Congressman Al Green Applauds Ms. Jane Fraser for Being Named Next CEO of Citigroup, First Female CEO of U.S. Megabank

Sep 10, 2020 Issues: Financial Services

(Houston, TX) — On Thursday, September 10, 2020, Congressman Al Green released the following statement regarding the naming of Ms. Jane Fraser as the next CEO of Citigroup, which will make her the first female CEO of a U.S. megabank:

“On April 10, 2019 during a hearing before the House Financial Services Committee, I asked seven white, male megabank CEOs to raise a hand if they believed a woman or person of color would likely succeed them. Not one of the seven raised their hand – including Citigroup CEO Michael Corbat. Today, 519 days later, Mr. Corbat has announced his plans for retirement, and Citigroup has named Ms. Jane Fraser as his successor, making her the first female CEO of a major U.S. bank,” Congressman Al Green stated, referencing last year’s Financial Services Hearing, titled Holding Megabanks Accountable: A Review of Global  Systemically Important Banks 10 years after the Financial Crisis.

The full hearing can be viewed HERE.

Congressman Green’s Q&A about the lack of diversity among the CEOs can be viewed HERE.

Congressman Green added, “I must thank the Honorable Chairwoman Maxine Waters (D-CA) for her leadership, and acknowledge the work of the Diversity and Inclusion Subcommittee led by Chairwoman Joyce Beatty (D-OH). Ms. Fraser’s historic appointment allows us to see the benefit of oversight wherein Congress, specifically by and through the Financial Services Committee, can question industry leaders about vital areas of diversity in hiring and promotions within all workforce levels. These questions can pave the way to lasting, systemic change.”

“While the significance of this moment must be received as historic, regrettably, we still have a chief executive officer of our country who has attempted to derail diversity and inclusion efforts – wrongfully labeling these much-needed efforts as ‘anti-American propaganda.’ Ms. Jane Fraser’s appointment is truly a positive step in a long journey; however, we still have a way to go to achieve diversity and inclusion across the many industries that comprise the whole of our nation.”