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… 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… 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… 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… 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… 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… Read more »

Today, Democrats on the Financial Services Committee voted against Republican attempts to weaken consumer protection and Wall Street reform in effort to produce illusory budget savings as part of the Majority’s failed budget process. The party-line votes were as follows: H.R. 1486, the Taking Account of Bureaucrats’ Spending Act (33-20): The bill would repeal the current… Read more »

At a Financial Services Committee markup of two bills designed to undercut the Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, denounced the measures as efforts to disarm our financial regulators and weaken reforms established after the 2008 crisis. Waters criticized both… Read more »

In opening remarks during today’s full Committee hearing with Consumer Financial Protection Bureau Director Richard Cordray, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, praised the agency’s work to diligently protect consumers and ensure fairness in the financial system, even in the face of Republican efforts to undermine, eliminate and render… 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, commended the progress made under the leadership of the Federal Reserve, Democrats in Congress, and the Obama administration, but noted that “significant work remains” to elevate the… Read more »

During a hearing where members of the Financial Stability Oversight Council, or FSOC, appeared before the full Committee, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, underscored the need for a coordinating regulatory body in the wake of the financial crisis and highlighted its work to provide stability to investors, consumers and our national… Read more »

In advance of testimony by Chair Janet Yellen to discuss the Federal Reserve Board’s implementation of Dodd- Frank rules, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, pointed out the importance of the Fed’s supervisory role in preventing large banks and firms like AIG from ever destabilizing the American financial system again. The top… Read more »

In opening remarks during today’s full Committee hearing with Consumer Financial Protection Bureau Director Richard Cordray, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services panel, commended the results outlined in the agency’s semi-annual report. Waters also underscored the importance of the agency’s work to develop rules on payday lending, debt collection… Read more »

This Thursday, July 16, 2015, at 2:30 p.m., Congresswoman Maxine Waters(D-CA), Ranking Member of the Committee on Financial Services, will convene leaders from Muslim, Christian and Jewish communities to highlight the moral and religious objections that faith leaders have raised in response to predatory payday and small-dollar lending practices in communities across America. The… 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 »

In remarks prior to testimony from Securities Exchange Commission (SEC) Chairwoman Mary Jo White, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, discussed her recently released draft legislation, the “Bad Actor Disqualification Act.” The proposal would increase transparency by establishing a more vigorous, fair and public process for granting… Read more »

At today’s Financial Services Committee hearing with Treasury Secretary Jack Lew, Ranking Member Maxine Waters (D-CA) continued to express her disappointment with the Republican refusal to ratify the International Monetary Fund (IMF) quota reform package. In her remarks, Waters underscored the importance of approving the package, and laid out the harmful impact delaying these reforms will… Read more »

During today’s hearing to review the semi-annual report of the Consumer Financial Protection Bureau (CFPB), Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, praised the agency’s work to diligently protect consumers and ensure fairness in the financial system, even in the face of historic Republican efforts to undermine, eliminate and render the… Read more »

Over the course of a two-day markup of Republican fiscal year 2016 budgetary priorities in the financial services sector, Financial Services Committee Democrats fought back against a Republican effort to eliminate taxpayer protections and undermine the social safety net. Led by Ranking Member Maxine Waters (D-CA), Democrats fiercely opposed rampant mischaracterizations of critical… Read more »

In a highly charged meeting of the Financial Services Committee to consider the fiscal year 2016 “Budget Views and Estimates” Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, chastised Committee Republicans for putting forth a budget that fails to provide real solutions that will address the problems of income inequality, the racial wealth gap, slow… Read more »

In advance of testimony by Federal Housing Finance Agency (FHFA) Director Mel Watt before the House Financial Services Committee, Ranking Member Maxine Waters (D-CA) commended the Agency’s efforts to ensure that America’s housing market remains affordable and works for everyone. At a hearing to receive an “An Update from the Director of the Federal Housing Finance Agency,” which is… Read more »

Ranking Member Maxine Waters (D-CA) today announced subcommittee assignments for the Democratic Members of the House Financial Services Committee. The Ranking Members of each subcommittee were chosen through a selection process based on seniority, with the confirmation of all Committee members. Positions on each subcommittee were secured through an open-bidding process in which all… Read more »

In remarks at the Financial Services Committee markup of its Oversight Plan, which is required by House rules to outline Committee work during the 114th session of Congress, Ranking Member Maxine Waters underscored some of her top priorities for the coming two years. Acknowledging a modest departure from the more contentious oversight plan of the 113th Congress, the Ranking Member… Read more »

Today, as the House Financial Services Committee met for the first time in the 114th Congress to consider its rules, Ranking Member Maxine Waters (D-CA) criticized a proposal by Chairman Jeb Hensarling (R-TX) to dramatically change the Committee’s rules. Of the many proposed changes, the most egregious include providing unilateral authority to the Chairman to issue and authorize… Read more »

At today’s Financial Services Committee Hearing focused on Terrorist Financing and the Islamic State, Ranking Members Maxine Waters (D-CA) discussed the seriousness of the threat from ISIL and the challenges to curtailing its current, largely internal funding stream. However, the Ranking Member also underscored importance of strengthening our counter-terrorism and anti-money laundering… Read more »