Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, sent a letter to President Biden urging him to nominate current Commissioner of the U.S. Commodity Futures Trading Commission (CFTC), Kristin Johnson, to serve as the Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury. In the letter, Waters highlights… Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, released a report highlighting the historic and transformational work that Committee Democrats achieved under her leadership for both the 116th and 117th Congresses. During a global pandemic, a worsening housing crisis and a widening racial-wealth gap, Committee Democrats have consistently… Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, and other House Committee Chairs sent a letter to 61 federal agencies requesting information on conversions of political appointees to civil service positions during the Trump Administration. “Protecting the nonpartisan expertise of the career civil service is essential to the safety and… Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, and other Committee Chairs across the House of Representatives sent letters directing the White House and more than 50 federal agencies within their jurisdictions to comply with federal record-keeping laws and preserve information responsive to congressional subpoenas and investigations.… Read more »

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, and Senator Sherrod Brown (D-OH), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, sent a letter to heads of the Federal Reserve, Office of the Comptroller of the Currency (OCC), Securities and Exchange Commission (SEC), Federal Deposit Insurance Corporation (FDIC), and… Read more »

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, spoke strongly against two bills pushed by Republicans to effectively roll back postcrisis financial regulation. Ranking Member Waters acknowledged the bills on the House floor today as another attempt by the majority to gut policies that have helped millions of Americans. H.R. 78, the… Read more »

Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, released the following statement in response to the Committee Chairman’s dangerous plan to roll back the Wall Street Reform and Consumer Protection Act: “This is just another attempt by the majority to gut administration policies that have helped millions of Americans. The Dodd-Frank law was… Read more »

During a hearing where members of the Financial Stability Oversight Council, or FSOC, appeared before the full Committee, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, underscored the need for a coordinating regulatory body in the wake of the financial crisis and highlighted its work to provide stability to investors, consumers and our national… Read more »

The Consumer Financial Protection Bureau is not alone in having racial disparities in its performance reviews, according to a report issued Thursday by the Democrats on the House Financial Services Committee. The report found that all seven bank, credit union and market regulators displayed significant disparities in employee evaluations, particularly among African-Americans who… Read more »

Following the House of Representatives’ passage of a bill to renew the Commodity Futures Trading Commission (CFTC), Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, criticized the measure as an effort to hamstring regulators’ ability to regulate the complex and important derivatives marketplace. Waters blasted the legislation as a multifaceted… Read more »

As the House Agriculture Committee considers legislation that would renew the Commodity Futures Trading Commission (CFTC), Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, expressed concern over provisions that would make changes to the Dodd-Frank Wall Street Reform Act, and weaken derivatives rules. Waters released the following statement: “This… Read more »

Following the news that the U.S. District Court for the District of Columbia largely rejected a challenge to the way the Commodity Futures Trading Commission applies its derivatives rules overseas, Congresswoman Maxine Waters (D-CA) Ranking Member of the Financial Services Committee, released the following statement: “Today, proponents of… Read more »

Wall Street banks face heightened scrutiny from the Commodity Futures Trading Commission over their latest tactic to escape U.S. trading rules for overseas derivatives. The regulator sent letters today to JPMorgan Chase & Co. (JPM), Goldman Sachs Group Inc. (GS), Bank of America Corp., Citigroup Inc. (C), and Morgan Stanley (MS) seeking further information about the practice of… Read more »

WASHINGTON, D.C. – On the fourth anniversary of the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Financial Services Committee Ranking Member Maxine Waters (D-CA) released a Democratic staff report that documents the important progress regulators have made in implementing Dodd-Frank, as well as the unyielding Republican effort to… Read more »

As the House of Representatives considers a bill to renew the Commodities Futures Trading Commission (CFTC), Congresswoman Maxine Waters (D-CA), criticized provisions that would hamstring regulators’ ability to regulate the complex and important derivatives marketplace. The Ranking Member of the Committee on Financial Services criticized the provisions as a multifaceted Republican… Read more »

In the wake of recent reports that U.S. banks are restructuring overseas derivatives transactions to sidestep critical protections enacted under the Wall Street Reform Act, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, has called on the top U.S. derivatives regulator to “thoroughly investigate” the removal of U.S. guarantees from arrangements… Read more »

The top Democrat on the House Financial Services Committee is pushing the Commodity Futures Trading Commission to examine whether U.S. banks are trying to skirt new curbs on derivatives trading. In a letter to the new head of the regulator, Timothy Massad, Rep. Maxine Waters (D-Calif.) said she was worried American institutions were trying to avoid new rules on derivatives trading by… Read more »

WASHINGTON — Rep. Maxine Waters, D-Calif., is urging the Commodity Futures Trading Commission to examine banks' efforts to sidestep U.S. swaps trading rules. The move comes after several recent reports examining an effort by banks to change agreements at foreign guaranteed affiliates to remove references to a guarantee by the U.S. bank to avoid new, stricter domestic oversight. The… Read more »

As the House of Representatives considers a funding bill for the nation’s agriculture programs, Congresswoman Maxine Waters (D-CA) took a strong stand against Republican efforts to weaken the important role of the Commodity Futures Trading Commission (CFTC) in protecting American consumers and the economy itself.  The Ranking Member of the Financial Services Committee and… Read more »

Following the U.S. Senate’s confirmation of three new Commissioners to the Commodities Futures Trading Commission (CFTC), Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, applauded the chamber’s action on these long-overdue nominees. The action by the Senate now gives the CFTC a full, five-member commission. She released the following… Read more »

At today’s full Committee hearing on “Oversight of the SEC's Agenda, Operations, and FY 2015 Budget Request” Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, praised Securities and Exchange Commission (SEC) Chair Mary Jo White for the Commission’s  progress implementing the Dodd Frank Wall Street Reform Act. She also underscored the need to accomplish… Read more »

  At today’s Financial Services Committee hearing featuring the five agencies charged with promulgating the Volcker Rule, Congresswoman Maxine Waters (D-CA), top Democrat on the Committee, commended regulators for working to put forth a strong rule that will ensure a more stable financial system. Passed as part of the Wall Street Reform Act, the Volcker Rule ensures taxpayer dollars… Read more »

As regulators contemplate changes to a provision of the “Volcker Rule” related to the treatment of investments in Collateralized Debt Obligations (CDOs) backed by Trust Preferred Securities (TruPS), 22 Democratic members of the Financial Services Committee have expressed their support for providing important regulatory relief to the community banking sector while preserving strong… Read more »

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today released the following statement in response to news that the Commodities Future Trading Commission will be forced to furlough personnel for as many as 14 days in 2014 because of cutbacks in funding due to the sequester: “I’m deeply troubled, though not surprised, to learn that the Commodity… Read more »

Congresswoman Maxine Waters, Ranking Member of the Committee on Financial Services, released the following statement on the Republican-imposed government shutdown. “The irresponsibility of the Republican Party cannot be overstated. As we slowly emerge from the worst economic crisis in over 70 years, I am saddened that ideological extremism has led to another self-inflicted wound that… Read more »