Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following statement during a Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee hearing entitled, “Delivering for American Consumers: A Review of FinTech Innovations and Regulations.”

“President Trump promised to reduce the cost of living. Instead, unemployment and grocery prices are rising, and consumer protections are eroding. Under the Trump economy, people are being forced to use products like Earned Wage Access to get early access to their paychecks and Buy Now, Pay Later loans to buy groceries.

Trump called this affordability crisis a ‘hoax,’ but he knows it's real and now wants to cap credit card interest rates at 10%. Well, President Trump, I’m pleased to know if you’re listening, we don’t agree on much of anything, but we do on this. So, let’s do it. Let’s cap interest rates. But, Mr. President, you’re going to need to convince your Republican colleagues because they won’t consider this or any other bill that would help keep money in consumers’ pockets.”

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