WASHINGTON - In a letter to Janet Yellen, Chair of the Board of Governors of the Federal Reserve System, and Margaret Lewis, Chair of the Federal Reserve Bank of Richmond Board of Directors, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, called for their commitment to replacing Federal Reserve Bank of Richmond President Jeffrey M. Lacker with an… Read more »

Following today’s historic announcement that Raphael Bostic will serve as the first African American and openly-gay president of a regional Federal Reserve Bank, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, applauded the Federal Reserve Bank of Atlanta and the Board of Governors for taking the long-awaited first step towards building… Read more »

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, and 21 Democrats on the Committee sent a letter to Janet Yellen, Chair of the Board of Governors of the Federal Reserve System, requesting that the Fed continue fulfilling all of its mandates under the law, including the ongoing review of existing rules that could help responsible community… 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… Read more »

In a letter to Janet Yellen, Chair of the Board of Governors of the Federal Reserve System, and Margaret Lewis, Chair of the Federal Reserve Bank of Richmond Board of Directors, Congresswoman Maxine Waters (D-CA) called for intentional efforts to identify and select diverse candidates to replace retiring Federal Reserve Bank of Richmond President Jeffrey M. Lacker. Waters was joined by… Read more »

Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released the following statement on the Federal Reserve’s decision today to raise the target range for the federal funds rate: “While I don’t agree with the Fed’s decision to raise rates, I am a strong advocate of an independent Federal Reserve free of political interference. I am concerned that… Read more »

Today, top Democrats on the House Financial Services Committee sent a letter to Inspectors General at federal financial services agencies, the Department of Housing and Urban Development, and the Department of Justice, calling on them to root out any potential conflicts of interests in President-elect Donald Trump’s administration. Led by Ranking Member Maxine Waters (D-CA), the letter… Read more »

In light of more than 2 million fraudulent deposit and credit card account openings at Wells Fargo, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, and 10 Committee Democrats urged financial regulators to strengthen a proposed “clawback” rule regarding when a financial institution must revoke senior executives’ bonuses. In their letter, the… 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 »

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 »

Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, today delivered a major speech at an AFL-CIO conference on monetary policy in the United States. In her remarks, Ranking Member Waters said the Federal Reserve should pay due consideration to the needs of workers when setting interest rate policy and expressed concerns about the impact of any… Read more »

Congresswoman Member Maxine Waters, Ranking Member of the House Financial Services Committee, submitted the following statement for the record at a Monetary Policy and Trade Subcommittee hearing titled “Interest on Reserves and the Fed’s Balance Sheet”: Thank you Chairman Huizenga and Ranking Member Moore for organizing today’s hearing. As we look at the Fed’s implementation of… 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 »

In response to a Democratic staff report highlighting shortcomings in personnel diversity policies and practices at seven major financial regulators, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, along with senior members of the panel and members of the Tri-Caucus, released the agencies’ responses to the report’s recommendations for enhancing… Read more »

Following the vote by the Federal Open Market Committee (FOMC) to raise the federal funds rate target by 25 basis points, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, cautioned policymakers to carefully consider the adverse impact that further rate increases would entail for low income Americans and minority communities. Ranking Member… Read more »

During floor consideration of H.R. 3189, the so-called FORM Act, Congresswoman Maxine Waters (D-CA), Ranking Member of Financial Services Committee, urged rejection of the bill, which seeks to hamstring the Federal Reserve’s ability respond to variable market conditions, limit its independence, and undercut its efforts to fulfill its dual mandate. H.R. 3189 also adds an additional… 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 »

On Thursday, November 5, 2015 at 10:00 a.m., Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, will join representatives and chairs of the tri-caucus to unveil a report, highlighting federal financial services agencies’ current compliance with federal diversity provisions, trends in performance review evaluations and workforce diversity throughout… Read more »

Following the announcement of a decision today by the Federal Open Markets Committee to hold off on raising interest rates, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, commended the cautious and prudent approach to ensuring continued economic growth of the U.S. economy. In the statement, Waters noted global market volatility and the fact… 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, urged caution as the Federal Reserve considers raising interest rates before the end of the year. Waters touted the importance of the Dodd-Frank Wall Street Reform Act in ensuring… Read more »

Today, several leading Democrats on the Financial Services Committee urged two federal agencies to “immediately” begin rulemaking to implement a key civil rights provision of the Dodd-Frank Wall Street Reform Act. In a letter led by Committee Ranking Member Maxine Waters (D-CA), 13 lawmakers urged Consumer Financial Protection Bureau (CFPB) Director Richard Cordray and Federal Reserve… Read more »

Following Financial Services Committee Chairman Hensarling’s announcement of the issuance of a subpoena for Federal Reserve documents related to the leak of market-sensitive Fed deliberations, Congresswoman Maxine Waters (D-CA), the Committee’s Ranking Member, released the following statement: “The unauthorized disclosure of confidential information is a serious matter, and the Federal… Read more »

Citigroup Inc.’s failure to pay 24,000 people owed money as part of a settlement with the government over foreclosure abuses has prompted a U.S. lawmaker to call for an investigation into whether banks missed other borrowers. Maxine Waters, the senior Democrat on the House Financial Services Committee, sent a letter Friday to the inspectors general of the Federal Reserve and the… 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, touted the effectiveness of the Federal Reserve’s post-crisis monetary policy and outlined the remaining work left to do to close the wealth gap – which has been exacerbated by the… 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 »