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Waters Convenes Historic Full Committee Hearing with Barbados Prime Minister Mottley on the Impacts of De-Risking on the Caribbean
This week, Chairwoman Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following statement at a full Committee hybrid hearing entitled, “When Banks Leave: The Impacts of De-Risking on the Caribbean and Strategies for Ensuring Financial Access.”
“I would like to welcome the Prime Minister of Barbados, the Honorable Mia Amor Mottley, to the Financial Services Committee and thank her for being here to discuss an issue that I’ve long dedicated my time to solving: the crisis of bank de-risking in the Caribbean. By appearing here today, Prime Minister Mottley is giving voice to a topic that matters to every person in the Caribbean and, as we’ll discuss, everyone in the United States, too.
“Today’s testimony by Prime Minister Mottley isn’t just timely; it’s historic. It marks the first time in nearly 40 years that a Prime Minister will testify before Congress. Her presence today underscores the gravity of this issue and the urgent need to take serious steps to end the deterioration of global financial access for her nation and the whole of the region.
“Prime Minister Mottley, I’m so pleased to welcome you to the United States and look forward to hearing your testimony and listening to the ways we can all work together to reverse de-risking. I am also pleased to acknowledge Dr. Keith Rowley, the Prime Minister of Trinidad and Tobago. Thank you, Mr. Prime Minister, for joining us today to lend your support…”
- Read Chairwoman Waters’ full opening statement HERE.
- Watch the full Committee hearing HERE.
Waters Announces Witnesses for Hearing with Megabank CEOs
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced the following witnesses for the September 21, 2022, full Committee hearing entitled, “Holding Megabanks Accountable: Oversight of America’s Largest Consumer Facing Banks.”
Read the full list of witnesses HERE.
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Member Spotlight
| Congresswoman Sylvia Garcia (D-TX) |
Congresswoman Sylvia Garcia (D-TX) serves as Vice Chair of the Subcommittee on Diversity and Inclusion, and serves on the Subcommittee on Oversight & Investigations. In this week’s full Committee hearing, Rep. Garcia questioned the witnesses about solutions to increase banking the Caribbean
Weekend Reads
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Committee Hearings
When Banks Leave: The Impacts of De-Risking on the Caribbean and Strategies for Ensuring Financial Access
The full Committee held a hearing entitled, “When Banks Leave: The Impacts of De-Risking on the Caribbean and Strategies for Ensuring Financial Access.” During this hearing, Committee Democrats discussed how de-risking has adversely affected many nations and regions in the Caribbean and the economic and national security consequences de-risking in the Caribbean poses to the United States.
- Read Chairwoman Waters’ opening statement HERE.
- Watch the full Committee hearing HERE.
Upcoming Committee Dates
- Tuesday, September 20 at 10 a.m. ET: The Subcommittee on National Security, International Development, and Monetary Policy will convene for a hybrid hearing entitled, “Under the Radar: Alternative Payment Systems and the National Security Impacts of Their Growth.”
- Tuesday, September 20 at 2 p.m. ET: The Subcommittee on Diversity and Inclusion will convene for a hybrid hearing entitled, “A Review of Diversity and Inclusion at America’s Largest Insurance Companies.”
- Wednesday, September 21 at 10 a.m. ET: The full Committee will convene for a hybrid hearing entitled, “Holding Megabanks Accountable: Oversight of America’s Largest Consumer Facing Banks.”
- Thursday, September 22 at 9 a.m. ET: The Subcommittee on Housing, Community Development, and Insurance will convene for a hybrid hearing entitled, “State of Emergency: Examining the Impact of Growing Wildfire Risk on the Insurance Market.”
All hearings are livestreamed on https://democrats-financialservices.house.gov/live/.
Chairwoman’s Corner
Chairwoman Waters Introduces Legislation to Strengthen the Community Reinvestment Act, End Modern-Day Redlining
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services introduced H.R. 8833, the “Making Communities Stronger Through the Community Reinvestment Act.” This transformative piece of legislation is a part of Chairwoman Waters’ continuing efforts to root out discrimination in our modern-day banking system and close the racial wealth and homeownership gaps by making key reforms to the Community Reinvestment Act (CRA). Congress passed the CRA in 1977, but after nearly 45 years, the law has not kept up with changes in the banking system and is in need of reform to ensure that banks serve communities that have been historically redlined and left behind by our financial system.
“More than 40 years ago, Congress passed the CRA in response to racist policies in banking and lending that excluded Black homebuyers and renters from affordable housing options and robbed Black families of the opportunity to build wealth through the American dream of homeownership. Unfortunately, even after so many years, there’s been very little progress,” said Chairwoman Maxine Waters. “That’s why I introduced the ‘Making Communities Stronger Through the Community Reinvestment Act.’ This bill will hold banks accountable to the local communities where they have branches or do most of their lending, and make crucial updates to ensure they are providing equal access to affordable credit, investing in the communities they serve and doing their part to close the widening racial-wealth gap. We can’t wait any longer.”
Read the full release HERE.
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