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, “Priced Out of the American Dream: Understanding the Policies Behind Rising Costs of Housing and Borrowing.”
“$1.4 BILLION DOLLARS. That’s how much the Trump family has pocketed since Trump returned to the White House. Whether it is through peddling crypto coins, or through baseless lawsuits against news media and Federal agencies, one thing remains clear, the Trump family is cashing in while everyday Americans are struggling.
Because of Trump’s failed economic agenda, families cannot keep up with rising rents and shrinking housing options. Workers are seeing their paychecks stretched more and more as jobs grow less secure and the dream of homeownership slips further away. And small business owners struggle to access capital and keep their doors open in an economy that is only working for those at the top.
What is Donald Trump’s response? He floats absurd ideas like a 50-year mortgage that would trap families in debt, while doing nothing to lower costs. He says he wants to cap credit card rates, but he repeals limits on credit card fees and shuts down the Consumer Financial Protection Bureau. Trump’s actions speak louder than his tweets.
At the same time, his Administration is attacking Federal programs, like the CDFI fund, which helps small businesses access capital.
And, probably the biggest drain on our economy is Trump’s reckless, and unlawful tariffs. They have raised the cost of everyday goods, like groceries, and driven up the cost of building affordable housing. You name it, lumber, steel, and other construction materials all cost more. Why? Trump.
At the same time, the Trump Administration’s cruel attacks on immigrant workers are shrinking the construction workforce. You don’t have to be a stable genius to know that when you make building materials more expensive and deport construction workers, fewer homes will be built—exactly the opposite of what we should be doing.
So let me ask a simple question that every American should ask. Are you better off now than you were a year ago?
Your paycheck buys less, rent is more expensive, and job prospects are less certain. Committee Democrats see this crisis clearly, and we refuse to look the other way.
Now, last night, we worked with Republicans to pass the ‘Housing for the 21st Century Act.’ This is a good first step to recognizing that we have an affordable housing problem.
Can you imagine me and Mr. Hill worked together and we got something done. Wow. It happened. But one bill alone will not fix a crisis of this magnitude nor can it overcome the headwinds of Trump’s terrible agenda.
What would really be helpful is if we could hear from the Trump Administration official charged with overseeing $7.6 trillion dollars of the mortgage market. But that’s not going to happen—Director Pulte is apparently too busy making false allegations against Trump’s political enemies, unlawfully installing himself on the boards of Fannie and Freddie, and pitching terrible and just plain dumb ideas, like forever mortgages.
And where is the Acting Director of the CFPB, Mr. Chairman? The agency that returned $21 billion to Americans who have been ripped off by Wall Street. The agency that used to fight on behalf of veterans and students against predatory lenders. Well, Acting Director Vought may be too scared to come before this Committee, but I’m pleased to see several members of the CFPB Union, NTEU 335, who took leave to be in the audience today.
Mr. Chairman, America’s families need sustained federal investment in housing. We need strong oversight of consumer financial products and services so Wall Street follows the rules. We need real accountability so that access to capital is based on merit and opportunity, not wealth and connections. Trump promised Americans a quote, ‘golden age,’ but everyone now sees what he really meant: a golden age for the Trump family, his family, and his billionaire friends. Committee Democrats instead are prioritizing hardworking Americans over billionaires. We are demanding policies that lower costs, expand access to capital, and protect consumers. Put simply, we want everyone to have a real shot at the American Dream.
I yield back.”
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