Democrats Fighting For the People

This Congress, House Republicans dusted off their old Consumer Financial Protection Bureau (CFPB) playbook by attacking the only federal agency focused solely on protecting consumers in the financial marketplace. Under the leadership of Ranking Member Maxine Waters (D-CA), Democrats responded in opposition to Republican-led legislation at the House Floor and called on our nation’s Justices to stand with the 82% of Americans, including 77% of Republicans who want the agency to continue doing its job.

Ranking Member Waters’ House floor statement in opposition of Senate Joint Resolution 32, which would hurt small businesses by overturning a Consumer Financial Protection Bureau (CFPB) rule to support small businesses by improving transparency and fairness in small business lending.
Opening statement at full Committee hearing with the Consumer Financial Protection Bureau.
Statement following oral arguments in Consumer Financial Protection Bureau (CFPB) v. Community Financial Services Association of America (CFSA), regarding the constitutionality of the agency’s independent funding structure.
Ranking Member Waters and Senate Banking Chairman Brown lead 144 current and former Members of Congress in filing an amicus brief in the Supreme Court defending the CFPB.

The CFPB is successfully building on the work Committee Democrats have led to fight to support consumers. Under the leadership of Director Rohit Chopra, the CFPB’s record speaks for itself. As of November 2023, the CFPB has provided more than $20.2 billion in relief to 205 million harmed consumers in the form of monetary compensation, principal reductions, and canceled debts, among other things.

Democrats Shaping the News

Politico | As McHenry retires, Waters isn’t going anywhere
The Root | Rep. Maxine Waters Speaks on The Black Banking Crisis
New York Times | Maxine Waters Proposes Billions to Expand Low-Income Housing
Bloomberg | PayPal’s New Stablecoin Draws Harsh Rebuke From Maxine Waters
Business Insider | California Rep. Maxine Waters introduces bills to spend hundreds of billions of dollars to fight homelessness and solve the affordable housing crisis
New York Times | Maxine Waters Keeps Pressure on Citigroup Over Armenian-American Discrimination
Yahoo Finance | Maxine Waters: 'We don't know the dangers of AI'
HousingWire | Affordable housing, homelessness bills reintroduced by Rep. Waters
Associated Press | How Washington came to rescue US banks
Politico | House Financial Services Committee plans hearing on bank collapse
The Hill | Beware justices: Undermining consumer protection agency could provoke next financial meltdown
Politico | Waters, House Democrats press for rent hike limits at Fannie, Freddie properties
HousingWire | Waters calls on FTC to review ICE’s $13B Black Knight deal
American Banker | Democrats balk at new spending rules, elimination of diversity panel

Democrats PASSING Legislation

Under the leadership of Ranking Member Maxine Waters (D-CA), House Committee on Financial Services Democrats, scored several victories during Committee markups and on the House Floor. The passage of these pieces of legislation demonstrates how Democrats are leading the charge to bring results to the American people, even if it involves working across the aisle to do it. Some of the bills include:

House Floor Victories:

H.R. 5557, the “Combatting Foreign Surveillance Spyware Sanctions Act” a bill offered by Congressman Jim Himes (D-CT).
H.R. 5524, the “Foreign Affiliates Sharing Pilot Program Extension Act” a bill offered by Congresswoman Sylvia Garcia (D-TX).
H.R. 5523, the “Financial Access Improvements Act” a bill offered by Ranking Member Maxine Waters (D-CA).
H.R. 5512, the “Russia and Belarus Financial Sanctions Act” a bill offered by Congressman Brad Sherman (D-CA).
H.R. 5485, the “Financial Privacy Act of 2023” a bill offered by Congressman Jim Himes (D-CT) and Congressman French Hill (R-AK).
H.R. 5119, the “Protect Small Business and Prevent Illicit Financial Activity Act” a bill offered by Congresswoman Joyce Beatty (D-OH) and Congressman Zach Nunn (R-IA).
H.R. 2812, the “Middle Market IPO Underwriting Study Act” a bill offered by Congressman Jim Himes (D-CT).
H.R. 2797, the “Equal Opportunity for All Investors Act” a bill offered by Congressman Wiley Nickel (D-NC) and Congressman Mike Flood (R-NE).
H.R. 2796, the “Promoting Opportunities for Non-Traditional Capital Formation Act” a bill offered by Ranking Member Maxine Waters (D-CA).
H.R. 2795, the “Enhancing Multiclass Share Disclosures Act” a bill offered by Congressman Gregory Meeks (D-NY).
H.R. 2793, the “Encouraging Public Offerings Act of 2023” a bill offered by Congressman Gregory Meeks (D-NY) and Congresswoman Ann Wagner (R-MO).
H.R. 2792, the “Small Entity Update Act” a bill offered by Congressman Jim Himes (D-CT), Congressman David Scott (D-GA), Congressman Ritchie Torres (D-NY), Congressman Sean Casten (D-IL), and Congresswoman Ann Wagner (R-MO).
H.R. 2593, the “Senior Security Act” a bill offered by Congressman Josh Gottheimer (D-NJ).
H.R. 1156, the “China Financial Threat Mitigation Act of 2023” a bill offered by Congresswoman Abigail Spanberger (D-VA) and Congressman Roger Williams (R-TX).
H.R. 1076, the “Preventing Synthetic Drugs Act” a bill offered by Congresswoman Brittany Pettersen (D-CO) and Congresswoman Monica De La Cruz (R-TX).
H.R. 835, the “Fair Investment Opportunities for Professional Experts Act” a bill offered by Congressman Juan Vargas (D-CA) and Congressman French Hill (R-AR).
H.R. 582, the “Credit Union Board Modernization Act” a bill offered by Congresswoman Abigail Spanberger (D-VA).
H.R. 500, the “Financial Exploitation Prevention Act of 2023” a bill offered by Congressman Josh Gottheimer (D-NJ) and Congresswoman Ann Wagner (R-MO).
H.R. 298, the “Expanding Access to Capital for Rural Job Creators Act” a bill offered by Congressman Henry Cuellar (D-TX) and Congressman Alex Mooney (R-WV).

Committee Markup Victories:

H.R. 6370, the “OFAC Licensure for Investigators Act” led by Congresswoman Joyce Beatty (D-OH) and Congressman Zach Nunn (R-IA).
H.R. 6367, “Armed Conflict Migration Act of 2023” led by Congressman Emanuel Cleaver (D-MO).
H.R. 6365, the “Stopping Illicit Oil Shipments Act of 2023” led by Ranking Member Maxine Waters (D-CA).

H.R. 6245, “Holding Iranian Leaders Accountable Act” led by Congressman Juan Vargas (D-CA) and Congressman French Hill (R-AK).
H.R. 5923, the "Iran-China Energy Sanctions Act of 2023” led by Congressman Josh Gottheimer (D-NJ) and Congressman Mike Lawler (R-NY).
H.R. 5557, the “Combatting Foreign Surveillance Spyware Sanctions Act” led by Congressman Jim Himes (D-CT).
H.R. 5524, the “Foreign Affiliates Sharing Pilot Program Extension Act” led by Congresswoman Sylvia Garcia (D-TX).
H.R. 5523, the “Financial Access Improvements Act” led by Ranking Member Maxine Waters (D-CA).
H.R. 5512, the “Russia and Belarus Financial Sanctions Act” led by Congressman Brad Sherman (D-CA).
H.R. 5485, the “Financial Privacy Act of 2023” led by Congressman Jim Himes (D-CT) and Congressman French Hill (R-AK).
H.R. 5119, the “Protect Small Business and Prevent Illicit Financial Activity Act” led by Congresswoman Joyce Beatty (D-OH) and Congressman Zach Nunn (R-IA).
H.R. 4768, the “No Russian Agriculture Act” led by Ranking Member Maxine Waters (D-CA).
H.R. 4765, the “Exposing China’s Support for the Taliban Act” led by Congressman Stephen Lynch (D-MA) and Congressman Zach Nunn (R-IA).
H.R. 3244, the “Stop Fentanyl Money Laundering Act of 2023” led by Congresswoman Brittany Pettersen (D-CO) and Congressman Blaine Luetkemeyer (R-MO).
H.R. 2969, the “Financial Technology Protection Act of 2023” led by Congressman Jim Himes (D-CT) and Congressman Zach Nunn (R-IA).
H.R. 2812, the “Middle Mark IPO Act” led by Congressman Jim Himes (D-CT).
H.R. 2796, the “Promoting Opportunities for Non-Traditional Capital Formation Act” led by Ranking Member Maxine Waters (D-CA).
H.R. 2795, the “Enhancing Multi-Class Share Disclosures Act” led by Congressman Gregory Meeks (D-NY).
H.R. 2593, the “Senior Security Act” led by Congressman Josh Gottheimer (D-NJ).
H.R. 1166, the “Public Health Emergency Medical Supplies Enhancement Act of 2023” led by Congressman Juan Vargas (D-CA).
H.R. 1161, the “Aligning SEC Regulations for the World Bank's International Development Association Act” led by Ranking Member Maxine Waters (D-CA).

Democrats in Action

Under the leadership of Ranking Member Waters, Committee Democrats held several events to address issues affecting the American people.

Take a look:

Roundtable Combatting Extremist MAGA Attack on ESG Policy

As extreme MAGA Committee Republicans held their month-long anti-ESG campaign, Ranking Member Waters convened a roundtable entitled, “Combatting the MAGA Attack: Protecting Environmental, Social, and Governance Policy in Financial Services,” to counter republican misinformation. The roundtable included a panel of experts who shared their thoughts and perspectives with Committee members on the importance of ESG and pushing back on the campaign to dismantle the policy.

During the roundtable, Committee Democrats and panelists discussed a number of important issues related to ESG including:

How workforce or human capital metrics, particularly diversity-related information is crucial for investors and their financial portfolio;
- The research, including research Committee Democrats identified, makes clear that ESG factors are relevant to the long-term profitability of corporations, and that diverse companies are also more profitable.
How ESG disclosures lead to better financial performance and have a long-term beneficial impact on the global economy at large;
The recklessness associated with suggesting that climate change is not real and that corporations should not consider the real financial risks associated with climate change.
The benefits of extending SEC’s proposed disclosure rules to privately-held operating companies.

Read Chairwoman Waters’ opening statement HERE.

Watch the full roundtable HERE.

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Press Conference Combatting Attacks on ESG

Additionally, Financial Services Committee Members, Congressman Sean Casten (D-IL) and Congressman Juan Vargas (D-CA) led a press conference, calling out House Republican’s attack on ESG and responsible investing:

Roundtable on Deposit Insurance

After the failures of Silicon Valley Bank, Signature Bank, and First Republic, Ranking Member Maxine Waters (D-CA), convened a Deposit Insurance Roundtable. The roundtable included a panel of stakeholders and experts who shared their views on deposit insurance reform and solutions to formulate a legislative proposal that will strengthen our nation’s banking system.

During the roundtable, Committee Democrats and panelists discussed a number of important issues related to deposit insurance, including:

The rapid deposit outflow that Minority Depository Institutions experienced following the recent bank failures; and,
Different approaches to strengthening and reforming deposit insurance, including insuring all deposits or more targeted approaches such as expanding to cover business payment accounts.

Read Chairwoman Waters’ opening statement HERE.

Watch the full roundtable HERE.

Committee Democrats Blast House Republicans for Ignoring the Housing Crisis

Led by Congresswoman Maxine Waters (D-CA), Committee Democrats have been sounding the alarm on the housing affordability crisis. As the latest numbers indicate, housing unaffordability remains the key driver of core inflation. Committee Democrats and experts have said time and time again: that without a federal response to the growing housing crisis, communities will continue to struggle to make ends meet. Committee Democrats have taken legislative action and continuously called on House Republicans on the House floor and Committee proceedings to address the urgent housing needs and end the affordability crisis.”

Ranking Member Waters’ opening statement during the first housing affordability Subcommittee hearing.
Congresswoman Waters’ speaks at Rules Committee against domestic spending cuts that if enacted will severely exacerbate affordable housing challenges for low-income families.
Ranking Member Waters leads Democrats on the House floor in opposition of the GOP “MAGA Housing Scam Act.”
Ranking Member Waters’ statement on the one-year anniversary of the Inflation Reduction Act and the Need to Combat Housing Inflation
Ranking Member Waters reintroduces groundbreaking legislation to combat urgent housing and homelessness.
Ranking Member Waters wrote to Chair McHenry to convene a hearing to explore the implications of generative Artificial Intelligence (AI) on housing and financial services.
Op-Ed: Rep. Maxine Waters: Being Hungry And Homeless Shouldn’t Be A Death Sentence

Chairwoman’s Corner

Ranking Member Waters Holds Town Hall Meeting on Access to Affordable Banking Products and Services

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, led a discussion at Inglewood High School tackling the issue of banking accessibility within the community.

The town hall meeting consisted of three panels, starting with the bank executives from Wells Fargo, City National Bank and PNC Bank. They were followed by Rohit Chopra, Director of the Consumer Financial Protection Bureau (CFPB). The third panel consisted of local stakeholders.

Panel 1 – Bank Executives

Ms. Colleen Canny, Executive Vice President and National Head of Branch Banking, Wells Fargo
Mr. David Cameron, Executive Vice President of Personal & Business Banking, City National Bank
Mr. Jeffrey Martinez, Executive Vice President and Head of Branch Banking, PNC Bank

Panel 2 - Consumer Financial Protection Bureau (CFPB)

The Honorable Rohit Chopra, Director, Consumer Financial Protection Bureau

Panel 3 – Local Stakeholders

Mr. Avy Mallik, General Counsel, California’s Department of Financial Protection & Innovation (DFPI)
Mr. Everett Sands, CEO, Lendistry
Ms. Carolyn Staten-Patton, Manager for Financial Wealth Building & Community Housing Department, West Angeles Community Development Corporation
Ms. Anna "Queen" Tutt, President, Consolidated Board of Realtists of Southern California Panel 1 – Bank Executives

[Ranking Member Maxine Waters & CFPB Director Rohit Chopra]

[From left to right: Mr. Sands, Ms. Staten-Patton, Ranking Member Waters, Ms. “Queen” Tutt, & Mr. Mallik]

Watch the town hall HERE.