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 very much, Chairman Hill.
Americans are fed up with rising grocery, utility, and housing costs caused by the Trump Administration’s reckless policies. But instead of changing course, Trump is doubling down. After the Supreme Court struck down his unlawful tariffs — which Americans paid nearly 90 percent of — he imposed more, while his own Treasury Secretary admits Americans may never get their money back.
As if that weren’t enough, last week, Trump unilaterally waged war in Iran, sending gas and energy prices soaring. And while families struggle at the pump, he’s deploying the U.S. Navy and spending taxpayer dollars to protect oil tankers bound for, of all places, China.
Unfortunately, none of the bills before us will lower costs for Americans. Instead, they risk driving up prices for families saving for retirement, preparing for college, or looking to take out a loan. And it doesn’t stop there. These proposals could even raise the cost of everyday items—like shrimp. That’s right; you heard me. Republicans want to play around with the price of shrimp. Didn’t they learn anything from Red Lobster?
Before I discuss the bills that will make life more expensive for Americans, I want to thank the Chairman for working with me and my staff on a broadly bipartisan bill to reauthorize the Defense Production Act. These are extraordinary authorities that have strengthened our national defense and helped protect Americans during crises like the COVID pandemic.
During COVID, DPA helped boost production of personal protective equipment or PPE and vaccines. When hurricanes and supply chain disruptions strained hospitals, it helped restore essential supplies And when the U.S. became too dependent on foreign sources for key materials, the DPA helped rebuild production here at home, from batteries to critical minerals that support both our military and everyday life. That’s the DPA protecting national security and public safety.
To make sure the DPA continues to work for the American people, Democrats have worked across the aisle to put forward a stronger, modernized DPA that adds clear guardrails, strengthens oversight, and keeps the law focused on the public good, not as a loophole for political abuse. Now, I hope Mr. Chairman that you would agree, that the DPA should never be used to conduct surveillance of Americans or to build autonomous killing machines. Nor should it be used to punish Trump’s perceived political enemies.
Turning to the deregulatory bills before us, my Republican colleagues claim they support community banks, small businesses, consumers, and investors—but their bills tell a different story. These proposals gut basic safeguards, let Wall Street megabanks and their CEOs off the hook, and undermine the Consumer Financial Protection Bureau. They strip away transparency, open the door to risky trading and unregistered stock sales where scams thrive. That’s not strengthening our financial system; it’s undermining our economy.
Under the Trump Administration, enforcement has already been rolled back. Lawsuits against bad actors trying to cheat hardworking people have been dropped. And when oversight weakens and resources get cut, you better believe that the scammers will move in fast.
Meanwhile, small businesses are already being squeezed by rising costs made worse by Trump’s tariffs. But the bills pile on, subjecting small businesses to litigation and scams. Small businesses don’t have armies of lawyers to navigate these hidden risks. That’s why we should be passing legislation that keeps markets fair so entrepreneurs succeed on hard work, not scams.
Committee Democrats continue to fight for Americans and reduce costs. And we will always continue pushing for solutions that help small businesses grow.
I yield back the balance of my time.”
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