NCUA Chairman Todd M. Harper
As Prepared for Delivery on June 28, 2023
Good afternoon, everyone! And, thank you, Mike — and Marty, for your kind introductions, warm welcomes, and an entrance song that nicely captures the NCUA’s safety-and-soundness mission. Over the years, Marty and I have shared a witness table at several congressional hearings, most recently before the U.S. Senate Committee on Banking, Housing, and Urban Affairs last month. But, what we also share is a passion for financial inclusion and economic justice for all Americans. So, it’s an honor and pleasure to join you at the FDIC today for your Pride Month event.
Let me start my remarks with something obvious: Pride Month holds special meaning for me as a gay man. Like many of you here, I look forward to it every year as a reminder to all that love is indeed love. “To love oneself is the beginning of a lifelong romance.” That’s a quote from Irish writer, poet, and playwright Oscar Wilde, whose homosexuality cost him his freedom and cut short his brilliant theatrical career.
My coming out experience has been one of continual growth. Think of it as evolving like a never-ending story. Many others in the LGBTQ+ community share that experience. No matter how many people we tell and no matter how many times we say it, there is always someone new to come out to.
What makes my coming-out experience valuable to me may not be what you think. It is the moments of doubt, fear, shame, and even anger — those moments of heartbreak — that taught me the lessons I value most. As I came of age in the 1980s, I saw how fear of HIV and the AIDS epidemic gripped our nation and how homophobia reached a fever pitch in many communities around the country.
Those fears kept me in the closet. So much so that, while in college, I never dared go to a gay bar — even though my college, Indiana University, was in a progressive and mostly welcoming community, because I was afraid of being seen there, what people might think, and how it could affect my future career. Keep in mind that when I started my career in the federal government more than 30 years ago, people could be fired simply for being gay.
The Lavender Scare — which ultimately cost several thousand gays and lesbians their federal jobs — was still a threat.1 And, those who dared to be openly gay in the workplace might not get a security clearance, which could be a career-limiting decision.
Like many, for most of my youth, I also rejected that I was gay because it was not the norm, and that meant having to swim furiously against the current. But, there were valuable lessons that I learned during this process. Growing up gay and being in the closet, I learned to read body language and catch subtle signals. Maybe that was a survival instinct, but I think this awareness ultimately improved my emotional intelligence, heightened my sense of perception, and allowed me to grow into a better leader. And, being gay better allowed me to understand and appreciate the needs of others who come from marginalized groups.
Said another way, being gay facilitated my ability to put myself in the shoes of others, which I hope has led me to become a more inclusive and collaborative leader. It also lit a fire within me to work tirelessly for equity, equality, and inclusion for all.
But, we cannot speak of growth without giving credit to the environment that makes it possible. This includes the friends, colleagues, and bosses who kept our feet on the path to self-discovery, watershed events that awakened us to our true selves, and the support of peer networks that show us we belong. These factors provide the fertile soil in which vulnerability can grow into success and happiness.
In my case, I was very lucky early in my career when I worked with two openly gay professionals on Capitol Hill. I am especially indebted to Chuck Brimmer, the chief of staff to then-Congressman Pete Visclosky from Indiana. Chuck taught me that by being my authentic self, I could be successful in my career, healthy in my habits, and happy when in love.
And, it was slightly more than two years later when I met my long-time partner, Tom Beers.
In fact, this month marked the thirty-first anniversary of the night we met. As I look back over those many years now, I realize how far we have come as a nation in understanding that “love is love.”
The same can be said of our agencies in their capacity to learn and grow. When I first came to the NCUA in 2011, a good friend pointed out to me that the agency’s Equal Employment Opportunity Policy Statement at the time lacked protections for sexual orientation. I mentioned the omission to then-NCUA Chair Debbie Matz who subsequently took measures to ensure the agency’s EEO Policy Statement covered sexual orientation moving forward.
Although we have made progress at the NCUA on embracing our LGBTQ+ community through this change and other meaningful actions — like extending health benefits to same-sex partners and establishing an LGBTQ+ employee resource group — our nation still has much work to do when it comes to workplace equality and acceptance.
According to a recent study, nearly half of LGBTQ+ people nationwide remain closeted at work. And, three in ten LGBTQ+ employees remain closeted for fear of damaging or losing relationships in the workplace.2 Additionally, LGBTQ+ workers earn about 90 cents for every dollar that a heterosexual worker earns. And, LGBTQ+ people of color, transgender women and men, and non-binary individuals earn even less.3
That’s why we, as financial regulatory agencies, must create a workplace culture and environment where everyone feels a sense of belonging, that their work is judged on its merit, and they are compensated and rewarded fairly. It’s our work at financial services regulatory agencies like the NCUA and the FDIC and within the financial services industry that will pave the way for others to be accepted for who they are and paid what they’re deserved. We must also work to advance financial inclusion for this overlooked subset of our population.
This month, for only the second time in the agency’s history, the NCUA raised the Pride flag at our central office in Alexandria, Virginia, to recognize the start of Pride Month.
Like many of you, I wonder why it took so long to acknowledge who we are as a country. It’s been more than a half-century since the Stonewall riots. While that symbolic gesture was long overdue, it’s especially significant that NCUA employees were the driving force behind our agency’s milestone; specifically, our LGBTQ+ employee resource group, otherwise known as PRIDE, which stands for People Recognizing Individual Differences Equally.
This NCUA network of professionals — dedicated to LGBTQ+ career development, advocacy, allyship, and outreach — articulated the need to raise the Pride flag and worked diligently with leadership to make it happen. I couldn’t be more impressed with their efforts.
I know how employee resource groups can catalysts for change within their organizations, because we have seen that at both the NCUA and FDIC.
These employee-led groups foster an environment that values and encourages the talents, skills, and perspectives of all employees to achieve the organization’s mission. These groups strengthen our agencies by being responsive to the needs of our workforce and contributing to workplace productivity through an increased sense of belonging and a deeper commitment to organizational mission. My own experience in coming out underscores why employee-led groups are so important. It was only with the support of peers and allies in one of my first workplaces that I became more comfortable in my own skin. In doing so, I came out on my own terms and made friends who accepted me for who I am.
So, employee groups, like NCUA’s PRIDE, are a testament to what can be accomplished when individuals unite to become an engine for positive change. They really can make a difference in people’s lives. And, that difference can be transformative for an organization and its employees.
Furthermore, as individuals empowered to be our true selves, we can be the message of diversity, equity, and inclusion outside our workplaces to make a real impact. Let me give a recent example. An encounter at a conference last year reminded me how our actions can make an unexpected impression and lift others up. At the conference, an attendee stopped and asked me whether I was the NCUA Chairman. Not knowing what would happen, I responded that I was. What I heard next both made my day and opened my eyes. The person spoke about watching me at a previous Pride event and how inspired they felt to see someone leading the NCUA who is a part of the LGBTQ+ community. I was humbled and grateful because I know that feeling of inspiration well. After all, I worked as a long-time senior staffer on the House Financial Services Committee, which was led for several of those years by the iconic gay lawmaker, former-Congressman Barney Frank. I once thanked Congressman Frank for demonstrating through his actions to all of us how to live life authentically, successfully, and openly. Now, in a fitting role reversal that brought those lessons full circle, somebody was thanking me for the same reason.
One day, more than one of you participating in this discussion will have the same opportunity to pay it forward. I sincerely hope you seize it because representation matters. And, never underestimate the ripple effect your actions can have on the future, and how sharing your triumphs and tribulations can make the future brighter for the next generation. For instance, my alma mater – Indiana University – is home to the renowned Kinsey Institute, the organization that pioneered the scientific research of human sexuality and relationships. In a recent Washington Post op-ed, my friend and the institute’s executive director wrote of an encounter with a gay man who struggled to come to terms with his sexual orientation as a college student in the 1970s.
The man described how confused and isolated he felt, and that “he wasn’t sure he would ever find his way through that dark time.” He was too afraid to set foot inside the Kinsey Institute back then, but he said, “just knowing it existed, that someone was out there searching for answers, saved [his] life.” This is further proof that actions can have unintended consequences, positive or negative. It is, therefore, incumbent on all of us to infuse what we say and do to others with a spirit of belonging, so the impact will be one of building up rather than tearing down. And, regardless of your own sexual orientation, allyship with the LGBTQ+ community is fundamental to achieving change.
On that point, I recently heard a podcast featuring Dr. Sybil Jordan Hampton, the noted higher education administrator and philanthropic leader from Arkansas, who shared her story about the “power of one.”4 She spoke about her traumatic experience as a member of the second class of African American students entering Little Rock Central High School in 1959, following in the footsteps of the Little Rock Nine. When she returned for her 20th class reunion — or as she put it, “back to the scene of the crime,” — she was initially shunned by her white classmates much the same way she had been shunned when she was a student.
But then, something unexpected and special happened.
At the banquet, a white classmate, who had never spoken to her while in school or in all the years since, sat with Dr. Hampton and her parents. Only then did other classmates feel comfortable engaging with Dr. Hampton, expressing their regret for mistreating her and admiration for her bravery two decades earlier. In Dr. Hampton’s eyes, that man’s actions embodied the principle of the “power of one” — where one person creates the space for others to welcome the unwelcome, include the excluded, and love the unloved. Going against the status quo can make an individual a target of scorn, the subject of ridicule, and an object of suspicion.
I know that many of you here have also experienced hatred and derision for your mere existence. I know that I have as a gay man. But, acting from the heart and practicing the “power of one” in our daily lives can make an individual a change agent. When one classmate audaciously decided to become Dr. Hampton’s ally, others followed to stand on the side of right.
And, being on the side of right requires action. It’s one of the reasons why the NCUA is working in partnership with the FDIC and other federal financial regulators to root out racial bias in residential home appraisals and automated valuation models. And, it’s why our agencies work to enforce fair lending and fair credit laws. And, it’s why conversations like this one are so important.
Each one of us has the power to be that change agent who befriends someone like Dr. Hampton. We can stamp out fear, hatred, and discrimination when we realize that we are all allies at the office, in the financial services sector, and across the nation. It starts with one person, one voice, one gesture in support of others to get the ball rolling. That inspiration lights the way for others to come forth and do the same. We can build momentum that will ultimately tip the scales toward sustained economic equity and justice. That’s why I am a big believer in the allyship needed to make progress toward our ultimate destination, true inclusion for all and in all aspects of life.
That sentiment aligns nicely with this year’s Pride Month theme — “Peace, Love, and Revolution.” Like Dr. Hampton’s classmate, it takes a change in how we see ourselves and others — to step outside our own shoes and walk a mile in someone else’s. In doing so, we can revolutionize minds and hearts to draw strength from our differences.
By now, we all know the business justification for diversity, equity, and inclusion.
It is simple, and it is clear. Organizations that embrace these principles have higher workforce engagement, retention, and productivity. In other words, the more diverse and inclusive an organization is, the higher its performance. It’s just good business.
But, let’s remember that at their core, diversity, equity, and inclusion are more than ideals.
They are foundational practices and behaviors to be acted upon. They are vital to strategy, sustainable growth, innovation, talent acquisition, and employee retention throughout the NCUA, the FDIC, the broader financial services system, and in all industries. For the NCUA, flying the Pride flag underscores the importance of representation, diversity, equity, and inclusion. It also demonstrates allyship for those who don’t identify as LGBTQ+ and belonging for those who do. It is part of our broader effort to enrich the agency with a variety of perspectives and experiences.
By inviting more voices to the conversation, we create a workplace that welcomes and values everyone’s contributions no matter who they love, and where all our team members feel they belong and can bring their authentic selves to work.
In closing, let me share another quote from Oscar Wilde that’s a fitting bookend to his plea for fearless self-acceptance. Wilde once wrote, “Be yourself, everyone else is already taken.”
Being your authentic self, with confidence, joy, and hope, is the key to falling and staying in love with life and all it has to offer. But, it’s impossible to achieve that self-acceptance when you feel you are on the outside looking in. That’s why diversity, equity, and inclusion are everyone’s responsibility. Because if you don’t deliberately include, you will unintentionally exclude. And, those left out cannot bring their best selves to their work, and will eventually look elsewhere for the support they need to achieve their potential.
So, from both an ethical and practical perspective, we must stay committed to treating everyone fairly, with dignity and respect, regardless of race, religion, sex, ethnicity, age, marital status, disability national origin, sexual orientation, or economic background. With the upcoming Fourth of July holiday, this commitment has special resonance as we strive to actualize the self-evident truth that all of us are created equal.
Pride Month is a time to reflect on those who paved the way for this progress and reaffirm that one truth that unites us as human beings: love. It’s my hope that our conversation today encourages you to boldly tell your stories, because more work remains to ensure greater opportunity, fairness, and equality for all Americans. And, it’s in telling those stories that we can continue to build greater acceptance for and pride in the LGBTQ+ community.
Thank you for inviting me today. I look forward to your questions.