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 »
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 »
