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.
Last week, Donald Trump had a chance to do something that would have made a real difference in the lives of millions of Americans. He could have signed the most significant bipartisan housing bill in more than three decades and finally taken meaningful action to address the housing affordability crisis devastating communities also across this country.
Instead, he cancelled signing the bill, and in doing so, blocked the hard work of the Members of this Committee, and turned his back on families and hardworking Americans.
Why? Because Donald Trump wants to change the conversation away from how his policies have made this country truly unaffordable. His failed tariffs and failed war have inflated grocery prices, housing and, of course, gasoline. I’m so happy that the World Cup has shown the world that we are more than the failed agenda of Donald Trump.
Unfortunately, the problem doesn't stop with Trump. Today, Republicans are teaming up with Donald Trump to chip away at the safeguards that protect working families. And today’s markup is no exception.
Take the so-called Earned Wage Access bill. Republicans say it helps workers get access to the wages they have already earned sooner. And workers should absolutely have affordable access to their own money. But that's not what this bill does.
In reality, it creates new loopholes, weakens consumer protections, overrides strong state laws, which could leave workers paying more in fees and with fewer rights when something goes wrong. Once again, Republicans are asking working people to settle for less to line the pockets of financial companies’ executives.
And it could not come at a worse time. Payment fraud is rising. Identity theft is becoming more sophisticated. Consumers continue to struggle with inaccurate credit reports that prevent them from getting a mortgage, buying a car, renting an apartment, and even getting a job. This should be the moment to strengthen consumer protection.
Instead, today Republicans are advancing several bills that do absolutely nothing to address these growing threats while Donald Trump simultaneously dismantles the Consumer Financial Protection Bureau, the one agency dedicated to protecting consumers from financial abuse. It's no surprise that credit reporting complaints have surged under this Administration.
Committee Democrats believe there is a better way. We believe our economy should work for the people who get up every morning, go to work, pay their bills, and play by the rules. That is why we support reauthorizing the Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity. Congress should be asking hard questions about whether our economic policies are creating opportunity for working families and small businesses, not just boosting profits for the biggest banks and the wealthiest Americans.
That's why Committee Democrats are not just focused on building more housing. We're fighting to keep families in their homes, preserve generational wealth through inherited property, and connect renters with the help they need before an eviction becomes homelessness. That's what it looks like to put people first.
Donald Trump chose to abandon working families last week. Republicans continue choosing weaker consumer protections and less accountability. I suppose I can take comfort in knowing that these terrible bills before us today are going nowhere, because Trump will probably block them also.
Democrats are choosing a different path that means fighting to lower housing costs, protect consumers, and strengthen our financial system. Most importantly, we are fighting to make sure every hardworking family has a fair shot at economic security.
I yield back.”
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