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 »

Congresswoman Maxine Waters, Ranking Member of the Committee on Financial Services, released the following statement in response to reports of a likely shortfall in capital reserve funds at the Federal Housing Administration: “During the worst of the crisis, when the private sector virtually left the market, the Federal Housing Administration stepped up and provided the liquidity that… Read more »

Letters in Support of extending TRIA     House Financial Services Committee Holds First in a Series of Hearings on TRIA Program   Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, delivered the following opening statement at today's full Committee hearing on the Terrorism Risk Insurance Act, known as TRIA. TRIA was enacted in… Read more »

Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, released the following statement in response to actions by U.S. and UK regulators to levy a nearly $1 billion fine against JP Morgan. “Today’s announcement of fines levied against JP Morgan validates Congress’ decision to provide our regulators with broad authority to regulate derivatives… Read more »

Congresswoman Maxine Waters, Ranking Member of the Committee on Financial Services, released the following statement upon the announcement of the continuation of the Federal Reserve’s asset purchase program known as “quantitative easing.” “I am a strong supporter of the actions that Chairman Ben Bernanke and members of the Federal Open Market Committee (FMOC) have taken over the last… Read more »

House Financial Services Committee Reviews Agency’s Semi-Annual Report Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, delivered the following opening statement at today's full Committee hearing to discuss “The Semi-Annual Report of the Consumer Financial Protection Bureau (CFPB).” The hearing featured CFPB Director Richard Corday. Ranking… Read more »

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today released the following statement expressing her continued commitment to the people of the Gulf Region, many of whom are still dealing with the aftermath of Hurricane Katrina. “On the eighth anniversary of the landfall of Hurricane Katrina, I stand with the people of the Gulf Region in remembrance… Read more »

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today released the following statement in response to President Barack Obama’s speech outlining his plan for housing finance reform in Phoenix. “I’m pleased that the President is making housing finance reform a top priority, and has outlined an approach that is consistent with our recently-released… Read more »

Financial Services Committee Ranking Member Maxine Waters, today joined by 37 of her fellow Democrats, delivered a letter urging President Obama to nominate Janet Yellen, current Vice Chairman of the Board of Governors of the Federal Reserve System, to replace Ben Bernanke as Chairman of the Federal Reserve when his term expires. The letter notes that Vice Chairman Yellen has… Read more »

Today, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee released the following statement in response to committee passage of the inaptly-named “Protecting American Taxpayers and Homeowners Act” or “PATH Act” (H.R. 2767). H.R. 2767 is a Republican bill that would unwind Fannie Mae and Freddie Mac and remove any government support from the secondary mortgage… Read more »

House Democrats, led by Financial Services Committee Ranking Member Maxine Waters, today released a “set of critical core principles” they believe should be part of legislative efforts to address the future of housing finance reform. Since the beginning of the 113th Congress, Democrats on the Financial Services Committee have held a series of briefings, roundtables, and caucuses on… Read more »

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, delivered the following opening statement at today's full Committee hearing. The hearing, entitled, “A Legislative Proposal to Protect American Taxpayers and Homeowners by Creating a Sustainable Housing Finance System,” examined draft legislation proposed by Republicans to “reform” our nation’s housing… Read more »

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, delivered the following statement at today's full Committee hearing with Federal Reserve Chairman Ben Bernanke: As prepared for delivery: Thank you Mr. Chairman, and thank you Chairman Bernanke for being here with us again today. Chairman Bernanke, under your leadership and through the actions taken… Read more »

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, released the following statement today in response to the Senate’s vote to confirm Richard Cordray as the director of the Consumer Financial Protection Bureau (CFPB): “It is with great pleasure that I congratulate Richard Cordray on his long overdue confirmation as Director of the CFPB. Under his… Read more »

Today, in response to Financial Services Chairman Jeb Hensarling’s release of a proposal to reform the nation’s housing finance system, Financial Services Committee Ranking Member Maxine Waters released the following statement: “I am strongly disappointed in the Chairman’s legislation, which is little more than an attempt to reinvent America’s housing finance system using the same kind… Read more »

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, commended Federal Banking regulators for adopting final rules implementing the Basel III International Regulatory Framework. The rule was unanimously accepted by the Board of Governors of the Federal Reserve and is expected to be adopted by other banking regulators in the coming weeks. “I am very… Read more »

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, along with 26 colleagues sent a bipartisan letter to Craig Fugate, Administrator of the Federal Emergency Management Agency (FEMA), urging him to use any discretionary authority available to address an unintended consequence of the Biggert-Waters Flood Insurance Reform Act. Ranking Member Waters’ letter… Read more »