Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following floor statement in opposition to H.R. 3312, a bill that would deregulate some of the largest banks: Mr. Chairman, I rise in strong opposition to H.R. 3312, the Systemic Risk Designation Improvement Act. At a time when big banks are doing very well and the industry made record profits – more than $171 billion last year – and business lending has increased 75 percent since Dodd-Fra... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following floor statement in opposition to H.R. 2396, a bill that would reduce requirements for financial institutions to provide privacy notices to their customers: As Prepared for Delivery I rise today to speak in opposition to H.R. 2396, the “Privacy Notification Technical Clarification Act.” Contrary to the bill title, this bill is far from a “technical clarification.” So, I want to be ... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following floor statement in opposition to H.R. 4324, a bill which would undermine the Iran nuclear deal: As Prepared for Delivery H.R. 4324, the Strengthening Oversight of Iran’s Access to Finance Act, would impose a new and unilateral certification requirement on the Administration in order to meet current U.S. obligations under the Iran nuclear deal, known as the Joint Comprehensive Plan... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following floor statement in opposition to H.R. 1638, a bill that would undercut the viability of the Iran nuclear deal: As Prepared for Delivery The legislation before us now, H.R. 1638, the Iranian Leadership Asset Transparency Act, represents what the Republican majority has become very good at doing: advancing bad public policy while claiming to advance the public interest. H.R. 1638, t... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following floor statement in opposition to H.R. 3971, a bill that would allow mortgage servicers to drop important consumer protections put in place by the Dodd-Frank Wall Street Reform and Consumer Protection Act: As Prepared for Delivery I rise today in opposition to H.R. 3971. Contrary to what is implied by its title, H.R. 3971 would not provide regulatory relief to community banks. Inst... Read more

Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, and 36 current and former Democratic Members filed an amicus brief with the D.C. Circuit Court of Appeals, arguing that Consumer Financial Protection Bureau Deputy Director Leandra English should serve as Acting Director of the Consumer Bureau until a Director is confirmed by the Senate. The brief supports English’s request to enjoin Office of Management and Budget Director Mick Mulvaney from serving... Read more

Today, following the public release of a Government Accountability Office (GAO) report entitled “Financial Services Industry: Trends in Management Representation of Minorities and Women and Diversity Practices, 2007-2015,” Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, Senator Sherrod Brown (D-OH), Ranking Member of the Senate Committee on Banking, Housing and Urban Affairs, and Congressman Al Green (D-TX), Ranking Member of the House Financial S... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, Congressman Dan Kildee (D-MI), Vice Ranking Member of the Committee on Financial Services, Congresswoman Gwen Moore (D-WI), Ranking Member of the Subcommittee on Monetary Policy and Trade, Congressman Al Green (D-TX), Ranking Member of the Subcommittee on Oversight and Investigations, and Congressman Ed Perlmutter (D-CO), Ranking Member of the Subcommittee on Terrorism and Illicit Finance, sent a le... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, gave the following floor statement on H.R. 477, the Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017: H.R. 477 seeks to provide a statutory exemption from registration with the Securities and Exchange Commission, or S.E.C., for certain brokers who facilitate the merger or acquisition of small businesses, known as M&A brokers. When Congress first considered ... Read more

Today, following the Government Accountability Office’s (GAO’s) release of a report entitled “Large Bank Supervision: Improved Implementation of Federal Reserve Policies Could Help Mitigate Threats to Independence,” Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “This report is yet more evidence that the Federal Reserve and other prudential regulators need to take the supervision of large banks much more seriously. Regulat... Read more

Today, in response to the introduction of a resolution to use the Congressional Review Act to repeal the Consumer Financial Protection Bureau’s recently issued rule on payday, vehicle title, and certain high-cost installment loans, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “Once again, Republicans are shamelessly pushing to roll back an important rule that protects consumers. “This year, the Consumer Financial Protect... Read more

Today, in response to reports that Special Counsel Robert Mueller has subpoenaed Deutsche Bank for records relating to President Trump and his family, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “I am pleased to see reports that Special Counsel Mueller is following the Trump money trail, as I have always believed it is the key to piecing together the ties between the President, his associates, and the Kremlin. I and oth... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, made the following statement in opposition to S.2155, a bill that would roll back important reforms put in place by the Dodd-Frank Wall Street Reform and Consumer Protection Act: “This bill simply repackages harmful provisions from Chairman Hensarling’s Wrong Choice Act, and it must not become law. It guts critical consumer protections put in place following the financial crisis, including mor... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, wrote to Deputy Attorney General Rod Rosenstein to request information on the status of the Department of Justice’s investigation into Deutsche Bank’s Russian mirror trading scheme, Attorney General Session’s involvement in the investigation, and whether President Trump or his family members or associates have sought to influence the investigation. “[P]ress reports indicate that the Department’s inv... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following floor statement in opposition to H.R. 1699, a bill that would remove important protections for consumers of manufactured housing: As Prepared for Delivery Thank you Mr. Chairman. I rise today in opposition to H.R. 1699, which would undermine the Dodd-Frank Wall Street Reform and Consumer Protection Act, and eliminate consumer protections for some of the country’s most vulnerable b... Read more

Today, in response to reports that the Office of the Comptroller of the Currency sent a letter to Wells Fargo stating that it is considering an enforcement action against the bank, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “The time for letters of warning to Wells Fargo has long since passed. This is a bank that has demonstrated a troubling pattern of illicit activity and will apparently rip off anyone who trusts them... Read more

In response to a U.S. District Court judge’s decision to deny Leandra English’s initial motion for a temporary restraining order against the Trump Administration for attempting to install White House Office of Management and Budget Director Mick Mulvaney as Acting Director of the Consumer Financial Protection Bureau, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “This is just the beginning of what will likely be a long le... Read more

Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, and 25 current and former Democratic Members filed an amicus brief today with the D.C. Circuit Court of Appeals, arguing that Consumer Financial Protection Bureau Deputy Director Leandra English should serve as Acting Director of the Consumer Bureau until a Director is confirmed by the Senate. “President Trump is entitled to choose who the next Director of the Bureau will be, but he must nominate tha... Read more

Today, in response to President Trump’s attempt to appoint Mick Mulvaney to serve as Acting Director of the Consumer Financial Protection Bureau, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “Richard Cordray appointed Leandra English as Deputy Director of the Consumer Bureau to ensure a smooth transition and operational stability at the agency. Ms. English should be allowed to serve as Acting Director until a Director is... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement in response to Consumer Financial Protection Bureau Director Richard Cordray’s announcement that he will step down this month: “Richard Cordray is a true champion for American consumers. Under his outstanding leadership, the Consumer Bureau has made the financial marketplace stronger and fairer for hardworking Americans across the country. As the first Director of the Co... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following floor statement in opposition to the H.R. 2874, the 21st Century Flood Reform Act: As Prepared for Delivery I rise today in opposition to H.R. 2874, legislation that will make flood insurance more expensive, less available, and less fair for consumers. At the outset, let me just say that I appreciate the time and effort that Chairman Hensarling and Mr. Duffy spent responding to my... Read more

Today, at a House Financial Services Committee markup of 23 bills, Congresswoman 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. Mr. Chairman, I must admit I’m disappointed that the Committee is moving forward today with marking up a large number of bills that could be harmful to consumers, investors and our economy. Indeed, several of the bills before us today are pieces of the C... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following floor statement in opposition to H.R. 2201, the Micro Offering Safe Harbor Act: As Prepared for Delivery Mr. Speaker, H.R. 2201 would create an unnecessary and potentially dangerous loophole in federal and state securities laws by allowing companies to sell unregistered securities without important safeguards that normally apply to such transactions. Specifically, the bill would a... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following opening statement at a Subcommittee on Terrorism and Illicit Finance hearing entitled “Financial Intelligence and Enforcement: Treasury’s Role in Safeguarding the American Financial System.” As Prepared for Delivery Thank you, Mr. Chairman and welcome, Under Secretary Mandelker. Today’s hearing provides an opportunity to examine not only the roles and responsibilities of the Offic... Read more

Today, in response to President Trump’s decision not to renominate Janet Yellen as Chair of the Federal Reserve Board of Governors, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “Janet Yellen, who is the first woman to lead the Board of Governors of the Federal Reserve System, has done a masterful job as steward of the U.S. economy. She has demonstrated steady and strong leadership, and through bold and independent Federa... Read more