make incremental change when we need much more to heal the nation.
As you develop your lists of candidates for these critical roles, we urge that you and your team seek gender and racial diversity in filling these top positions, and identify individuals with skills outside of traditional financial services industries when doing so. Additionally, we also ask that you direct your appointees to the various regulatory agencies to make diversity and inclusion a normal course of business in hiring staff and developing advisory councils that support these agencies. On behalf of our network, we encourage you to be inclusive and intentional when developing your core economic team so that they truly reflect the diversity of this great nation. AAAIM and NAA stand ready to serve as resources to you as your transition team works to identify most qualified candidates for these positions as well as to provide counsel as you further develop your economic blueprint for America’s future. Thank you for consideration.
Thank you for your consideration.
Association of Asian American Investment Managers
Solange Fernández Brooks
Chief Executive Officer
New America Alliance