Outlines priorities for new sovereign debt restructuring framework Today, at a Capitol Hill briefing on “Responsible Lending and Borrowing and the Impact of Holdout Creditors for the Extreme Poor,” Congresswoman Maxine Waters, in a statement, called for the establishment of a formal, institutionalized, and politically recognized mechanism for restructuring the debt of bankrupt… Read more »

Upon news of the passing of D. Michael ‘Mickey’ Collins, Congresswoman Maxine Waters, Ranking Member of the Committee on Financial Services, released the following statement. “I am deeply saddened to hear of the passing of D. Michael ‘Mickey’ Collins. From 1999 until earlier this year, Mickey was a tireless advocate at the Federal Deposit Insurance Corporation (FDIC) for diversity in the… Read more »

Congresswoman Maxine Waters¸ Ranking Member of the House Financial Services Committee, offered the following statement in reaction to the failure of the U.S. Senate to invoke cloture on Melvin L. Watt as Director of the Federal Housing Finance Agency. “I am extremely disappointed that the U.S. Senate has blocked the nomination of Mel Watt to head the Federal Housing Finance Agency. Mel… Read more »

At a press conference calling on the U.S. Senate to confirm Melvin L. Watt as Director of the Federal Housing Finance Agency, Congresswoman Maxine Waters¸ Ranking Member of the House Financial Services Committee, offered the following statement in strong support. “I am pleased that the U.S. Senate is moving forward with the nomination of Representative Mel Watt to head the Federal… Read more »

Congresswoman Maxine Waters (D-CA) and Former Representatives Barney Frank today released the statements in opposition to H.R. 992, the Swaps Regulatory Improvement Act. Waters led opposition on the House Floor and expressed her concerns about weakening of Dodd-Frank reforms before regulators have completed them. Waters stated: “The financial crisis of 2008 wreaked untold havoc on the… Read more »

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, delivered the following opening statement at today's full Committee hearing on the Federal Housing Administration’s reserves shortfall: As prepared for delivery: Thank you, Mr. Chairman. Commissioner Galante, I am very pleased you have appeared before this committee today. I would like to applaud… Read more »

On the one year anniversary of Superstorm Sandy, a broad, bipartisan coalition of over 80 Members of the House of Representatives have introduced a legislative solution to fix the National Flood Insurance Program (NFIP) and ensure changes are implemented affordably. The legislation, led by Representatives Maxine Waters (D-CA), Michael Grimm (R-NY) and Cedric Richmond (D-LA), calls for a… Read more »

Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, today released the following statement regarding her opposition to H.R. 2374, the Retail Investor Protection Act. Waters led opposition on the House Floor and expressed her concerns about how the deceptively-titled legislation would undermine protections for those trying to save for retirement.… Read more »

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, has announced a bipartisan legislative solution to fix the National Flood Insurance Program (NFIP) and ensure changes are implemented affordably. In essence, the legislation calls for a four-year delay to the program and requires FEMA to complete an affordability study and propose regulations that… Read more »

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today released the following statement in response to news that the U.S. Export-Import Bank generated a profit of more than $1 billion in fiscal year 2013, which was reported on Wednesday: “I am very pleased with yesterday’s news that the Export-Import Bank has delivered more than $1 billion in revenue… 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 »

In the wake of massive money laundering scandals at U.S. banks that allowed terrorist, drug and other illicit money to flow through the economy, two leading Democratic lawmakers introduced two measures to crack down on misconduct and help clean up the system. Rep. Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, and Rep. Carolyn Maloney (D-NY), the… Read more »

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, released the following statement following the House of Representatives vote on legislation to raise the debt limit and end the government shutdown. “I’m pleased that Congress has finally voted to end this unnecessary government shutdown and debt limit crisis. However, I remain concerned that the… Read more »

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, hosted a bipartisan panel discussion on the implications of a U.S. debt limit default on the American economy and global financial markets. The panel, entitled “On the Brink: Implications of U.S. Default on the Economy and Global Financial Markets” painted a bleak picture about how… Read more »

Waters leads 30 Democrats in House Resolution Today, leading Democratic lawmakers called on financial institutions to work proactively with their customers facing financial distress as a result of the shutdown of the Federal Government. Fourteen days into the shutdown, many employees have now seen their first diminished paycheck, leaving them facing short-term financial hardship and… Read more »

As the keynote speaker today at the launch of a civil society report on global financial governance, Congresswoman Maxine Waters discussed the challenges of globalization, the importance of the international financial institutions, and the problem of growing inequality in both advanced and some emerging market countries.  In a speech that touched upon a range of issues related to… Read more »

As many employees prepare to miss their first paycheck as a result of the Federal Government shutdown, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, lauded the action of five federal financial services agencies that today called on financial institutions to work with customers that have been affected.  In a letter to the heads of the… Read more »

Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, released the following statement in anticipation of the nomination of Janet Yellen as Chairman of the Board of Governors of the Federal Reserve. “President Obama’s choice in nominating Janet Yellen to lead the Fed is both historic and important for our nation’s economy. Ms. Yellen’s experience as… Read more »

In a speech on the floor of the House of Representatives, Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today highlighted the serious consequences of the U.S. defaulting on its debt. Waters also urged Republicans to stop using the debt ceiling to push extremist ideology, calling for a vote on a clean debt-limit increase. She delivered the following… Read more »

With only 13 days until the nation reaches its debt limit, and in the aftermath of the Department of Treasury’s report on the impact of defaulting on our debt, Congresswoman Maxine Waters (D-CA) today called on Republicans to stop threatening the nation’s economy to move their ideological priorities. She released the following statement: “As if the consequences of a government shutdown… Read more »

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, released the following statement in reaction to a Consumer Financial Protection Bureau (CFPB) report on the early success of the Credit Card Accountability Responsibility and Disclosure Act (CARD Act). The report finds that protections under the Act benefitted consumers by reducing unfair and excessive… 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 »

Bipartisan letter backed by 73 Member of Congress In a bipartisan letter, 73 Members of the House of Representatives called on Speaker John Boehner and Minority Leader Nancy Pelosi to take immediate action to address affordability issues surrounding the National Flood Insurance Program. Spearheaded by Congresswoman Maxine Waters (D-CA), top Democrat on the Financial Services Committee and… Read more »

On the eve of a multi-state rally to “Stop the Exorbitant Rise in Flood Insurance Premiums,” Congresswoman Maxine Waters, Ranking Member of the House Committee on Financial Services, released the following statement: “I am outraged by the increased costs of flood insurance premiums that have resulted from the Biggert-Waters Act. I certainly did not intend for these types of outrageous… Read more »

Democratic lawmakers in the House and Senate today expressed deep concern over financial arrangements between colleges and banks that could steer financially-strapped students into fee-laden debit cards that increase the costs of college. In letters sent to some of the nation’s largest banks, the legislators ask bank executives to explain the scope of any such arrangements, how much money… Read more »