Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, is calling on the Department of Housing and Urban Development (HUD) to provide meaningful relief and increased transparency for seniors participating in its reverse mortgage program, knowns as the Home Equity Conversion Mortgage program (HECM). Waters expressed concern that many senior citizens… Read more »

Following Financial Services Committee Chairman Hensarling’s announcement of the issuance of a subpoena for Federal Reserve documents related to the leak of market-sensitive Fed deliberations, Congresswoman Maxine Waters (D-CA), the Committee’s Ranking Member, released the following statement: “The unauthorized disclosure of confidential information is a serious matter, and the Federal… Read more »

Today, Democrats on the Financial Services Committee upended a markup of 13 measures focused on capital formation for American small businesses to demand immediate action to renew the Export –Import Bank (Ex-Im). Led by Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee, Democrats highlighted the benefits of the Bank in their districts, while noting that with only 18… Read more »

Following guilty pleas by five of the largest banks to criminal violations, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, expressed her disappointment with the Department of Justice’s failure to hold any individuals criminally accountable. In addition, Waters expressed her concern with reports that the Securities and Exchange Commission (SEC) will allow… Read more »

During a markup of 13 legislative proposals focused on capital formation for small businesses, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, led her fellow Democrats in criticizing Republicans for failing to consider legislation to renew the charter Export-Import Bank, an entity that helps American businesses grow and create jobs. With only… Read more »

Following reports that five of the largest banks will soon plead guilty to criminal antitrust violations and pay several billion dollars for rigging foreign currencies, the top Democrat on the Financial Services Committee is raising concerns about the possibility that the Securities and Exchange Commission (SEC) will allow these banks to continue doing business as usual, by waiving… Read more »

At today’s Financial Services committee hearing on data security breaches, Ranking Member Maxine Waters (D-CA) cautioned lawmakers to ensure that any Congressional effort to set national enforcement and notification standards provide a strong federal minimum, ensure flexibility for states to build on those minimum standards and avoid hamstringing their ability to adapt and strengthen them… 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 »

At a subcommittee hearing related to the Dodd-Frank Wall Street Reform Act, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, reminded her colleagues as to why bold action was needed in the aftermath of the worst crisis since the Great Depression. She also underscored Dodd-Frank’s popularity with the American public and reiterated the few legislative days… Read more »

Following today’s announcement of subpoenas for three federal agencies by Financial Services Committee Chairman Jeb Hensarling (R-TX), Congresswoman Maxine Waters, the Committee’s Ranking Member, released the following letter laying out her strong objections to the process by which the subpoenas were issued. The letter was sent on Friday, May 8, after she was notified of the Chairman’s… Read more »

In less than 24 hours, an effort to bypass House Republican leadership and force a vote on legislation to extend the Export-Import Bank’s charter has garnered the support of 179 Members of Congress. Led by three key Democratic members of the Financial Services Committee, the lawmakers have signed a discharge petition; a procedure that, if supported by a majority of the House, would… Read more »

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, introduced legislation to comprehensively address chronic underfunding of the public housing program in the United States to ensure access to housing that is safe, decent and affordable for the 1.2 million vulnerable families who rely on it. The measure, entitled the Public Housing Tenant… Read more »

Following comments by Speaker Boehner that, “there are thousands of jobs on the line that would disappear pretty quickly if the [Export-Import] Bank were to disappear," Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, urged the Republicans on the Committee to stand up for American jobs and businesses by taking action to renew and reform the… Read more »

With just 26 legislative days left until the Export-Import Bank closes its doors on June 30, House Democrats today initiated an effort to bypass House Republican leadership that would force a vote on legislation to extend the Bank’s charter. Three key Democratic members of the Financial Services Committee have joined with Democratic Leader Nancy Pelosi and Whip Steny Hoyer to sign a… Read more »

Following a House Appropriations subcommittee’s approval of a measure to fund the nation’s housing programs, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, blasted Republicans for undercutting important housing programs that protect our most vulnerable populations. The legislation, known as the Transportation, Housing and Urban Development and… Read more »

As the House considers H.R. 1195, legislation related to advisory boards at the Consumer Financial Protection Bureau (CFPB), Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, lamented yet another underhanded attempt by the Republican majority to undermine the consumer watchdog by significantly cutting its budget. As originally written, the… Read more »

Two leading Democrats on the Financial Services Committee are urging the Federal Retirement Thrift Investment Board (Board) to incorporate and prioritize diversity as it considers the creation of a mutual fund window within the $439 billion Federal Thrift Savings Plan (TSP). In a letter addressed to head of the Board today, Congresswoman Maxine Waters (D-CA), the Committee’s Ranking… Read more »

With the Export-Import Bank’s charter set to expire in just 32 legislative days, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, today blasted House Republicans for wasting time hosting a hearing on the implementation of the 2012 reauthorization – and called on them to instead focus on ensuring its doors remain open. In a joint hearing between… Read more »

In advance of final votes today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, led efforts to oppose the so-called “Mortgage Choice Act,” (H.R. 685) a measure that would weaken vital consumer protections for low-income Americans looking to purchase a home, exponentially increase mortgage costs, and undo the critical work of the Consumer… Read more »

Leading opposition to final passage of the “Preserving Access to Manufactured Housing Act” on the House Floor, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, criticized the measure for rolling back critical borrower protections put in place by the Consumer Financial Protection Bureau, undercutting the Dodd-Frank Wall Street Reform Act and… Read more »

Following an announcement from the Department of Labor (DOL) that it has proposed for public comment rules on the provision of investment advice for retirement assets, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued a statement in strong support of the Administration’s move to modernize its “fiduciary duty” rule, which seeks to ensure that… Read more »

Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, today delivered testimony in front of the House Rules Committee, stating her strong opposition to two measures, the “Preserving Access to Manufactured Housing Act,” (H.R. 650) and the “Mortgage Choice Act,” (H.R. 685) . In her testimony, the top Democrat described the consequences of enacting these… Read more »

Following an announcement by the Consumer Financial Protection Bureau (CFPB) of its intent to draft rules to deter payday lending abuse, and in advance of President Obama’s trip to Birmingham, Alabama to speak about the matter, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, underscored her support for the Bureau’s action. Waters, a strong… Read more »

Following the Securities and Exchange Commission’s (SEC) vote to finalize a rule expanding an exemption allowing businesses to raise up to $50 million from the public markets, six leading Democratic lawmakers on the Financial Services Committee expressed concern with the consequences of preempting critical investor protections at the state level. Led by Congressman Maxine Waters (D-CA),… Read more »

Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, today called on the Department of Housing and Urban Development (HUD) to issue formal guidance amending previous guidance that explicitly encouraged the “one strike and you’re out” policy, in which Public Housing Authorities evict residents on the basis of criminal activity that may, or may not,… Read more »