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, Chairman Hill.

Committee Republicans are sending conflicting messages today during this markup. On the one hand, we will consider a bill that finally sounds the alarm about risks artificial intelligence poses to our economy and financial system. This is long overdue, especially with the recent announcements that AI capabilities threaten the cybersecurity of every company in America.

And yet, we will also consider legislation that would allow AI to be deployed without oversight and accountability to tens of millions of harmed consumers and small businesses.

Americans are already living with the consequences of unchecked AI and Donald Trump’s failed economic agenda. Workers are losing their jobs. Families are paying higher utility bills as massive AI data centers strain local energy grids. In my home state of California, where we rank number three with some of the largest data centers in the country, families are already seeing the impact on their monthly utility bills as corporations cash in.

At the same time, consumers across the nation are facing growing threats to their privacy and financial security. And scammers are using AI to cheat seniors and hardworking families during one of the worst affordability crises in our nation’s history.

Americans are struggling from rising housing costs, higher borrowing costs, and record levels of financial stress. Inflation numbers out just yesterday show that wages are not keeping up with Trump-flation. Families are working harder than ever and still falling behind. People are taking out buy now, pay later loans, dipping into retirement savings, and working multiple jobs just to keep a roof over their heads and provide food on the table.

And all of this is made worse because of Trump’s unlawful and seemingly endless war in Iran, which has jacked up gasoline prices everywhere.

Nevertheless, none of the bills today will help Americans struggling under Trump’s failed economic policies. None will lower costs, nor protect consumers or help workers.

In fact, Republicans are advancing legislation that goes in the exact opposite direction. One bill would actually tell the Federal Reserve to ignore unemployment in this country and the real economic pain families are experiencing every single day. Are any of my Republican colleagues paying attention?

Well, I and Democrats on this Committee are paying attention. We know that to address the affordability crisis we must have the entire government using every tool to help. Mr. Chairman,50 years ago the reason Congress required the Fed to prioritize both full employment and price stability was because unemployment is a primary driver of poverty, racial injustice and major social problems. Coretta Scott King knew that a job can be the difference for someone between economic stability and ruin, and that every government tool should be used to create the conditions for full employment. She knew that the powerful tools the Fed wields could be used to prioritize job creation in this country, especially for underserved populations. And she was right.

Now, Republicans want to take us back to the 1970s. Do you know what also happened in the 1970s? Soaring gas prices, endless foreign wars, and rampant government corruption.

Mr. Chairman, the American people are not asking Congress to protect powerful corporations using AI, to weaken oversight of AI, or to tell the Fed to ignore the plight of workers. They are asking us to lower costs, protect consumers, strengthen economic security, and make sure new technology actually works for working families instead of against them.

That is exactly what Committee Democrats are standing up for today, and so can you.

I yield back the balance of my time.”

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