Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following opening statement during a Subcommittee on Financial Institutions and Monetary Policy hearing entitled, “The Tangled Web of Global Governance: How the Biden Administration is Ceding Authority Over American Financial Regulation.”

We are 10 days away from a costly government shutdown, and instead of working with Democrats to prevent that, Republicans are advancing funding bills that are dead on arrival because they slash critical funding and undermine agencies, like the Consumer Financial Protection Bureau.  

And despite the bank failures earlier this year, Republicans have the audacity to hold this hearing to attack regulators for coordinating with their foreign counterparts to better promote bank safety and soundness. 

Given the global nature of our financial system, it is important that our regulators engage through international organizations, like the Basel Committee, to ensure that the U.S. is providing leadership on strong safeguards to avoid a global race to the bottom, and so that we learn from others to address systemic risks, like climate change. 

Thank you and I yield back.

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