Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Committee on Financial Services, delivered the following statement at a Subcommittee on Financial Institutions and Monetary Policy hearing entitled, “Revamping and Revitalizing Banking in the 21st Century.”

Thank you, Chairman Barr. I’m very pleased we are considering reforming the banking sector because consumers are sick and tired of banks ripping them off, saddling them with junk fees and otherwise engaging in abusive and illegal behavior.

Similarly, I look forward to reviewing Chairman McHenry’s bill on data privacy, which is something that should be strengthened, but the details matter and I understand consumer advocates have already raised serious questions.

Additionally, Dodd-Frank has been lauded for preventing a financial crisis when the pandemic struck. We should now be wary of deregulating our way into another financial crisis.

Finally, Republicans must end their brinksmanship around whether the U.S. can pay its debts, otherwise any reforms to the banking industry passed by this Committee will be undone when our markets collapse.

I yield back the balance of my time.

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