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 »

Wall Street’s top regulator is coming under new criticism for failing to adequately police the banks under its supervision, years after the financial crisis. Lawmakers are scrutinizing allegations that the Federal Reserve Bank of New York went easy on one of the most prominent banks under its watch, Goldman Sachs, despite concerns voiced by those inside the Fed that a deal Goldman was… Read more »

Three Democratic members of Congress joined their Senate colleagues in calling for a probe of Wall Street regulators. The three members — Reps. Maxine Waters of California, Al Green of Texas and Keith Ellison of Minnesota — signed a letter Tuesday urging hearings on the Federal Reserve Bank of New York and whether it's too close with the banks it supervises. They were responding to… Read more »

Today, a trio of House Democratic lawmakers called on Republican leadership of the Financial Services Committee to hold a hearing to review the culture and management practices within the Federal Reserve Bank of New York. Citing a September 26 media report that indicated a risk averse culture where the Federal Reserve was deferential to the very entities it was charged with… Read more »

In 2008 we saw the consequences of the risky, irresponsible lending and financial practices resulting from the false ideology that financial markets can somehow properly police themselves. Lax mortgage standards and an unhealthy amount of risk taken by financial institutions and other market participants led to an economy that was not rooted in reality. The result was a series of… Read more »

As the House was preparing to consider a measure on Monday that would give the Federal Reserve flexibility in regulating the capital standards for insurance firms, the financial services industry campaigned for passage. But because the bill ( S 2270 ), which passed in the Senate was packaged with three others with broader changes in financial regulation, House Financial Services… Read more »

The House on Tuesday is expected to pass a bipartisan regulatory change that’s a top priority for the insurance industry, but the Senate is not expected to accept the legislative package in its current form and the issue will likely have to be settled during a post-election “lame duck” session. While the insurance provision is supported by Republicans and Democrats in both chambers,… Read more »

At the last markup before the Congress breaks for August recess, Congresswoman Maxine Waters (D-CA), Ranking  Member of the Financial Services Committee, criticized Republicans for wasting time while a number of major issues remain unresolved. The full Committee markup included six bills, the majority of which would be harmful to consumers and the economy. They include measures… Read more »

As Federal Reserve Chair Janet Yellen returned to testify before the House Financial Services Committee today, Congresswoman Maxine Waters (D-CA), the Ranking Democrat, laid out the significant challenges that lie ahead for the Fed, underscored the need to continue the unfinished business of Wall Street Reform and criticized Republican efforts to undermine the independence of… Read more »

At today’s full committee hearing to discuss legislation purported to “reform” the Federal Reserve, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, expressed serious concerns with the proposal’s impact on the Fed’s  ability to promote growth, stabilize the economy and take decisive action to avoid an economic collapse. Citing… Read more »

In the wake of recent reports that U.S. banks are restructuring overseas derivatives transactions to sidestep critical protections enacted under the Wall Street Reform Act, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, has called on the top U.S. derivatives regulator to “thoroughly investigate” the removal of U.S. guarantees from arrangements… Read more »

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, released the following statement in response to today’s GAO report on the Independent Foreclosure Review (IFR).  The study was conducted as the result of a 2012 request by Congresswoman Waters, Senator Robert Menendez (D-NJ) and Reps. Brad Miller (D-NC) and Luis Gutierrez (D-IL). Waters released… Read more »

A new government report suggests that errors made by banks and their agents during foreclosures might have been significantly higher than was previously believed when regulators halted a national review of the banks’ mortgage servicing operations. When banking regulators decided to end the independent foreclosure review last year, most banks had not completed the examinations of their… Read more »

As Federal Reserve Chair Janet Yellen made her first appearance before Congress, Congresswoman Maxine Waters (D-CA), top Democrat on the House Financial Services Committee, congratulated Yellen on her historic appointment and record of accomplishment. Waters also praised Yellen’s support for bold action to stabilize the economy and underscored her belief that more needs to be done to… Read more »

  At today’s Financial Services Committee hearing featuring the five agencies charged with promulgating the Volcker Rule, Congresswoman Maxine Waters (D-CA), top Democrat on the Committee, commended regulators for working to put forth a strong rule that will ensure a more stable financial system. Passed as part of the Wall Street Reform Act, the Volcker Rule ensures taxpayer dollars… Read more »

As Janet Yellen prepares to assume leadership of the Federal Reserve Board of Governors, a number of prominent Democrats on the Financial Services Committee have called on her to ensure the Fed’s policymaking and regulatory agenda take into account the unique challenges facing our nation’s community banks. In a letter to Yellen, the current Vice Chair, 14 Democratic Committee members… Read more »

As regulators contemplate changes to a provision of the “Volcker Rule” related to the treatment of investments in Collateralized Debt Obligations (CDOs) backed by Trust Preferred Securities (TruPS), 22 Democratic members of the Financial Services Committee have expressed their support for providing important regulatory relief to the community banking sector while preserving strong… Read more »

Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, released the following statement upon the confirmation of Janet Yellen as Chairman of the Board of Governors of the Federal Reserve.  “In confirming Janet Yellen, the U.S. Senate has not only made history, but has put in place a Federal Reserve leader… Read more »

Today, at a hearing to examine the mandates of the Federal Reserve, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, underscored the success of the Fed in stabilizing markets and reducing unemployment in the wake of the financial crisis. She also cautioned lawmakers seeking to make legislative changes to the Fed or its mandate that Congress should allow it… Read more »

At a Financial Services Committee markup of six bills designed to undermine the Consumer Financial Protection Bureau (CFPB), Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee, blasted the measures as efforts to weaken CFPB’s ability to be an effective, independent advocate for consumers. Waters highlighted the CFPB’s remarkable record of success in just over two years,… Read more »

WASHINGTON — Democratic lawmakers on Monday urged regulators to keep their promise to release a report by the end of the year that details an independent review of millions of borrowers who faced foreclosure. In a letter to Federal Reserve Board Chairman Ben Bernanke and Comptroller of the Currency Thomas Curry, Sen. Elizabeth Warren, Rep. Maxine Waters and Rep. Elijah Cummings said a… Read more »