Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, introduced H.R. 10542, the Employee Paycheck and Small Business Protection Act. This bill proposes to update the deposit insurance framework for business payment accounts to ensure small businesses can bank with community financial institutions and continue to pay their employees,… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following opening statement during a full Committee hearing entitled, “Oversight of Prudential Regulators.” Thank you very much Mr. Chairman. Vice Chair Barr, Chair Grueneberg, Chair Harper and Acting Comptroller Hsu, I want to thank each of you and all of your… Read more »

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… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following opening statement during a full Committee hearing entitled, “Oversight of the FDIC’s Failed Leadership and Toxic Workplace Culture.” Good morning. Thank you to our witnesses for being here today, including Acting Comptroller Hsu who testified just a few weeks… Read more »

The top Democrat on the House Financial Services Committee, Congresswoman Maxine Waters (D-CA); the Chairman of the House Financial Services Committee, Congressman Patrick McHenry (R-NC); U.S. Senator Mike Crapo (R-ID); and, U.S. Senator Mark Warner (D-VA) sent a letter to federal financial regulators urging them to implement their respective obligations under the Financial Data… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following opening statement during a full committee hearing entitled, “Oversight of Prudential Regulators.” Thank you very much Mr. Chairman. Good morning. I’d like to thank our witnesses from the Federal Reserve, the FDIC and the OCC for coming before the Committee… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, issued this statement following Cleary Gottlieb’s release of its report into workplace culture at the Federal Deposit Insurance Corporation (FDIC). “The report released by Cleary Gottlieb describing FDIC’s workplace culture is troubling. This report affirms that the FDIC needs to… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, announced the following Democratic-led, bipartisan bills that passed during yesterday’s full Committee markup aimed at safeguarding consumers and taking steps to prevent additional bank failures following the collapse of Silicon Valley Bank, First Republic, and Signature Bank last year.… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following opening statement during a full Committee hearing entitled, “Importing Global Governance: Examining the Dangers of Ceding Authority Over American Financial Regulation.” Thank you very much Mr. Chairman. Good morning. Last week, we marked the one-year… Read more »

Following Capital One’s recent announcement that they plan to purchase Discover, today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, led 15 House Democrats in a letter urging the U.S. Department of Justice and our nation’s banking regulators, including the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, leads 41 House Democrats in sending a letter to our nation’s banking regulators — specifically the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency — urging regulators to move quickly to finalize… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, announced that the Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System (Fed), the Office of the Comptroller of the Currency (OCC), and the National Credit Union Administration (NCUA) have each responded to her request for information… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following opening statement during a full Committee hearing entitled, “Oversight of Prudential Regulators.” Good morning and thank you Mr. Chairman for holding this hearing, continuing the tradition that Democrats started in holding semi-annual hearings to provide… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released this statement following the Board of Governors of the Federal Reserve System (Fed), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency’s (OCC) final rule to strengthen the Community Reinvestment Act, which requires banks to lend… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following opening statement at a Subcommittee on Financial Institutions and Monetary Policy hearing entitled, “A Holistic Review of Regulators: Regulatory Overreach and Economic Consequences.” Here we go again. Instead of marking up sensible bills that have bipartisan… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following opening statement at a Subcommittee hearing on Financial Institutions entitled, “Implementing Basel III: What’s the Fed’s Endgame?" We certainly did receive  a wake-up call this Spring with the failures of Silicon Valley Bank, Signature Bank, and First… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, sent a letter to the Financial Crimes Enforcement Network, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the United States Department of the… Read more »

Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, sent a letter to First Citizens Bank following its acquisition of Silicon Valley Bank (SVB) on March 26th. In the letter, Waters urges First Citizens to ensure the continued implementation of SVB’s $11.2 billion Community Benefits Plan, which SVB agreed to in 2021 and is aimed at providing… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released this statement following news that the California Department of Financial Protection and Innovation (DFPI) seized First Republic and was sold by the Federal Deposit Insurance Corporation (FDIC) early Monday morning: “I commend the Federal Deposit Insurance Corporation (FDIC)… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following statement at a full Committee hearing entitled, “The Federal Regulators' Response to Recent Bank Failures.” Good morning. I’d like to thank Chairman McHenry for working with me in a bipartisan way on investigating the failures of Silicon Valley Bank and… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, sent a letter to the Federal Deposit Insurance Corporation (FDIC) urging the agency take steps to ensure the continued implementation of the Silicon Valley Bank’s (SVB) Community Benefits Plan (CBP) – which the bank agreed to in 2021 and is aimed at providing housing, small business, and… Read more »

Today, the Ranking Member of the House Financial Services Committee, Maxine Waters (CA-43), and the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), announced a bipartisan hearing with federal financial regulators in response to the failures of Silicon Valley Bank (SVB) and Signature Bank to be held on March 29, 2023. This will be the first of multiple hearings… Read more »

Following the Biden Administration’s call to Congress to strengthen authorities for clawbacks, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, sent a letter to the United States Federal Reserve System, Federal Deposit Insurance Corporation and the Securities and Exchange Commission announcing that she is crafting legislation to enhance… Read more »

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, and Senator Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, released the following statement after the Federal Reserve, Treasury Department and the Federal Deposit Insurance Corporation (FDIC), announced new actions regarding Silicon… Read more »

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released this statement following the Federal Deposit Insurance Corporation’s closure of Silicon Valley Bank. “I am alarmed by the failure of Silicon Valley Bank, which marks the second largest bank failure in U.S. history. I am closely monitoring and convening Committee members with… Read more »