Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, announced the introduction of six amendments to the Republican “Big Billionaire Bailout Bill.” This dangerous legislation is slated to gut the Consumer Financial Protection Bureau (CFPB) and cut critical funding for housing. It will also strip healthcare from 17 million Americans and starve 12 million people by taking away their food stamps, all to fund massive billionaire tax cuts and help the rich get richer. While the top 0.1% of earners stand to gain a yearly average of $309,000 under this tax scam, hardworking American families are struggling to make it by. In response, Waters introduced amendments to preserve the CFPB, address America’s housing crisis, and prevent government officials from further ripping off the American people. Unfortunately, none of the amendments were made in order by the Rules Committee.
Congresswoman Waters’ amendments include:
Reversing cruel elimination of nation's financial watchdog, the Consumer Financial Protection Bureau, which has saved families $21 billion. This amendment strikes the provision that would reduce funding for the Consumer Financial Protection Bureau by 46 percent, which would undermine CFPB's ability to fulfill its statutory mission to protect consumers in the financial marketplace.
Blocking reckless Consumer Financial Protection Bureau cuts that would put America’s veterans at greater risk of financial fraud and abuse. This amendment prevents the reduction of funding for the Consumer Financial Protection Bureau by 46 percent if Treasury finds that it will likely increase financial fraud for veterans or prevent veterans from getting prompt remediation when harmed in the consumer financial marketplace.
Delivering historic investments to address the housing crisis by creating nearly 1.4 million affordable and accessible homes. This amendment strikes the provision that cancels funds for energy-efficient upgrades in multifamily housing. It replaces the section with the housing title of Build Back Better (Ranking Member Waters’ Housing Crisis Response Act), which passed in 2021. It would provide over $150 billion in robust new investment in housing to address the crisis.
Expanding access to safe, stable housing for American families in crisis. This amendment strikes the provision that cancels funds for energy-efficient upgrades in multifamily housing. It replaces this section with full funding for 60,000 Emergency Housing Vouchers, designed to help individuals and families experiencing homelessness, at risk of homelessness, or fleeing dangerous situations and natural disasters.
Preventing government officials and their families from profiting off of federal funds allocated for “national defense.” This amendment prohibits Defense Production Act funds from going to any entity whose officers, employees, or beneficial owners include a senior government official or their family members, including the President, Vice President, Members of Congress, and any federal employee who is appointed by the President and confirmed by the Senate.
Preventing President Trump from abusing his power to enrich himself and profit off Wall Street. This amendment curbs conflicts of interest by prohibiting the President from owning or controlling (directly or indirectly) any financial institution or other company that engages in activities subject to the supervisory, regulatory, or enforcement jurisdiction of previously independent Federal financial regulators that now operate under White House control. These agencies include the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, National Credit Union Administration, Consumer Financial Protection Bureau, Federal Housing Finance Agency, Securities and Exchange Commission, and Commodity Futures Trading Commission.
