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Following Recent Market Instability, Waters Announces Hearing on Short Selling, Online Trading Platforms
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, made the following statement regarding recent market instability:
“Hedge funds have a long history of predatory conduct and that conduct is entirely indefensible. Private funds preying on the pension funds of hard working Americans must be stopped. Private funds engaging in predatory short selling to the detriment of other investors must be stopped. Private funds engaging in vulture strategies that hurt workers must be stopped.
“Addressing that predatory and manipulative conduct is the responsibility of lawmakers and securities regulators who are charged with protecting investors and ensuring that our capital markets are fair, orderly, and efficient. As a first step in reining in these abusive practices, I will convene a hearing to examine the recent activity around GameStop (GME) stock and other impacted stocks with a focus on short selling, online trading platforms, gamification and their systemic impact on our capital markets and retail investors.
“We must deal with the hedge funds whose unethical conduct directly led to the recent market volatility and we must examine the market in general and how it has been manipulated by hedge funds and their financial partners to benefit themselves while others pay the price.”
Tweets of the Week
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Member Spotlight
This week, Congressman Jim Himes (D-CT), Chairman of the Subcommittee on National Security, International Development and Monetary Policy, chaired his first hearing of the Subcommittee:
Watch the virtual hearing, entitled “Supporting Small and Minority-Owned Businesses Through the Pandemic,” here.
At First Full Committee Hearing of 117th Congress, Waters Urges Immediate Action on COVID-19 Relief
On Thursday, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following statement at a full Committee hearing entitled, “More than a Shot in the Arm: The Need for Additional COVID-19 Stimulus.”
Today this Committee convenes for our first full Committee hearing of the 117th Congress. This hearing is entitled, “More than a Shot in the Arm: The Need for Additional COVID-19 Stimulus.” Our focus today is the urgent need for Congress to provide additional stimulus to address the COVID-19 pandemic crisis.
Following his decisive victory in the November election, President Biden has a mandate to move upon his agenda and lead the nation out of this crisis. Finally, we have real leadership in the White House to provide a serious and comprehensive response to this virus.
From his first day in office President Biden has been moving efficiently and effectively to right the ship and clean up the mess that his predecessor created. The stimulus package that Congress passed at the end of last year was a very first step, and served as an emergency stopgap to help individuals and families in distress, but it was clear then and remains clear now that much, much more relief is needed.
Click here to read her full statement.
Waters Statement on OCC Action to Halt Proposal to Force Banks to Serve Gun Manufacturers and Fossil Fuel Companies
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, released the following statement on the Office of the Comptroller of the Currency’s (OCC) decision to pause the publication of a final rule that would place our financial system at risk and force banks to serve gun manufacturers and fossil fuel companies.
“I am pleased that the OCC has halted the publication of this shameful Trump Administration rule that would force banks to serve fossil fuel companies and gun manufacturers despite the material risk it poses. In December, I urged then-acting Comptroller of the Currency, Brian Brooks to halt the implementation of this rule, which would expose consumers and financial institutions to unnecessary financial risk.
“I applaud this action taken by the OCC and commend the Biden Administration’s continued efforts to reverse harmful Trump Administration actions and stand up for consumers.”
On December 29, 2020, Chairwoman Waters and 22 Committee Democrats sent a letter to OCC's then-acting Comptroller, Brian Brooks, urging him to withdraw the proposed rule.
On December 4, 2020, Chairwoman Waters provided recommendations to then President-Elect Biden on Trump actions to reverse.
Weekend Reads
Chairwoman’s Corner
Waters Floor Statement on FY2021 Joint Budget Resolution on COVID-19 Relief
This week, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, gave the following floor statement on the urgent need to pass the FY2021 Joint Budget Resolution on COVID-19 relief:
Mr. Speaker, I happily rise in support of this joint budget resolution for Fiscal Year 2021 to enact our President Biden’s American Rescue Plan and provide urgently needed COVID-19 relief. Thank god for President Biden. We have been without a plan with a president who was busy trying to steal votes and abandoned the American people when he knew that we were suffering. Communities across the nation continue to suffer during this pandemic crisis. Congress has the duty to act and come to the aid of struggling individuals, families, and small business. This is not about giving tax breaks to the richest people in America, the way the past president and the Republicans are intent on always doing.
President Biden’s plan provides the relief that America so badly needs. The plan increases the stimulus payments to individuals in December to $2000, adding $1400 for every individual, extends enhanced unemployment assistance, provides nutritional assistance to address growing hunger. People are hungry all over America. They are hungry in the cities, in the little towns, in the rural areas, and this plan provides nutritional assistance to address this growing hunger and includes $350 billion in funding for state, local, tribal and territorial governments.
As Chairwoman of the House Financial Services Committee, I have been sounding the alarm about the urgent need for emergency rental and homeless assistance during this crisis, as millions are at risk of losing their homes. They don’t care on the other side whether families will be sent on the sidewalk with their children. The past president turned a blind eye to the fact that people have not been able to pay their rent since March.
Click here to read her full statement.
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