Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, today released the following statement regarding her opposition to H.R. 2374, the Retail Investor Protection Act. Waters led opposition on the House Floor and expressed her concerns about how the deceptively-titled legislation would undermine protections for those trying to save for retirement. Waters stated: “This legislation is overly broad and would prevent our regulators from protecting Americans tr... Read more

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, has announced a bipartisan legislative solution to fix the National Flood Insurance Program (NFIP) and ensure changes are implemented affordably. In essence, the legislation calls for a four-year delay to the program and requires FEMA to complete an affordability study and propose regulations that address affordability issues. The bipartisan deal comes after several weeks of negotiations with Democrats and Rep... Read more

WASHINGTON — With the leading House Republican plan to overhaul the mortgage finance market stuck in limbo, several Democrats have begun work on alternative proposals that could further divide support for the GOP bill. Rep. Jeb Hensarling, chairman of the House Financial Services Committee, introduced his legislation to unwind Fannie Mae and Freddie Mac and remove a government backstop from the market earlier this year. The bill passed the committee in late July with a vote mainly down party lin... Read more

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today released the following statement in response to news that the U.S. Export-Import Bank generated a profit of more than $1 billion in fiscal year 2013, which was reported on Wednesday: “I am very pleased with yesterday’s news that the Export-Import Bank has delivered more than $1 billion in revenue to U.S. taxpayers. I wish to commend the Bank for its fiscal standing and its extraordinary low default rate ... Read more

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 Futures Trading Commission will need to furlough staff for as many as 14 days during fiscal year 2014 because of t... Read more

In the wake of massive money laundering scandals at U.S. banks that allowed terrorist, drug and other illicit money to flow through the economy, two leading Democratic lawmakers introduced two measures to crack down on misconduct and help clean up the system. Rep. Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, and Rep. Carolyn Maloney (D-NY), the ranking member on the Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises, each ... Read more

WASHINGTON — Senior House Democrats introduced legislation Thursday designed to give regulators additional authority to go after bank executives at institutions involved in money laundering scandals. The two bills, by Reps. Maxine Waters, D-Calif., the top Democrat on the House Financial Services Committee, and Carolyn Maloney, D-N.Y., come on the heels of HSBC's landmark $1.9 billion settlement with regulators last December, over claims that the bank looked the other way as Mexican drug cartels... Read more

A House Democrat plans to introduce a bill Wednesday that would toughen anti-money laundering laws by placing an emphasis on penalties for executives and giving a Treasury Department bureau greater enforcement powers. The “Holding Individuals Accountable and Deterring Money Laundering Act” highlights some lawmakers’ dissatisfaction with recent money-laundering penalties and provides a new roadmap for strengthening enforcement. The legislation will be introduced by Maxine Waters (D., Calif.), the... Read more

Efforts to fight money laundering and empty shell companies would be strengthened by two bills introduced in the US Congress on Wednesday, by giving federal regulators enhanced powers to hold bank executives personally responsible for misdeeds. The move in the US House of Representatives comes after banks had to pay at least $5bn in fines and settlements to resolve allegations of laundering money for drug cartels, Iranian clients and the Cuban government. However, no bank executives have been in... Read more

A third bill will be introduced to the US Congress to tackle the last major remnant of the financial crisis: reform of the mortgage giants Fannie Mae and Freddie Mac. Maxine Waters, the top Democrat on the House Financial Services Committee, is the latest lawmaker to put forward a plan to overhaul Fannie and Freddie. The final version will probably reflect a combination of at least two of the proposals. Dealing with Fannie and Freddie is a priority since their continuing existence five years aft... Read more

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, released the following statement following the House of Representatives vote on legislation to raise the debt limit and end the government shutdown. “I’m pleased that Congress has finally voted to end this unnecessary government shutdown and debt limit crisis. However, I remain concerned that the resolution passed today only opens the government and extends the debt ceiling for a precious few months. The resol... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, hosted a bipartisan panel discussion on the implications of a U.S. debt limit default on the American economy and global financial markets. The panel, entitled “On the Brink: Implications of U.S. Default on the Economy and Global Financial Markets” painted a bleak picture about how defaulting on the debt could adversely affect the U.S. economy, financial stability, investors and consumers. Modera... Read more

Waters leads 30 Democrats in House Resolution Today, leading Democratic lawmakers called on financial institutions to work proactively with their customers facing financial distress as a result of the shutdown of the Federal Government. Fourteen days into the shutdown, many employees have now seen their first diminished paycheck, leaving them facing short-term financial hardship and possible long-term damage to their creditworthiness through no fault of their own. Led by Congresswoman Maxine Wat... Read more

As the keynote speaker today at the launch of a civil society report on global financial governance, Congresswoman Maxine Waters discussed the challenges of globalization, the importance of the international financial institutions, and the problem of growing inequality in both advanced and some emerging market countries. In a speech that touched upon a range of issues related to the World Bank and the International Monetary Fund (IMF), Waters also discussed some of the challenges posed by the in... Read more

As many employees prepare to miss their first paycheck as a result of the Federal Government shutdown, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, lauded the action of five federal financial services agencies that today called on financial institutions to work with customers that have been affected. In a letter to the heads of the Federal Reserve, Federal Deposit Insurance Corporation, Consumer Financial Protection Bureau, Comptroller of the Curr... Read more

Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, released the following statement in anticipation of the nomination of Janet Yellen as Chairman of the Board of Governors of the Federal Reserve. “President Obama’s choice in nominating Janet Yellen to lead the Fed is both historic and important for our nation’s economy. Ms. Yellen’s experience as a former Chair of the Council of Economic Advisers, Regional Fed Bank President, and Vice-Chair of the Feder... Read more

In a speech on the floor of the House of Representatives, Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today highlighted the serious consequences of the U.S. defaulting on its debt. Waters also urged Republicans to stop using the debt ceiling to push extremist ideology, calling for a vote on a clean debt-limit increase. She delivered the following remarks. As prepared for delivery: “Thank you, Mr. Speaker. I rise today to discuss the irresponsibility of ... Read more

With only 13 days until the nation reaches its debt limit, and in the aftermath of the Department of Treasury’s report on the impact of defaulting on our debt, Congresswoman Maxine Waters (D-CA) today called on Republicans to stop threatening the nation’s economy to move their ideological priorities. She released the following statement: “As if the consequences of a government shutdown are not bad enough, Republicans are now threatening to hold the full faith and credit of the United States host... Read more

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, released the following statement in reaction to a Consumer Financial Protection Bureau (CFPB) report on the early success of the Credit Card Accountability Responsibility and Disclosure Act (CARD Act). The report finds that protections under the Act benefitted consumers by reducing unfair and excessive late fees and providing clearer disclosures about the cost of credit cards. “Today, the Consumer Financial Pr... Read more

Congresswoman Maxine Waters, Ranking Member of the Committee on Financial Services, released the following statement on the Republican-imposed government shutdown. “The irresponsibility of the Republican Party cannot be overstated. As we slowly emerge from the worst economic crisis in over 70 years, I am saddened that ideological extremism has led to another self-inflicted wound that could have dire consequences for our fragile recovery. Even a short shutdown threatens job creation, harms small ... Read more

Bipartisan letter backed by 73 Member of Congress In a bipartisan letter, 73 Members of the House of Representatives called on Speaker John Boehner and Minority Leader Nancy Pelosi to take immediate action to address affordability issues surrounding the National Flood Insurance Program. Spearheaded by Congresswoman Maxine Waters (D-CA), top Democrat on the Financial Services Committee and Congressman Bill Cassidy (R-LA), the letter calls for the House to provide relief to flood insurance policyh... Read more

On the eve of a multi-state rally to “Stop the Exorbitant Rise in Flood Insurance Premiums,” Congresswoman Maxine Waters, Ranking Member of the House Committee on Financial Services, released the following statement: “I am outraged by the increased costs of flood insurance premiums that have resulted from the Biggert-Waters Act. I certainly did not intend for these types of outrageous premiums to occur for any homeowner. When I agreed to coauthor this legislation, our goal was to create a bipart... Read more

Democratic lawmakers in the House and Senate today expressed deep concern over financial arrangements between colleges and banks that could steer financially-strapped students into fee-laden debit cards that increase the costs of college. In letters sent to some of the nation’s largest banks, the legislators ask bank executives to explain the scope of any such arrangements, how much money the deals pay to colleges, and how much in fees are charged to students. Policymakers question whether these... Read more

Congresswoman Maxine Waters, Ranking Member of the Committee on Financial Services, released the following statement in response to reports of a likely shortfall in capital reserve funds at the Federal Housing Administration: “During the worst of the crisis, when the private sector virtually left the market, the Federal Housing Administration stepped up and provided the liquidity that kept our struggling housing market afloat. This is the countercyclical role of FHA, as it has been throughout th... Read more

Letters in Support of extending TRIA House Financial Services Committee Holds First in a Series of Hearings on TRIA Program Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, delivered the following opening statement at today's full Committee hearing on the Terrorism Risk Insurance Act, known as TRIA. TRIA was enacted in the aftermath of the terrorist attacks of September 11, 2001, which caused estimated insured losses of $40 billion in current dollars – the l... Read more