and support. matters most weill be there. >> cox supports c-span as a public service along with these other television providers giving you a front-row seat t >> and now to a discussion on economic growth in latino communities featuring the illinois comptroller susana mendoza and the head of hispanic and latino affairs at wells fargo, patty juárez. this nearly 40 minute conversation was part of the national association of latinoeced officials conference in las vegas i want to say good morning to thank everyone who made it to today's rockfest. i have to say that i know it's a final day of naleo but even if it wasn't if this was the suld still have a democrat because that party -- so i'm gly thankful that so many people are in the.

[applause] mean, they know how to throw a party or what? so i'm going to say a very big round of applause to all of you for having the fortitude to make it here today and i want to also say that a very, very special thank you to the man of our hour, for the last 30 years right, a big round of applause. i illinois state comptroller susana mendoza and you heard became the first hispanic independently elected to serve in capacity in the state of illinois. [applause] thank you. i've been elected three times now, and a proud to say that even though comptroller is the least known tile in allfrnment existence i was the to the state of illinois in the last election in 2022. [applause] cultural was elected as a first woman ever to serve as cityy court in the city

of chicago and before the unselected to six terms as a state representative in the illinois general assembly serving as the youngest member of the chamber when elected in 2001. as the state chief financial honor and privilege to have successfully navigated our state through the two worst fiscalri state's history. numberr one a budget and passed the last of 736 days. itnd gave us a brutal 16.7 billion with a i b the b $16.7 billion of unpaid bills. a rainy day fund48,000. there was more money than that ce spent on booze alone yesterd [laughing] yes. today, thankfu longer have a a backlog. we have a working payable it we are paying our bills faster than ever in the state is annoying which is my job to do. and we have a 90 day fund of nd growing. i am proud to say also that that bill that was paid down before a

federal arpa stimulus f door. and while our state has nothing but credit downgrades for the 20 years before i start as comptroller since getting elected on my watch we have now had nine full credit rating upgrades. so we are on able in the state state of illinois. [applause] thful, many had written off our state. just a few shortears ago never recover. that being that we are in vegas i must say never ever bet against the state of we are a great state w latino representation. in fact, illinois has an amazing group of talented latina and latino legislators representingere at this conference. shut up and sincere thank you to the settlementegistors for working so hard and making us so proud. i am tru thank here arturo, to extend this invitation me to morning's plenary session. strengthening the foundations for latino economic growth. the aim for today's plenary

discussion is too explore the current and future state of latinonk economic growth and influence, while identifying policies and strategies that policymakers can support in advance to increase our communities economic mobility anerity. now according to a recent report from the latino donor collaborative, u.s. latina output economic output reached 3.2 trillion 2021. that same study indicates for latinos comeir independent country their gdp would ranked fifth in the worldf the united kingdom india and france. at the same time, however most major post for latino voters indicate the economy the living top the list of now, during this session we will explore the current and future state of latino economic growth and influence while identifying policies and strategies that policymakers can support and advance to increase opportunities economic mobility and prosperity i hope this post discussion interesting and helpful to you. let me just say that we haveith us

today. now, sharing their experience with us this morning our come to my left in this order ms. anbelle this. yes, around a floss thanks. she is amazing use. heard you. and mr. alfred faijo. now, before i go and sit and join my illustrious panel members, i do want to sharefe let's start with annabelle this. she's the president chief executive officer at lato donor collaborative. but her son alex who is only 25 years old just screamed his first documentary. can you believe that? firs 25. and it is a piece about a jungle that was destroyed in colombia that's now being restored. he's obviously an environmental list. you shouldhis amazing piece of art because it is that it's called the power of one. and we, here, ladies and my left have one proud mama on our hands.

now, juárez, she's ahead of hispanic and latino affairs at here's something fun about patty. patty. you should all know this. when she was just ten years old she was a child actor. i kno right? what? wait, what? yes. she was a child actor and her claim to fame was playing the devil at the age of ten. [laughing]she, too is a prouduperduper sport and all kinds of college offers, really, the nuns were very worried about her at the age of ten which he played the devil so well and nailed the devil heckel. she can do come as good. when you're in a hallway. okay. and let's talk about mr. alfred faijo to his partner and fw about alfred is he is a recovering addict. i this is, he's a recoveringdict.

that is but he h wants to talk about that. but he's a recovering addict of chicano art. [laughing] yes, chicano rpg's of this month has been officially tougher and so we need our support. when he goes home to find something intake is to bring them with him. anyway ladies and gentlemen they all have incredibly impresve resumes. you can find the complete bios in the conference mobile app but i will ask each of them as i said that to briefly introduce themseesta s then of course alfred and the mold into the ed after that. thank you for being here, everyone. [applause] needs our support. i have a file before he goes home he will find something home with him. ladies and gentlemen they a resumes. you can find their complete bios in the i will ask each of them to briefly introduce themselves starting with anna and then patty and then of coursed. then we will dive into the questions after that. thank you for being everyone. [applause] >> thank you so much for those

many more that i would love to e share through this conversation. i was born in mexico city. [applause] yeah, mexi >> i lef i worked for the united nations at the white house with the clinton administration, and then and then i lived in los angeles for 25 years. so very excited to be here. thank you, naleo. thank you for putting this incredible event every year and for making such a big difference.use] >> thank you. friend of anna. good morning. yes, it was a late night. my parents are inn town so we stayed outear-old at that and 75-year-old mom which was fun. been with wells fargo for short 29 and half years. . [laughing] i am the head of hispanic and latino affairs at wells

that's my most recent position, took over as that last july. in that role i'm in charge of our client outcomes, outcomes in the hispanic community as well representation outcomes with our colleagues job. it's fascinating. it's great. i would do it for free but don't tell my boss because have to put a kid through college. and a cycling after that. i need a paycheck. but i love what i do because it enables me to support my beloved make a difference as one concern for entrepreneurs in our community as thanks for have me. take it-- thank youo. [speaking spanish] >> it's really a pleasure to be with you this morning. d true, comptroller mendoza, i'm collector of chicano art that i'm passionate about her presentation in an industry especially in art and culture. my staff at the office occasionally like, alfred,

when are you moving this? what's going on with this or that? is it going to be hung? jessica, don'tt. p this piece a new witness protection program. i have told my husband i purchased this piece of art. we'll send it back home. the organization that foundedplanning group based out of los angeles. we work with large and small organizations that our mission driven. focus on creating more sustainable, more resilient cities to the country. i like to say wetersection of city built and social justice. we do our work as e' the law, in planning and design, in architecture in labor relations and advocacy. working creatively to introduce new ideas and new models of development that we hope to create gre prosperity for our c especially our latino community. we do it through a through a data-driven approach to our work. able to

speak to you all today about the status of the potential for economic empowerment among latinos. in our office, in los angeles and san francisco we are currently involved in the construction permitting and development of over 6 h california. we represent -- thank you. we represent organizations that investing over $2 billion in land development country. so i mentioned tause i approach our workd through both data and experience we have around both opportunities and the challenges we are seeing in the marketplace in creating great economic opportunity for latinas. so thank you very much. [applause] >> axilla. a big rsts, please. [applause] we are going tonow. going to go straight to this and about this. with a collaborative u.s. latina gdp report in mind, what is the

importance of the report as pertains to economies within states? that indication of emergingk latino markets and over economic well-being indicators for latinas in the u.s question. and yes, we areually comin the seventh latina gdp report. first of all we are so excited. second to thank our partners at wells fargo who offended this report. since the very beginning. the whole table to avoid names names and then of course patty whereas leading thisti very excited. and this't send membership yet but this report we are including a number of things. my favorite one is a report about young people. this younge people, you will become were d different things and reports about them -- >> you're right exactly. actually it's 34 down. it's a complete, different

cohorts. the people that are parents in the group would understand me.ey think different. they are wired differently. gen z in general and oice are wired differently. but latinas specifically have this incredible combination of the power and strength of parents who build the fifth largest economy in the wld. but all this commitment. first of all 90% were born here. they are americans. first language english. they are going to college because their parents sacrifice everything to send them to college but they still have all this work ethic this passion ambition. more important that the protector and more important gratitude. we make a lotnd i this, but we do a lot of social media social media analysis. we have noticed this time around graduation time, right gen z is an genetics they are8 proud of themselves and they should and the very individualistic. they go and the social media is

what i achieved. yes, you can. i next step is going to be -- latino kids actually turn around to their diploma and their hat and everything ahank you because you made it. [applause] and that a motion to feel because a i have a kid who graduate in may and that same emotions you feel. they went on their sleeves and are in this world to make the sacrifices of the parents worth it. us, they have a voice. they have anth opinion and may raise it. and it shows them the power of dreamers right? it shows in theower of the box office with young people and out there deciding what to watchell represented. it shows in brands. we are doing report specifically about brands in partnership with lower y'all and colgate and univision. wey are -- what we say in spanish. all the certainly there's so much to come in september with this report and others.e really happy

to see it. very proud of your kid. >> we are looking forward to it. you. and patty, what other ways the banking sector has responded to ifthe growth of the latino and how has your portfolio helped the latina committee wit .. just to tell you there is so much to come in september9f with this reported others. you will be really happy to see it. i am very proud of your kids. we are looking forward to it. thank you. patty, what are ways that the sector has responded to the ow across the when you look at how checking accounts are open last quarter, 40% are can see the power that community has in terms of numbers and it's suc an important constituency that they said they need a leader whose only job is to worry about

latinos in this institution so a lot of the i spend when you're entering college all the way to when you plan retirement.nt constituency for us. they saide a senior leader at wells fargo job is to worry about serving latinos in the right way at our. a lot of the time that i have is i spend know beginning you know, when you are entering college and you have your first checking account retirement how does the bank serve this community. what are the product need. what are the services that they need. av them? do we need to develop them? do we need to enhance a line better fit the needs of the younger community which is coming in strong because there very digitally friendly and savvy? they no longer want to walk through this. they have to do everything

online. just adapting tose changes it is my responsibility to ensure that the bank is looking at that beyond today. what is the future bringing us? i think that for wells fargo my only one in the major banks that intentionally look at our businesses as well as the community as well as the colleagues right inside the bank you have to represent your community and your s. you have to represent the markets that you serve. go. banking, traditionally male hispanic. we have been really successful in bringing in new talent from because over 200,000 members strong.d people and technology has much as banking and other areas of the we are doing is we are bringing in, 20% of our incoming hires are. we are already the largest

minority group within wells fargo. our incoming workforce looks very much latino. if you look at the growth projections and how many people are graduating college and ready to take those higher jobs latinos are the number one cohort. we are very, very excited to provide a platform for people to come and work for us. i have is how do we retain them them experiences that they will cherish and like and, you talented really help our firm deliver on our commitment to this community. we have to represent this market so we are working on ensuring that levels of the company were also better represented. great.irst of all a big shout out to wells fargo for identifying talent andmo 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 better. it is a.

it is really important for people to see themselves represented and think about in the stem cell, the stem area, engineering if little girls don't see themselves reflected in the spaces they don't think that is a path for them. same thing in a male dominated environment. having women that really know how to handle have proven themselves in that capacity. whether it is a government or the private sector. that is what little girls need to see all over our the fact that they are latinos even better. alfred i will move you.became a gateway to economic prosperity for families in the united states. >> absolutely. happy to talk about it i think that the coffee is kicking in. i will speak quickly our work is really data driven. it the information that is available from organizations like the one that we have here with the latino collaborative and other state agencies.

what we realize we continue to contend with the historic injustice that is embedded in our economic system in a. we cannot really begin to have a conversation about solutions opportunities for latinos without acknowledging that historic sys country a system where the vast majority of america has been created by people of c and, yet we are the ones that have benefited least. we have, as you all with slavery and the emancipation, celebrating juneteenth re t free labor that occurred even after we freed african-americans from slavery.. chinese immigrants have built our infrastructure and our railroads. never truly benefited from that labor. you have farmworkers that have never, and till this nen paid a fair wage. not allowed bounty of their labor

we have to acknowledge that for us to think about the opportunities to move for in america exhilarated between 1940 and 1960. does anybody know why that? there was not a greater amount of ameri g.i. bill adopted in 1944. single most important rocketlass mobility in the united states. in allowed people to go to school for free, veterans. it gave them andured income. it also gave them freeor homeownership. no down payment veteran buying a home. interest-free loans for set time. the idea of the american dream became fused with homeownership at the time. and, yet that opportunity the single greatest investment by the administration was not

accessible toatin. i will give you just one data point. in new jersey and new york at the time that the g.i. bill was adopted, over 67,000 new home loans w t of those 67,000 loans only 100 were made available to latino veterans. imagine that. >> it is crazy. >> the vast majority of wealth in america as we know is in homeownership. 50% of americans over 50% of they have as family is in owning their home. yet, the access to homeownership is still unattainable for many latinos. so we can talk about the economic output of our communities, but let's really get to the bottomn it comes to opportunities for social and class mobility. that is a real chagehe 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 fact we have to contend with these incredible difficult aspects around the equity in our e we have decision-makers in this room that have a role play in giving latinos greater opportunities. i would say that we really working intentionally with our partners cnd making homeownership more available. how are we doing that? working with our elected ficials to increase housing production. we know t with affordability. affordability is impacted by housing. we have been working with to ensure that we have the right policies that will incentivize housiproduction. 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 but jobs that are able to create the

generational wealth that we see. we talk aboutship i mentioned that gen younger americans. you just one example of how critical this issue of wealth transfer and g homeownership. if you look at america today in 2023 last year's data that is available, of all the homes that were sold, the homeowners homeowners 30 years and older okay purchased their first home over 80% of those polled bought with their parents money. over 80%. and, yet in community, across the nation across all families only 5% of latinos have the capacity to transfer their wealth. think about that. the access to homeownership depends on family wealth and parental support. 5% of our latino families with the capacity the economic power to transfer wealth and

oprtun.hat before we can tackle homeownership. [applause] >> excellent. thank you. it is really eye-opening. we were talking about stuff earlier about how when i was a i think maybe a lot of people can relate, i grew up in with incredibly 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. you have probably all heard it. i have come to realize as a chief financial officer that the only people talk about money are people that don't have a lot of money. people who have a lot ofoney they talk about it all the time. if i were a rich pregnant i would be talking about my child financial womb. we need to do a better job as always be talking about money. we should educate ourselves about money so that we are not only relying on the traditional ways of building wealth like homeownership because by the time you are in your 20s or 30

s, you already miss, you know potentially a decade or more of investing in the marketplace but nobody talks to us about those things. different way of thinking about income. it relatively more people to open up a roth ira when you get your first this is not the topic of today but we are talkingng that generational wealth and i think educating our communities, both black brown as to the tools that are available today that you do not have to be rich so they are not money, your money is working harder for you. i will move to patty. patty, as yourious sectors of businesses can you describe busines sectors in which you have seen growth. what sectors still need additional support to take them to scale andase capital access specifically for latino business owners? >> speaking of wealth the greatest's equalizer tha will c owning a home is going to be ss owners can create

wealth that can be generational wealth passed on to their families. so from oh seven- over 12 years, latino businesses grew by 34%. our white counterparts actually shrunk by 7% in terms of business creation and that time. you can already see that when it comes to entrepreneurship, ti la a know in terms of starting businesses. many issues in terms of helping business scale and getting them the right access to capital and all of that. there is been growth, they have certainly been in construction industry, the food industry industry and then real estate. al growing. in the service industry is where it is overrepresented. and, so, in essence there is a lot of growth across industries. where i think that i can see we have more latinos coming into

the space but we still are very much lacking elegy. ai and everything going on in our economy and communities it ised in technology. i know anna has done a lot of rese fields and ai and all of this which is very reassuring. today, only about 3% the workforce intact is l way under indexed given that we a population in this country. there is lots of opportunity. in the industries we are overs food construction service industries.s are harder to finance from an industry perspective there is not like hard collateral that the banks like. in many respects those are hardest to finance. of our businesses being underfunded and undercapitalized which you know hampers their growth potential. we in the financial industry and as banks are looking atays to evaluate

the credit c and the paying ability of underserved communities. particularly our latino community. i don't know about you guys but the last thing i will do as a latinoy car payment. my parents always taught me, you llburger or your starbucks. pay yourls. with that in minde need to look at alternative ways to evaluate creditworthiness so that we are able to chip away at that access to barrier. >> it is so nice to know that that is a focus thinking that way. breaking the traditional ways of thinking about that we are not all painting with the same brush it is not everyone fits in the same box. one-size-fits-all. it is never like that if we don't have people like you in the room dialogue we will never be represented or thought of we help to make those connections.ight on the issue of patty's point

regarding credit and actions to financial tools what we know is at latinos of all minorities financial sources that are more expensive and higherompared to other minorities. >> exactly. havi intentionally about how expanding the for financial opportunities whether it is investi small businesses buying your first home saving for your children's college education et cetera, those are key i will accelerate income mobility. thank you patty. [speaking in native tongue] anna participation by keyword or sectors and educational entertainment of latinos. where have you seen these areas of growth and where are opportunities to scale or improve? >> absolutely. i will start with demographics.

as i said before, 25% o people in this country are latinos. that is one out of every if you think about that, some of you are in brands. when you have a cohort or segment 25% of your potential sales, that is key. one of the thire constantly bringing attention to ways when you talk about diversity, when you make latinos group you are missing a lot of p having a big lying spot diversity is the same. latinos are 50% of your diversity. as i said before we have consumption habits that are very different than other parts of the diversity. no better or worse they just different. talking about demography want to point that out. it as a statement rather than a diversity segment it is a vsiness point. ....

the report for percent of all the engineering students in the united states were latino. that's 2010 only 14 years ago. by 2021, 16% of all the students of engineering were latino. that can an idea.

the kids whose parents have the of sending their kids to school, so go on and on with my numbers. >> the possibilitiespé are endless. ladies and gentlemen, we are so thank you so much for bringing us all together in this want to say a special thank you to the panelists. wrap it up now but i'm of the house is in session working in 2025 federal anti- exami world f the 2024 olympics. the presidential debate live on c-span2. live this week on the c-span network or on c-span, free mobile you up.

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