Over the years, I have asked thousands of community advocates, civil rights leaders, educators, faith leaders, parents and bankers what we collectively can do to help people succeed.
The most common answer I heard was we needed to open our world for others to experience firsthand and to create an environment for talent to shine and people to see themselves succeeding in new ways. While I appreciate the opportunities created by banks, thrifts and other regulators, collectively, I know we can do more: at the Office of the Comptroller of the Currency and at the financial institutions we supervise.
That is why the OCC has launched a new internship program and will welcome 81 minority students who are seniors from District of Columbia high schools to the inaugural class of the agency’s High School Scholars Intern Program on Monday. Our program is a partnership with the District of Columbia Department of Employment services. While our program is one small step toward expanding economic opportunity and improving financial literacy among the next generation of America’s work force, it promises to be a life-changing experience for the young adults entering the OCC’s new program.
As a regulator, I want to see greater consideration given under the Community Reinvestment Act for this type of activity by banks and thrifts. This is exactly the sort of investment that deserves more credit under the CRA
This type of intern program is also just one example of the type of activity envisioned under Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which requires federal banking regulators to partner with organizations, including high schools with majority minority populations, to provide development opportunities for minorities and women through internships, summer employment and full-time positions. I invite others to join me in exploring what more we can do, not just to promote financial inclusion and economic opportunity, but to create it. These programs enrich the lives of participants, but they also benefit sponsoring organizations through greater inclusion and diversity.
As comptroller, I am proud to support the OCC’s long commitment of helping college and high school students begin successful careers, and providing opportunities specifically for women, minorities and those with disabilities through our National Diversity Internship Program. Over several decades, the OCC has helped hundreds begin successful careers, many of whom have gone on to become full-time OCC employees. This year we expanded our efforts by partnering with the District of Columbia Department of Employment Service’s Summer Youth Employment Program. DOES arranged more than 11,000 internships at 1,700 worksites around the nation’s capital this year and helped us find an innovative way to offer a program at OCC headquarters.
In our program, the 50 young women and 31 young men will earn $20 per hour and receive uniforms, meal vouchers and transportation stipends. They will earn every penny gaining first-hand experience in financial regulation and expanding their awareness of our federal banking system and what it is like to work in a high-achieving professional environment.
The young adults will learn about bank supervision and examination, developing regulatory policy, and how to run an agency of nearly 4,000 people who are dedicated to making sure banks and savings associations operate in a safe, sound and fair manner. They will gain life skills and experience with financial literacy, leadership, diversity and inclusion training, public speaking and resume writing. While doing so, they will make the OCC better in ways that we cannot begin to predict.
Each student went through a rigorous application process to be selected this year and to represent their schools. We are proud to have each of these students as our inaugural class of high school scholars. And who knows, from this year’s class of interns, there may be a future OCC employee or even future comptroller of the currency.
The OCC is not alone in offering these types of opportunities. I applaud every executive who shares the commitment and extends the resources to offer young Americans a chance to see themselves succeed in places and in careers they may not have imagined. These programs require leadership, resources and commitment to succeed. But these investments pay dividends for our communities for decades to come.
As thousands of students begin their summer breaks across the country, I encourage business and community leaders to think creatively about how to put more of our young Americans to work in programs that pave their success in the future. An investment in their experiences today, is a down payment on a better workforce for tomorrow.
