people, to work do not check their humanity at the border. this week, president biden announced a change to keep families together. protecting against the deportation of 500,000 undocumented spouses of u.s. citizens th announcement that is fortifying. the young people who have come here and haveives here who work here have built families have built their should have every right as the rest of i will close by saying weus d definitely have more work to do in this country. in short every worker gets adjust days hard in thank you for all you do and

let's continue to do this work thank you so much. >> from the same event now illinois moderating a discussion on opportu growth in mobility and latino communities. this is about 40 minutes. >> i want to start by saying good morning and thank you to everyot to today's breakfast. i have to say that i 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 today. i am very thankful that so many people are in the room today for this breakfast. [applause] do they know how to throw a pa what. i am going to say ause to all of you for having the fortitude to make

it hereay t say that the man of our our thank you. for the last 30 years. big r of applause. i am illinois state controller. as you heard in 2016 i became the first hisdently elected to serve in a statewide capacity in the state of illi. i have been elected three times now and i am proud to say that even though comptroller is the le and all of government existence i was the top vote getter in the state of last election in prior to serving as comptroller i was elected as the firstever 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 in 2001. as the state's chief financial officer, it has been my honor and privilege to have successfully navigated our state

through the two worstes in our state's history. number one a that lasted 736 days. it gave us a with a b $16.7 billion of unpaid bills. a rainy day fund of $48,000. there was more money than spent yesterday on booze alone at the p thankfully we no longer have awe have a working accounts payable. paying our bills faster than ever in the state of illinois which is my job to do. we have a rainy day fund of over $2 billion and growi. i am proud to say also that that bill was paid down before penny of stimulus funds came in the door. while our nothing but credit downgrades for the 20 years before he served as owner and controller since get now had nine full credit rating upgrades. we are on a roll in the state of

illinois. i will be truthful many had short years ago. they thought we could never hat we are in vegas i must say never ever the state of illinois.tate with an ever-growing pool of latino is has an amazing group of talented legislators representing us well here in this congress. a shout out insincere thank to these illinois legislators for working so hard and making us so proud. i am truly thankful to our man here for extending this invitation this morning session. strengthening the fou growth. the aim for today's discussion 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 ourmic mobility and prosperity. according to a recent r the latina donor collaborative, u.s. output,

reached 3.2 trillion in 2021. the same study indicates that latinos if they were an independent country their gdp would break for the world. ahead of the united kingdom india and france. at the same time, however most major polls economy and the rising cost of living top the list of our concerns. now, during this session we will explore the current and future state of latino identifying policies and strategies that policymakers can support in advance to increase our communities economic mobility and prosperity. i hope you find this interesting you. let me just say that we have an incredible panel with us today. now, sharing their experience with us this morning our to my left in this order ms. anna valdes she is see. ms. patty juárez. and mr. alfred --

[applause] now, before i go and sit down and join my panel members i share a few fun facts about who they. let's start with anna valdes. the the latino donor collaborative. is only 25 years old just screened his first documentary. can y bieve that? it is a piece destroyed in columbia that is now being restored. s environmentalist. you should look up this amang is that. the power of one. we have one proud mama on our hands. now, ms. patty juárez, the head at wells fargo. here is something fun about patty. this. when s was she was a child actor. i know, right.as a child actor ander

claim to fame was playing the devil at the age yes. she, a proud mama. her daughter is very smart and has all kinds of college offers. but, really were very worried about her at the age of 10 when she played the well. she can do it, ask her. let's talk about mr. alfred to his partner and founder. what you should know about alfred is that he is a recovering i know. you should clap. he is a addict. not everybody wants to talk about that. of art. yes. art. he says this month has been especially tough for him so he needs our support. i have a file before he goes home he will find something in vegas to bring home with him. all have incredibly impressive

resumes. you can find their complete bios app. i will ask each of them to briefly introduce starting with anna and thenen we will dive into the questions after that. thank you for being here, everyone. [applause] >> thank you so much forse fun acts. thank you everybody for being here. as it has been said it was a everybody as it seems. my name is anna valdes. the latino donor collaborative. we are a thing take that shows the economic impact of latinos in the united states. those numbers that you mentioned come from us. and many i would love to share through this conversation. in mexico city. i left mexico to do a masters in spain. i worked with u white house with the clinton and then i lived

in losnges for 25 years. very excited to be here. thank you. thank you for putting this incredible event every yea making such a big difference [applause] >> thank you. >> i am a friend of anna's. good morning. late night. [laughter] especially wit me. my parents are in town so we stayedut pretty late with my 77-year-old dad and 75-year-old mom, which waspatty warez. then with wells fargo for s years. i know. i started as a baby. [laughter] i am the head o wells fargo. that is my most recent position. took over as that last july. i am in charge of our client outcomes. our outcomes in the hispanic community aúzs well as some of our representation outcomes with our colleaguesithin t company. i have a multifaceted job. it is fascinati.

it is great. i would do it boss because i have to do -- put a kid through college. i i love what i do. it enables me to support my community and try to make a access to capital remains the number oner entrepreneurs in our community as well. it is great being here and thank you for hg arturo. >> good 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 every industry and culture. i joke with my staff at the office occasionally they are like, moving this. what is going on with this and that. hung? jessica, don't worry about it this piece is in a witnessgram. i have not told my husband and i purchased this piece of art. when i tell them, we willk home.

the organization that i found it is based out of los angeles. we work with large and driven. focused on creating more sustainable more brazilian cities throughout the country. i would like to say we operate at the city section of city building and city justice. we do our work as experts in the law in planning and design and architecture and labor relations and. all towards a common goal of working creatively to new models of development that hope to create greater economic prosperity for our communities especially our latino communities. we do it through a data driven approach. i am really honored to speak about the status of the potential for economic latinos. in our office, in los angeles and san francisco we are currently involvedu. inconstruction

permitting and development over california. we represent -- thank you. [applause] we represent organizations that currently are investing over to billion dollars in land development in california and throughout the cou i mentioned that because i and the experience that we have around both the opportunities and the challenges we are seeing in the marce and creating greater economic opportunity for latinos. thank you very m >> big round of applause for panelists, please. [applause] we will start with questions now i will go straight to miss anna valdes. with the upcoming s the latino donor collaborative report in what is the importance of the report as it pertains to economies within states. the identification of emerging markets and overall economic well-being indicators for latinos in the u.s. >> thank you.

that is a great we are actually coming up in september with the s report. first of all we are so. i have to thank our partners at argo that have funded this report the very beginning. the whole table to avoid names. of course, going through names and leading this incredible effort. we are very excited. report numbers yet, but we are recruiting a number of things. my favorite one is t people. this young people we are doing a lot of different things and them. >> do you mean like 50s? >> you are right. exactly. thirty-four down. it a complete different cohorts the people that are parents in this group would are wired differently. jen see general and alphas are wired differently. latinos specifically have this

combination of the parents that build the fifth largest economy in world. 90% were born her they are going to college because their parents college but they still have all of this work ethic this passion this ambition. more importantly this gratitude you know i have so much to share about this. we do a lot of social media and social media analysis. we have noticed this graduation time they are themselves and they should. they are very individualistic. social media look what i achieved. yes,ou can. latino kids actually turn around to their parents and give them their diploma and did everything and say thank you because you made.

[applause] that same emotion you feel, i had a kid that graduated in feel. they wear it on their sleeves. they are in this world to make the sacrifices of their parents worth it. another thing they are very different from us, they have a voice. they have an opinion and they raise it. it shows in the power of dreamers. it shows in the power of, you know, the box office with they are deciding to watch when they are well represented. we are doing a report specifically above grants in support of l'oreal a colgate and univision. we are finding this. just to tell you there is so much to ctzome this reported others. you will be really happy to see it. i am very proud of forward to it. thank you. patty, what are the ways that the sector has responded to growth of the latino community across the country and how is your portfolio help the latino

community with financial services? what are those lessons you think that have been learned along the >> well, i think when we establish my role at the bank i think that it was a direct response in a very intentional step to honor the latino community because it has become such an important part of our b. when you look at how many checking accounts are open, quarter over 40% of those are being opened by you can see the power that our community has in terms of numbernstituency for us.enior leader at wells fargo whose only job is to worry about serving latinos in the right way at our institutions. a lot of the time that i have is i spe on looking at, you know you know, when you are entering college and you have your first c retirement how does the bank serve this community. need. what are the services that they

need. do we have them? do we need to develop them? do we need to enhance a products that we have to better fit the needs of the younger community which is coming there very digitally friendly and savvy? they no longer want to wal they have to do everything online. just adapting to changes it is my responsibility to ensure that the bank is looking at that beyond today. what is the future bringing for us? i think that for wells fargo position is the only one in the major banks that intentionally look at our busines as the community as well as the colleagues right inside the bank represent your community and your staff. you have to represent the markets that you serve. go. banking, traditionally male oriented not hispanic. we have been really successful in bringing in newall industries

over 200,000 members strong. and technology has much as banking and other areas of theoing is we are bringing in, 20% of our incoming hires are latinos. we are already the largestrity 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 latinos are the number one cohort. we are very, very excited to provide a platform for people to come work for us. another concern that i have is how do we retain them? how do we give them experiences that they will cherish and like know, take their talented really help our firm commitment this community. we have to represent this market so we are working on ensuring that the senior leadership levels of the company were also better represent >> that is great.

patty, first of all a big shout out to wells fargo for it because it is important. [applause] we aodel capacity. here is a fact.en women are in charge of the money, things get done better. it is a fact. it is really important for people to see themselves represented and think about the stem cell, the stem area, math and science is engineering girls don't see themselves reflected in the spaces they don't think that is a path for them. finance. a male dominated environment. having women that really know t proven themselves in that capacity. whether it is a government sector. that is what little girls need to see all over our country. the fact that they are latinos even better. alfred i will move on to you. describe when homeownership became a gateway to economic prosperity for families in theed states. >> absolutely.

happy to talk aboutt that the coffee is kicking in. i will speak our work is really data driven information that is available from organizations one that we have here with the latino collaborative and other federal and state agencies. what we realize is that we continue to contend with the historic that is embedded in our economic system in america. we cannot really begin to have a conversation about solutions and opportunities for latinos without acknowledging that historic. we have in this country a system where the vast majorityower in america has been created by people yet we are the ones that have benefited least. we have, as you all with slavery and the emancipation, celebrating juneteenth yesterday there was plenty of

free labor that occurred even after we freed african-americans from. chinese-americans. chin our infrastructure and our railroads. never truly benefited from thatlabor. you have farmworkers that have never, and till fair wage. not allowed to benefit from the bounty of their labor. we have to acknowledge that for us to think about the opportunities think about homeownership. homeownership in america exhilarated between and 1960. does anybody know why that? there was not a greates before and after that period. that is because of the g.i. bill adopted in 1944. the g.i. bill was the single most important rocket fuel for incoming class mobility in the united states in allowed people to go to school for free, veterans. it gave it also gave them homeownership.

no down pveteran buying a home. interest-fans for a set period of time. the idea of the american dream became fused with homeownership at the time. and, that opportunity the single greatesen administration was not accessible to latinos. i will give you just one data point. in new jersey and new york at the time that the g.i. was adopted, over 67,000 new home s were issued to veterans. of those 67,000 only 100 were made available tock and latino veterans. imagine th >> it is crazy. >> the vast majority of wealth as we know is in homeownership. 50% of americans over 50% of their equity, of the wealth that they have as family is in owning. yet, the access to homeownership is still unattainable for many latinos. we can talk about the

ies, but let's really get to the bottom line when it comes to opportunities for social and class mobility. that is a real challenge. >> on the point though what are the opportunities and eoday right now for latino homeownership? >> we will talk about the oprt i get passionate about the fact we have to difficult aspects around the equity in our economy we have decision-makers in this room that have a role to play in giving latinos greater opportunities. i would say that we are really working intentionally with our bápartners and clients around making homeownership more available. how are we doing that? working with our electede housing production.s to homeownership has to do with affordability. affordability is impacted by production of housing. we have been worng with our

local partners to ensure that we have the right policies that will incen production. the other piece that we are working on wealth generation for latino families in america. how d opportunities? not just job creation but jobs that are able to create the generational wealth that we see. we talk about homeownership i mentioned that gen z and the younger americans. i will give you just one example of how critical this issue of wealth trans is for homeownership. if you look at america in 2023 last year's data that is available, of allhe were sold, the homeowners homeowners 30 years and older okay purchased their first home over 80% of those polled bought their homes with their parents money. over 80%. and, yetatino

community, across the nation across allamilies only 5% of latinos have transfer their wealth. think about that. the wnership depends on family wealth and parental support. 5% of our latino families with the c the economic power to transfer wealth andopportunity. we have to tackle that before we can tackle homeownership. [applause] thank you. it is really eye-opening we were talking about stuff earlier about how when ij wasnk maybe a lot of people can relate, i grew up in a household with incredibly loving parents the hardest work ethic i've ever seen in my life. i was always told to never talk abou it is rude. [speaking in native tongue] you have probably all heard it. i have come realize as a chief financial officer that the about money are people that don't have a lot of money. people who have a they talk about it all the time. if i wer a rich woman that was

pregnant i would be talking about my child literacy while in the womb. we need to do a better job latinos to say we should always be talking about money. we should educate ourselves about money so that we arehe 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. we need to make that a different way of thinking about income. it is available everybody even relatively more people to open up a roth ira when you get not the topic of today but wereki generational wealth and i think educating our communities, both black brown as to the tools that are avble today that you do not have to be rich so they are not to work harder for your money, your money is working harder for you. i will move to patty. interact with various sectors of businesses

can you desxrs in which you have seen growth. what sectors still need additional support to take them to scale and access specifically for latino business owners? >> speaking of wealth creation, the greatest's will come into play besides owning a home is going to be. business owners can create wealth that can be generational wealth passed on to their families. so from oh seven- 12 years, latino businesses grew by 34%. while our white counterparts actually shrunk by 7% in terms of business creation and period of time. you can already see that when it comes to entrepreneuhip, latinos are leading the pack, you 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 a lot of growth, they have certainly been in the

construction industry, the food industry health industry and then real estate those industries are growing. in the service industry is where it is overrepresented. and, so, in there is a lot of growth across i that i can see we have more latinos coming into the space but we still are very much lacking is intact elegy. obviously with the advent of ai and everything going on in our economy and communities important that latinos are properly represented in technology. i know anna has done a lot of and ai and all of this which is very reassuring. today, only about 3% the workforce intact is latino. we are way under indexed given are about 20% of the population in this country. there is lots of opportunity. in the industries we are

overrepresented such as food construction service industries.r to finance from an industry perspective because there is not like hard collateral that the banks like. in many respects those are hardest to finance. yet this continued issue of our businesses being underfunded and un know hampers their growth potentia we in the financial industry and as banks are looking a to evaluate the the paying ability of underserved communitie. particularly our latino community. i don't know about you guys but the last thing i will do aslatino dismiss my mortgage payment for my car payment. my parents always taught me, you not eat your hamburger or your starbucks. pay your bills. with that in mind i think we need to look at alternative ways to evaluate creditworthiness 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 of thinking about that all painting with the same brush it is note fits in the same box. one-size-fits-all. it is never like if we don't have people like you in the room adding to that dialogue we will never be represented or thoughtf 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 tools what we knowag is minorities financial sources that are more expensive to other minorities. >> exactly.having organizations like wells fargo thinking intentionally about how expanding the tools for financial opportunities whether it is businesses buying your first homeg for your children's

college education et cetera, those are keywill accelerate income mobility. thank patty. [speaking in native tongue] >> okay. anna could you share labor participation by keyword or educational entertainment of latinos. where have you seen these areas of growthunities to scale or improve? >> absolutely. i will start with demographics as i said before, 2 of all the young people in this country are latinos. that is one out of every four americans. if you think about that, some of you are in brands. when you have a cohort or segment 25% of your potentialhat is key. one of the things that we are constantly bringing attention to ways when you talk about diversity, when you m group you are missing a lot of points. you are having a big lying spo.

not all diversity is the same. latinos are 50% of your before we have consumption habits t different than other parts of the diversity. no better o different. talking about draphy. i always want to point that out. when you see it as a statement rather than a diversity segment it is interesting business point. .... .... @z

were latino. that's 2010 only 14 years by 2021, 16% of all of engineering were latino. that can an idea. the kids whose parents have the possibility of sending their kids to school, so go on and on with my numbers. >> theendless. ladiesnd gentlemen, we are so proud. thank you so much for bringing us all together in this beautiful city of las vegas. i want t a special thank you to the we are going to wrap it up now but