Today, Congressman Dan Kildee (D-MI), Vice Ranking Member of the House Committee on Financial Services, spoke on the House floor in opposition to H.R. 1343: As Prepared for Delivery H.R. 1343 eliminates important disclosures that private companies must provide to their employees in the event that they’re compensating those employees with stock. This bill would limit transparency. If companies want to pay their employees in stocks, they should have to disclose to their workers the risks associate... Read more

Following the D.C. Circuit granting the Consumer Financial Protection Bureau’s (Consumer Bureau) petition for rehearing en banc in the PHH case, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, and 40 Democratic Members filed an amicus brief today with the D.C. Circuit Court of Appeals in support of the Consumer Bureau’s independent structure and its constitutionality. “After extensively studying the roots of this crisis…Congress established a cons... Read more

Today, in response to the Office of the Comptroller of the Currency’s issuance of a “needs to improve” rating to Wells Fargo on their Community Reinvestment Act exam, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “I am pleased that the Office of the Comptroller of the Currency (OCC) is finally taking action to ensure that Wells Fargo is held accountable to its responsibilities and obligations under the Community Reinvestm... Read more

WASHINGTON -- Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, applauded the Consumer Financial Protection Bureau’s enforcement action against Experian, a prominent credit reporting agency, and called for comprehensive legislative improvements to consumer reporting law. “I have long advocated for an overhaul of our nation’s credit reporting system. That’s why in the past I’ve introduced and will continue to work to advance the Comprehensive Consum... Read more

Today, at a Monetary Policy and Trade Subcommittee entitled “Examining Results and Accountability at the World Bank,” Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following opening statement: As Prepared for Delivery Thank you. I would like to welcome our witnesses here today to discuss one of the very important issues within our jurisdiction, which is oversight of U.S. participation in the multilateral development banks (MDBs), including th... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, sent a letter to Timothy J. Sloan, Chief Executive Officer of Wells Fargo & Company, expressing serious concern with the repeated refusal of four top Wells Fargo executives, including Sloan, to be interviewed by Democratic Committee staff in furtherance of the Committee’s ongoing investigation into the bank’s dishonest and criminal behavior. The letter is the latest in Waters’ efforts to hold ... Read more

Today, Representatives Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, Bobby Scott (D-VA), Ranking Member of the House Committee on Education and Workforce, Elijah Cummings (D-MD), Ranking Member of the House Committee on Oversight and Government Reform, and 37 other Democratic Members of Congress sent a letter to Ed Hugler, Acting Secretary of the U.S. Department of Labor (DOL), expressing opposition to the DOL’s proposed 60-day delay of its fiduciary rule. Th... Read more

Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released the statement below in response to President Trump’s budget blueprint: “This a dangerous budget, but we only know part of it. Trump’s massive cuts to housing and economic development programs would put millions of Americans and their communities at risk. But this is only part of the story: Trump’s budget is silent on the future of Wall Street’s cop, the Securities and Exchange Commission, and the ... Read more

In response to the Federal Reserve’s decision to raise the target range for the federal funds rate, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement: “While I am concerned that this decision may slow the progress that continues to be needed for many vulnerable Americans, this is an important time to reaffirm that judgments on monetary policy must be left to an independent Federal Reserve. Republicans have consistently worke... Read more

Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, launched a new webpage dedicated to tracking President Trump’s destructive actions against consumers, investors, and the economy. As the Trump Administration continues to threaten the livelihood of millions of Americans with reckless policies and proposals, Waters has pledged her commitment to calling out their hypocrisy and fighting against their harmful agenda. To stay up to date on how Waters is h... 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 diversity among the Federal Reserve’s senior leadership: “Mr. Bostic is an outstanding choice. His wealth of exp... 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 banks, and updating other regulations as may be appropriate. The letter follows a recent letter from Chairman ... Read more

In a letter to Chairman Hensarling, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, Congressman Daniel Kildee (D-MI), Vice Ranking Member of the Committee on Financial Services, Congressman Ed Perlmutter (D-CO), Ranking Member of the Subcommittee on Terrorism and Illicit Finance, Congressman Al Green (D-TX), Ranking Member of the Subcommittee on Oversight & Investigations, and Congresswoman Gwen Moore (D-WI), Ranking Member of the Subcommittee on Moneta... Read more

In response to reports on the Trump Administration’s plans to tax National Flood Insurance Program (NFIP) policyholders and cut 11% from the Federal Emergency Management Agency (FEMA) in order to build a wall along the U.S.-Mexico border, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released the following statement: “This is purely outrageous and unconscionable. National Flood Insurance Program (NFIP) policyholders continue to struggle with unafforda... Read more

Today, at a full Committee markup of six legislative proposals relating to our nation’s capital markets, Representative Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following opening statement: As Prepared for Delivery Thank you, Mr. Chairman. Today, we will consider a set of legislative proposals designed to improve our nation’s capital markets, which continue to be the envy of the world. One important and long-overdue bill we will consider will provide ... Read more

Today, in response to reports that the Trump Administration’s preliminary budget plans for the U.S. Department of Housing and Urban Development would cut more than $6 billion from its budget, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “Every day, the Trump Administration reveals with their actions that they are willing to abandon and betray hardworking Americans and vulnerable families. This shameful plan would slash f... Read more

Today, at a hearing to examine the National Flood Insurance Program (NFIP), Congresswoman Maxine Waters (D-CA)¸ Ranking Member of the Committee on Financial Services, urged Committee Members to swiftly move towards long-term reauthorization, stressing the need for affordable insurance premiums and cancellation of the program’s $24.6 billion debt. As Prepared for Delivery Thank you, Mr. Chairman. Reauthorization of the National Flood Insurance Program (NFIP) is critical. Our housing market has st... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, applauded the Consumer Financial Protection Bureau for a new report detailing a range of significant issues in credit reporting and its oversight work in the area, and called for comprehensive reforms to improve the nation’s credit reporting system. “Credit reporting is an area where I have long called for an overhaul to the system. That’s why in the past I’ve introduced and will continue to advocat... Read more

Following the U.S. Senate’s Confirmation of Dr. Ben Carson to lead the U.S. Department of Housing and Urban Development (HUD), Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement: “Senate Republicans have consistently confirmed Trump’s questionable cabinet nominee’s and today is no different. “The decision to put Dr. Carson in such a critical role in our Federal government reveals that Trump and Republicans are not serious abo... Read more

In the House Financial Services Committee markup to consider its Budget Views and Estimates for Fiscal Year 2018, Ranking Member Maxine Waters (D-CA) and Committee Democrats urged Committee Republicans to join them in holding the Trump Administration accountable and supporting amendments that would help middle class families and the most vulnerable populations. Throughout the markup, Democrats offered amendments to protect consumers and investors. Not surprisingly, every single amendment was opp... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, spoke on the House floor in strong opposition to H.R. 1009, a bill that would aid the Trump Administration in obstructing the important work of independent federal regulators and harm working families. The full text of Waters’ statement, as prepared for delivery, is below: Thank you Ms. Plaskett. H.R. 1009 would empower Trump’s White House to block all of the independent financial agencies’ proposed... Read more

Today, in response to the U.S. Department of Labor’s proposal to delay the implementation of its fiduciary rule, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “I am deeply disappointed that the Trump Administration has decided to once again put Wall Street ahead of Main Street by delaying a crucial protection for seniors and Americans planning for retirement. The fiduciary rule, which was set to go into effect in April, w... Read more

Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, rebuked Committee Republicans for putting forth budget views that fail to address issues of wealth inequality, the racial wealth gap, homelessness, affordable housing, consumer protection, and investor protection. As Prepared for Delivery Thank you, Mr. Chairman. Today, this Committee will consider Views and Estimates on the Budget for Fiscal Year 2018. This is important work, as our Committee has juris... Read more

The experience of being crushed by student debt is no longer limited to the young. New federal data shows millions of Americans who are retired or nearing retirement face this burden, as well as the possibility of having their Social Security benefits garnished to make payments. Americans age 60 and older are the fastest-growing age group of student loan debtors. Older debtors, many of whom live hand-to-mouth on fixed incomes, are more likely to default. When that occurs with federal loans, as h... Read more

In a letter to Chairman Hensarling, Subcommittee Chairman Pearce, Subcommittee Chairman Barr, Subcommittee Chairman Huizenga, Subcommittee Chairman Luetkemeyer, Subcommittee Chairman Duffy, and Subcommittee Chairman Wager, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, Congressman Daniel Kildee (D-MI), Vice Ranking Member of the Committee on Financial Services, Congressman Ed Perlmutter (D-CO), Ranking Member of the Subcommittee on Terrorism and Illici... Read more