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 Annual Report of the Financial Stability Oversight Council.”
“Last week, Donald Trump marked his first year in office with consumer confidence plummeting to a twelve-year low. That is not a coincidence.
Trump promised a so-called ‘Golden Age,’ but apparently he only meant one for his family and billionaire friends. Instead of helping families, Trump’s trade wars are driving up the price of goods, like groceries, clothing, and furniture. Small businesses and farmers feel it too. And we all know exactly who is to blame.
Instead of lowering costs, Donald Trump has doubled down on chaos and cruelty, while handing more power and more freedom to Wall Street. For example, instead of directing the Financial Stability Oversight Council to address threats to our economy, Mr. Secretary, it appears that you are using it to do the exact opposite and deregulate Wall Street.
While Trump claims he wants to cap credit card interest rates, his Administration has repealed rules that curbed excessive credit card late fees, and shuttered the Consumer Financial Protection Bureau — the very agency that returned $21 billion to Americans after they were ripped off. In fact, Trump’s team has dismissed enforcement actions against predatory firms, even after they admitted to defrauding consumers. Why? Could it be because they gave to Trump’s campaign or bought his crypto coins? Or could it be this President is not on the side of the American consumer and never has been.
It does not stop there. Right now, Trump’s Justice Department is conducting a baseless criminal investigation into Jerome Powell to bully the Federal Reserve so they serve Trump’s agenda instead of the American people.
Since Trump returned to office, Republicans have looked the other way while consumer protections were gutted. Instead of offering solutions to help families, they have protected corporate profits. Under this Administration, billionaires are winning and hardworking Americans are losing.
We have seen this movie before. This same blind loyalty and deregulation led directly to the 2008 financial crisis, when millions of Americans lost their jobs, their homes, and their savings, all while Wall Street walked away with bonuses.
Despite repeated demands from Democrats for accountability, Republicans have refused to bring other key Trump Administration officials before Congress. That includes CFPB Acting Director Russell Vought, who must be held accountable for dismantling the CFPB. This includes FHFA Director Bill Pulte, who has unlawfully installed himself and his staff on the Board of Fannie and Freddie, weaponized mortgage data to try to attack Trump’s political enemies, and who is incompetently pushing just plain dumb housing policies like a 50-year mortgage.
At every turn, Committee Democrats and I are standing up for America’s consumers, defending strong safeguards, fighting corporate abuse, and the corruption of the Trump family. It’s just common sense, our economy should work for everyone, not just Trump’s billionaire circle that he is involved with.
Republicans need to stand up to Trump, defend our regulators, protect consumers, and put families ahead of Wall Street. Anything less is complicity.
I yield back.”
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