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CFTC

Ranking Member Waters Applauds Nomination of Christy Goldsmith Romero as FDIC Chair

| Posted in Press Releases
Tags: CFTC, FDIC

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released a statement applauding President Biden’s nomination of Commodity Futures Trading Commission (CFTC) Commissioner Christy Goldsmith Romero to serve as Chair of the Federal Deposit Insurance Corporation (FDIC). “I applaud President Biden for his decision to nominate CFTC…

Maxine Waters, Ranking Member, Recommends President Biden Nominate Kristin Johnson to Serve as Assistant Secretary for Financial Institutions at Treasury Department

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Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, sent a letter to President Biden urging him to nominate current Commissioner of the U.S. Commodity Futures Trading Commission (CFTC), Kristin Johnson, to serve as the Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury. In the letter, Waters highlights…

Waters Releases Report Celebrating Four Years of Historic Committee Achievements

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Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, released a report highlighting the historic and transformational work that Committee Democrats achieved under her leadership for both the 116th and 117th Congresses. During a global pandemic, a worsening housing crisis and a widening racial-wealth gap, Committee Democrats have consistently…

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, House Committee Chairs Send Dozens of Letters Directing White House and Federal Agencies to Preserve Documents

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Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, and other Committee Chairs across the House of Representatives sent letters directing the White House and more than 50 federal agencies within their jurisdictions to comply with federal record-keeping laws and preserve information responsive to congressional subpoenas and investigations.…

Waters and Brown Blast Regulators for Allowing More Risky Trading

| Posted in Press Releases

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, and Senator Sherrod Brown (D-OH), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, sent a letter to heads of the Federal Reserve, Office of the Comptroller of the Currency (OCC), Securities and Exchange Commission (SEC), Federal Deposit Insurance Corporation (FDIC), and…

Waters Strongly Opposes Republican Efforts to Dismantle Financial Regulation

| Posted in Press Releases

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, spoke strongly against two bills pushed by Republicans to effectively roll back postcrisis financial regulation. Ranking Member Waters acknowledged the bills on the House floor today as another attempt by the majority to gut policies that have helped millions of Americans. H.R. 78, the…

Ranking Member Waters Responds to Dodd-Frank “Alternative”

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Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, released the following statement in response to the Committee Chairman’s dangerous plan to roll back the Wall Street Reform and Consumer Protection Act: “This is just another attempt by the majority to gut administration policies that have helped millions of Americans. The Dodd-Frank law was…

Waters Commends FSOC’s Actions to Prevent Another Crisis

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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…

Racial Disparities Present at Most Bank Regulators, Democrats Allege

| Posted in In Case You Missed It

The Consumer Financial Protection Bureau is not alone in having racial disparities in its performance reviews, according to a report issued Thursday by the Democrats on the House Financial Services Committee. The report found that all seven bank, credit union and market regulators displayed significant disparities in employee evaluations, particularly among African-Americans who…

Waters Statement on CFTC Renewal Measure

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Tags: CFTC

Following the House of Representatives’ passage of a bill to renew the Commodity Futures Trading Commission (CFTC), Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, criticized the measure as an effort to hamstring regulators’ ability to regulate the complex and important derivatives marketplace. Waters blasted the legislation as a multifaceted…

Waters Statement on CFTC Renewal Measure

| Posted in Press Releases

As the House Agriculture Committee considers legislation that would renew the Commodity Futures Trading Commission (CFTC), Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, expressed concern over provisions that would make changes to the Dodd-Frank Wall Street Reform Act, and weaken derivatives rules. Waters released the following statement: “This…

Waters: Holding in Swaps Case a “Major Victory” for Financial Reform

| Posted in Press Releases

Following the news that the U.S. District Court for the District of Columbia largely rejected a challenge to the way the Commodity Futures Trading Commission applies its derivatives rules overseas, Congresswoman Maxine Waters (D-CA) Ranking Member of the Financial Services Committee, released the following statement: “Today, proponents of…

Wall Street Faces New U.S. Scrutiny of Derivatives Tactic

| Posted in In Case You Missed It

Wall Street banks face heightened scrutiny from the Commodity Futures Trading Commission over their latest tactic to escape U.S. trading rules for overseas derivatives. The regulator sent letters today to JPMorgan Chase & Co. (JPM), Goldman Sachs Group Inc. (GS), Bank of America Corp., Citigroup Inc. (C), and Morgan Stanley (MS) seeking further information about the practice of…

Democratic Report on Dodd-Frank Law Documents Progress, Efforts to Undercut It

| Posted in Press Releases

WASHINGTON, D.C. – On the fourth anniversary of the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Financial Services Committee Ranking Member Maxine Waters (D-CA) released a Democratic staff report that documents the important progress regulators have made in implementing Dodd-Frank, as well as the unyielding Republican effort to…

Waters: CFTC Bill Hamstrings Wall Street's Cops

| Posted in Press Releases

As the House of Representatives considers a bill to renew the Commodities Futures Trading Commission (CFTC), Congresswoman Maxine Waters (D-CA), criticized provisions that would hamstring regulators’ ability to regulate the complex and important derivatives marketplace. The Ranking Member of the Committee on Financial Services criticized the provisions as a multifaceted Republican…

Waters Calls for Increased Scrutiny of Overseas Derivatives Trading

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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…

Waters: CFTC Should Look Closely at Foreign Derivative Deals

| Posted in In Case You Missed It

The top Democrat on the House Financial Services Committee is pushing the Commodity Futures Trading Commission to examine whether U.S. banks are trying to skirt new curbs on derivatives trading. In a letter to the new head of the regulator, Timothy Massad, Rep. Maxine Waters (D-Calif.) said she was worried American institutions were trying to avoid new rules on derivatives trading by…

Waters Presses CFTC on Overseas Derivatives

| Posted in In Case You Missed It

WASHINGTON — Rep. Maxine Waters, D-Calif., is urging the Commodity Futures Trading Commission to examine banks' efforts to sidestep U.S. swaps trading rules. The move comes after several recent reports examining an effort by banks to change agreements at foreign guaranteed affiliates to remove references to a guarantee by the U.S. bank to avoid new, stricter domestic oversight. The…

Democratic Amendment Seeks to Prevent Layoffs at CFTC

| Posted in Press Releases

As the House of Representatives considers a funding bill for the nation’s agriculture programs, Congresswoman Maxine Waters (D-CA) took a strong stand against Republican efforts to weaken the important role of the Commodity Futures Trading Commission (CFTC) in protecting American consumers and the economy itself.  The Ranking Member of the Financial Services Committee and…

Waters Commends Senate Confirmation of CFTC Nominees

| Posted in Press Releases
Tags: CFTC

Following the U.S. Senate’s confirmation of three new Commissioners to the Commodities Futures Trading Commission (CFTC), Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, applauded the chamber’s action on these long-overdue nominees. The action by the Senate now gives the CFTC a full, five-member commission. She released the following…

Waters Praises SECs Progress, Underscores Need for Sufficient Funding

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At today’s full Committee hearing on “Oversight of the SEC's Agenda, Operations, and FY 2015 Budget Request” Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, praised Securities and Exchange Commission (SEC) Chair Mary Jo White for the Commission’s  progress implementing the Dodd Frank Wall Street Reform Act. She also underscored the need to accomplish…

Waters Applauds Volcker's Authors for Strong Rule

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  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…

Democrats Urge Regulators to Provide Targeted Volcker Relief to Community Banks

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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…

Waters Statement on CFTC Furlough

| Posted in Press Releases
Tags: CFTC

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today released the following statement in response to news that the Commodities Future Trading Commission will be forced to furlough personnel for as many as 14 days in 2014 because of cutbacks in funding due to the sequester: “I’m deeply troubled, though not surprised, to learn that the Commodity…

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