announced a change to keep families protecting against the of 500,000 undocumented spouses of u.s. citins. announcement, that is the young people who have come here and have lived here built their entire lives here who work here, have built families havebd have every right as the rest of us do. i will close by saying we definitely have more work to dos country. in short every worker gets a hay of work. feeling healthier safe at the end of the workday. making sure all of our communities have access to good jobs that change their lives, bring hope and build up their my promises we are all in. president biden is all in

thank you for all you do and thank you so much.do this wk >> from the same event now, illinois moderating a discussion on opportunities for economic growth in mobility and latino communities. this is about 40 minutes. >> i want to start by saying good morning and thank yout to s breakfast. know it is the final were not, if this was the second day of the conference, we would still have a thinner crowd because of that party that they had last night. i am truly impressed that anyone is in the room. i am very thankful that so many people are in the room today for this breakfast.

[applause] do they know how to throw a wha. i am going to sayuse to all of u for having the fortitude to make it here today. i want to also say that the man of our our, thank you. for the last 30 yea of applause. i am illinois state controller as you heard in 2016 i became the■■st hispanic independently elected to serve in a statewide capacity in the state of illinois. [applause] thank you. now and i am proud to say that even though comptroller is thelf government existence, i washe top vote getter in the last elee

prior to serving as comptroller i was elected as the first woman ever to serve as city clerk in the city of chicago and that elected to six terms as a state representative in the illinois general assembly serving as the youngest member of the chamber when elected■6 in 2001. as the state's chief financial officer, it has bn and privilege to have successfully navigated our state throughes in our state's histor. number one, a that lasted 736 days. it gave us a with a b,qv16.7 bls. a rainy day fund $48,000. there was moreon spent yesterday on booze alone at thelt thankfully, we no longr hawe have a working accounts payable.

paying our bills faster than which is my job to do.llinois we have a rainy day fund of over $2 billion and. i am proud to say also that that bill was paid down before penny of stimulus funds came in the door. nothing but credit downgrades for theserved as owner and cont, since getting elected on my watch we have now had nine full credit rating upgrades. we are on a roll in the state of nois. written off our state just a few short years ago. they thought we could neverhat i must say, never the state of illinois. we are a great state with an ever-growing pool of latino representation. illinois has an amazing group of talented legislators well here in this congress.

a shout out to these illinois legislators for working so hard and making us sonm proud. i am truly thankful to our man here for extending this invitation for me to moderate this morning session. strengthening the foundations for latino economic growth. the aim for today's discussio is to explore the current and future state of latina economic growth and influence while identifying policies and strategies that policymakers can support in advance to increase our communities economic mobility and prosperity. according to aec the latina donr collaborative, u.s. output, economic output reached 3.2 trillion in 2021.■h the same study indicates that latinos if they were an independent country their gdp t.

ahead of the united kingdom, india and franc however, most majorq; economy and the rising cost of concerns.p the list of o now, during this session, wefutc growth and influence while identifying policies and strategies that policymakers can support in advance to increase our com economic mobility and prosperity. i hope you find this interesting and helpful to you. let me just say that we have an incredle today. now, sring to my left in this order, ms. anna ldess amazing. you will see. ms. patty juárez. and mr.@glfred -:■ff [applause] now, before i go and sit down

and join my panel share a few fs about who they. let's start with anna valdes. thl chief officer at the latino donor collaborative. her son alex who is only 25 years old just screened his first documentary. can that? it is a destroyed in columbia that is now being restored. he is obviously an environmentalist. you should look up t is that. the power of one. one proud mamr hands. now, ms. patty juárez, the head at wells fargo. here is something fun about tt you should all know this.

when she was just 10 years old, she was a child actor. i know, right. yes. she was a child aorer claim to fame was playing the devil at the age yes. a proud mama. and has all kinds of college offers. but, really were very worried about her at the age of 10 when shela the devil so well. she can do it, ask her let's talk aut mr. alfred to his partner and founder. what you should know about alfred is that he is afy i know. you should clap. addict. not everybody wants to talk abou of art.

yes. . he says t been especially tough for him so he needs our support. i have a file before he goesindn vegas to bring home with him all have incredibly impressive resumes. you can find their c app. i will ask each of them to briefl starting with anna anden we wile questions afterha thank you for being here, everyone. [applause] >> thank you so much forse fun acts. here. you, everybody, for being as it has been said it w everyb, as it seems. my name is anna vs. i'm the ceo of the latino donor collaborative. we are a thing take that shows the economic impact o latinos in the united states. those numbers that you mentioned come from u i would love

to share through this co5er in mexico city. i l mexico to do a masters in spain. i worked with united nations at administration and then i lived. very excited to be here. thank you thank you for putting this incredible eventve year and for making such a big difference [applause] >> thank you. >> i am a friend of anna's. good morning. yes, it was a late night. [lte me. my parents are in town so we pry 77-year-old dad and 75-year-old mom, which waspatty warez.

then with wellsgo years. i know. i started as a babynd. [laughter] i am wells fargo. took over as that last july.io i am in charge of outcomes. our outcomes in the hispanic asr representation outcomes with ouy ave a multifaceted job. it is great. i would■f d it for free but dont tell my boss because i have to i need a paycheck.roughge i love what i do■6. it enables me to support my community and tryo access to cal remainher entrepreneurs in our community as well. it is great being here and than.

g morning. it is really a pleasure to be with you this morning. it is true■ i am a crazy advent collector of art. i am passionate about representation in and culture. i joke with my staff at the occy are like, alfred, when are you moving this. what is going on with this and that. will it be hung? jessica, don't worry about. this piece is in agram. i have not told my husband and i purchased this piece of art. when i tell them, w will send it back home. the organization that i found it is based angeles. we work wharge and small

organizations that our mission driven. ating more sustainable more brazilian cities throughout the country i would like to say we operate at the city section of justice. we do our w in planning and desd architecture and labor rel. all towards a common goal of working creatively to introduce new ideas and new models of development that we hope to create greater economic prosperity for our especially our latino communities. we do it through a data driven approach. i am really honored to about thf in our office, in los angelesti. and san francisco, we are currentlyved in the construction permitting and development over 6000 housing

units in california. we represent - you. [applause] we representrg that currently are investing over to billion dollars in land development in california and throughout the country. i mentioned tha i approach our work through data and the experience that we have around both the opportuni challg in the marketplace and creating greater economic opportunity for latinos. >> big round of applause for panelists, please [applause] we will start with questions noa valdes. with the,r the latino donor collaborative report i mind, what is the importance of the report as it pertains to economies within ss. emerging

markets and overall economic well-being indicators for tinos ikn u.s. >> thank you. that is a great we are actually coming up in september with seventh latino gdp report. first of all, we excited. i have to thank our partnerst fd this report the very beginning. the w|ole table to names. and leading this incrediblemes effort. we are very report, i cannot say numbers yet, but we are recruiting a number of things. my favorit the report about young people. this young people, we are doing a lot of different thing them. >> do you mean like 50s? >> you are exactly. thirty-four down. it is a complete different

the people that are parents in this group would understand me. they think different. they are wired differently. in general and alphas are wired. latinos specifically have this combination of the parents that build the fifth largest world. 90% were born here. they are going to college because theiren sacrificed everything to send them to college but they still have all of this work ethic, this passion , this ambition. more importantly, gratitude you know i have so much to share about this we do a lot of social media and social media analysis. hiced this time around

graduation time, they are just so proud of themselves and they should. they are very individualistic. social media, look what i can. latino kids actually turn around to their parents and give them d everything and say thank you because you made it. [applause] that same emotion you feel, i had a kidha may. that same emotion you feel. they wear it on their. they are in this world to make the sacrifices of theiren it. another thing they are very voice.ent from us, they have they have an opinion and they raisehows in the power of drrs. it shows in the power of, you know, the box office young

people and how they are deciding to watch when they are well repr are doing a report specifically above grants in coe and univision. we are finding this. just to tell you there iso much to come in september with this reported others. you will be really happy to see it. i am very your kids. >> we are looking forward to it. thank you.■■ the ways that the sector has responded to growth of the latino community across the country and how is your help the latino community with financial serviceswhat are those lessons k that have been learned along the way? >> well, i think, when we establish my role at the bank last july, i think that it wascy intentional step to honor the latino because it has

become such an important part of . when you look at how many quarter, over 40% of those are being opened by latinos. you can see the power that our community has in terms ofnstitu. they said we need a senior leader at wells■ fargo whose ony job is to worry about serving latinos in the right way a institutions. a lot of the time that on lookiu know, beginning, you know, when you are entering college and you have your first checking account planning for retirement, how does the bank serve thisy. what are the products that they need. what are the services that they need. do we have them? do we need to devel them? doe nee products that we have to better

fit the needs of the younger there very digitally friendly and savvy? they no lonr wan they have to do everything nepting to those changes, it is my responsibit to ensure that the bank is looking at that beyond today future brir us? i thinkhat f wells fargo, my position is the only one in they look at our businesses as well as the community as well as the cogues the bank you have to represent your community aou staff. you have to represent t we have a ways to go. bag, oriented, not hispanic. wemw successful in bringing in new talent from all industries■y because we are

over 200,000 members strong. we need people and technology has much as banking and other ar bank. what we are doing is we are rity group within wells our lat. fargo. latino. if you look at the growthprojece are graduating colle to take those higher earning jobs, latinos are the number one cort we are very, very excited to provide a platform f work for u. another concern that i have is how do we retain? how do we give them experiences that they will cheri and like and, you know, take their talented really help our firm deliver on our commitment to this community.

we have to represent this market so we a ensuring that the senior leadership levels of the company were also >> that is great. patty, first of all, a big shout out to wells it because it is important. [applause] we all serve in a role model capacity. here is a fact. when women are in charge of the money, things get done bette fa. it is really important for peop represented and think about in the stem cell, the math and science is engineeringe themselves reflected in the spaces they don't think that is. a male dominatednv havingnow how to handle things and have proven themselves in that capacity. t or the private sector.

that is what little girls nd ou. the fact that they are latinos, even move on to you. describe when homeownership became a gateway to economic ed states. >> absolutely. happy to talk about it. i think that the coffee is kicking in. i will speak quickly. our work is really data it is informed by the information that is one that we have here with the latino collaborative■4 and other federal and state agencies. whe realize is that we to contee historic injustice that is in america. our economic s we cannot really begin to havold opportunities for latinos

without ackn. we have in this country a system where the vast majority of economic power in america has■z reated by people of color and, yet, we are the ones thate. we have, know, with slaver auneteenth yesterday , there was plenty of free labor that occurred even after we freed afr chinese-americans. chinese immigrants have built our infrastructure and our railroads. never tly labor. you have farmworkershat hav tilt been paid a fair wage not allowed to benefit from the bounty of their labor. we have to acknowledge that for us to think think about homeownership. homeownership in america

exhilarated and 1960. does anybody knohat is? theater amount of americans buying homes before and after that period. that is because of the g.i. bill adopted944. the g.i. bill was the single most important rocket!hy fuel fr incoming class mobility in the united s in allowed people to go to school forree, veterans. it gave them and assured income. it also gave them free incentives for homeownership.n a veteran buying a home.ans for at period of time. the idea of the dream became fused with homeownership at the time. and, yet, that opportunity, the■ single greatest investment by the administration was not lati.

i will give you just one data po new york, at was adopted, over 6s were issued to. of thoseá 6 only 100 wereck and latino veterans. imagine that. >> it is crazy. he in america as we know is in 50%ftheir equity, of the wealtht they have as family is in ownin. yet, the access to homeownership is still unattainable for many latinos. so, we can the economic output of our communities, but let's really get to the bto line when it comes to opportunities for social and class mobily. real c.

>> on the point, though what are the opportunities and barriers that exist today right now for latino homeownership? >> we will talk about the opportunities. i get passionate about the facte incredible, difficult aspects around the equy i economy we have decision-makers in this ole to play in giving latinos greater we are really working intentionally with our partners and clients around making homeownership more avaible. how are we doing that? working with our elected officials to increase housing production. we know that access to homeownership has to do with affordability. afrdabity impacted by production of housing. with our local partners to ensure that we have t

production. the other piece that we are working on is wealth generation for latino families in america. how do we increase wealth opportunities not just job creation but jobs that are able to create the generational wlt homeownership,i mentioned that z and the younger americans i will give you just one example of how critical thisssue of wealth transfer and generation is for homeownership. y in 2023, last year's data that isnt were sold, the homeowners, homeowners 30 years and older, e over 80% of their homes with their parents money. over 80%. and, yet, in the latino

community, across the nation■ across all families, only 5% oao transfer their wealth. think about■qhat. the access to homeownership depends onil 5% of our latino families with th, the economic power to transfer wealth and opportunity. we have to tackle that before we can tackleomership. [applause] >> excellent. thank you. it is really eyepening. we were talking about stuff i was a child, and i think maybe a lot of people can relate, i a housey loving parents, the hardest work ethic i've ever seen in my life. i was always told to never talk about money. it is rude. [speaking in native tongue] you have probably all heard it.a

ch the only people that don't talk about money are people that don't have a lot of lot of mone, they talk about it all the a ris pregnant i would literacy while in the womb. we need to do a better job as latinos to say we should always be talking about money. we shoulddues about moneylí we are not only relying on the traditional ways of building wealth like homeownership bse in your 20s o0 s, you already miss, you or more of investing in the marketplace but nobodyks we need to make that a different way of thinking about income. it is available everybody even relatively more people to open up a rothra get your first job. this is not the topic of today■t

building that generational wealth and i thinkck and brown as to t tools that are available today that you do not have to be rich to work harder r money, your money is working i will move to patty. patty, as you interact with various sectors of businesses, can you describe business sectors in which you have seen growth what sectors still need additional support to increase l >> speaking of wealth creation, the will come into play besides owning a home is going t be businesses. business owners can create wealth that can be generational wealth, passed on to their so, from oh■f■2019, over 12 years, latino businesses grew

34%. actually shrunk by 7% inerts of business creation and that same period of time. you can already see that when it comes to entrepreneurship, latinos are leading the pack, you know■u terms of starting new businesses. many issues in terms of helping business scale and getting them the right access to capital and all of that. there is been a lot of growth, they have certainly been in the construction industry, the foodd then real those industries are growing. in the service ind is where it is overrepresented. essence, there is a lot of groh a industries. where i think that i can see we have mor the space, but we still are very much lacking is intact elegy.

obviously with the advent of ai and everything going on in economy and communities, it is important that latinos are properly represented in logy. i know anna hasjr done a lot of research going into stem fields and ai and all of this which is very rssuring. today, only about 3% of the lat. we are way under indexed given that we are about 20% of the there is lots of opportunity.tre overrepresented such as food construction service industries. those industries are harder to finance from an industry perspective because there is not like hard collateral that many e hardest to finan yet this continued issue of our businesses being underfunded and undercapitalized which, you know

, hampers their growth potential. we in the financial indtry are t alternative ways to evaluate the credit capacity and the paying ability of underserved. particularly our latino community. i don't guys, but elatino dismiss my mortgage payment for my car payment. my parents always tau me, you will not eat your hamburger or your pay your bills.with that in mine need to look at alternative ways to so that we are able to chip away at that access to capital barrier. >> it is so nice to know that that is a focus and that you are thinking that way. breaking the traditional ways ot all painting with the same brush it is everyone fits in the

same box. one-si-f that. if we don't have people like you in the room adding to that dialogue we will never be represented or in terms of how can we help to make those connections. thanks again. >> i would just highlight on the issue of patty's point, regarding credit and actions to financial t know is that latinos of all minorities access nontraditional financiale and higher percentages compared to other minorities. >> exactly.ving organizations ls fargo thinking intentionally about how expanding the toolspp, whether it is investing in small businesses, buying your first home, saving for your children's college education, et c intervet

will accelerate income you, pat. [speaking in native tongue] >> okay. anna could you share labor participation by keyword■% or sectors and educational entertainment of latinos■;. of growth and where are there opportunities to scale or improve? >> absolutely. i will start. as i said before, 25% of all the young people in this country are latinos. that is one out of every four americans. if you think about■" that, somef you are in brands when you have a cohort or segm25 sales, that is keyone of the the constantly bringing attention to ways when you talkbout diversity, when you make latinos part of that group, you are

missing a lot of points. you are having a big lying spot. not all diversity is the latinos are 50%f y■mou diversity. as i said beforeption habits thy different than other parts of the or worse, they are just different talking about demography. i always want to point that out. when you see it as a statement rathern segment, it is a very interesting business point. .... .... 5fúpa

the engineering students in the united states were latino. year. by the students of engineering were give you ide possibility of sending their

kids to school, so i could go on and on with■>> the possibilitiee endless. ladies and gentlemen, we are so proud. thank you so much for bringing beautiful city of las vegas. i want to say a special thank you to the panelists. we are going to wrap it up now but a big round of applause. [applause]

we are the that american dream.

>> i still believe in a place fe american people. who do you trust. >> i want you to know■ truly am. >> they had theirhance. they have not fled. we will. >> i am a john and i am i wasn't my own man anymore.s ib >> to help the laid-off construction worker keep his home. we have been there. we've tried that and we a

going back. >> under my administration our friends will see the loyalty and we will see less flexibility. >> he great again. he should start by actually ■lking the things in america again. >> we will make america safe.ça. and we will make america great again.>> here and now i give yoy word. you and trust m presidency and i will draw on the best of us, not the■ this towering spirit has prevailed over lifted us to thef human endeavor.