Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following statement during a full Committee markup.
“Thank you very much, Mr. Chairman.
Believe it or not, just a few short months ago, the United States economy was the strongest in the world.
Then Trump took office.
And in just 8 months, inflation has now climbed up to 2.9%—well above the Fed’s 2% target and unemployment is at the highest level in four years. Despite a promise to save quote ‘Black jobs,’ the unemployment rate for Black Americans rose to 7.5% in August, the highest level since October 2021.
Meanwhile, businesses both large and small continue to struggle under the weight of hundreds of billions of dollars in tariffs. Because the administration’s cruel immigration raids are stripping companies of hardworking employees who are here legally but fear being racially profiled, businesses now are considering shutting down or slowing production. American manufacturing is being obliterated. Since April, our nation has lost 42,000 manufacturing jobs—and that’s right, lost, not gained, 42,000 manufacturing jobs.
On top of what is already a terrible economy, Donald Trump is making things even worse. His attempt to eliminate the independence of the Federal Reserve will lead to even higher inflation and jeopardize the savings and retirement security of millions of Americans. Trump’s attempted takeover is opposed by a bipartisan contingent, including the former Chairman of this Committee whose picture is to my left, Jeb Hensarling. Unfortunately, I’m still waiting for Republicans on this Committee to stand up for Congress’s own Constitutional authority, not the President’s to oversee the Fed.
Instead of addressing the real pain facing Main Street, Republicans are advancing legislation that just gives Wall Street a blank check at a time when families are already struggling.
It wasn’t enough to eliminate the Consumer Financial Protection Bureau. Now, Republicans are pushing bills that would weaken safeguards like stress tests and make it even easier for the biggest and worst-acting banks to get even bigger through mergers. This is an ongoing effort to undermine the Dodd-Frank Act.
Republicans could choose to stop the economic hardships families are experiencing from tariffs, but they refuse to do so. They could also pass legislation to ensure that the 60,000 families living in emergency housing vouchers are not evicted next month when funding for their housing expires.
Despite my disappointment with this big grab bag of giveaways, I’m pleased that Republicans have brought forward a bill to reaffirm America’s commitment to Taiwan. But I’d be remiss not to point out the glaring irony. This show of support comes at the same time the President is imposing 20% of tariffs on Taiwan and threatening to pull out of the IMF, the World Bank, and the same international organizations listed in Republican’s bills. This is not support. If we’re going to pass this bill today, I expect my Republican colleagues to call on the President to reverse course and stand up for democracies. Stand up with us.
I’m also encouraged by the efforts to support community banks, including CDFIs and MDIs, which serve as lifelines for underserved communities even as the Trump administration works to dismantle them. However, the bills before us today don’t quite meet the moment. I’ve long been a supporter of CDFIs and MDIs with legislation of my own. And if we really want to help CDFIs and MDIs, and all small banks and credit unions for that matter, we need to reform deposit insurance. Republicans and Democrats, including over in the Senate as well as Secretary Bessent, and even Vice President Vance, all agree that this is long overdue, especially after the failure of Silicon Valley Bank highlighted why reforms are needed. I hope this Committee is able to consider reforming deposit insurance before the Senate passes a bill and the House becomes a rubber stamp.
I yield back.”
###
