As Commissioner of DFPI, I am deeply committed to advancing economic mobility, particularly for historically marginalized communities who have been locked out of wealth-building opportunities. My own heritage, rooted in the resilience of enslaved ancestors, exemplifies the possibility of upward mobility against all odds. From Jonathan Jasper Wright, the first Black State Supreme Court justice, to Samuel Hynes Vick, a pioneering entrepreneur, my lineage embodies the triumph over adversity.

Unfortunately, the stark reality remains: many descendants of those who once thrived in Reconstruction in the late 1800s now face systemic barriers to prosperity a century later. Decades of discriminatory activities, from redlining to ongoing disparities in banking and homeownership, have entrenched financial inequities. Without decisive action, we risk perpetuating cycles of poverty and eroding the promise of progress. As financial regulators, DFPI serves a key role in tackling the widening chasm between wealth and poverty. We must actively dismantle obstacles to economic mobility by championing both innovation and protection.

There’s no better place to drive this kind of change than in California. The Golden State has consistently been a hub of innovation, where collaboration fuels progress. Californians have introduced groundbreaking technologies to the world, enacted pioneering legislation to improve our citizens’ lives, and continue to set an inspiring example for other states, especially when it comes to consumer financial protection.

Through initiatives like investor and consumer roundtables, DFPI unites diverse stakeholders to address pressing issues such as student loan debt and housing insecurity. Our commitment to innovation extends beyond external partnerships; internally, we seek innovative solutions to enhance regulatory effectiveness while upholding consumer rights.

Balancing innovation with protection lies at the heart of our regulatory mandate. The name of our agency encapsulates this dual mission — embracing innovation while safeguarding consumers’ interests. By fostering responsible innovation and investing in financial education initiatives like CalMoneySmart, we empower individuals to navigate complex financial landscapes. Moreover, through rigorous market research, we identify areas for improvement, ensuring our regulatory efforts remain responsive to evolving needs.

Yet, our mission cannot succeed in isolation. We call upon industry leaders across the nation to join us in the fight against economic inequality. Together, we must work to dismantle entrenched systems of oppression, ensuring future generations inherit a legacy of opportunity, not despair.

As we commemorate this day of emancipation, let us renew our commitment to realizing the full potential of the American Dream — a dream where every individual, irrespective of race or background, can achieve prosperity and dignity.