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Waters and Warner Urge the Federal Reserve to Provide Guidance to Maximize Impact of Investments to Support Diverse and Mission-Driven Community Financial Institutions

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Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, and Senator Mark Warner (D-VA) sent a letter to Federal Reserve Chair Jerome Powell to urge the Federal Reserve to provide guidance as soon as possible to Subchapter S and Mutual bank Emergency Capital Investment Program (ECIP) recipients on concerns they raised. Chairwoman Waters led…

Waters Applauds Nominations of Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson to Leadership Roles in the Federal Reserve

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Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, released a statement applauding President Biden’s nomination of Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson to key leadership roles within the Federal Reserve. “I am pleased that President Biden has decided to nominate Sarah Bloom Raskin to be Vice Chair for Supervision of the Board…

Waters and Foster Urge Regulators to Ensure Algorithmic Bias Does Not Occur in Emerging Technology

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Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee and Congressman Bill Foster (D-IL), Chair of the Task Force on Artificial Intelligence, sent a letter to Jerome Powell, Chairman of the Federal Reserve System; Todd Harper, Chairman of the National Credit Union Administration; Rohit Chopra, Director of the Consumer Financial Protection Bureau;…

Waters Calls on President Biden and Directors to Consider Diverse, Transformative Leaders for Federal Reserve Vacancies

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Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, released the following statement regarding President Biden’s imminent decision to name top leadership positions at the Federal Reserve: “President Biden is expected to announce his nominees soon for Federal Reserve Chair and other key leadership roles on the Board of Governors. Taken…

Waters Opening Statement at Full Committee Hearing on the Treasury Department’s and Federal Reserve’s Pandemic Response

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Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following statement at a full Committee hybrid hearing entitled, “Oversight of the Treasury Department’s and Federal Reserve’s Pandemic Response.” Welcome back, Secretary Yellen and Chair Powell. As this pandemic continues, the Biden Administration and Congressional Democrats…

Waters on Reviewing the Federal Reserve’s Emergency Lending Powers: We Must Ensure the Fed’s Actions Reach Main Street

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Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following statement at a Subcommittee on National Security, International Development and Monetary Policy hybrid hearing, entitled, “Lending in a Crisis: Reviewing the Federal Reserve’s Emergency Lending Powers During the Pandemic and Examining Proposals to Address Future Economic…

Waters Announces September Committee Schedule

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Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced the following schedule for the month of September: September 10 at 12:00 PM ET: The full Committee will convene for a virtual hearing entitled: “Protecting Renters During the Pandemic: Reviewing Reforms to Expedite Emergency Rental Assistance.” September…

Waters Applauds President Biden’s Executive Order to Examine Bank Merger Practices, Urges Federal Reserve to Strengthen Merger Reviews

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Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, released the following statement on President Biden’s recent executive order encouraging the Department of Justice and prudential regulators to examine bank merger practices. “I am very pleased that President Biden took the important step of encouraging the Department of Justice and…

Waters at Hearing on the State of the Economy: The Fed Must Play a Central Role in This Economic Transformation

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Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following statement at a full Committee virtual hearing entitled, “Monetary Policy and the State of the Economy.” First, I would like to welcome back, Chair Powell. We’re delighted to have you with us here today. Much has happened since the last time you testified on the…

Waters Opening Statement at Hearing on Oversight of Prudential Regulators

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Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following statement at a full Committee virtual hearing entitled, “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions.”  Welcome, Chairman Harper and Acting Comptroller Hsu, and welcome back Chairman…

Committee Passes Legislation to Advance Racial Equity, Protect Consumers, and Improve Disclosures by Public Companies

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Today, the House Financial Services Committee passed eight bills, including legislation to advance racial and economic justice, promote equity in the financial system, ensure consumers are not exposed to abusive debt collection practices, and provide key material information to investors. The bills passed by the Committee include. The Shareholder Political Transparency Act…

House Financial Services Committee Passes Waters Bill on Racial and Economic Equity, Warren and Gillibrand Introduce Senate Companion

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Today, the Financial Services Committee passed legislation introduced by Chairwoman Maxine Waters (D-CA) to require the Federal Reserve to use its existing authorities to close racial employment and wage gaps and report on how the gaps change over time. Senator Elizabeth Warren (D-MA) and Senator Kirsten Gillibrand (D-NY) introduced companion legislation in the Senate to address the…

Waters Delivers Opening Statement at Full Committee Markup

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Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following statement at a full Committee hybrid markup.  Good morning. Today, we are here to mark up a series of important measures.     I am very pleased that, following the Committee’s hearing in March on racial justice and racial equity, today the Committee…

Waters at Hearing with Yellen and Powell: We Must Ensure That There is a Sustained and Equitable Recovery

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Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following opening statement at a full Committee virtual hearing entitled, “Oversight of the Treasury Department’s and Federal Reserve’s Pandemic Response.”  I’d like to welcome Secretary Yellen and Chair Powell.  I am very pleased that, with Democrats’ passage of…

Waters Urges Regulators Not to Weaken Big Bank Leverage and Capital Requirements

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Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, sent a letter to Federal Reserve Chair Jerome Powell, Federal Reserve Vice Chair Randal Quarles, Federal Deposit Insurance Corporation Chair Jelena McWilliams, and Acting Comptroller of the Currency Blake Paulson, urging their agencies to stop prioritizing the wishes of Wall Street over the…

Waters Announces Updates to March Hearing Schedule

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Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced the following updates to the hearing schedule for the month of March: March 10 at 10:00 AM ET: The full Committee will convene for a virtual hearing entitled, “Justice for All: Achieving Racial Equity Through Fair Access to Housing and Financial Services.” …

Waters to Powell: The Fed Must Use All of the Tools at Its Disposal to Ensure an Equitable and Swift Recovery

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Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following statement at a full Committee virtual hearing entitled, “Monetary Policy and the State of the Economy.” Welcome back, Chair Powell. Since your last testimony before this Committee, the COVID-19 pandemic has continued to have a devastating impact all across the country.…

Waters, Neal Joint Statement on Dangerous GOP Senate Provision in Coronavirus Negotiations 

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Today, House Committee on Financial Services Chairwoman Maxine Waters (D-CA) and Ways and Means Committee Chairman Richard E. Neal (D-MA) issued the following statement as Senate Republicans demanded the inclusion of a dangerous provision from Senator Pat Toomey (R-PA) in COVID-19 relief legislation that would hamstring the new Administration’s ability to recover from the economic crisis…

Waters Provides Recommendations to President-Elect Biden on Trump Actions to Reverse

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Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, sent a letter to President-Elect Joseph R. Biden, providing recommendations on areas where the Biden Administration should immediately reverse the actions of the Trump Administration, and several actions that the Biden Administration can immediately take to coordinate the federal response…

Waters Demands Regulators Cease and Desist from Finalizing Midnight Rules Until President-Elect Biden Assumes Presidency

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Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the Committee on Financial Services, sent a letter to agencies within the Committee’s jurisdiction calling on them to cease and desist from finalizing any “midnight rulemakings” or other administrative actions until President-Elect Joseph R. Biden is sworn into office on January 20, 2021.  “On November 3, 2020, the American…

Waters Calls Out Mnuchin for Prematurely Ending Essential Emergency Lending Programs

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Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee gave the following statement at a full Committee hearing entitled, “Oversight of the Treasury Department’s and Federal Reserve’s Pandemic Response.” Today the Committee convenes to conduct oversight over the Treasury Department’s and Federal Reserve’s pandemic response. This pandemic…

Waters Applauds Selection of Yellen as Treasury Secretary Nominee

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Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, applauded President-elect Biden’s historic announcement that he will nominate Janet Yellen to serve as Secretary of the U.S. Department of the Treasury. “Janet Yellen will make an exceptional Treasury Secretary who I know will work diligently to tackle this pandemic crisis and ensure…

Waters, House Chairs Seek Accounting of Political Appointees Burrowing into Career Positions at Dozens of Agencies

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Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, and other House Committee Chairs sent a letter to 61 federal agencies requesting information on conversions of political appointees to civil service positions during the Trump Administration. “Protecting the nonpartisan expertise of the career civil service is essential to the safety and…

Waters Announces December Hearing Schedule

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Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced the following hearing schedule for the month of December: December 2 at 10:00 AM ET: The full Committee will convene for a hybrid hearing entitled, “Oversight of the Treasury Department’s and Federal Reserve’s Pandemic Response.” All hearings are livestreamed on…

Waters Blasts the Trump Administration’s Move to Shut Down Key CARES Act Facilities Put in Place to Support Economy During the Pandemic

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Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services Committee, blasted the Trump Administration for the announcement that it is attempting to shut down key emergency lending programs created by the CARES Act to support the economy during the COVID-19 pandemic: “It is clear that Trump and Mnuchin are willing to spitefully destroy the…

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