Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following opening statement during a Capital Markets Subcommittee hearing entitled, “SEC Overreach: Examining the Need for Reform.”

Thank you. The SEC has played a critical role over the past 90 years in protecting investors from fraud and abuse, and ensuring U.S. corporations provide adequate information about themselves so working families can make sound decisions with their money. While the agency has done a solid job under the Biden Administration, I believe there is still much more work to be done. For example, we need transparency in the unregulated private securities markets. And we need rules to stop corporate executives from engaging in anti-worker stock buybacks. And we need more comprehensive climate risk disclosures that apply to all issuers. The SEC needs to be fully funded so that it remains an effective and relevant regulator for the next 90 years. I look forward to our discussion today, and I yield back the balance of my time.

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