Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following opening statement during a full Committee hearing entitled, “Oversight of Prudential Regulators.”
“Good morning. Trump’s reckless and unlawful war in Iran has cost every American $450 more at the gas pump. In parts of my district, gas is nearly $7 a gallon. Yet, when asked about this, Trump’s reply is, quote, “couldn’t care less.” Well, Mr. Chairman, Democrats do care, and we urge this Committee and the President to focus on affordability.
It’s not just gas. Families are also being crushed by rising rents, higher utility bills, and skyrocketing grocery prices fueled by Trump’s failed economic policies. But Trump doesn’t care.
And it shows. When he’s not ruining the economy, he’s busy tearing down the White House to build a billion-dollar ballroom, promoting Fight Night on the South Lawn, and trying to slap his name and picture on everything as if he were an idol to be worshipped. At the same time his Administration is busy dismantling the agencies and safeguards that protect consumers, workers, and small businesses.
In fact, since returning to office, Trump has launched the most aggressive, the most deregulatory campaign we’ve seen. His Administration has gutted the Consumer Financial Protection Bureau, undermined the independence of our central bank, and handed Wall Street, big banks, fintech firms, AI companies, and crypto bros pardons and the freedom to take risks with Americans’ money.
The consequences are already hitting working families. A recent report found that Trump’s attacks on the CFPB alone have cost Americans nearly $19 billion in just one year. And while he has largely shut down the CFPB, Americans have filed more consumer complaints about predatory lending and other financial abuses in the past 14 months than the previous 14 years combined.
And it does not stop there.
The prudential regulators here today have weakened megabank capital, stress testing, and other requirements designed to prevent another financial crisis. They are rubber stamping bank mergers, rolling back the civil rights laws like the Community Reinvestment Act, and loosening guardrails for crypto and fintech businesses who act like banks but don’t want to be regulated as such.
They have downplayed climate-related financial risk just in time for hurricane and wildfire season and gone easy on bank executives as their pay skyrockets.
Sadly, Republicans have stood by— stood by — and enabled all of it. Instead of standing up for families, Republicans idolize Trump, doing little to push back when he weakens consumer protections and strips away the safeguards that prevent another financial crisis. Instead of addressing the affordability crisis, they side with Wall Street megabanks and crypto bros.
Committee Democrats are focused on lowering costs for working families and ensuring Americans can access affordable mortgages, small business loans, and financial products. We are fighting to support our community banks and credit unions and making sure consumers — not megabanks or other powerful corporations — come first.
This is the difference between protecting the wealthy and the well-connected and fighting for the American people and an economy that works for everyone. Mr. Chairman and Members, you all know what I just said is the truth, and I want to tell you, we are fighting against all of this deregulation.”
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