Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following opening statement at a full Committee markup.
This Congress, I am so very proud of how Committee Democrats have consistently pushed legislation that reflects our values: bills that put consumers first despite opposition from highly paid lobbyists and big corporations; that invest in communities and people who have been left behind; and then work to keep our economy safe.
Today, Committee Democrats are again focusing on protecting and expanding financial access, promoting community development, and caring for those experiencing homelessness. Accordingly, we will markup my bill, H.R. 7003, the “Expanding Financial Access for Underserved Communities Act,” which would allow credit unions to serve communities that have been determined to lack access to capital.
We will also markup a bill led by Representative Payne, H.R. 4395, the “Payment Choice Act of 2022,” which would ensure that all consumers can continue to pay in cash if they choose.
This Committee is also continuing its effort to end homelessness and to support community development by marking up H.R. 7716, the “Coordinating Substance Use and Homelessness Care Act of 2022”, which was introduced by Representative Dean. This bill supports states and local governments efforts to coordinate health care and homeless services. H.R. 7196, the “Flexibility in Addressing Rural Homelessness Act,” introduced by Representative Axne, this would improve the ability of homeless service providers to serve people experiencing homelessness in rural communities.
Additionally, a bill led by Congressman Cleaver, H.R. 7733, the “CDFI Bond Guarantee Program Improvement Act of 2022”, helps smaller community development financial institutions access more resources to allow them to invest even more in our communities.
Today, we will also markup a series of bills focused on keeping consumers and investors safe. This includes a bill led by Representative Chuy García, H.R. 5912, the “Close the ILC Loophole Act,” which would eliminate a regulatory exemption that allows commercial firms to operate FDIC-insured banks as industrial loan companies (ILCs) while avoiding the elevated supervision of traditional banks and ultimately putting consumers at risk.
We will also markup a bill led by Representative Foster, entitled the “Strengthening Cybersecurity for the Financial Sector Act of 2022”, H.R. 7022. This bill would provide authority to the credit union regulator, NCUA, and Fannie Mae and Freddie Mac’s regulator, FHFA, over third-party vendors, which increasingly support the business operations of community financial institutions.
Last year’s GameStop events highlighted the need to better protect retail investors. Accordingly, we will markup a bill led by Representative Lynch, H.R. 7732, the “Strengthening the Office of the Investor Advocate.”
We will also markup my bill, H.R. 7734, the “Timely Delivery of Bank Secrecy Act Reports Act”, to ensure Congress retains appropriate access to Bank Secrecy Act reports.
Before I close, I would like to note that I have consulted with the Ranking Member, and we have agreed that the Committee will simply transmit its views to the Budget Committee along with all signatures gathered as well as any minority views submitted.
Colleagues, I am pleased that the bills we are marking up today will better protect our financial system and ensure that communities across this country have financial access, shelter, and wealth.
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