Member Spotlight

Congressman Brad Sherman (D-CA)

Congressman Brad Sherman (D-CA) chairs the Subcommittee on Investor Protection, Entrepreneurship and Capital Markets and serves on the Subcommittee on Consumer Protection and Financial Institutions, the Subcommittee on Housing, Community Development and Insurance, and the Task Force on Artificial Intelligence.

Weekend Reads

The New York Times | Yellen says the aim is ‘maximum pain’ for Russia without hurting the U.S. economy
Associated Press | Yellen calls for crypto regulation to reduce risks, fraud
The New York Times | The U.S. Economy Is Booming. So Why Are Economists Worrying About a Recession?
The Washington Post | Some Fed officials wanted larger March rate hike despite uncertainty

###

Subcommittee Hearings

This week, the full Committee convened a hearing entitled, “The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System.” Secretary Yellen discussed issues related to U.S. global economic cooperation and major international developments affecting the U.S., including Treasury’s role in implementing and enforcing sanctions against Russia for its invasion of Ukraine.

Read Chairwoman Waters’ opening statement HERE.

This week, the Subcommittee on Oversight and Investigations convened a hybrid hearing entitled, “An Enduring Legacy: The Role of Financial Institutions in the Horrors of Slavery and the Need for Atonement.” This hearing examined the role of financial institutions in the practice of slavery in the United States. Historical records have shown that banks provided lending to purchase enslaved people and accepted enslaved people as collateral for loans.

Read Chairwoman Waters’ opening statement HERE.

###

Upcoming Committee Dates

Wednesday, April 20 at 12:00 PM ET: The Subcommittee on Housing, Community Development and Insurance will convene in the Bronx, New York for a hybrid field hearing entitled, “A Matter of Life and Death: Improving Fire Safety in Federally Assisted Housing.”
Wednesday, April 27 at 10:00 AM ET: The full Committee will convene for a hybrid hearing entitled, “Consumers First: Semi-Annual Report of the Consumer Financial Protection Bureau.”
Thursday, April 28 at 10:00 AM ET: The full Committee will convene for a hybrid hearing entitled, “Oversight of the Financial Crimes Enforcement Network.”
Thursday, April 28 at 2:00 PM ET: The Task Force on Financial Technology will convene for a hybrid hearing entitled, “What’s in Your Digital Wallet? A Review of Recent Trends to Mobile Banking and Payments.”

All hearings are livestreamed on https://democrats-financialservices.house.gov/live/.

Due to the latest information available regarding COVID-19, all hearings this month are fully virtual. Members and witnesses may participate remotely via Cisco WebEx.

Committee activities are finalized once an official notice is issued by the House Financial Services Committee. Visit https://democrats-financialservices.house.gov/calendar/ for the most up-to-date Committee schedule.

Waters Applauds Nomination of Jaime Lizárraga to Serve as SEC Commissioner

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, released the following statement on the nomination of Jaime Lizárraga to serve as a Commissioner at the Securities and Exchange Commission (SEC):

“I applaud and congratulate the nomination of Jaime Lizárraga to serve as an SEC commissioner. Throughout Jaime’s decades of work in Congress, including right here on the House Financial Services Committee, he has led the charge on some of the most successful legislation our nation has seen in generations. This includes the Build Back Better Act, the American Rescue Plan, COVID relief legislation, omnibus appropriations bills, the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Small Business Jobs Act of 2010, the Jumpstart Our Business Startups Act or JOBS Act, the Economic Emergency and Stabilization Act of 2008, and many others.....”

Read Chairwoman Waters’ full statement HERE.

Chairwoman’s Corner

Waters Gives Statement on Hearing Examining the Enduring Legacy of Slavery in Financial Institutions

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following statement at a full Committee hearing entitled, “The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System.”

“I would like to welcome Treasury Secretary Janet Yellen who today is presenting testimony for the first time on the state of the international financial system. This is a very timely hearing, given that it is the international financial system – established by the United States and its allies after World War II – that has enabled the West to hit the Russian economy with unprecedented force in response to the travesty and brutality of Putin’s war against Ukraine.

“The most powerful sanctions to date have blocked Russia’s largest financial institutions and its Central Bank from the global financial system. I commend President Biden and Secretary Yellen for their leadership in coordinating these efforts with our allies. In support of these efforts, I recently sent a letter to the trade associations representing our nation’s financial institutions asking them to report how U.S. businesses are doing their part to exit Russia and block funding for Putin’s war crimes. I look forward to their fulsome responses.”

Read Chairwoman Waters’ full statement HERE.