Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, released the following statement in response to actions by U.S. and UK regulators to levy a nearly $1 billion fine against JP Morgan. “Today’s announcement of fines levied against JP Morgan validates Congress’ decision to provide our regulators with broad authority to regulate derivatives trading whenever it affects the US economy, including overseas. These actions, as well as those expected by the CFTC... Read more

Congresswoman Maxine Waters, Ranking Member of the Committee on Financial Services, released the following statement upon the announcement of the continuation of the Federal Reserve’s asset purchase program known as “quantitative easing.” “I am a strong supporter of the actions that Chairman Ben Bernanke and members of the Federal Open Market Committee (FMOC) have taken over the last several years in the face of the most serious financial crisis this country has faced since the Great Depression.... Read more

House Financial Services Committee Reviews Agency’s Semi-Annual Report Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, delivered the following opening statement at today's full Committee hearing to discuss “The Semi-Annual Report of the Consumer Financial Protection Bureau (CFPB).” The hearing featured CFPB Director Richard Corday. Ranking Member Waters commended Director Cordray for the CFPB’s significant success thus far, as well as his commitment to work... Read more

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today released the following statement expressing her continued commitment to the people of the Gulf Region, many of whom are still dealing with the aftermath of Hurricane Katrina. “On the eighth anniversary of the landfall of Hurricane Katrina, I stand with the people of the Gulf Region in remembrance of this terrible day, as I have stood with them since those first painful days after the storm hit. I have be... Read more

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today released the following statement in response to President Barack Obama’s speech outlining his plan for housing finance reform in Phoenix. “I’m pleased that the President is making housing finance reform a top priority, and has outlined an approach that is consistent with our recently-released House Financial Services Committee Democratic Principles. Democrats in the House have been taking this effort ver... Read more

Financial Services Committee Ranking Member Maxine Waters, today joined by 37 of her fellow Democrats, delivered a letter urging President Obama to nominate Janet Yellen, current Vice Chairman of the Board of Governors of the Federal Reserve System, to replace Ben Bernanke as Chairman of the Federal Reserve when his term expires. The letter notes that Vice Chairman Yellen has “demonstrated a unique understanding of the impact of the Federal Reserve’s policies on the middle-class” and that, “duri... Read more

Today, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee released the following statement in response to committee passage of the inaptly-named “Protecting American Taxpayers and Homeowners Act” or “PATH Act” (H.R. 2767). H.R. 2767 is a Republican bill that would unwind Fannie Mae and Freddie Mac and remove any government support from the secondary mortgage market. However, because the bill would remove a government guarantee, it would end the affordable 30-year fix... Read more

It has been only three years since the passage of the Dodd-Frank Act and five years since the 2008 financial crisis, but memories in Washington can be short. Even though we are still emerging from a foreclosure crisis that has affected tens of millions of American families, some in Congress are already pushing to weaken new rules designed to protect taxpayers and keep consumers safe from the faulty mortgage products that wrecked the economy. The latest danger is H.R. 1077 and its companion bill,... Read more

House Democrats, led by Financial Services Committee Ranking Member Maxine Waters, today released a “set of critical core principles” they believe should be part of legislative efforts to address the future of housing finance reform. Since the beginning of the 113th Congress, Democrats on the Financial Services Committee have held a series of briefings, roundtables, and caucuses on housing finance reform. As a result of this work, Committee Democrats have developed principles to guide their cons... Read more

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, delivered the following opening statement at today's full Committee hearing. The hearing, entitled, “A Legislative Proposal to Protect American Taxpayers and Homeowners by Creating a Sustainable Housing Finance System,” examined draft legislation proposed by Republicans to “reform” our nation’s housing finance system. However, the bill, inaptly named the Protecting American Taxpayers and Homeowners or PATH Act... Read more

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, delivered the following statement at today's full Committee hearing with Federal Reserve Chairman Ben Bernanke: As prepared for delivery: Thank you Mr. Chairman, and thank you Chairman Bernanke for being here with us again today. Chairman Bernanke, under your leadership and through the actions taken by the FOMC, the recovery continues to strengthen. Treasury yields and mortgage rates have fallen to their lowes... Read more

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, released the following statement today in response to the Senate’s vote to confirm Richard Cordray as the director of the Consumer Financial Protection Bureau (CFPB): “It is with great pleasure that I congratulate Richard Cordray on his long overdue confirmation as Director of the CFPB. Under his leadership, the CFPB has been praised by industry representatives as both “effective” and “accessible.” In addition... Read more

Today, in response to Financial Services Chairman Jeb Hensarling’s release of a proposal to reform the nation’s housing finance system, Financial Services Committee Ranking Member Maxine Waters released the following statement: “I am strongly disappointed in the Chairman’s legislation, which is little more than an attempt to reinvent America’s housing finance system using the same kind of right-wing ideology that has eroded America’s middle class for decades. This bill eliminates the 30-year fix... Read more

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, commended Federal Banking regulators for adopting final rules implementing the Basel III International Regulatory Framework. The rule was unanimously accepted by the Board of Governors of the Federal Reserve and is expected to be adopted by other banking regulators in the coming weeks. “I am very pleased with the efforts of the Board of Governors of the Federal Reserve who have addressed many of the concerns c... Read more

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, along with 26 colleagues sent a bipartisan letter to Craig Fugate, Administrator of the Federal Emergency Management Agency (FEMA), urging him to use any discretionary authority available to address an unintended consequence of the Biggert-Waters Flood Insurance Reform Act. Ranking Member Waters’ letter comes as FEMA moves forward with the implementation of Biggert-Waters, landmark legislation designed to help... Read more

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, convened her second bipartisan panel this morning on Capitol Hill to discuss various proposals for reform of the Government-Sponsored Enterprises and the secondary mortgage market. Today’s discussion, builds on the April session by providing an opportunity for industry stakeholders to share their point of view on how to approach reform. “I convened this discussion today because I believe it is essential for th... Read more

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, offered the following statement today in response to the Senate Banking Committee hearing on the nomination of Congressman Melvin L. Watt to be Director of the Federal Housing Finance Agency. Ranking Member Waters previously endorsed Congressman Watt’s nomination stating that he is an individual that is “accepting, open-minded and collaborative – and he gets things done.” “Today, Congressman Melvin Watt demons... Read more

Legislators Laud Consumer Agency’s Progress on Student Loan Debt Two senior Democratic lawmakers from the House- Congresswoman Maxine Waters (D-Calif.), Ranking Member on the Financial Services Committee, and Congressman George Miller (D-Calif.), the senior Democratic Member on the Education and the Workforce Committee, today released a joint letter to Director Richard Cordray commending the Consumer Financial Protection Bureau (CFPB) for its proposed rule to subject certain nonbank education lo... Read more

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, led committee Democrats today in encouraging Financial Services Committee Members to, “read the law,” in hopes to “facilitate a rational discussion based on actual provisions within the law.” During the full committee hearing titled, “Examining How the Dodd-Frank Act Could Result in More Taxpayer-Funded Bailouts,” Waters said, “I have found that not enough attention has been paid to the actual legislative text... Read more

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, will moderate her second bipartisan panel discussion on plans to reform the nation’s secondary mortgage market. The panel discussion will be held on Friday, June 28th on Capitol Hill. In April, Ranking Member Waters hosted the first in a series of panel discussions on the topic of how to best provide safe, decent, and affordable rental and homeownership options to American families, while taking steps to preve... Read more

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, made the following statement today at the portrait unveiling ceremony of former Chairman Barney Frank. The portrait will hang in the main Financial Services Committee hearing room, located in the Rayburn House Office Building. Barney Frank served as a Member of the U.S. House of Representatives, representing the state of Massachusetts, from 1981 to 2013; and served as Chairman of the House Financial Services C... Read more

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, made the following statement today at a meeting of the Committee held to mark up the following legislation: H.R. 2374, the Retail Investor Protection Act H.R. 1135, the Burdensome Data Collection Relief Act H.R. 1105, the Small Business Capital Access and Job Preservation Act H.R. 1564, the Audit Integrity and Job Protection Act Click here to view the video of Ranking Member Waters opening statement. As delive... Read more

As the Administration moves to begin negotiations with Europe on a wide-ranging trade deal with the European Union, Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, sent a letter today to President Obama urging him to leave the issue of financial reform out of the trade talks. Ranking Member Waters, a long-time supporter of efforts to foster international economic cooperation in a number of areas, states, “that a trade agreement with the E.U., if properly ex... Read more

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, sent a letter today to Christy L. Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP), calling for an investigation of Bank of America or any other mortgage servicer, who allegedly benefited by misleading borrowers eligible for the Home Affordable Modification Program (HAMP). Ranking Member Waters’ letter comes after an article in Bloomberg cited court documents in which former lo... Read more

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee and 13 Members of the California Congressional Delegation, released the following letter yesterday to Attorney General Eric Holder calling for the U.S. Department of Justice to investigate JPMorgan Chase, the nation’s largest bank, for alleged fraudulent schemes that resulted in $83 million in overcharges to Michigan and California for energy purchases. The letter comes after an article in The New York Times ci... Read more