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ICYMI: Ranking Member Maxine Waters Highlights Democrats' Work to Strengthen Economy, and Address the Housing Crisis During Hearing with Chair Powell

Washington, DC, July 12, 2024

  

This week, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, spoke with Federal Reserve Chair Jerome H. Powell during a full Committee hearing. During the hearing, Congresswoman Waters highlighted the booming economy and discussed several critical economic issues with the Chairman:

  • Strong Economy: Congresswoman Waters emphasized the creation of 15.7 million jobs under President Biden, including 206,000 new jobs added last month. She also noted the low unemployment rates, declining inflation, rising wages, and stable prices for goods and services, all of which reflect a robust labor market.

  • President Biden’s Legislative Achievements: Congresswoman Waters highlighted the impact of historic legislation – many led by Waters – and signed by President Biden that has lowered costs, created jobs, rebuilt infrastructure, supported small businesses, eliminated junk fees, wiped out more than $144 billion in federal student loan debt for 4 million borrowers, and cut child poverty in half.

  • The Ongoing Housing Inflation Crisis: Despite this progress, Congresswoman Waters highlighted the work still needed to fully combat inflation, including addressing the housing and homelessness crisis. Since 2020, housing prices have increased by nearly 50% and Americans are now spending over 30% of their income on housing. Waters urged passage of her bill the “Housing Crisis Response Act,” which proposes over $150 billion in affordable housing investments to create nearly 1.4 million affordable homes.

  • Supporting Diversity and Inclusion in the Private Sector: Congresswoman Waters underscored the importance of diversity and inclusion efforts in strengthening the economy and the ongoing fight to enhance diversity in the private sector.

During the hearing, Congresswoman Waters commended the Biden-Harris Administration for their initiatives in driving the nation's robust job market, curbing inflation, and maintaining economic stability. She contrasted these efforts with the radical MAGA-led extremist agenda known as Project 2025, which aims to strip away the rights and freedoms of communities and jeopardize the nation’s economy.

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