Committee Scrutinizes Wells Fargo’s Consumer Abuses

On Tuesday, the Committee convened a hearing entitled, “Holding Megabanks Accountable: An Examination of Wells Fargo's Pattern of Consumer Abuses” with Timothy Sloan, President and Chief Executive Officer of Wells Fargo and Company. At the hearing, Members of the Committee pressed Sloan on Wells Fargo’s egregious pattern of abuses. See Chairwoman Waters’ opening statement at the hearing here.

On Wednesday, it was announced that Sloan received $2 million in performance-based incentive pay for 2018, and total compensation of $18.4 million for the year. See Chairwoman Waters’ statement on Sloan’s bonus here.

House Passes 5 Financial Services Bills

This week, the U.S. House of Representatives passed the following financial services bills. Floor debate on each bill was led by Chairwoman Maxine Waters (D-CA).

• H. Res. 206, a resolution supporting strong anti-money laundering efforts, introduced by Congresswoman Maxine Waters (D-CA). The resolution was passed by a voice vote.
  
  
• H.R. 974, the Federal Reserve Testimony Clarification Act, introduced by Congressman Josh Gottheimer (D-NJ) and Congressman Frank Lucas (R-OK). The bill passed by a voice vote.
  
  
• H.R. 1414, the FINCEN Improvement Act, introduced by Congresswoman Jennifer Wexton (D-VA) and Congressman Denver Riggleman (R-VA). The bill passed by a voice vote.
  
  
• H.R. 758, the Cooperate with Law Enforcement Agencies and Watch Act, introduced by Congressman French Hill (R-AR) and Congressman Bill Foster (D-IL). The bill passed by a vote of 404-7.
  
  
• H.R. 1122, the Housing Choice Voucher Mobility Demonstration Act, introduced by Congressman Emanuel Cleaver (D-MO) and Congressman Sean Duffy (R-WI), Members of the House Financial Services Committee. The bill passed by a vote of 387-22.
  

Reauthorizing the NFIP

On Wednesday, Committee Democrats convened a legislative hearing entitled, “Preparing for the Storm: Reauthorization of the National Flood Insurance Program,” to discuss draft legislation that would provide homeowners, businesses, renters, and communities with affordable and reliable flood insurance.

 Chairwoman’s Corner

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