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Committee Passes Eight Bills to Address Urgent Housing Needs, Protect Consumers, Eliminate Red Tape at July Markup
The House Financial Services Committee, led by Chairwoman Waters passed eight bills to strengthen oversight of our nation’s affordable housing and address the housing and homeless crises, put consumers in the driver’s seat to shape their financial futures and simplify bureaucratic processes to improve communities, here and around the world.
- Read Chairwoman Waters’ full press statement and the bill descriptions HERE.
- Read Chairwoman Waters’ markup opening statement HERE.
- Watch the full Committee markup HERE.
Waters Announces Financial Services Suspension Victories
Chairwoman Waters released this statement following news that the 70,000 Emergency Housing Vouchers she secured in the American Rescue Plan have been distributed:
“I am pleased to hear that many families in need or at risk of homelessness or fleeing domestic violence have been able to access the support they so desperately need. This is proof that my long fight to provide assistance to families struggling with their housing costs has certainly helped some. Because of the $5 billion I was able to secure in the American Rescue Plan for emergency housing vouchers, 26,000 households have used these vouchers to secure an apartment and another 35,000 families are apartment searching or finalizing their lease. However, let’s not forget that more than half a million people have been left behind and are still in desperate need of help. We cannot and will not accept that. …
Read Chairwoman Waters’ full press statement HERE.
Chairwoman Waters Testifies on Need to Uphold Equal Citizenship Rights of Descendants of Black Native American Freedmen at Senate Hearing
Chairwoman Waters testified before the Senate Committee on Indian Affairs to call attention to the ongoing plight of Black Native American Freedmen and the violation of their rights to tribal citizenship promised through 1866 treaties with the Cherokee, Creek, Chickasaw, Choctaw, and Seminole Nations. Chairwoman Waters urged the Senate to use its authority to uphold the treaties and hold these tribes accountable to their agreement to provide the descendants of Freedmen full citizenship rights.
Read Chairwoman Waters’ full Senate testimony HERE.
Waters Advocates for Additional Distribution of Emergency Housing Vouchers
Chairwoman Waters released this statement following news that the 70,000 Emergency Housing Vouchers she secured in the American Rescue Plan have been distributed:
“I am pleased to hear that many families in need or at risk of homelessness or fleeing domestic violence have been able to access the support they so desperately need. This is proof that my long fight to provide assistance to families struggling with their housing costs has certainly helped some. Because of the $5 billion I was able to secure in the American Rescue Plan for emergency housing vouchers, 26,000 households have used these vouchers to secure an apartment and another 35,000 families are apartment searching or finalizing their lease. However, let’s not forget that more than half a million people have been left behind and are still in desperate need of help. We cannot and will not accept that. …
Read Chairwoman Waters’ full opening statement HERE.
Waters Announces Committee Victories in 2023 National Defense and Authorization Act
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Member Spotlight
| Congresswoman Ayanna Pressley (D-MA) |
Congresswoman Ayanna Pressley (D-MA) serves as Vice Chair of the Subcommittee on Consumer Protection and Financial Institutions. Rep. Pressley also serves on the Subcommittee on Diversity and Inclusion and Task Force on Artificial Intelligence. In the full Committee markup this week, Rep. Pressley discussed how African-American and consumers of color are taken advantage of by our current credit reporting system and how to help consumers with their mortgage loans.
Weekend Reads
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Committee Events
July Markup
This week, the Committee passed eight bills to strengthen oversight of our nation’s affordable housing and address the housing and homeless crises, put consumers in the driver’s seat to shape their financial futures and simplify bureaucratic processes to improve communities.
- H.R. 6889, the "Credit Union Board Modernization Act,” offered by Representative Juan Vargas (D-CA), passed the Committee by a voice vote.
- H.R. 2965, the "Naomi Schwartz Safe Parking Act of 2022," offered by Representatives Salud Carbajal (D-CA) and Juan Vargas (D-CA), passed the Committee by 28-22.
- H.R. 7123, the "Studying Barriers to Housing Act," offered by Representative Sylvia Garcia (D-TX), passed the Committee by 27-23.
- H.R. 8476, the "Housing Inspections Accountability Act of 2022," offered by Representative Alexandria Ocasio-Cortez (D-NY) passed the Committee by 28-23.,
- H.R. 4277, the "Overdraft Protection Act of 2022," offered by Representative Carolyn Maloney (D-NY), passed the Committee 27-22.
- H.R. 8485, the "Expanding Access to Credit through Consumer-Permissioned Data Act,” offered by Representative Nikema Williams (D-GA), passed the Committee by 28-23.
- H.R. 8478, the “Credit Reporting Accuracy After a Legal Name Change Act,” offered Representative Ayanna Pressley (D-MA), passed the Committee by 28-23.
- H.R. 4865, the "Registration for Index-Linked Annuities Act," offered by Representative Alma Adams (D-NC), passed the Committee by a voice vote.
Read all bill descriptions HERE.
Housing in America: Oversight of the Federal Housing Finance Agency
The full Committee held a hearing entitled, “Housing in America: Oversight of the Federal Housing Finance Agency.” This hearing was a part of the Committee’s regular oversight of the Federal Housing Finance Agency (FHFA), and explored the tremendous progress the agency has made since the historic nomination of Director, Sandra Thompson – including successful efforts to address racial inequities in homeownership rates – along with the work still ahead to properly address the housing crisis.
- Read Chairwoman Waters’ opening statement HERE.
- Watch the full Committee hearing HERE.
Oversight of the SEC's Division of Enforcement
The Subcommittee on Investor Protection, Entrepreneurship and Capital Markets convened a hearing entitled, “Oversight of the SEC's Division of Enforcement.” Committee members discussed the importance of a strong enforcement division, including how to bolster the SEC’s authority to go after insider traders, strengthen oversight of market manipulators, and strengthen whistleblower protections.
- Read Chairwoman Waters’ opening statement HERE.
- Watch the subcommittee hearing HERE.
Thoughts and Prayers Are Not Enough: How Mass Shootings Harm Communities, Local Economies, and Economic Growth
The Subcommittee on Subcommittee on Oversight & Investigations convened a hearing entitled, “Thoughts and Prayers Are Not Enough: How Mass Shootings Harm Communities, Local Economies, and Economic Growth.” This hearing examined how communities struggle to cope with changing dynamics—including negative impacts to the housing market, store closures, additional costs for security, and unexpected loss of revenue and employment—after a mass shooting, and how we can prevent them.
- Read Chairwoman Waters’ opening statement HERE.
- Watch the subcommittee hearing HERE.
Better Together: Examining the Unified Proposed Rule to Modernize the Community Reinvestment Act
The Subcommittee on Consumer Protection and Financial Institutions held a hearing entitled, “Better Together: Examining the Unified Proposed Rule to Modernize the Community Reinvestment Act.” During this hearing, Committee Democrats discussed how the Community Reinvestment Act (CRA) could be strengthened to curb racist, redlining policies.
- Read Chairwoman Waters’ opening statement HERE.
- Watch the subcommittee hearing HERE.
Chairwoman’s Corner
Chairwoman Maxine Waters’ Statement on Status of Stablecoin Legislation
Chairwoman Waters released the following statement on the status of ongoing negotiations on the bipartisan stablecoin legislation:
I want to thank the Ranking Member and his staff for working with me, my staff, Treasury, and key regulators on legislation that would better regulate stablecoins and require the Federal Reserve to research and develop a central bank digital currency, so we remain competitive globally.
I would also like to thank the Committee members for their thoughtful engagement on this issue. Under my leadership, we have held several subcommittee hearings on digital assets as well as a series of full Committee hearings that were planned in a bipartisan manner with the Ranking Member, including with the CEOs of the largest crypto companies and key government experts.
Although the Ranking Member, Secretary Yellen and I have made considerable progress towards an agreement on the legislation, we are unfortunately not there yet, and will therefore continue our negotiations over the August recess. It’s critical that we continue moving the ball forward on this so we can have a regulatory framework that protects consumers, while allowing for responsible innovation. I look forward to coming to an agreement in the near future and marking up bipartisan legislation when we return from recess.
Read Chairwoman Waters’ full opening statement HERE.
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