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, “Updating America’s Financial Privacy Framework for the 21st Century.”

“Thank you Mr. Chairman,

In today’s digital world, every click, search, and purchase leaves a trail, yet Americans remain powerless when it comes to how their data is being used, shared, and sold. Companies pay millions of dollars to access it, analyze it, and profit from it. But not a penny of those profits go to consumers, and when that information falls into the wrong hands, it is weaponized against the very people it belongs to.

That is exactly the risk we are facing now. Trump’s Administration ignores basic privacy guardrails and treats Americans’ personal information like political pawns.

For example, this Administration has reportedly handed over sensitive personal data to the Department of Homeland Security to target immigrants living in the United States, including people who are here lawfully and have been for years. Information that people living in America trusted the government to safeguard is now being weaponized to track, monitor, and intimidate entire communities.

At the same time, Trump officials are punishing artificial intelligence companies like Anthropic for refusing to hand their technology over to the Department of Defense to conduct mass surveillance on Americans.

And now we are learning that Donald Trump wants to turn banks into ICE checkpoints by requiring banks to hand over their customers’ data. My Republican colleagues repeatedly decry the intrusive tactics of the Chinese government, but are silent when Trump wants to deploy them here.

Everyone in America should be alarmed. But this isn’t the only terrible thing happening. Trump and Republicans are trying to dismantle the very Federal agency responsible for protecting consumers -- the Consumer Financial Protection Bureau.

The CFPB was created after the financial crisis to protect consumers from abuse and to enforce safeguards around Americans’ financial data. It has returned billions of dollars to consumers and held bad actors accountable.

But instead of strengthening this agency, Republicans have spent years attacking it and, with Trump, their efforts have intensified.

Republicans voted to slash funding for regulators and weaken the Federal workforce responsible for enforcing consumer protections.

That means fewer investigators watching the marketplace and fewer protections for hardworking families. It also means Trump officials have let bad actors, who admitted to ripping off consumers and even agreed to pay damages, off the hook completely.

Meanwhile, credit bureaus and data brokers continue to collect and sell Americans’ most sensitive financial information every single day.

Without stronger guardrails in place, that data can be exploited not just by corporations looking to profit, but by bad actors eager to steal and use this data.

Committee Democrats believe Americans should have the right to control their own data—plain and simple. Consumers should decide who gets access to their information and how it is used. And we must strengthen – not weaken – protections to make sure corporations, data brokers, law enforcement, and most importantly, the Trump Administration cannot misuse our personal information. Protecting Americans’ data is not just about privacy, it is about protecting our financial security, our freedom, and our basic rights.

And that is exactly what this Committee should be focused on here today.

Thank you very much, and I yield back.”

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