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 WEEKLY ROUNDUP
May 23, 2021

        

Waters Opening Statement at Hearing on Oversight of Prudential Regulators

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following statement at a full Committee virtual hearing entitled, “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions.”

Welcome, Chairman Harper and Acting Comptroller Hsu, and welcome back Chairman McWilliams and Vice Chairman Quarles.

A major focus of this Committee continues to be the economic impacts of the COVID-19 pandemic crisis. Today, I expect to hear from our witnesses about what their agencies are doing to respond to this ongoing crisis, and what they are doing to make sure that banks and credit unions are not further harming consumers, especially people of color, who are already facing challenges through no fault of their own as a result of the pandemic, and that those institutions are instead helping consumers and supporting the recovery of communities and people of color whenever possible.

I have long been critical of the long list of harmful deregulatory actions taken by the last Administration’s appointees, and particularly their actions to roll back key Dodd-Frank reforms and other consumer protections. So, I am pleased that the Senate has taken bipartisan action to reverse the OCC’s harmful so-called “true lender” rule that would allow nonbank lenders to skirt state interest rate protections, and I have called on House leadership to take up that Congressional Review Act resolution as soon as possible. I am also pleased that the Biden Administration’s appointees are bringing a better approach to regulation that prioritizes consumers, and that regulators are starting to take steps to protect the financial stability of our system against climate risks and other threats…

Click here to read her full statement.

 
Tweets of the Week



















 




 
Member Spotlight

Congressman Jake Auchincloss (D-MA)

This week, Congressman Jake Auchincloss (D-MA), was elected to serve as Vice Chair of the full Committee by Committee Democrats. Congressman Auchincloss serves on the Subcommittee on National Security, International Development and Monetary Policy, the Subcommittee on Diversity and Inclusion, and the Task Force on Artificial Intelligence for the 117th Congress.


Weekend Reads


Waters Announces Subcommittee Vice Chairs for 117th Congress

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced the Financial Services Committee Vice Chairs for the 117th Congress.

“I am excited to announce the Committee’s Subcommittee Vice Chairs for the 117th Congress,” said Chairwoman Waters. “Financial Services Committee Democrats are a diverse, talented, knowledgeable and effective group of leaders, and I am very pleased that we will have an outstanding group of Subcommittee Vice Chairs this Congress.”

The Subcommittee Vice Chairs for the Financial Services Committee for the 117th Congress are:

Representative Sean Casten (D-IL) will serve as the Vice Chair for the Subcommittee on Investor Protection, Entrepreneurship and Capital Markets.

“I’m honored to serve as the Vice Chair of the House Financial Services Subcommittee on Investor Protection, Entrepreneurship and Capital Markets, where I’ll continue to fight for investor protections, equitable access to capital, and market integrity,” said Congressman Sean Casten. “Let’s get to work.”

Representative Ayanna Pressley (D-MA) will serve as the Vice Chair for the Subcommittee on Consumer Protection and Financial Institutions.

“With communities in the Massachusetts 7th and across the country still reeling from the economic fallout of this pandemic, it is critical, now more than ever, that we have strong consumer protection and robust oversight of our financial institutions,” said Congresswoman Ayanna Pressley. “I am grateful to Chairwoman Waters for naming me to this role and I look forward to continuing my work on the Consumer Protection and Financial Institutions Subcommittee to end abusive debt collection practices, hold predatory student debt and mortgage lenders accountable, reform consumer credit reporting, and more.”

Representative Cindy Axne (D-IA) will serve as the Vice Chair for the Subcommittee on Housing, Community Development and Insurance.

“During my first two years in Congress, it has been my privilege to work with my Committee colleagues to support improving the safety and affordability of housing, and it is my honor today to be named as Vice Chair of the Housing, Community Development and Insurance Subcommittee,” said Congresswoman Cindy Axne. “This past year has shown how absolutely critical housing is to the health and prosperity of American families, and I look forward to working with our Chairs and with members on both sides of the aisle to continue crafting and advancing policies that will help improve access to affordable housing, promote equity, and ensure that rural and urban communities alike have the resources to invest in the success of their residents.”

Representative Josh Gottheimer (D-NJ) will serve as the Vice Chair for the Subcommittee on National Security, International Development and Monetary Policy.

"I'm honored to be named Vice Chair of the Subcommittee on National Security, International Development and Monetary Policy at a time when the safety and security of our nation and our financial systems are at a critical juncture,” said Congressman Josh Gottheimer. “We're facing rapidly evolving foreign and domestic threats, homegrown violent and ISIS-inspired extremism, as well as a surge of hacking and cybersecurity attacks. Cryptocurrencies are relatively new to the scene and also pose a series of new and evolving threats. We must protect the American people and our financial system from our adversaries, at home and abroad. I’m grateful to the Chairwoman and Chairman and my colleagues for this honor and look forward to working with my colleagues on both sides of the aisle to find common ground.”

Representative Nikema Williams (D-GA) will serve as the Vice Chair for the Subcommittee on Oversight and Investigations.

“I am in Congress to create a country and an economy that works for everyone, no matter your ZIP code,” said Congresswoman Nikema Williams. “Serving as Vice Chair of the House Financial Services Committee Subcommittee on Oversight and Investigations is another opportunity to continue working for the people, making sure no one gets left behind economically as we emerge from the COVID-19 pandemic. I thank Chairwoman Maxine Waters for this influential appointment, and I look forward to working with my committee colleagues during this pivotal moment in our country’s history.”

Representative Sylvia Garcia (D-TX) will serve as the Vice Chair for the Subcommittee on Diversity and Inclusion.

“I am honored to be selected as Vice Chair of the Subcommittee on Diversity and Inclusion and work to promote diversity and inclusion within the financial sector,” said Congresswoman Sylvia Garcia. “Economic and financial inclusion pushes our country to be better and it gets us closer to upholding the values our constitution has laid out for us."

On Monday, Chairwoman Waters also announced that Representative Jake Auchincloss (D-MA), will serve as the full Committee Vice Chair for the 117th Congress.


House Passes Seven Bipartisan Financial Services Bills

This week, the U.S. House of Representatives passed seven bipartisan House Financial Services Committee bills.

The House passed the following bills along with other measures en bloc by a vote of 350-75:

  • The Financial Inclusion in Banking Act (H.R. 1711), a bill by Representative David Scott (D-GA).

  • The COVID-19 Emergency Medical Supplies Enhancement Act of 2021 (H.R. 3125), a bill by Representative Juan Vargas (D-CA).

  • The Homebuyer Assistance Act (H.R. 3008), a bill by Representative Brad Sherman (D-CA).

  • The Insider Trading Prohibition Act (H.R. 2655), a bill by Representative Jim Himes (D-CT).

  • The COVID-19 Fraud Prevention Act (H.R. 2959), a bill by Representative Cindy Axne (D-IA).

  • The Ghost Army Congressional Gold Medal Act (H.R. 707), a bill by Representative Ann McLane Kuster (D-NH).

  • The SAVE Act (H.R. 3146), a bipartisan bill by Representative French Hill (R-AR).

Click here to read the full statement.


Chairwoman’s Corner

Waters Opening Statement at Subcommittee Hearing on China’s Lending Practices

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following opening statement at a Subcommittee on National Security, International Development and Monetary Policy virtual hearing entitled, “Examining Belt and Road: The Lending Practices of the People’s Republic of China and Impact on the International Debt Architecture.”

Thank you so very much, Chair Himes. I am so pleased about your leadership on this issue and your bipartisan efforts.

Today we will discuss how can we prevent a pandemic-induced series of sovereign debt crises and how we can bring international norms and principles to China and its investments around the world. Last Congress I had the benefit of learning about China’s Belt and Road Initiative directly from our military leadership in the United States Africa Command, when I traveled to Germany. The conclusion I drew was that addressing these challenges can only be accomplished with U.S. leadership, through coordinated and thoughtful multilateral action. So, I am pleased that we finally have that leadership in the White House with President Joe Biden and I hope this hearing is informative to not just the public but to his administration as well. Thank you so very much.
Sent from the Committee on Financial Services

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