Today, in response to a series of bills introduced by Senate Republicans to undermine the Consumer Financial Protection Bureau (CFPB), Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, made the following statement: “Republicans are wasting no time in their shameful efforts to dismantle the Consumer Financial Protection Bureau. In the time since its creation, this highly successful agency has returned nearly $12 billion to more than 29 million consumers... Read more

Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, delivered the following opening statement at today’s full committee hearing to receive the Monetary Policy and State of the Economy report from Federal Reserve Chair Janet Yellen: As Prepared for Delivery Thank you Mr. Chairman, and thank you Chair Yellen for testifying today. Each day, as a new episode of chaos unfolds at the Trump White House, working families across the country are reminded that our ... Read more

Surrounded by Republican members of the House Committee on Financial Services, today President Trump signed into law H.J. Res 41, which eliminates a bipartisan rule that made it harder for oil, gas, and mining companies to engage in bribery and corruption in developing nations. Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement in response: “Section 1504 of the Dodd-Frank Wall Street Reform Act is a core element of U.S. leade... Read more

Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released the following statement today in response to the U.S. Senate’s confirmation of Steven Mnuchin as Secretary of the U.S. Department of the Treasury: “I am extremely disappointed in Senate Republicans for clearing the way for yet another Wall Street insider to take a critical leadership position in the Administration. Trump and his fellow Republicans in Congress are determined to pack the Administrat... Read more

Today, in reaction to a court ruling from a Texas federal judge upholding the U.S. Department of Labor’s fiduciary rule, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “I'm pleased to see that for the third time our courts have upheld the Department of Labor's fiduciary duty rule so that hardworking Americans planning for retirement get the protection they deserve from unscrupulous and self-serving financial advisers. Even... Read more

Richard Cordray deserves to stay director of CFPB. While bankers and their congressional allies fume that a consumer protection agency created after the financial crisis has amassed too much power, the agency keeps on doing what it does so well: putting money back in the pockets of people who’ve been mistreated by big banks, credit card issuers or other financial players. In its six-year existence, the Consumer Financial Protection Bureau (CFPB) has collected $11.8 billion in relief for 29 milli... Read more

Today at the House Committee on Financial Services markup of its Oversight Plan, Ranking Member Maxine Waters (D-CA) underscored Democratic priorities for the 115th session of Congress: As Prepared For Delivery Thank you, Mr. Chairman. To begin, let me say that I appreciate that there was an attempt to present this oversight plan in a straightforward and clear manner. The oversight plan – which is designed to discuss the issues this Committee will examine throughout the 115th Congress – does not... Read more

When the House Financial Services Committee met for the first time in the 115th Congress to consider its rules, Ranking Member Maxine Waters (D-CA) led Democrats in trying to force Committee Republicans to hold the Trump Administration accountable. Throughout the markup, Financial Services Democrats offered an array of amendments aimed to increase transparency and accountability and prevent conflicts of interest. Not surprisingly, all of these amendments were opposed by Republican Members. Commi... Read more

Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released the following statement today on President Trump’s executive orders to delay the Department of Labor’s conflict of interest rule and roll back financial reforms put it place after the financial crisis of 2008. “These latest actions from the Trump administration should show the American public that Trump and his cabinet of billionaires is putting the interests of Wall Street above the needs of the ... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, encouraged Chairman Jeb Hensarling (R-TX) to apply the same level of aggressive oversight to the Trump Administration as he did with the Obama Administration. During the Committee’s first meeting in the 115th Congress to consider its rules, Ranking Member Waters underscored her concern regarding the lack of transparency amongst Republican Committee Members, similar to the Trump Administration. Below... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, spoke strongly against H.J. Res. 41, a Congressional Review Act resolution designed to roll back important anti-corruption rules. H.J. Res. 41 would repeal Section 1504 of Dodd-Frank, which requires oil, gas, and mining companies to publicly disclose payments made to foreign governments for access to their natural resources. This disclosure helps fight corruption in the extractive industries sector,... Read more

Today, Ranking Member Maxine Waters (D-CA) and Democrats on the House Committee on Financial Services elected their Vice Ranking Member and their Subcommittee Ranking Members. Members also selected their Subcommittee assignments for the 115th Congress.‎ The Democratic Caucus created the Vice Ranking Member position to provide more representation of the diversity of the Democratic Caucus, and strengthen its fight on behalf of hard-working Americans. Congressman Daniel T. Kildee (MI-05) was electe... Read more

In a letter to Janet Yellen, Chair of the Board of Governors of the Federal Reserve System, and Margaret Lewis, Chair of the Federal Reserve Bank of Richmond Board of Directors, Congresswoman Maxine Waters (D-CA) called for intentional efforts to identify and select diverse candidates to replace retiring Federal Reserve Bank of Richmond President Jeffrey M. Lacker. Waters was joined by Financial Services Committee Democrats, Democrats serving in the Fifth Federal Reserve District, and Rep. John ... Read more

Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, released a statement following Donald Trump’s implementation of yet another Executive Order (EO), this time rolling back important financial safeguards through a 2-for-1 gimmicky ploy: Sadly, every day brings another dangerous edict from President Trump and yesterday was no different. Trump unilaterally and arbitrarily signed another EO, prohibiting Federal agencies from proposing any new regulation ... Read more

Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, released a statement following the introduction of Rep. Bill Huizenga’s (R-MI) resolution to repeal Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank): Today, the compulsive Republican Party took the first step in repealing the hard work of Democrats to make companies more accountable to American taxpayers. Section 1504 of Dodd-Frank was specifically designed t... Read more

Following their joint op-ed published in The Hill, members of the Congressional Black Caucus (CBC), led by Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, and Congressman Cedric Richmond (D-LA), Chairman of the Congressional Black Caucus, penned a letter to President Donald Trump, warning him against removing Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB), prior to the expiration of his term in July 2018. In the lette... Read more

Today Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, issued the following statement in response to the Department of Housing and Urban Development’s (HUD) announcement indefinitely suspending a reduction to the Federal Housing Administration (FHA) annual mortgage insurance premiums: “Just one hour after being sworn in, President Trump betrayed American homebuyers. Today, the Trump Administration declared its plan to indefinitely suspend President... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement following Steven Mnuchin’s confirmation hearing to become Treasury Secretary before the Senate Finance Committee: “What we saw during yesterday’s hearing has only increased my concerns about how the incoming Trump Administration is going to effectively govern. The confirmation hearings this week have made several things abundantly clear, but there is one commonality th... Read more

“As the Obama Administration comes to a close, we must acknowledge the noble men and women who dedicated themselves to serving this Administration. Fred Hochberg, one of the most distinguished business leaders in our nation’s history, served with distinction, compassion, and a commitment to creating jobs and supporting our economic recovery. “Over the course of more than 80-years, the Export-Import Bank has successfully fulfilled its mission of creating U.S. jobs by supporting the export of U.S.... Read more

In an op-ed published today in The Hill, House Democrats of the Congressional Black Caucus, led by Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, and Congressman Cedric Richmond (D-LA), Chairman of the Congressional Black Caucus, published an op-ed demanding President-elect Donald Trump reject any attempts to remove the Director of the Consumer Financial Protection Bureau (CFPB), Richard Corday, prior to the expiration of his term in July 2018. I... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released the following statement today in response to an announcement from the U.S. Treasury Department that representatives from the United States and European Union successfully reached an agreement on international insurance and reinsurance rules, resulting in a covered agreement, as established by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act): “Thanks to the Dodd... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued a statement following Dr. Ben Carson’s confirmation hearing to serve as Secretary of the Department of Housing and Urban Development (HUD): “Yesterday's confirmation hearing continues the common thread that ties together the incoming Trump Administration: a fundamental lack of experience, as well as a total misunderstanding of the agencies that they have been nominated to lead and the people ... Read more

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 Securities and Exchange Commission (SEC) Regulatory Accountability Act Ranking Member Waters criticized and offered... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement following a report published by the Consumer Financial Protection Bureau (CFPB/Bureau), demonstrating that over one-in-four consumers contacted by debt collectors felt threatened. This report is a result of the first-ever national survey of consumer experiences with debt collectors: “All Americans deserve a financial system that punishes predatory conduct, regardless o... Read more

Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released a statement following the announcement of the newly appointed Democratic Members to the Committee, who will serve for the 115th Congress: “Democrats are now the last line of defense to fight the onslaught of Wall Street Reform rollbacks and deregulatory bills the Republicans will try to rush to President-elect Trump’s desk. But we are more than up to the challenge,” said Congresswoman Waters. “I w... Read more