Subcommittee on Oversight asks inspectors general to review workplace discrimination Democratic members of the Financial Services Committee Subcommittee on Oversight and Investigations have called on inspectors general at the Consumer Financial Protection Bureau (CFPB) and all other financial regulators to assess whether any personnel practices and policies have created an unfair or… Read more »

Yet another proposal for winding down Fannie Mae and Freddie Mac and overhauling the nation’s housing finance system will be put before Congress on Thursday, this one by Representative Maxine Waters of California, the ranking Democratic member of the Financial Services Committee. The major distinction of Ms. Waters’s proposal is that it would make the mortgage lending system more like… Read more »

Multilateral approach necessary to meet the urgent needs of Ukraine Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, urged Senate Majority Leader Harry Reid (D-NV) to retain the International Monetary Fund (IMF) provisions in the Ukraine package expected to be considered this week. She released the following statement: “I strongly urge… Read more »

In today’s Financial Services Committee hearing on “Why Debt Matters,” Ranking Member Maxine Waters (D-CA), underscored the importance of promoting growth and reducing income inequality through short-term increases in discretionary fiscal stimulus in order to reduce the nation’s debt and deficit.  In her remarks, Waters criticized austerity measures such as the Sequester for… Read more »

Reform legislation signed today by the President Today, President Barack Obama signed into law comprehensive legislation designed to end unaffordable flood insurance rate hikes.  Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, lauded the enactment of H.R. 3370, the Homeowner Flood Insurance Affordability Act into law. For months,… Read more »

Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, today gave the following opening statement at today’s full committee markup of five bills intended to promote economic growth and the majority’s Budget Views and Estimates for fiscal year 2015. Her remarks are below.  )  As prepared for delivery: Thank you Mr. Chairman. Promoting… Read more »

In an overwhelmingly bipartisan vote of 72-22, today the U.S. Senate approved comprehensive legislation designed to end unaffordable flood insurance rate hikes.  Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, lauded passage of H.R. 3370, the Homeowner Flood Insurance Affordability Act. For months, Waters led a Democratic effort to… Read more »

Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, today applauded Senators Tim Johnson (D-SD) and Mike Crapo (R-ID) for reaching agreement on an effort to reform the housing finance system. She released the following statement: “I am encouraged by the news that Senators Johnson and Crapo have reached agreement on principles for the reform of… Read more »

Jeb Hensarling is finding out the hard way that conservative purity and running a powerful House committee don’t always mix. Even though he holds the gavel of the House Financial Services Committee, he recently had a bill yanked from under him by leadership because he wouldn’t compromise, while top priorities — like overhauling the housing finance system — are stuck in limbo because he… Read more »

As part of a hearing to investigate data security following breaches at large commercial retailers, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, pointed to the emerging epidemic of cyber crimes and called on legislators to ensure the safety and security of critical consumer financial information. Waters raised concerns about the frequency of data… Read more »

In an overwhelmingly bipartisan vote of 301-91, today the U.S. House of Representatives passed comprehensive legislation designed to end unaffordable flood insurance rate hikes.  Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, today lauded passage of H.R. 3370, the Homeowner Flood Insurance Affordability Act. For months, Waters led a… Read more »

Following weeks of negotiations between members of the House of Representatives and the U.S. Senate, Congresswoman Maxine Waters (D-CA), top Democrat on the Financial Services Committee and Congressman Cedric Richmond (D-LA) today threw their support behind comprehensive legislation designed to end unaffordable flood insurance rate hikes. For months, Waters led a Democratic effort to… Read more »

Reforms to flood insurance approved by Congress in 2012 would be scaled back under a deal reached Monday by House Republicans and Democrats. The rare bipartisan deal, which GOP leaders plan to bring to the floor for a vote on Tuesday, responds to complaints from flooded-out constituents who said the 2012 law would require them to pay much more for federal flood insurance. But the… Read more »

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, released the following statement on the progress of negotiations with GOP leader Eric Cantor regarding legislation to address rising flood insurance premiums. "We have made important progress on legislation that will provide relief to those facing unaffordable flood insurance premiums. I… Read more »

Waters leads effort to oppose measure weakening CFPB Today, the Republican-led House of Representatives approved H.R. 3193, legislation that would undermine consumer protection by weakening the Consumer Financial Protection Bureau’s ability to be an effective, independent advocate for consumers. Democratic opposition was led by Congresswoman Maxine Waters (D-CA) Ranking Member of the… Read more »

A politically fraught fight over flood insurance has prompted a split between the House Republican leadership and a top committee chairman, forcing senior GOP lawmakers to bargain for votes instead with liberal Rep. Maxine Waters (Calif.), the panel’s top Democrat. GOP leaders have struggled to gain enough support to pass a House alternative to flood insurance legislation the Senate… Read more »

As Republicans in the House of Representatives release legislation intended to address dramatic flood insurance premium increases, Congresswoman Maxine Waters (D-CA), a leader of the effort to stop the problem, expressed her concerns with the legislation as currently written. “Although there have been productive conversations with Republican leadership, I still have significant concerns… Read more »

  Today, Government Sponsored Enterprise (GSE) Fannie Mae announced it has earned a fourth quarter profit of $6.5 billion in 2013 and will repay $7.2 billion to the U.S. Department of the Treasury in March. The payment will mean the company has returned $121.1 billion back to the taxpayers –returning even more than the $116.1 billion it received after being taken over by the… Read more »

Following widespread concern over the actions of a number of independent mortgage servicers, Congresswoman Maxine Waters (D-CA), top Democrat on the Financial Services Committee, has called on government regulators to take action that will protect homeowners from abuses that have led to stalled modifications, excess fees and even foreclosure. In a letter to Comptroller of the Currency… Read more »

Representative Maxine Waters of California is urging federal banking regulators to scrutinize the sale of billions of dollars of mortgage-servicing rights to a fleet of specialty firms, a move that comes amid mounting concerns that some of the most vulnerable homeowners are facing fresh abuses in battles to save their homes. For some Americans whose home values plummeted in the depths… Read more »

Legislation could pass today if brought up for a vote Over the past several days, the effort to delay unaffordable flood insurance premiums has reached a boiling point. Today, in the face of two weeks of significant obstruction by Republican leadership, Congresswoman Maxine Waters (D-CA) announced that a substantial majority of the House of Representatives – 231 members – have signed on… Read more »

As Federal Reserve Chair Janet Yellen made her first appearance before Congress, Congresswoman Maxine Waters (D-CA), top Democrat on the House Financial Services Committee, congratulated Yellen on her historic appointment and record of accomplishment. Waters also praised Yellen’s support for bold action to stabilize the economy and underscored her belief that more needs to be done to… Read more »

As the House of Representatives stood poised to approve legislation to increase the government’s borrowing authority, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, urged passage of the measure. Waters underscored the importance of the “clean” debt ceiling increase as critical to avoiding economic catastrophe. She also pointed out that once… Read more »

For the third time in two weeks, House Republicans rejected a Democratic procedural motion to bring bipartisan legislation that would delay the implementation of flood insurance increases up for a vote. Using a parliamentary procedure to order the "previous question," Republicans blocked an effort to bring H.R. 3370, the bipartisan Homeowner Flood Insurance Affordability Act, to the… Read more »

House Democrats on the Financial Services Committee are calling for panel leaders to hold a hearing on the reauthorization of the Export-Import Bank, which they argue bolsters job and economic growth. In a letter to Committee Chairman Jeb Hensarling (R-Texas) and subcommittee Chairman John Campbell (R-Calif.), 26 Democratic lawmakers said the bank is a self-sustaining agency that has… Read more »