Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee and Senator Mark R. Warner (D-VA), sent a letter to the Environmental Protection Agency (EPA) urging them to ensure that investments through the Greenhouse Gas Reduction Fund (GGRF), a key Inflation Reduction Act program, serve to strengthen diverse-owned financial institutions dedicated… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released this statement following the Federal Reserve’s Federal Open Market Committee (FOMC) decision to raise interest rates by a quarter of a percentage point. “Less than a month from a catastrophic default on our nation’s debt due to Republicans’ reckless games and two days after… Read more »

Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, sent a letter to Chairman Patrick McHenry (R-NC) urging the Chair to act quickly to schedule a hearing with the CEOs of Silicon Valley Bank, Signature Bank and First Republic. In the letter, Ranking Member Waters highlights a series of concerns with the role that these CEOs played in the… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released this statement following the Federal Housing Finance Agency’s announced change to loan-level price adjustments (LLPAs). “I applaud the Federal Housing Finance Agency (FHFA), under the leadership of Director Sandra Thompson, for updating the pricing framework of Fannie Mae and… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released this statement following news that the California Department of Financial Protection and Innovation (DFPI) seized First Republic and was sold by the Federal Deposit Insurance Corporation (FDIC) early Monday morning: “I commend the Federal Deposit Insurance Corporation (FDIC)… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following statement at a Subcommittee hearing on Digital Assets, Financial Technology and Inclusion entitled, “The Future of Digital Assets: Identifying the Regulatory Gaps in Digital Asset Market Structure." Last week, I questioned SEC’s Chair Gensler if the agency has… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following opening statement during a full Committee Markup. Last month our nation’s economy was rocked by two of the largest bank failures in U.S. history – Silicon Valley Bank and Signature Bank. These failures harmed small businesses everywhere. But we are not here… Read more »

Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered a floor speech denouncing Speaker McCarthy’s extremist debt ceiling bill: See an excerpt of the speech below, and the full speech HERE. “Thank you very much, Congressman Jackson. “In just a matter of months, the United States is on track to default on its debt for the first… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, announced the following Democratic Committee members selected to be Vice Ranking Members for the 118th Congress: Congresswoman Sylvia Garcia, Texas – Vice Ranking Member of the Full Committee Congressman Sean Casten, Illinois – Vice Ranking Member of the… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Service Committee, released this statement following the latest move by the Financial Stability Oversight Council (FSOC) – which sits within the U.S. Department of Treasury – to rescind former U.S. Treasury Secretary’s guidance on nonbank systemically important financial institutions (SIFIs). “When… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following statement at a Subcommittee hearing on Digital Assets, Financial Technology and Inclusion entitled, “Understanding Stablecoins' Role in Payments and the Need for Legislation.” Thank you very much, Chair Hill and Ranking Member Lynch, and I thank all the… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released this statement following the Biden Administration’s move to award over $1.73 billion in grants to 603 community development financial institutions (CDFIs), including several minority depository institutions (MDIs), across the country through the CDFI Fund’s Equitable Recovery… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following statement at a full Committee hearing entitled, “Oversight of the Securities and Exchange Commission.” As prepared for delivery Good morning and welcome, Chair Gensler.  Right now, our financial system is still recovering from the sudden collapse of… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released this statement following the Consumer Financial Protection Bureau’s move to issue a final rule implementing small business loan data collection and reporting requirements under Section 1071 of the Dodd-Frank Act, a provision that Waters drafted in 2010. “I commend Director… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, joined a bipartisan, bicameral group of lawmakers in sending a letter to Treasury Secretary Janet Yellen and Financial Crimes Enforcement Network (FinCEN) acting Director Himamauli Das regarding the Treasury Department’s Notice of Proposed Rulemaking (NPRM) on Beneficial Ownership… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released this statement following President Biden’s call to regulators to reverse deregulatory measures enacted by former President Trump to weaken bank safeguards and supervision. “I applaud President Biden for urging our nation’s regulators to take immediate action to reverse the… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, and Congresswoman Nydia Velázquez (D-NY), the top Democrat on the House Small Business Committee, released this statement following the Consumer Financial Protection Bureau’s move to issue its final rule implementing the small business data requirements of Section 1071 of the Dodd-Frank… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following statement at a full Committee hearing entitled, “The Federal Regulators' Response to Recent Bank Failures.” Good morning. I’d like to thank Chairman McHenry for working with me in a bipartisan way on investigating the failures of Silicon Valley Bank and… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released this statement following the Second Circuit Court of Appeals’ ruling that the Consumer Financial Protection Bureau’s (CFPB) funding structure is constitutional.  “The decision by the Second Circuit told us what we already know: the Consumer Financial Protection Bureau… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released this statement following the Department of Housing and Urban Development’s (HUD) reinstatement of the 2013 Disparate Impact Rule, which implements disparate impact protections under the Fair Housing Act of 1968. “From rooting out discriminatory algorithms and financial… Read more »

Today, the Ranking Member of the House Financial Services Committee, Maxine Waters (CA-43), and the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), announced a bipartisan hearing with federal financial regulators in response to the failures of Silicon Valley Bank (SVB) and Signature Bank to be held at 10:00 AM ET on March 29, 2023. This will be the first of… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, sent a letter to the Federal Deposit Insurance Corporation (FDIC) urging the agency take steps to ensure the continued implementation of the Silicon Valley Bank’s (SVB) Community Benefits Plan (CBP) – which the bank agreed to in 2021 and is aimed at providing housing, small business, and… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, and Congressman Patrick McHenry (R-NC), Chair of the House Financial Services Committee, sent a letter to the Government and Accountability Office (GAO) calling on the office to begin a study and an investigation into the recent collapse of Silicon Valley Bank and Signature Bank.… Read more »

Today, the Ranking Member of the House Financial Services Committee, Maxine Waters (CA-43), and the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), announced a bipartisan hearing with federal financial regulators in response to the failures of Silicon Valley Bank (SVB) and Signature Bank to be held on March 29, 2023. This will be the first of multiple hearings… Read more »

Following the Biden Administration’s call to Congress to strengthen authorities for clawbacks, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, sent a letter to the United States Federal Reserve System, Federal Deposit Insurance Corporation and the Securities and Exchange Commission announcing that she is crafting legislation to enhance… Read more »