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.

She released the following statement:

“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.

Just as concerning, this measure insufficiently funds and undercuts the effectiveness of the Securities and Exchange Commission, one of Wall Street’s top cops. In fact, the ‘level funding’ provided is so prescriptive, it actually takes funds from the SEC’s enforcement and examinations offices in favor of modest investments in IT and economic analysis. The measure also takes the harmful step of prohibiting the SEC from forcing corporations to disclose their political spending. I’m disappointed that Republicans have chosen to undercut the agency that protects the investments that fund our workers’ retirement.

This bill is a handout to Wall Street that will ultimately be paid by Main Street. It is bad for consumers, students, seniors and those saving for retirement. I will strongly oppose this measure on the House floor, and I hope many of my fellow Democrats will do the same.”

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