Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following opening statement during a Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee hearing entitled: “Innovation at the Speed of Markets: How Regulators Keep Pace with Technology.” 

Mr. Chair, I am deeply disappointed in Committee Republicans’ decision to exclude the Consumer Financial Protection Bureau’s testimony at today’s hearing on how the Federal financial regulators are approaching innovative technologies. While the Chairman has said he would invite Acting Director Vought to testify, we are still waiting for his long overdue testimony and the chance to hold him accountable. Last Congress, we heard from agencies on how they are engaging with newer technologies, yet today Republicans didn’t even bother inviting the one agency dedicated to consumer protection.  

While I am disappointed, I am not surprised. The Trump Administration and House Republicans have done everything they can to silence the CFPB, our consumers’ biggest advocate. While these are dark days for the CFPB and the American consumer, I’m hopeful change is coming this November.  

And if you’d like, you as the Chair, why don’t you tell us, why you didn’t invite them. 

And I yield back.