Waters Statement on Financial Services Funding Bill
Following a House panel’s approval of a financial services spending bill, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, criticized Republicans for advancing legislation that would undermine consumer protection, weaken important Wall Street reforms and hurt regulators’ ability to protect our economy.
“This legislation is just the latest Republican gift to Wall Street Banks at the expense of American consumers and taxpayers. It would end the Consumer Financial Protection Bureau’s independence, by making it the only bank regulator with its funding tied to the highly political congressional appropriations process. The result will be a weakened CFPB that would be unable to properly advocate on behalf of our nation’s consumers. If enacted into law, we would be one step closer to the Republican goal of ending the CFPB altogether – and its work on behalf of our students, seniors, families and service members.