Waters: Trump Budget Would Harm Consumers, Open the Door to Another Financial Crisis

WASHINGTON, D.C. - Today, in response to the Trump Administration’s release of its full budget request to Congress for Fiscal Year 2019, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement:

“Trump’s budget proposal would harm American consumers, hurt our nation’s communities and wipe out financial reforms that are in place to prevent another financial crisis.

“Trump proposes to eliminate the Consumer Financial Protection Bureau’s independent funding and to curtail its ability to protect consumers and hold Wall Street and bad actors accountable. The proposal would also eliminate the independence of two bodies charged with identifying and mitigating systemic threats to our economy, the Financial Stability Oversight Council and the Office of Financial Research. It is precisely this kind of light touch regulation that led us into economic catastrophe.

“Trump’s proposal would be especially harmful for America’s hardworking families, seniors, veterans, and persons with disabilities, and would reduce affordable housing and community and economic development opportunities for people and communities across the nation. The budget would cut the U.S. Department of Housing and Urban Development’s budget authority by 24.1 percent compared to current levels and would eliminate new funding for the National Housing Trust Fund and Capital Magnet Fund, successful housing programs designed to increase the supply of affordable housing at a time when homelessness is on the rise and our nation’s affordable housing stock is woefully inadequate. The budget would also eliminate the Community Development Financial Institution fund, the Community Development Block Grant, HOME Investment Partnerships programs, as well as key rural housing and community development programs, all of which have been used successfully to support communities and business development in rural and urban areas across the country. The Trump proposal would also shamefully eliminate funding to repair and maintain public housing, essentially abandoning efforts to provide safe, decent, and affordable housing for millions of children, families, seniors, and veterans across the country. Trump also proposes to cut funding for the job-creating Export-Import bank, harming our nation’s workers, small businesses and manufacturers.

“The budget proposal doesn’t stop there: in the wake of historic devastation from the 2017 hurricane season, Trump’s budget request slashes funding for the critically important National Flood Insurance Program.

“This budget again makes it perfectly clear that Donald Trump has no interest whatsoever in standing up for hardworking Americans.”

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