Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following opening statement during a Financial Institutions Subcommittee hearing entitled, “Enhancing Competition: Shaping the Future of Bank Mergers and De Novo Formation.”

As Prepared for Delivery

“Good afternoon.

“Republicans want faster bank mergers, which will wipe out community banks and credit unions and leave just a few megabanks to serve our constituents. Trump’s regulators just rubber-stamped the Capital One and Discover merger, which will lead to more consumer harm.

“Democrats support the formation of new, or de novo, banks, and I am pleased Mrs. Young is testifying.

“Mrs. Young bravely responded to lending discrimination by suing the Consumer Financial Protection Bureau to complete its Section 1071 mandate to promote fair small business lending. She now is working to open her own bank to ensure the same thing does not happen to her neighbors in Iowa.

“I look forward to her testimony and plan to introduce legislation to address the challenges she raised.

“I yield back.”

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