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Rep. Maxine Waters, D-Calif. (Photo: Bloomberg)

Big banks have to increase diversity in hiring, as does the entire financial services industry, according to a newly released report by the majority staff of the U.S. House Financial Services Committee, chaired by Rep. Maxine Waters, a Democrat from California.

The basic finding of the committee report, “Diversity and Inclusion: Holding America’s Large Banks Accountable,” is that bank boards and senior executives are not diverse. And banks do not even track how much they spend or invest with diverse firms, Wednesday’s hearing noted. These and other findings were further explored in a subcommittee hearing held Wednesday morning.

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