Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following opening statement during a Full Committee hearing entitled, “Oversight of the Securities and Exchange Commission.”

Good morning. I’d like to welcome the Chair of the Securities and Exchange Commission, Gary Gensler, along with Commissioners Peirce, Crenshaw, Uyeda, and Lizarraga to the Committee today.

I want to start by recognizing the good work the SEC has done under the leadership of Chair Gensler. Despite repeated attacks against the agency from my Republican colleagues, the SEC has lived up to its mission of protecting investors and ensuring our capital markets remain the envy of the world. In fact, since Chair Gensler’s tenure began in 2021, the agency has ensured a fair marketplace for businesses and investors by holding bad actors accountable. For example, the SEC has brought 784 enforcement actions, levied nearly $5 billion in fines, and importantly, recovered nearly $1 billion for harmed investors. The Commission has also responded to the overwhelming number of investors—fully 80 percent—who have long been urging the Commission to standardize climate risk disclosures. And so, I hope the SEC will also advance additional disclosures like human capital and diversity and inclusion metrics that are not just what investors want, but good for a business’s bottom line.

While the SEC and the rest of the Biden-Harris Administration has been doing its job, unfortunately, I can’t say the same about House Republicans. The party of MAGA has again taken us to the edge of a shutdown, even though they know they’ll need every single Democrat to keep the government open. Our nation is tired of the extreme MAGA Republican party in Congress.

But I want to do something, and I know you do too, Mr. Chairman. Before the end of this year, I want us to strike a grand bargain on stablecoins and other long overdue bills. Since 2022, we have been working for hours on end to reach an agreement and have each made concessions. I strongly believe we can reach a deal that prioritizes strong protections for our nation’s consumers and strong federal oversight. Our bill can have several paths for stablecoins to be created, but like nearly every other country that has a stablecoin framework, our central bank, the Federal Reserve must play a dominant role overseeing this market. And importantly, stablecoins can only be truly “stable” if they are backed by safe and liquid reserves, like short term Treasury bills. But I’ll be honest, with less than three months left in the 118th Congress, we are running out of time to pass this. I know we can get this done if we focus. So let’s make it happen.

In the meantime, Democrats will continue to fight for more resources for the SEC, including by keeping the SEC and the rest of the government open, so that the agency can support capital formation, open opportunities for small businesses, and protect investors. Thank you again for your testimony, and I am pleased that the Commissioners are here and I yield back the balance of my time.

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