Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following opening statement during a Financial Institutions and Monetary Policy Subcommittee hearing entitled, “Transparency in Global Governance.”

Good morning, everyone we are exploring the topic of “transparency,” but not transparency as to whether small business borrowers are treated fairly by banks. No, my Republicans oppose that type of transparency as they repeatedly try to block the CFPB’s rule implementing Section 1071 of Dodd-Frank to make that data public.

Instead, we are examining the Republicans' weird conspiracy theory that U.S. regulators don’t work on behalf of the American public, but instead work for Europeans when they engage in international forums to ensure that we don’t experience a global economic crisis or recession and share best practices on dealing with the financial risks of climate change.

We should support these international discussions, not fear them, to ensure that international standards reflect American values and promote a stable global financial system.

I think that there are a lot more issues that we can be working on now. I appreciate the concern, I guess I appreciate it. But I’d like any of our presenters here today to name those regulators that you know about, that are not working in the interest of this country.

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