Following Financial Services Committee Chairman Jeb Hensarling's request to eliminate a bipartisan amendment to temporarily modify the Export-Import Bank’s quorum requirement, which would allow the Bank to consider transactions of all sizes and clear its significant backlog, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, Congressman Steny Hoyer… Read more »

Today, in response to a report revealing that Wells Fargo opened an additional 1.4 million fraudulent bank accounts and 528,000 unauthorized online bill pay enrollments without their customers’ knowledge or permission, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “Wells Fargo’s misdeeds are egregious, and they… Read more »

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, and Congresswoman Gwen Moore (D-WI), Ranking Member of the Subcommittee on Monetary Policy and Trade, sent a letter to U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton calling on the SEC to enforce Rule 13p-1 of the Securities Exchange Act, also known as the Conflict… Read more »

Today, in reaction to the continuing harm and destruction caused by Hurricane Harvey, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “The devastation from Hurricane Harvey is overwhelming and my heart goes out to those affected by this terrible storm. Harvey continues to dump unprecedented amounts of rain on… Read more »

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, sent a letter to Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg, calling for the FDIC to hold at least one public hearing on Social Financial, Inc.’s (SoFi) application to establish an Industrial Loan Company (ILC). In the letter, Ranking Member Waters states that… Read more »

Following the announcement that Elizabeth Duke will replace Stephen Sanger as Chairman of the Board of Directors of Wells Fargo, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “This superficial change in leadership at Wells Fargo isn't enough to restore the trust and confidence of the American public. While… Read more »

WASHINGTON -- Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, Congressman Daniel T. Kildee (D-MI), Vice Ranking Member of the Committee on Financial Services, Congresswoman Gwen Moore (D-WI), Ranking Member of the Subcommittee on Monetary Policy and Trade, Congressman Al Green (D-TX), Ranking Member of the Subcommittee on Oversight and… Read more »

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, Congressman Daniel T. Kildee (D-MI), Vice Ranking Member of the Committee on Financial Services, and Congressman Al Green (D-TX), Ranking Member of the Subcommittee on Oversight and Investigations, wrote to Committee Chairman Jeb Hensarling requesting a public hearing to review the ongoing… Read more »

Today, in response to reports that Wells Fargo forced more than 800,000 car loan borrowers to purchase unnecessary car insurance, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement: “The constant drip drop of fraudulent activities coming out of Wells Fargo is absolutely outrageous. Wells Fargo has repeatedly preyed… Read more »

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement in response to Committee Republicans’ revised flood insurance legislation: “Though Chairman Hensarling and Committee Republicans have been scrambling to make changes to their flood insurance bill, the affordability challenges facing millions of policyholders… Read more »

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, introduced the Bad Actor Disqualification Act of 2017, important legislation that ensures the Securities and Exchange Commission (SEC) protects investors from bad actors by implementing a rigorous, fair, and public process for waiving automatic disqualification provisions in the law. “By… Read more »

Today in an exchange between Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, and Treasury Secretary Steven Mnuchin, Secretary Mnuchin continued to avoid Ranking Member Waters’ question concerning the Secretary’s lack of response to the Democrats’ May 23 letter regarding potential suspicious financial activity between Russia and the Trump… Read more »

At today’s Financial Services Committee hearing with Treasury Secretary Steven Mnuchin, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, called for Secretary Mnuchin to address several matters of concern, including a May 23 letter from Committee Democrats requesting information regarding the financial dealings of President Trump, his family… Read more »

Yesterday, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, joined House Minority Leader Nancy Pelosi and Senator Elizabeth Warren to discuss the negative impact on consumers if Republicans overturn the Consumer Financial Protection Bureau’s rule to prohibit forced arbitration. Her remarks are below: Thank you so very much, Leader Pelosi. I… Read more »

Today, in response to the House passage of H.J. Res 111, a harmful Republican resolution that repeals the Consumer Financial Protection Bureau’s rule to protect consumers by restricting forced arbitration clauses, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement: “Forced arbitration benefits large corporations and… Read more »

Today, during floor debate on H.J.Res 111, a Republican Joint Resolution to repeal the Consumer Financial Protection Bureau’s rule to protect consumers by restricting forced arbitration clauses, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following opening statement: As Prepared for Delivery H.J.Res 111 is an affront to… Read more »

Today, at a full Financial Services Committee markup of five bills, the Committee will consider Committee Democrats’ Resolution of Inquiry, which directs Treasury Secretary Mnuchin to provide Congress with documents on the financial dealings of President Trump, his family members, and his associates. In her opening statement, Congresswoman Maxine Waters (D-CA), Ranking Member of Financial… Read more »

Today, House Democrats, led by Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, alongside Congressman Tim Walz (D-MN), Ranking Member of the Committee on Veterans' Affairs, and Congressman Denny Heck (D-WA), Financial Services Committee Member, introduced legislation that would protect the financial wellbeing of servicemembers and their families… Read more »

Today, Congresswoman Maxine Waters, Ranking Member of the Committee on Financial Services, released a Democratic staff report documenting the successes of the Consumer Financial Protection Bureau (Consumer Bureau). In the report, Democratic Committee staff discuss the devastating effects of the 2008 financial crisis that led to the creation of the Consumer Bureau, the types of consumer… Read more »

Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, requested for the second time that Chairman Jeb Hensarling convene a field hearing in Los Angeles on homelessness. As the letter notes, the Committee has already begun to hold field hearings on housing issues in other parts of the country. “The 2017 Point in Time Count in Los Angeles County showed… Read more »

Today, in response to a Republican resolution to use the Congressional Review Act to block the Consumer Financial Protection Bureau’s recently issued mandatory arbitration rule, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “The Consumer Bureau’s forced arbitration rule ensures that consumers are not required to… Read more »

On July 13, the House Financial Services Subcommittee on Capital Markets, Securities, and Investment held a hearing entitled “Impact of the DOL Fiduciary Rule on the Capital Markets.” The fiduciary rule protects retirees and retirement savers from unscrupulous financial advisors. Before the fiduciary rule, conflicted financial advice cost Americans around $17 billion a year. In June,… Read more »

Following reports that 70% of Trump’s real estate property sales over the past 12 months have been to secretive shell companies, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, introduced legislation that would reveal exactly who may be seeking influence over the Trump Administration. The End Secret Holdings and Ethical and Legal Loopholes… Read more »

In response to House Republicans’ budget resolution to dismantle Wall Street reform, gut the Consumer Financial Protection Bureau, eliminate the procedures that safely liquidate failing mega-banks and stop future taxpayers bailouts, and ultimately bring back the same risky and predatory Wall Street practices and products that led to the Great Recession, Congresswoman Maxine Waters… Read more »

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, wrote to Attorney General Jeff Sessions demanding his immediate recusal from any Department of Justice investigation into Deutsche Bank’s Russian mirror trading scheme and any investigation into any loans Deutsche Bank provided to President Trump or his immediate family members. Ranking… Read more »