Today, at the continuation of the House Financial Services Committee markup of seven flood insurance bills, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following statement in support of Congresswoman Nydia Velázquez’s (D-NY) bill, H.R. 2875, the “National Flood Insurance Program (NFIP) Administrative Reform Act of 2017:” Thank you, Mr. Chairman. While I am discouraged with the general lack of bipartisanship reflected in the bills we are mar... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement opposing President Trump’s official nomination of former Representative Scott Garrett, a staunch opponent of the Export-Import Bank (Ex-Im), to serve as its next president: “Despite all the claims Trump made over the course of his campaign, the selection of former right-wing Representative Scott Garrett to serve as the next president of the Export-Import Bank again mak... Read more

On the first day of the of the House Financial Services Committee markup of seven flood insurance bills, Committee Democrats fought for the availability and affordability of the National Flood Insurance Program (NFIP). “Democrats will offer amendments to provide the reauthorization language needed to keep the NFIP’s doors open and keep the real estate market from spiraling out of control,” said Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services. “We will al... Read more

Today, at a Committee markup of seven flood insurance bills, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following opening statement: Thank you, Mr. Chairman. Eight days ago, we gathered in this hearing room to discuss six legislative proposals to reform the National Flood Insurance Program. At that hearing, I once again called for bipartisan solutions to ensure the continued availability and affordability of flood insurance. While I was en... Read more

Last week, the U.S. House of Representatives voted on H.R. 10, also known as the Wrong Choice Act, a bill that prioritizes Wall Street over Main Street. While debating on the House floor, Democrats highlighted all the ways in which the Wrong Choice Act would be the wrong choice for consumers, investors, and the entire economy. Democrats also noted the thousands of individuals and groups that oppose the Wrong Choice Act: “The gentleman asked who does not support [the Wrong Choice Act] - let me te... Read more

Today, in response to a report from the U.S. Department of the Treasury which resulted from President Trump’s February Executive Order, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released the following statement: “Our nation’s economic security is in grave danger. The report released by Treasury is an attack on protections for consumers, investors and retirees. Make no mistake, the Treasury Department is proposing to take apart Wall Street Reform j... Read more

Last week, Republicans in the U.S. House of Representatives passed the Wrong Choice Act, a bill that would put the needs of Wall Street above hardworking Americans. The Wrong Choice Act advances President Trump’s efforts to dismantle consumer protections for seniors, service members and people saving for their retirement; endanger market stability; and undercut financial regulators’ ability to curb threats to the economy. Republicans are effectively helping out those who need it least, undoing c... Read more

Today, in response to House passage of H.R. 10, also known as the Wrong Choice Act, Congresswoman Maxine Waters, Ranking Member of the Committee on Financial Services, made the following statement: “It's shameful that Republicans have voted to do the bidding of Wall Street at the expense of Main Street and our economy. They are setting the stage for Wall Street to run amok and cause another financial crisis. I urge my colleagues in the Senate not to move on this deeply harmful bill.” To see Rank... Read more

Today, during floor debate on H.R. 10, also known as the Wrong Choice Act, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following opening statement: As Prepared for Delivery H.R. 10 is being called the Wrong Choice Act by the American public because this bill is truly the wrong choice for all of us. Indeed, this is one of the worst bills I have seen in my time in Congress. This bill is a vehicle for Donald Trump's agenda to deregulate and he... Read more

In another attempt to undermine the important work of the Consumer Financial Protection Bureau (Consumer Bureau or CFPB), Republicans on the House Committee on Financial Services issued a 13-page staff report that attempted to redirect blame away from Wells Fargo for their massive fraudulent account scandal and onto the Consumer Bureau. The report falsely accuses the Consumer Bureau of not cooperating with the Committee’s investigation, even though the Consumer Bureau has produced thousands of p... Read more

This week, the U.S. House of Representatives will vote on a bill that puts Wall Street’s special interests ahead of hardworking American consumers. The Financial Choice Act, also known as the Wrong Choice Act, paves the way right back to the dark days of the financial crisis by dismantling Wall Street reform. “The Wrong Choice Act is a vehicle for Donald Trump's agenda to get rid of financial regulation and help out Wall Street,” said Congresswoman Maxine Waters, Ranking Member of the Committee ... Read more

Today, at a full Committee hearing to examine draft legislation to reauthorize the National Flood Insurance Program (NFIP), Congresswoman Maxine Waters (D-CA)¸ Ranking Member of the Committee on Financial Services, urged Committee Members to work on a bipartisan long-term reauthorization package: As Prepared for Delivery Thank you, Mr. Chairman and welcome to all of our witnesses, who are here to discuss draft legislation to reauthorize the National Flood Insurance Program (NFIP). This hearing i... Read more

Following the announcement that President Trump will nominate Joseph Otting, former OneWest Bank chief executive, to lead the Office of the Comptroller of the Currency (OCC), Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released the following statement: “The mission of the OCC is to ensure that financial institutions operate in a safe and sound manner, provide fair access to financial services, and treat customers fairly. With Mnuchin at Treasury and... Read more

In an op-ed published today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, discussed the numerous ways in which the Consumer Financial Protection Bureau (Consumer Bureau) continues to fight for hardworking Americans who have been harmed by illegal, predatory financial schemes, and the ways in which President Trump and Congressional Republicans are trying to undermine its work. In the piece, Ranking Member Waters underscores the numerous impacts ... Read more

Today, in response to a statement from Securities and Exchange Commission (SEC) Chairman Jay Clayton requesting public comment on the standards of conduct applicable to broker-dealers and investment advisers when providing financial advice, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement: “As one of his first orders of business, SEC Chairman Jay Clayton issued a statement on the SEC’s website requesting public input on the... Read more

Following the announcement that the Federal Reserve fined Deutsche Bank $41 million on account of the bank’s “unsafe and unsound” anti-money laundering practices, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released the following statement: “Yesterday’s action by the Federal Reserve provides yet more evidence of Deutsche Bank’s well-known pattern of compliance failures and lax anti-money laundering controls. In light of this, I once again call on De... Read more

Last week, House Financial Services Committee Ranking Member Maxine Waters (D-CA), Vice Ranking Member Dan Kildee (D-MI) and Housing and Insurance Subcommittee Ranking Member Emanuel Cleaver (D-MO), hosted a roundtable discussion on how the Trump Administration’s full budget request would create suffering for whole communities; increase poverty, hunger and homelessness; and reduce economic development opportunities across the nation. The panel, which featured both urban and rural community leade... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, Congressman Daniel 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 & Investigations, and Congressman Ed Perlmutter (D-CO), Ranking Member of the Subcommittee on Terrorism and Illicit Finance, sent a l... Read more

Reps. Maxine Waters (D-CA), Elijah E. Cummings (D-MD), and Bobby Scott (D-VA), Ranking Members of the House Committees on Financial Services, Oversight and Government Reform, and Education and the Workforce, issued the following statement on today’s announcement that the Department of Labor’s (DOL) fiduciary rule will be initially implemented after the conclusion of the current 60-day delay. “For years, Democrats have championed this common sense rule because it simply ensures workers and famili... Read more

Today, in response to the Trump Administration’s release of its full budget request to Congress for Fiscal Year 2018, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement: “Donald Trump has once again revealed who he really is, with a cruel and senseless budget that abandons Main Street and the vulnerable. “The Trump budget mirrors efforts by Congressional Republicans to roll back Wall Street reform and take us back to the bad ... 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

On Wednesday, May 24, 2017, at 3:30 p.m. EDT, Ranking Member Maxine Waters (D-CA), Vice Ranking Member Dan Kildee (D-MI) and Housing and Insurance Subcommittee Ranking Member Emanuel Cleaver (D-MO), will host a roundtable discussion on how the Administration’s proposed elimination of the Community Development Block Grant (CDBG) and HOME Investment Partnerships (HOME) programs would create suffering for whole communities; increase poverty, hunger and homelessness; and reduce affordable housing an... Read more

Several House Committee Ranking Members submitted letters to their respective Chairmen requesting that their committees do not waive their jurisdiction over H.R. 10, also known as the Wrong Choice Act. The Wrong Choice Act, a wide-reaching financial services bill, makes financial markets less safe, puts consumers at risk, and undermines critical safeguards in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), the law that was put in place to protect the American economy ... Read more

On the second day of the House Financial Services Committee markup of H.R. 10, also known as the Wrong Choice Act, Committee Democrats continued to resist the Republican agenda to roll back consumer and investor protections in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). The Wrong Choice Act undermines and outright repeals critical safeguards in Dodd-Frank, unleashing the same behavior on Wall Street that led to the 2008 financial crisis. Before Chairman Hensarling... Read more

On the first day of the House Financial Services Committee markup of H.R. 10, also known as the Wrong Choice Act, Committee Democrats fought throughout the day and into the night to protect hardworking Americans from the catastrophic damage the bill would cause. The Wrong Choice Act undermines and outright repeals critical safeguards in the Dodd-Frank Wall Street Reform and Consumer Protection Act, a law that was designed to protect the American economy from another financial crisis. Before the ... Read more