Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following statement during a full Committee hearing entitled, “The Future of Deposit Insurance: Exploring the Coverage, Costs, and Depositor Confidence.”

“Thank you very much, Mr. Chairman. Good morning. Thank you to our witnesses for being here today to discuss deposit insurance. I wish we could’ve held this hearing sooner, but Speaker Johnson shut down the House for two months, and the Trump-Republican shutdown rendered the government lifeless for 43 days – surpassing the record set during Trump’s first term. And for what? All to avoid lowering health costs for working-class Americans.

Now, during the shutdown, I visited food banks across Los Angeles County and saw lines of families – who were being used as political leverage – afraid their babies might starve as Trump fought twice in the Supreme Court to block their food stamp benefits. I heard federal employees agonize over how to keep a roof over their heads after missed paychecks. I heard the worries of furloughed workers wondering if they’d even get paid after the shutdown following Trump’s threats. Meanwhile, millions of families are now watching their health care premiums triple.

Then they turn on the TV to see the President offering a $40 billion bailout to Argentina and demolishing the East Wing of the White House to build a $250 million ballroom – all while Republican Members of Congress enjoyed their paid vacation and remained deafeningly silent.

At the same time, the Administration moved to gut the Consumer Financial Protection Bureau and the bipartisan Community Development Financial Institutions Fund, which will make life even more expensive for families and small businesses.

Thanks to Trump and Republicans, Americans are suffering through an affordability crisis with little hope in sight. Trump’s response has been to dismiss Americans’ concerns as a ‘con.’ Well, it takes one to know one.

The American people see through Trump’s con of giving handouts and favors for the super-rich while raising prices on everyday Americans. It’s why more than half of Americans are unhappy with the direction of the economy under Republicans and blame Trump for the high costs.

Now on deposit insurance, since the fall of Silicon Valley Bank in 2023, I’ve led the effort to advance reasonable solutions to support our community banks and credit unions while protecting small businesses so they can bank with their local lenders and pay their workers even in a crisis. I’m pleased the Chairman has convened this hearing and posted my legislation, thank you Mr. Chairman. The legislation, the ‘Employee Paycheck and Small Business Protection Act.’ My bill takes a data-driven approach to increase the deposit insurance limit for business payment accounts, after an FDIC and NCUA study. My bill also allows regulators to quickly establish a Transaction Account Guarantee program to prevent contagion and temporarily protect depositors for up to nine months in a future emergency.

Even Treasury Secretary Bessent and Vice President Vance agree that action on deposit insurance reform is overdue. While reviewing the Republican proposals, I’m hopeful that the Chairman will work with me and all of our colleagues so we can get something done.

I look forward to the testimony, and I yield back.”

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