Today, led by Ranking Member Maxine Waters (D-CA) and Subcommittee on Housing and Insurance Ranking Member Emanuel Cleaver (D-MO), all 26 Democratic Members of the Committee on Financial Services sent a letter to Chairman Jeb Hensarling requesting hearings with Ben Carson, Secretary of the U.S. Department of Housing and Urban Development (HUD), and Sonny Perdue, Secretary of the U.S. Department of Agriculture (USDA), to discuss the Trump Administration’s budget request, which contains deep and h... Read more

Today, at the continuation of the House Financial Services Committee markup of seven flood insurance bills, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following statement in support of Congresswoman Nydia Velázquez’s (D-NY) bill, H.R. 2875, the “National Flood Insurance Program (NFIP) Administrative Reform Act of 2017:” Thank you, Mr. Chairman. While I am discouraged with the general lack of bipartisanship reflected in the bills we are mar... Read more

On the first day of the of the House Financial Services Committee markup of seven flood insurance bills, Committee Democrats fought for the availability and affordability of the National Flood Insurance Program (NFIP). “Democrats will offer amendments to provide the reauthorization language needed to keep the NFIP’s doors open and keep the real estate market from spiraling out of control,” said Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services. “We will al... Read more

Today, at a Committee markup of seven flood insurance bills, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following opening statement: Thank you, Mr. Chairman. Eight days ago, we gathered in this hearing room to discuss six legislative proposals to reform the National Flood Insurance Program. At that hearing, I once again called for bipartisan solutions to ensure the continued availability and affordability of flood insurance. While I was en... Read more

Today, at a full Committee hearing to examine draft legislation to reauthorize the National Flood Insurance Program (NFIP), Congresswoman Maxine Waters (D-CA)¸ Ranking Member of the Committee on Financial Services, urged Committee Members to work on a bipartisan long-term reauthorization package: As Prepared for Delivery Thank you, Mr. Chairman and welcome to all of our witnesses, who are here to discuss draft legislation to reauthorize the National Flood Insurance Program (NFIP). This hearing i... Read more

On the first day of the House Financial Services Committee markup of H.R. 10, also known as the Wrong Choice Act, Committee Democrats fought throughout the day and into the night to protect hardworking Americans from the catastrophic damage the bill would cause. The Wrong Choice Act undermines and outright repeals critical safeguards in the Dodd-Frank Wall Street Reform and Consumer Protection Act, a law that was designed to protect the American economy from another financial crisis. Before the ... Read more

Today, at a full Committee markup of the Wrong Choice Act, a bill that repeals the most important aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following opening statement: As Prepared for Delivery Thank you, Mr. Chairman. Mr. Chairman, this is one of the worst bills I’ve seen in my time in Congress. The Wrong Choice Act is a vehicle for Donald Trump's agenda to get rid... Read more

This week, Committee Democrats led a Minority Day Hearing on the many problems with Chairman Hensarling’s Wrong Choice Act, a bill that would repeal the most important aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and put America on the road to another financial crisis. The hearing, which featured testimony from Senator Elizabeth Warren and other experts and community advocates, comes amid a wave of opposition to the bill. To date, over 130 groups have submitted lette... Read more

Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following opening statement at today's full committee hearing on the Consumer Financial Protection Bureau's (Consumer Bureau) Semi-Annual Reports to Congress with Director Richard Cordray: As Prepared for Delivery Thank you, Mr. Chairman. And thank you, Director Cordray, for joining us again to discuss the numerous ways in which the Consumer Financial Protection Bureau continues to fight for hardw... Read more

Today, at a Monetary Policy and Trade Subcommittee entitled “Examining Results and Accountability at the World Bank,” Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following opening statement: As Prepared for Delivery Thank you. I would like to welcome our witnesses here today to discuss one of the very important issues within our jurisdiction, which is oversight of U.S. participation in the multilateral development banks (MDBs), including th... Read more

In a letter to Chairman Hensarling, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, Congressman Daniel Kildee (D-MI), Vice Ranking Member of the Committee on Financial Services, Congressman Ed Perlmutter (D-CO), Ranking Member of the Subcommittee on Terrorism and Illicit Finance, Congressman Al Green (D-TX), Ranking Member of the Subcommittee on Oversight & Investigations, and Congresswoman Gwen Moore (D-WI), Ranking Member of the Subcommittee on Moneta... Read more

Today, in response to the U.S. Department of Labor’s proposal to delay the implementation of its fiduciary rule, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “I am deeply disappointed that the Trump Administration has decided to once again put Wall Street ahead of Main Street by delaying a crucial protection for seniors and Americans planning for retirement. The fiduciary rule, which was set to go into effect in April, w... Read more

Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, rebuked Committee Republicans for putting forth budget views that fail to address issues of wealth inequality, the racial wealth gap, homelessness, affordable housing, consumer protection, and investor protection. As Prepared for Delivery Thank you, Mr. Chairman. Today, this Committee will consider Views and Estimates on the Budget for Fiscal Year 2018. This is important work, as our Committee has juris... Read more

In a letter to Chairman Hensarling, Subcommittee Chairman Pearce, Subcommittee Chairman Barr, Subcommittee Chairman Huizenga, Subcommittee Chairman Luetkemeyer, Subcommittee Chairman Duffy, and Subcommittee Chairman Wager, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, Congressman Daniel Kildee (D-MI), Vice Ranking Member of the Committee on Financial Services, Congressman Ed Perlmutter (D-CO), Ranking Member of the Subcommittee on Terrorism and Illici... Read more

Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, delivered the following opening statement at today’s full committee hearing to receive the Monetary Policy and State of the Economy report from Federal Reserve Chair Janet Yellen: As Prepared for Delivery Thank you Mr. Chairman, and thank you Chair Yellen for testifying today. Each day, as a new episode of chaos unfolds at the Trump White House, working families across the country are reminded that our ... Read more

Today at the House Committee on Financial Services markup of its Oversight Plan, Ranking Member Maxine Waters (D-CA) underscored Democratic priorities for the 115th session of Congress: As Prepared For Delivery Thank you, Mr. Chairman. To begin, let me say that I appreciate that there was an attempt to present this oversight plan in a straightforward and clear manner. The oversight plan – which is designed to discuss the issues this Committee will examine throughout the 115th Congress – does not... Read more

When the House Financial Services Committee met for the first time in the 115th Congress to consider its rules, Ranking Member Maxine Waters (D-CA) led Democrats in trying to force Committee Republicans to hold the Trump Administration accountable. Throughout the markup, Financial Services Democrats offered an array of amendments aimed to increase transparency and accountability and prevent conflicts of interest. Not surprisingly, all of these amendments were opposed by Republican Members. Commi... Read more

Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released a statement following the announcement of the newly appointed Democratic Members to the Committee, who will serve for the 115th Congress: “Democrats are now the last line of defense to fight the onslaught of Wall Street Reform rollbacks and deregulatory bills the Republicans will try to rush to President-elect Trump’s desk. But we are more than up to the challenge,” said Congresswoman Waters. “I w... Read more

Today, Congresswoman Maxine Waters (D-CA) was re-elected unanimously by the Democratic Caucus to serve as Ranking Member of the Committee on Financial Services for her third term. She released the following statement: “I am honored to have been re-elected to lead the House Financial Services Committee in the 115th Congress. We face many challenges in the years ahead, with President-elect Trump threatening to dismantle Dodd-Frank, putting our financial stability and consumer protections at risk. ... Read more

In her opening statement at a full committee hearing on the unauthorized accounts at Wells Fargo, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, urged Chairman and CEO John Stumpf to tell the truth about the fraudulent activity that occurred and take full responsibility. “We still do not have the information we need to understand how this happened, when the sales culture turned toxic, and who knew about it and when,” Waters said. Waters called for a th... Read more

Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, stressed the need for robust regulatory oversight of financial institutions in her opening statement at a hearing today with Federal Reserve Chair Janet Yellen. “The Dodd-Frank Act has required regulators to increase capital and liquidity standards, reduce interconnection in the financial markets, and more closely scrutinize large financial firms’ risk management,” Waters said. “However, there is much work... Read more

Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, discussed the importance of the Financial Stability Oversight Council (FSOC) in keeping our financial system safe at a hearing today with Treasury Secretary Jacob J. Lew on the FSOC’s annual report to Congress. “With Wall Street reform, we created the FSOC to look across the entire financial system, identify gaps that may exist between regulators, and take action to prevent another meltdown,” Waters said i... Read more

Today, the House Financial Services Committee held a hearing on the Republican plan to gut the Dodd-Frank Act. Committee Democrats and the Democratic witness, Georgetown University Law Professor Adam Levitin, explained how this plan would benefit special interests and expose us to another financial crisis. “The Choice Act is a bad choice, is a recipe for financial disaster. It prioritizes ideologically driven positions over careful and serious policy analysis and reasoning, and the fate of the U... Read more

In opening remarks during today’s semi-annual Humphrey-Hawkins hearing with Federal Reserve Chair Janet Yellen, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, lauded the Federal Reserve Chair’s cautious approach to raising rates and her work to increase economic inclusion. Waters touted the actions taken by the Fed, the Administration and Democrats in Congress, which have led to “the longest-ever streak of private-sector job growth, rising home pric... Read more

In opening remarks during a Financial Services Committee markup today, Congresswoman Maxine Waters (D-CA), the Committee’s Ranking Member, pushed back against Republican efforts to dismantle Wall Street reforms, including much-needed investor and consumer protections. Waters noted that while she supports some of the measures under consideration, she is dismayed by broader Republican attempts to undercut Dodd-Frank and the protections put in place to prevent another financial crisis. “This markup... Read more