Reps. Meeks and Waters Urge Greater Use of Diverse Asset Managers In Education Endowments

Reps. Meeks and Waters Urge Greater Use of Diverse Asset Managers In Education Endowments

Washington, D.C. - Today, Rep. Gregory W. Meeks and Ranking Member Maxine Waters, both senior members of the U.S. House Committee on Financial Services, submitted a letter to congressional leaders and the heads of two Congressional tax-writing committees. The letter encouraged greater utilization of diverse asset management firms, especially among educational endowments that generally receive favorable tax treatment on the federal level.

While the letter makes clear that Congress should repeal the GOP's misguided excise tax on colleges and universities, the letter argues that fully reinstating endowments' tax-free statuses should be coupled with diversity requirements consistent with the federal government's interests in equal opportunity and closing the racial and gender wealth gaps.

The letter was sent to Senate Majority Leader Mitch McConnell, Senate Minority Leader Charles Schumer, House Speaker Paul Ryan and House Minority Leader Nancy Pelosi. The letter was also sent to the Chairs and Ranking Members of the relevant tax-writing committees including Senators Orrin Hatch and Ron Wyden from the Finance Committee and Representatives Kevin Brady and Richard Neal from the Ways and Means Committee.

A copy of the letter is available here: