Black and Hispanic Americans are more than twice as likely as white Americans to be unbanked or underbanked, according to a report released by Democrats on the Joint Economic Committee.

People of color and low-income communities are disproportionately harmed by banking and financial exclusion, said Sens. Sherrod Brown, D-Ohio, and Cory Booker, D-N.J., said Monday. The Joint Economic Committee is tasked with reviewing economic conditions.

The lawmakers cited figures from the Federal Reserve, which found that 40 percent of Black Americans and 29 percent of Hispanic Americans were unbanked or underbanked. Thirteen percent of white Americans are underbanked or unbanked, according to central bank data from 2021.