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Full Committee Hearing with Secretary Mnuchin and Chair Powell on Pandemic Response
On Wednesday, the full Committee held a hybrid hearing entitled, “Oversight of the Treasury Department’s and Federal Reserve’s Pandemic Response.”
The hearing witnesses included:
Click here to watch the virtual hearing.
Waters Calls Out Mnuchin for Prematurely Ending Essential Emergency Lending Programs
On Wednesday, Chairwoman Maxine Waters (D-CA), gave the following statement at a full Committee hearing entitled, “Oversight of the Treasury Department’s and Federal Reserve’s Pandemic Response.”
“Today the Committee convenes to conduct oversight over the Treasury Department’s and Federal Reserve’s pandemic response.
This pandemic continues to have a terrible impact across the nation. There have been over 13.4 million coronavirus cases in the U.S., which is almost double the amount of cases when the Secretary and Chair last testified in September, and over 267,000 people have lost their lives to the virus. Hospitalizations and deaths are surging as this crisis spirals out of control. Small businesses are shutting their doors permanently, and millions are at risk of eviction, foreclosure and being laid off.
A historic number of Americans resoundingly voted for a new direction last month by overwhelmingly voting for President-Elect Biden and Vice President-Elect Harris. The American people have made it clear that they want a government that will fight this virus and will protect their families and small businesses from the impacts of COVID-19.
Secretary Mnuchin, on a call last Monday, many Committee Democrats and I committed to not going home until we have a deal for a stimulus package that is desperately needed across the country. But as negotiations continue, I am appalled that you would knowingly make matters worse by permanently ending essential emergency lending programs, leaving states, cities and small businesses out to dry as the nation faces a dire and worsening phase of the pandemic crisis ….”
See the full text of her statement here.
Waters: Financial Services Committee Democrats Will Keep Working Until COVID-19 Relief is Passed
On Monday, Chairwoman Maxine Waters (D-CA), made the following statement regarding the need for Congress to pass additional COVID-19 relief legislation:
“Today, at our regularly scheduled caucus meeting of Financial Services Committee Democrats, Members expressed grave concerns about the COVID-19 pandemic and the need for the passage of bipartisan legislation to address the crisis before the House adjourns for the end of the year. Given the overwhelming number of new cases and deaths across the country, as well as rising levels of hunger, the wave of impending evictions, rising unemployment, the permanent closure of countless small businesses, and financial insecurity caused by the pandemic, it is imperative that Congress come together to pass a bill to meet America’s needs.
“Democratic Financial Services Committee Members are united in our call to House leadership that the House not adjourn until another COVID-19 bill is passed. There was a clear consensus among myself and the Members present on the call that we must and will stay in Washington, DC until a deal is done….”
See the full text of her statement here.
Waters Urges Calabria to Halt Efforts to Release the GSEs from Conservatorship, Calls for Testimony Before Committee
On Thursday, Chairwoman Maxine Waters (D-CA), sent a letter to Mark Calabria, Director of the Federal Housing Finance Agency (FHFA), urging him to fully engage with Congress, halt all efforts to raise the capital requirements for Fannie Mae and Freddie Mac and halt all efforts to release them from conservatorship. The letter also requests that the agency cease and desist from finalizing any “midnight rules” or other administrative actions until President-Elect Joseph R. Biden is sworn into office on January 20, 2021 and his Administration can review.
“I believe that it is entirely inappropriate for you and your agency to be focusing on releasing the Enterprises from conservatorship during the pandemic with the assistance of a lame duck Treasury Secretary,” wrote Chairwoman Maxine Waters. “At the very least, the Congress and the American public deserve transparency from you. On behalf of current homeowners, renters, potential homebuyers, and more than 19 million prospective millennial homeowners, I urge you to fully engage with Congress by testifying before our Committee and to immediately halt your efforts to raise the Enterprises’ capital requirements and to release them from conservatorship. You should instead focus on ensuring that renters and homeowners are receiving the help they need during this pandemic. I look forward to working with you to find a mutually agreeable time for you to testify before the Committee.”
See the full text of her release here.
Tweets of the Week
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Member Spotlight
| Rep. Ayanna Pressley (D-MA) |
This week, during a full Committee hearing entitled, “Oversight of the Treasury Department’s and Federal Reserve’s Pandemic Response,” Congresswoman Ayanna Pressley (D-MA) questioned Federal Reserve Chair Powell on Secretary Mnuchin’s failure to adhere to critical provisions in the CARES Act, and highlighted how these actions will likely widen racial and gender inequality in the United States.
Watch the virtual hearing here:
Waters Applauds Selection of Yellen as Treasury Secretary Nominee
On Monday, Chairwoman Maxine Waters (D-CA), applauded President-elect Biden’s historic announcement that he will nominate Janet Yellen to serve as Secretary of the U.S. Department of the Treasury.
“Janet Yellen will make an exceptional Treasury Secretary who I know will work diligently to tackle this pandemic crisis and ensure that individuals and families receive the economic relief they need. As Chair of the Board of Governors of the Federal Reserve System, she provided strong, steady leadership and a keen awareness of the challenges that income and wealth inequality pose for the nation. Janet Yellen helped preside over the longest economic expansion in American history, highlighted the problem of racial economic disparities in her testimony before the Committee, and finalized many important rules that made our financial system safer and better prepared for the unexpected onset of the pandemic earlier this year. With our economy still vulnerable to a surging virus, it is crucial to have someone with Yellen’s experience, wisdom, and attentiveness to a robust and equitable recovery at the helm….”
See the full text of her statement here.
Waters Statement on her Approval as Financial Services Committee Chairwoman for 117th Congress by the House Democratic Caucus
On Thursday, Chairwoman Maxine Waters (D-CA), issued the following statement regarding her approval by the House Democratic Caucus to chair the House Committee on Financial Services for the 117th Congress.
“I am deeply honored to have been approved by the House Democratic Caucus to again serve as Chairwoman of the House Financial Services Committee for the 117th Congress. I thank our Caucus for their support and look forward to another term leading the Committee and fighting for America’s consumers, investors, renters, and homeowners.
“As Chairwoman of the Committee for the last two years, I have advanced an agenda to protect consumers and investors, and to ensure our financial and housing systems work for everyone. In the 117th Congress, I plan to build upon the successes of this Congress and continue to prioritize consumers, investors, and small businesses, closely aligning our agenda with President-elect Biden’s plans.”
“Under my leadership next Congress, the Committee will work with the Biden Administration on passing crucial legislation to provide comprehensive COVID-19 economic relief, including needed emergency rental assistance. We will work to promote economic justice by removing discriminatory barriers in our housing systems, strengthening fair lending laws, reinvesting in communities and institutions of color, and making diversity and inclusion a reality on Wall Street and within corporate America. We will prioritize ending payday lending, expanding public and affordable housing, ending homelessness, and reforming our housing finance system….”
See the full text of the statement here.
Weekend Reads
Waters Statement on Inclusion of Key Democratic Financial Services Bills in FY 2021 NDAA
On Thursday, Chairwoman Maxine Waters (D-CA), made the following statement regarding the inclusion of several Democratic financial services measures in the William (Mac) Thornberry National Defense Authorization Act (NDAA) for Fiscal Year 2021, for which she served as a conferee.
“As Chairwoman of the Financial Services Committee, I have made it a priority to ensure that the U.S. financial system is not used by terrorists, corrupt governments, and other criminals. I and the Members of my Committee worked hard to ensure that the National Defense Authorization Act includes measures that will help law enforcement prevent these criminals from using shell companies to hide their activities and will close loopholes and increase penalties on those bad actors who are using our system for activities that threaten the U.S. and our allies.…”
See the full text of her statement here.
Waters Demands Regulators Cease and Desist from Finalizing Midnight Rules Until President-Elect Biden Assumes Presidency
On Thursday, Chairwoman Maxine Waters (D-CA), sent a letter to agencies within the Committee’s jurisdiction calling on them to cease and desist from finalizing any “midnight rulemakings” or other administrative actions until President-Elect Joseph R. Biden is sworn into office on January 20, 2021.
“On November 3, 2020, the American people spoke with their votes at the ballot box and delivered a clear mandate that the Trump deregulatory era is over,” wrote Chairwoman Waters. “As such, it is incumbent upon each of you to recognize the will of the American people and cease and desist from finalizing any “midnight rules” or other administrative actions until President-Elect Joseph R. Biden is sworn into office on January 20, 2021 and his Administration can review. Such rulemaking and actions undermine our country’s regulatory process, and indeed our democracy, by rushing through controversial policies that could have sweeping effects on families and our economy without transparency, rigor, and legitimacy. Moreover, because President Trump and your agencies had barred access to President-Elect Biden’s transition team unnecessarily for 20 days, flouting precedence and undermining our democratic traditions, any actions taken by your agencies before inauguration will be met with heavy scrutiny and may be overturned under the Congressional Review Act during the next Congress.”
The letter was sent to:
- Stephen Mnuchin, Secretary of the U.S. Department of the Treasury;
- Ben Carson, Secretary of the U.S. Department of Housing and Urban Development;
- Sonny Perdue, Secretary of the U.S. Department of Agriculture;
- Jerome Powell, Chair of the Board of Governors of the Federal Reserve System;
- Jelena McWilliams, Chairman of the Federal Deposit Insurance Corporation;
- Kathy Kraninger, Director of the Consumer Financial Protection Bureau;
- Rodney Hood, Chairman of the National Credit Union Administration;
- Jay Clayton, Chairman of the U.S. Securities and Exchange Commission; and
- Brian Brooks, Acting Comptroller of the Office of the Comptroller of the Currency
See here for the full release text.
Chairwoman’s Corner
Chairwoman Waters Provides Recommendations to President-Elect Biden on Trump Actions to Reverse
On Friday, Chairwoman Maxine Waters (D-CA) sent a letter to President-Elect Joseph R. Biden, providing recommendations on areas where the Biden Administration should immediately reverse the actions of the Trump Administration, and several actions that the Biden Administration can immediately take to coordinate the federal response to COVID-19, keep people safely housed, protect consumers and small businesses, support the broader economy and ensure a global recovery.
Included with the letter is a list of regulations and other executive actions taken by the Trump Administration over the past four years within the jurisdiction of the House Committee on Financial Services that the Biden Administration should reverse. Also included are recommendations to strengthen certain regulations after the damage the Trump Administration has caused is reversed.
“On behalf of the Democratic members of the Committee on Financial Services, I would like to extend my congratulations to you, Vice President-elect Kamala Harris, and the team you are assembling,” wrote Chairwoman Waters. “As you begin to carry out the mandate given to you by the American people to restore trust in the federal government, I would like to highlight several areas where you and your team should immediately reverse the actions of your predecessors. For the past two years, the Committee on Financial Services, under my leadership, has conducted extensive oversight of the Trump Administration, shining a spotlight on the many harms inflicted, in addition to passing legislation to reverse those actions. Unfortunately, President Trump has generally abandoned any attempt to lead this country through the Coronavirus 2019 (COVID-19) pandemic, even though more than a thousand Americans are being killed every day. There are several actions that your incoming administration can immediately take to coordinate the federal response, keep people safely housed, protect consumers and small businesses, support the broader economy and ensure a global recovery.”
Click here to read the full release and letter.
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