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, Chairman Hill.

Yesterday, I was joined by Committee Democrats at the Supreme Court to stand up for the rule of law and defend the independence of our nation’s Central Bank, as Donald Trump and his crooked Administration continue their unconstitutional attempt to fire Federal Reserve Governor Dr. Lisa Cook.

I am confident the Supreme Court will do the right thing and uphold the law by rejecting this brazen power grab. But let’s be clear, this attack on Governor Cook, and Trump’s latest attack on the Fed Chairman Jerome Powell, is part of a much broader and deeply dangerous agenda. Trump wants to take over our economy and run it like Trump Steaks, Trump University or any of his other failed and fraudulent businesses—straight into the ground and into his pockets. From gutting the CFPB to derailing our housing agency, it’s clear he wants to weaken independent institutions and rig the system for his own political and financial interests.


At a moment when millions of Americans are being crushed by an affordability crisis that Trump himself created, his Administration has chosen not to provide relief. Instead, Trump has raised taxes and imposed sweeping tariffs, making groceries and housing more expensive. And he has launched an all-out assault on the protections that safeguard consumers, workers, retirees, homeowners, and small businesses from fraud, abuse, and financial collapse.

Unfortunately, Trump has plenty of willing accomplices in Congress to abet him in this grift against the American people. Today, Republicans are advancing a slate of proposals that weaken our banking system, undermine national security, and allow bad actors to slip through the cracks, all while increasing harm to investors.

Let me be clear about what that means in practice. At a time when scams, fraud, and financial crime are surging, Republicans are using this markup to advance proposals that would curtail banks reporting suspicious activity and make it easier for criminals to avoid detection. I’m not aware of any American asking Congress to weaken tour tools used to combat terrorism, drug trafficking, human trafficking, and financial exploitation. In fact, Trump’s own FBI says that one of the bills today would ‘severely limit [the FBI’s] visibility into potentially illicit financial activity.’

I do support the bill to reauthorize the Terrorism Risk Insurance Act being considered today. I applaud the Chairman for ensuring this bill garners bipartisan support, something prior Republican Chairs failed to do. Passing TRIA is essential to unlocking economic development, supporting construction, and sustaining growth in communities across this country.

At the same time, I am pleased that the Committee is focused on artificial intelligence. Responsible AI requires strong consumer protections, preserving state laws, and preparing our economy and institutions for the changes ahead.

Committee Democrats are fighting for a strong economy that works for all Americans, not the wealthy and well connected. That means supporting community lenders who serve consumers, not Wall Street CEOs. It means ensuring our capital markets work for small businesses, investors, and workers alike. And it means protecting the independence of the Federal Reserve from Donald Trump’s illegal takeover.

Let me close with this. After calling it a hoax and a scam, Trump appears to see how his failed economic policies are hurting Americans, and has put forward proposals to try to make things more affordable, from proposing to cap interest rates to reducing credit card swipe fees to banning private equity from buying homes. I would hope Republicans would also take up similar proposals to reduce costs for Americans, and abandon their agenda to enrich fraudsters, billionaires and Wall Street.

However, you never know what Trump is going to do from day to day. One day he is proposing something, the next day he changes his mind. The next day he doesn’t remember what he said the first day or the second day.

However, committee Democrats will always stand up for consumers, families, and businesses. And we will always push back against this Administration’s reckless efforts to throw our communities, our markets, and our economy into chaos.

I yield back the balance of my time.”

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