Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, accepted an award from the International Financial Law Review, who honored Waters’ decades-long leadership advancing regulatory reform in Congress with the “Outstanding Contribution to Regulatory Reform” award. Specifically, this award reflects accomplishments in bringing to market or shaping, advancing or influencing significant regulatory advancements, as well as developments in market infrastructure.

Read her full remarks below:

… I’d like to commend the International Financial Law Review for their great work in analyzing the global financial markets. Your articles help to ensure that policymakers, practitioners, and advocates across the world are well informed on the most pressing financial issues.

It is an honor to accept the “Outstanding Contribution to Regulatory Reform” award. As the top Democrat on the House Financial Services Committee and its former Chairwoman, it has been and remains a key priority of mine to improve the state of the financial markets so families, consumers and investors are protected in the marketplace.

Tonight, I would like to address three crucial aspects of our financial system that I’ve been focused on: regulating digital assets, including stablecoins; making critical reforms to our financial system and economy; and ensuring that our financial system works for everyone by shining a light on issues of diversity and inclusion. 
 
When I took the Chair of the Committee, one of my first decisions was to create two taskforces in the Committee to focus Congress’ attention on developments in financial technology or “fintech” and artificial intelligence. Later, I created a working group to address how Congress should respond to growth of digital assets. I have been working for more than a year now trying to find a bipartisan compromise between the Biden Administration, Democrats on the Committee, and my Republican colleagues on a statutory framework to regulate stablecoins, which this audience knows have global implications. The recent failures in the crypto space have only solidified my resolve that we must put rules in place to protect consumers and our economy.

I’ve also been calling on the Federal Reserve to press forward with research, including through pilots, of Central Bank Digital Currencies, which I have referred to as the next global space race. And, while we haven’t yet found that compromise language, I haven’t given up—that’s not who I am.

Second, I believe that the U.S. economy works when we have faith in the system, and that requires Democrats and Republicans to collaborate together. The importance of trust is critical to every part of our economy, from buying a home or a car, to investing one’s life savings to opening a new business. Under my leadership, the Committee has successfully secured new anti-money laundering protections, and restored bipartisanship to programs like the Terrorism Risk Insurance Program and the Ex-Im Bank. I’m particularly proud that we were able to strengthen some of our smallest lenders, Community Development Financial Institutions and Minority Depository Institutions, by providing them with a historic $12 billion, because these lenders have proven to focus on some of the smallest and most underserved entrepreneurs in our economy.  
 
And in response to the market disruptions during the Gamestop trading event, my Committee passed several pieces of legislation that are now being implemented to strengthen our capital markets infrastructure. I’m also proud of the ways that my Committee has encouraged some of the largest banks to eliminate junk fees, pay fair wages, and in the case of Wells Fargo, fire ineffective management and bank directors.  

Lastly, it is imperative that we address the lack of diversity in our financial sector, particularly on Wall Street. When I made history as the first Black person and first woman to Chair of the Financial Services Committee in 2019, one of my first moves was to establish Congress’ first-ever diversity and inclusion subcommittee to address the lack of diversity in our nation’s financial services industry. The Subcommittee truly made a difference – holding 18 hearings, issuing a number of reports, and changing the conversation about diversity not only in our Committee but in the financial services industry itself. Although the current Committee leadership eliminated the Subcommittee this year, my work on this issue will never stop. I continue to be an advocate and call on others in the financial services industry to advocate for inclusive hiring practices, mentorship programs, and equal opportunities that empower individuals from all backgrounds to succeed and contribute their unique insights to the financial markets. 

Thank you again for having me and thank you for this award.

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