Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released the following statement today in response to an announcement by Wells Fargo & Company saying that Chairman and Chief Executive Officer John G. Stumpf would retire from the company, effective immediately:
“Given Mr. Stumpf’s failure of oversight at Wells Fargo, I believe it is more… Read more »
Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement on the DC Circuit Court of Appeals’ decision today regarding the structure of the Consumer Financial Protection Bureau (CFPB):
“The CFPB is a critical part of the Dodd-Frank Act and has returned nearly $12 billion to more than 27 million consumers by going after fraud… Read more »
In light of more than 2 million fraudulent deposit and credit card account openings at Wells Fargo, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, and 10 Committee Democrats urged financial regulators to strengthen a proposed “clawback” rule regarding when a financial institution must revoke senior executives’ bonuses.
In their letter, the… Read more »
In her opening statement at a full committee hearing on the unauthorized accounts at Wells Fargo, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, urged Chairman and CEO John Stumpf to tell the truth about the fraudulent activity that occurred and take full responsibility.
“We still do not have the information we need to understand how this… Read more »
Today, 104 House Democrats, led by Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, sent a letter to the Consumer Financial Protection Bureau (CFPB) urging it to adopt a strong final payday lending rule and close loopholes that harm consumers.
Congress gave the CFPB the authority to study and regulate the payday lending industry to curb its… Read more »
Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, stressed the need for robust regulatory oversight of financial institutions in her opening statement at a hearing today with Federal Reserve Chair Janet Yellen.
“The Dodd-Frank Act has required regulators to increase capital and liquidity standards, reduce interconnection in the financial… Read more »
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement on Republicans’ continuing resolution (CR) that would fund the government until December:
“Republicans have proposed a continuing resolution to fund our government and services to the American people that is simply unacceptable. This CR is an insult to the… Read more »
Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, discussed the importance of the Financial Stability Oversight Council (FSOC) in keeping our financial system safe at a hearing today with Treasury Secretary Jacob J. Lew on the FSOC’s annual report to Congress.
“With Wall Street reform, we created the FSOC to look across the entire financial… Read more »
Delivering remarks on the House floor in opposition to H.R. 5461 today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, denounced the “Iranian Leadership Asset Transparency Act” as an attempt to threaten the viability of the Iran nuclear deal.
In her remarks, Waters noted that this bill is the “latest in a series of Republican efforts aimed… Read more »
Today, Reps. Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services; Emanuel Cleaver (D-MO), Ranking Member of the Subcommittee on Housing and Insurance; and Cedric Richmond (D-LA), reiterated their call for Committee Republicans to hold a field hearing in Baton Rouge, La., so that Members can fully understand the devastation from the recent flooding in the area and… Read more »
During committee consideration of H.R. 5983, Democrats expressed their grave concerns with the bill and noted that it was simply so toxic that it was unamenable.
Democrats moved for an immediate vote on the measure in the face of Republican inaction on a host of other issues facing the committee.
Ranking Member Waters said:
"Mr. Chairman, this bill is so bad that it simply… Read more »
Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, derided Republicans’ reckless plan to repeal Wall Street Reform during Committee consideration of H.R. 5983.
In her opening statement, Waters noted that “nearly all the rules we enacted to make banks safer and stronger would be repealed, and replaced by a phony choose-your-own regulatory regime… Read more »
A growing number of groups submitted letters opposing House Republicans’ Wrong Choice Act ahead of a Committee markup of the bill, H.R. 5983, which would gut the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The letters can be found below:
AFL-CIO
Americans For Financial Reform
CalSTRS
Center for American Progress
Center for Popular Democracy’s Fed Up… Read more »
In the wake of a settlement between Wells Fargo and the City and County of Los Angeles, as well as federal regulators including the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC), Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement:
“Yesterday, we learned that… Read more »
During general debate on H.R. 5424 on the House floor today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, led opposition to the measure, which would roll back Dodd-Frank’s much-needed oversight and transparency measures for private equity funds, hedge funds, and others in the shadow banking industry.
In her remarks, Waters lamented that the… Read more »
During floor consideration of H.R. 2357, Congresswoman Maxine Waters (D-CA), Ranking Member of Committee on Financial Services, urged rejection of the bill, which would harm American investors and small businesses and thwart regulators’ abilities to police the markets against fraud.
In her remarks, Ranking Member Waters criticized House Republicans for “prioritizing a bill that would… Read more »
Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, today introduced a bill, H.R. 5953, to forgive the $23 billion in debt at the National Flood Insurance Program (NFIP) and place the program on a path toward solvency and affordability ahead of its reauthorization in fiscal 2017.
The NFIP provides flood insurance to more than 5 million households… Read more »
In the wake of historic flooding in the Baton Rouge, La., area, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services and long-time friend to the Louisiana area, visited the disaster-affected region. Rep. Waters met with local officials as well as affected residents to review the damage, assess the federal government’s response thus far, and understand… Read more »
Today, in the face of the historic flooding in Louisiana, a trio of House Democratic lawmakers called on Republican leadership of the Financial Services Committee to hold a field hearing in Baton Rouge, Louisiana, to examine the government’s response to the recent flooding in that area, and to better inform the Committee as it prepares to consider the reauthorization of the National Flood… Read more »
Following historic flooding in Louisiana and the President’s disaster declaration leaving open the possibility that the state may have to cover 25 percent of public assistance funds, Congresswoman Maxine Waters (D – CA), Ranking Member of the Committee on Financial Services sent a letter to President Obama and called on him to use his authority to provide relief for the state and require… Read more »
Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement in the wake of historic flooding in Baton Rouge, Louisiana:
“As the devastating flooding in Baton Rouge, Louisiana demonstrates, too many Americans receive outdated and incorrect signals from the National Flood Insurance Program (NFIP). Only a small fraction of… Read more »
Today, 65 House Democrats, led by Reps. Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services; John Conyers, Jr. (D-MI), Ranking Member of the Committee on the Judiciary; and Henry C. “Hank” Johnson, Jr. (D-GA), Ranking Member of the Subcommittee on Regulatory Reform, Commercial and Antitrust Law, sent a letter to the Consumer Financial Protection Bureau expressing… Read more »
Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement on the sixth anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act, highlighting the successes of the Consumer Financial Protection Bureau as it celebrates five years of working for consumers:
“In the six years since we enacted Wall Street… Read more »
Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement on Senate passage of H.R. 3700, “The Housing Opportunity Through Modernization Act of 2015,” that will make improvements to federal housing programs:
“I am pleased that Congress has come together to improve some of our most important federal housing programs. The… Read more »
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, sent a letter urging the Department of Justice to pursue prosecution of HSBC employees over alleged financial crimes related to money laundering.
Waters opposed the approach the Justice Department took in 2012 when allegations surfaced that HSBC failed to prevent money laundering by… Read more »
