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, “Making Community Banking Great Again.”
As Prepared for Delivery
Good morning. Today, we are here to discuss how to strengthen community banks and credit unions, vital institutions that are lifelines for families and small businesses across the country, particularly in underserved communities. This Committee has a long, bipartisan track record of supporting these community lenders, including during the pandemic by allocating $60 billion for them to deploy emergency loans to small businesses, and investing $12 billion to grow Minority Depository Institutions and community development financial institutions, many of which are small banks and credit unions.
If it were any other day, I would say that I hope we can build on those efforts, including by passing my bill to expand deposit insurance to protect the payrolls of small businesses and their employees who want to keep their money at these banks.
But I cannot do so as an unelected billionaire, Elon Musk, seizes control of the American people’s money. Meanwhile, President Trump unlawfully blocks sending money rightfully owed to Americans, imposes new import taxes on Americans and businesses buying everyday goods, and fires the federal cops that go after everyone from Wall Street execs to violent insurrectionist criminals. Each of Trump’s and co-President Musk’s actions are designed to cut taxes for billionaires and give corporations free rein to rip off working-class families. If the community banks listening today aren’t worried about what’s happening to their customers and small business clients, they should be.
Trump is waging a trade war by threatening to tax Americans whenever they buy fruit, vegetables, gas, and even housing. And our small businesses will feel the pain when they buy and sell their products. Even the Wall Street Journal has called Trump’s import taxes the dumbest trade war in history, and frankly, I agree.
Mr. Chairman, I don’t have to tell you who these hardworking people prefer to bank with? That’s right, community banks and credit unions. I know Republicans have noticed several so-called “reform” bills, but bank exam appeals, reporting requirements and even capital levels, completely misses the point when community banks’ customers are being fleeced.
Trump and his team are firing hundreds of federal regulators hired in the last two years. This was after Trump imposed a hiring freeze; gutted fair hiring initiatives mandated by law; and suspended all enforcement of consumer laws so that big banks like Wells Fargo can go right back to their old tricks.
Today, Democrats will offer the types of bills our Committee should be considering. Bills that lower costs for families and small businesses, and protect community banks and credit unions. For example, I have a bill that would halt all Trump import tax increases and his dumb trade war until we know that small businesses and the community banks won’t be harmed. I have another bill that rejects co-President Musk’s efforts to end deposit insurance and the FDIC. These bills will ensure there is a future for community banks.
I hope Republicans will consider these bills and so many others that will strengthen our community bank and credit union system, and use our Constitutional authority to hold the President and the unelected Elon Musk accountable.
I yield back.
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