Member Spotlight

Congresswoman Alma Adams (D-NC)

This week, at the Committee on Financial Services hearing entitled, “Holding Megabanks Accountable: An Update on Banking Practices, Programs and Policies,” Congresswoman Alma Adams (D-NC), asked the nation’s megabank CEOs about their commitments to diversity, equity, and inclusion. Congresswoman Adams serves on the Subcommittee on Oversight and Investigations and the Task Force on Artificial Intelligence for the 117th Congress.

Watch the entire virtual hearing here.

Weekend Reads

Bloomberg | Bank CEOs Headed to Congress Due for Grilling Over Drop in Loans
Wall Street Journal | SEC Weighs New Investor Protections for SPACs
Reuters | Morgan Stanley boss acknowledges slow progress on diversity

Subcommittee Hearing Opening Statements

Going Public: SPACs, Direct Listings, Public Offerings, and the Need for Investor Protections

Waters Opening Statement at Hearing on SPACs, Direct Listings, and Public Offerings

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following statement at the Subcommittee on Investor Protection, Entrepreneurship and Capital Markets virtual hearing entitled, “Going Public: SPACs, Direct Listings, Public Offerings, and the Need for Investor Protections.”

Thank you, Chair Sherman. Special purpose acquisition companies, known as SPACs, or “blank check companies” have skyrocketed in popularity as a way for private companies to “go public” and avoid the public scrutiny of an Initial Public Offering or IPO process. In 2020, the amount of proceeds raised by SPACs jumped an astounding 462% over the previous year. I have deep concerns about the lack of transparency and accountability that is a hallmark of the SPAC process, and it appears that SPAC mergers are structured to ensure Wall Street insiders receive huge profits and retail investors pay the cost. So, I look forward to discussing with our witnesses what Congress and the SEC can do to better protect investors and ensure our markets are fair.

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Subcommittee Chairman Congressman Brad Sherman (D-CA) Opening Statement

Watch the entire Subcommittee virtual hearing here.

Consumer Credit Reporting: Assessing Accuracy and Compliance

Waters Opening Statement at Hearing on Consumer Credit Reporting

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following statement at the Subcommittee on Oversight and Investigations virtual hearing entitled, “Consumer Credit Reporting: Assessing Accuracy and Compliance.”

Thank you very much, Mr. Green for holding this important hearing on credit reporting.

In February 2019, one of the first hearings I convened as Chairwoman was a hearing with the three CEOs of Equifax, Experian and TransUnion, the national credit bureaus, to examine the ways in which the current system fails to protect consumers.

We’ve had several bills through the House to fix the broken credit reporting system, but the Senate failed to act. Unfortunately, consumer credit reporting complaints to the CFPB more than doubled from 2019 to 2020, suggesting a surge in more credit reporting errors during the pandemic. We must learn what is behind these trends and what the credit bureaus must do to protect our consumers.

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Subcommittee Chairman Congressman Al Green (D-TX) Opening Statement

Watch the entire Subcommittee virtual hearing here.

Chairwoman’s Corner

Democrats Want To Push Banks To Do More For Social Change

David Gura – NPR

MAXINE WATERS: Well, you know, what I've discovered about the banking community is that they have had a way of operating traditionally, historically. And they don't change easily.

GURA: But Waters says that the community knows her. And they know she's going to push for change.

WATERS: I think that many of them have come to understand that I can be dealt with. But I cannot be tricked. I cannot be fooled. And I don't accept being undermined.

GURA: Waters says the bank CEOs should expect to see her frequently in the future.