Speaker Pelosi Speaks Before the Select Committee on Economic Disparity and Fairness in Growth

Thank you, Mr. Chairman, for your inspiring opening statement. You presented a vision and a plan on how we can address the disparity in our country when it comes to opportunity and growth. And you really spoke in the spirit of Franklin Roosevelt when he spoke out about what the disparity meant to our democracy. As Congresswoman Moore and our distinguished Mr. Clyburn have told us, the New Deal was not a good deal for everyone in our country. We have to make sure as we go forward, we learn from the past and recognize all of the possibilities. Eighty years ago, as a result of the devastation of the Great Depression, President Roosevelt established the Temporary National Economic Committee to study the concentration of wealth in America and its role in triggering the depression. FDR establishing the committee said, the liberty of a democracy is not safe if the people tolerate the growth of private power to a point where it becomes stronger than their democratic state itself. The liberty of democracy, he went on to say, is not safe if its business system does not provide employment and produce and distribute goods in such a way as to sustain an acceptable standard of living. Today, our economy and our country face a similar threat to the liberty of our democracy. We know that the middle class is the backbone of our democracy. We also know that if we strengthen the middle class, we strengthen our democracy. It's not just about the middle class, it's about those who aspire to it. Economic inequality, which has been growing for years, has intensified during the pandemic. The widening chasm between CEO compensation and worker pay has gone from unfair to immoral. The stagnation of wages is a picture of injustice. In December, I announced the creation of the Select Committee of Economic Disparity and Fairness and Growth to study and combat this crisis. We must ensure that our economy works for everyone, while powering strong economic growth for years to come. Under the leadership of Chairman Himes, the committee has committed to hearing both from those who have the greatest needs and those who have the greatest understanding of the crisis from both sides, the need side and the solution side. To that end, I'm very honored that we have the participation of our witnesses here today, Jason Furman, former chair of President Obama's Council of Economic Advisers. I know you'll be introducing them, but I want to pay my respects as well. Mr. Chairman Joy Cheney of the National Urban League, Professor James Kenneth Galbraith, University of Texas at Austin, Professor Janet Curry from Princeton, and Shelly Gupta Barnes, the Poor People's Campaign. I know you'll give a fuller introduction momentarily, but I want to thank them for their generosity of time, intellect and solutions to us today. Our economy and our country face a similar threat to the liberty of democracy, as I said. So in his speech, President Roosevelt further said, we believe in a way of living in which political democracy and free enterprise for profit should serve and protect each other to ensure a maximum of human liberty, not for the few, but for the all. I look forward to this hearing, which will advance the House's work to build back better and joining our president in a way that ensures liberty, prosperity and opportunity for all. And I could not be better served to do that, Mr. Chairman, than by your leadership, bringing your extensive professional experience from the private sector and your non-profit work, as well as your public sector leadership. Congresswoman Marcy Kaptur will be focusing on regional economic revitalization in a way that hopefully will produce the results that we expect. Congresswoman Grace Moore of Wisconsin leading action to close the racial wealth gap. Congressman Dicente Gonzalez of Texas recognizing the connection between economic growth and infrastructure connectivity. Congresswoman Pramila Jayapal of Washington delivering workers better wages and a brighter future. Congresswoman Angie Craig of Minnesota representing the concerns of family farms and rural farmers and rural communities. Congresswoman Alexandria Ocasio-Cortez addressing generational disparities and increasing worker power in the economy. And Congresswoman Sarah Jacobs of California focusing on the future of work with with both a family and global perspective. This is just a doesn't do justice to all of the knowledge, experience and leadership that all of you bring to this. But I too want to want to pay my respects to the beautiful diversity of this members of this committee. I will add that we have a standing invitation to the Republicans to participate in that in this in these proceedings and hope that they will do so. In the meantime, our hopes are riding on all of you to have a clarity of understanding of the challenges that are faced by families in America who just cannot even thrive because of the disparities to do so in a way that is solution oriented. Perhaps, as the chairman said, recommendations to the private nonprofit sector, but also to the legislative committees of jurisdiction so that we can take action to make the difference. Again, this is a values based approach to this. We feel very, very concerned about the immorality of the inequality in our country. And we're going to do something about it. I'm very pleased that our proceedings are live streamed. So we will be hearing from folks. As we go along. I thank all of you on the committee, Mr. Chairman, all of you, and for your your leadership and I'm grateful again to our witnesses for their participation. We look forward to their presentations and I'm pleased to yield back to our distinguished chairman with gratitude. Thank you, Mr. Chairman.