Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following opening statement during a full Committee Markup hearing. 

Thank you, Chairman Hill.  

A report last week found that more than half of Americans have already withdrawn or are planning to withdraw early from their retirement savings to keep up with rising costs.  

At the same time, more families are turning to “Buy Now, Pay Later” loans just to cover basic needs like groceries. In fact, 54 percent of BNPL users say they wouldn’t be able to make ends meet otherwise.  

Mr. Chairman, is this the “Golden Age” that Donald Trump promised working families? Or is it a “Dark Age?” From what I see American families are falling behind—all because of the reckless, selfish, and just flat out dumb policies of this Administration.  

Across the country, Americans are paying more at the pump because of Trump’s ill-conceived decision to wage war on Iran. And our constituents and small businesses must deal with the higher costs of all types of goods because of Trump’s unlawful tariffs. This is the reality under Donald Trump’s disastrous agenda and failing Republican majorities in the House and Senate.  

Unfortunately, instead of offering any solutions to help working families, today, Committee Republicans will push policies that will make things worse. For instance, one bill undermines the Corporate Transparency Act—a strongly bipartisan law—that was designed to crack down on anonymous shell companies used by criminals, drug cartels, human traffickers, and foreign adversaries who hide their dirty money.  

Let me be clear, repealing or weakening that law doesn’t help small businesses. It doesn’t lower costs. Instead, it makes it easier for bad actors, including some in Trump’s orbit, to exploit our financial system, scam people from their savings, and harm our national security. The next Jeffrey Epstein will fully fly under the radar, and maybe that’s what they want.  

Republicans will also try to advance a bill that weakens guardrails Congress passed to ensure small businesses can access fair credit. Under Trump’s Administration, small businesses are already facing rising loan denials and tighter credit. And it is even worse for women and entrepreneurs of color. Rather than fixing that, Republicans are weakening transparency and undermining support for community lenders like CDFIs—the very institutions that help get capital to underserved communities.  

That means fewer loans, fewer opportunities to grow, and more small businesses having to close their doors altogether.  

And it doesn’t stop there.  

Republicans also want to make it harder for investors, especially retail investors, to use their own money to buy independent analysis and make informed decisions when voting on proposals that affect the companies they own.  

Taking away this shareholder right is not about efficiency. It’s about silencing investors and protecting corporate executives from accountability. And it’s anti-capitalist. No one should be surprised by this anti-capitalist trend-- Republicans said nothing when Trump demanded “golden shares” and profits from private companies to do business. They said nothing as Trump demanded free legal business from private law firms. And Republicans did nothing as Trump undermined free trade with illegal tariffs.  

The result of this bill is clear--less transparency, weaker oversight, and power concentrated at the top and away from the people who provide the capital and own these companies.  

Mr. Chairman, Committee Democrats are focused on what actually matters: lowering costs, protecting consumers, strengthening our financial system, and making sure small businesses and working families have a fair shot.  

We should be cracking down on fraud, not making it easier.  

We should be expanding access to capital, not cutting it off.  

And we should be protecting investors, not silencing them.  

Families, workers, and entrepreneurs cannot afford any more of this Presidency or Republican proposals.  

I yield back the balance of my time.