Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following opening statement at a subcommittee hearing on Financial Institutions and Monetary Policy entitled, “Uncertain Debt Management: Treasury Markets and Financial Institutions.”

Thank you very much, Chair Barr. Four months ago, I wrote to Chair McHenry requesting that he hold a hearing on the harmful and potentially catastrophic consequences of the brinksmanship that Republicans were engaging in with regard to the debt ceiling. Instead of holding that hearing in a timely manner, we are holding this hearing focused on criticizing Treasury’s debt management. 

And instead of working to ensure this kind of brinksmanship over the debt ceiling never threatens our economy again, Republicans are using this hearing to consider bills to deregulate banks and undermine the Fed’s funding without regulatory experts who can discuss them.  

Republican threats to drive our economy off a cliff would have done real and quantifiable harm to our economy even though we averted a default thanks to President Biden’s leadership. Let’s focus on learning from this and never allowing such reckless brinksmanship occur ever again.  

I yield back.