Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following statement during a Financial Institutions Subcommittee hearing entitled, “Right-Sizing the U.S. Bank Capital Framework: A Return to Tailoring, Economic Growth, and Competitiveness.”

“Thank you very much.

I look forward to the testimony as we discuss bank capital, Trump’s regulators and Republicans are tearing down the safeguards that keep our banks safe and ensure stable economic growth. Reducing capital for our largest banks will make them less resilient, less likely to lend during periods of stress, and more likely to fail.

Weakening these guardrails leaves hardworking Americans to bear the consequences. We saw this in 2008, when banks gambled with borrowed money and families, workers, small businesses and whole communities paid the price.

If we want to strengthen our financial system for the benefit of small businesses and their workers, as well as community banks and credit unions, then I hope Chairman Hill will work with me to advance overdue deposit insurance reforms. And on this issue of capital, and the continued efforts of the Republicans to reduce the capital that the banks should hold, we’re going to have a fight.”

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