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  • Waters to Wells Fargo: Changing Your Chairman Is Not Enough
    Posted in Press Releases on August 16, 2017 | Preview rr
    Tags: Full Committee , CFPB

    Following the announcement that Elizabeth Duke will replace Stephen Sanger as Chairman of the Board of Directors of Wells Fargo, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “This superficial change in leadership at Wells Fargo isn't enough to restore the trust and confidence of the American public. While Elizabeth Duke is replacing Stephen Sanger as Chairman, Ms. Duke was a member of the Wells Fargo Board during numerou... (Read More)


  • Waters and Ranking Members Call on Hensarling to Subpoena Deutsche Bank
    Posted in Press Releases on August 11, 2017 | Preview rr
    Tags: Full Committee , International

    WASHINGTON -- Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, Congressman Daniel T. Kildee (D-MI), Vice Ranking Member of the Committee on Financial Services, Congresswoman Gwen Moore (D-WI), Ranking Member of the Subcommittee on Monetary Policy and Trade, Congressman Al Green (D-TX), Ranking Member of the Subcommittee on Oversight and Investigations, and Congressman Ed Perlmutter (D-CO), Ranking Member of the Subcommittee on Terrorism and Illici... (Read More)


  • Waters Calls for Hearing to Examine Wells Fargo’s Consumer Abuses
    Posted in Press Releases on August 1, 2017 | Preview rr
    Tags: Subcommittee on Oversight & Investigations

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, Congressman Daniel T. Kildee (D-MI), Vice Ranking Member of the Committee on Financial Services, and Congressman Al Green (D-TX), Ranking Member of the Subcommittee on Oversight and Investigations, wrote to Committee Chairman Jeb Hensarling requesting a public hearing to review the ongoing violations of consumer rights by Wells Fargo. The letter follows Wells Fargo’s continued egregious behavior tow... (Read More)


  • Waters: Wells Fargo’s Abuses are Absolutely Outrageous
    Posted in Press Releases on July 28, 2017 | Preview rr
    Tags: CFPB

    Today, in response to reports that Wells Fargo forced more than 800,000 car loan borrowers to purchase unnecessary car insurance, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement: “The constant drip drop of fraudulent activities coming out of Wells Fargo is absolutely outrageous. Wells Fargo has repeatedly preyed on servicemembers, homeowners, minorities, and, it seems, consumers seeking any kind of financial product from t... (Read More)


  • Waters Statement on Revised Republican Flood Insurance Bill
    Posted in Press Releases on July 28, 2017 | Preview rr
    Tags: Flood Insurance

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement in response to Committee Republicans’ revised flood insurance legislation: “Though Chairman Hensarling and Committee Republicans have been scrambling to make changes to their flood insurance bill, the affordability challenges facing millions of policyholders remain. The implementation of the Biggert-Waters Act inadvertently led to skyrocketing premiums for homeowners and... (Read More)


  • Waters Introduces Legislation to Improve SEC Process for Holding Bad Actors Accountable
    Posted in Press Releases on July 27, 2017 | Preview rr
    Tags: SEC

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, introduced the Bad Actor Disqualification Act of 2017, important legislation that ensures the Securities and Exchange Commission (SEC) protects investors from bad actors by implementing a rigorous, fair, and public process for waiving automatic disqualification provisions in the law. “By waiving the consequences for bad actors the SEC is sending the wrong message,” said Ranking Member Waters. “The S... (Read More)


  • Waters Grills Mnuchin about Trump Administration’s Financial Ties to Russia, Mnuchin Filibusters
    Posted in Press Releases on July 27, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , Department of the Treasury

    Today in an exchange between Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, and Treasury Secretary Steven Mnuchin, Secretary Mnuchin continued to avoid Ranking Member Waters’ question concerning the Secretary’s lack of response to the Democrats’ May 23 letter regarding potential suspicious financial activity between Russia and the Trump Administration. In the letter, Committee Democrats, led by Ranking Member Waters, requested that the Treasury Depart... (Read More)


  • Waters Demands Answers from Treasury Secretary Mnuchin
    Posted in Press Releases on July 27, 2017 | Preview rr
    Tags: Full Committee , Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB , Department of the Treasury

    At today’s Financial Services Committee hearing with Treasury Secretary Steven Mnuchin, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, called for Secretary Mnuchin to address several matters of concern, including a May 23 letter from Committee Democrats requesting information regarding the financial dealings of President Trump, his family members, and his associates, that Mnuchin did not answer. On Tuesday, Committee Republicans blocked a Resolution of... (Read More)


  • ICYMI: Waters Joins Pelosi, Warren in Fight Against Republican Attempts to Repeal Forced Arbitration Rule
    Posted in Press Releases on July 26, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB

    Yesterday, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, joined House Minority Leader Nancy Pelosi and Senator Elizabeth Warren to discuss the negative impact on consumers if Republicans overturn the Consumer Financial Protection Bureau’s rule to prohibit forced arbitration. Her remarks are below: Thank you so very much, Leader Pelosi. I am so delighted to be here with Nancy Pelosi, the first woman speaker of the United States Congress in the history ... (Read More)


  • Waters Condemns Republican Effort to Repeal Forced Arbitration Rule
    Posted in Press Releases on July 25, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB , House Floor

    Today, in response to the House passage of H.J. Res 111, a harmful Republican resolution that repeals the Consumer Financial Protection Bureau’s rule to protect consumers by restricting forced arbitration clauses, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement: “Forced arbitration benefits large corporations and Wall Street banks to the detriment of consumers. The Consumer Financial Protection Bureau’s rule helps to ensur... (Read More)


  • Waters Opening Floor Statement in Opposition to Republican Resolution to Repeal Forced Arbitration Rule
    Posted in Press Releases on July 25, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB , House Floor

    Today, during floor debate on H.J.Res 111, a Republican Joint Resolution to repeal the Consumer Financial Protection Bureau’s rule to protect consumers by restricting forced arbitration clauses, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following opening statement: As Prepared for Delivery H.J.Res 111 is an affront to hardworking Americans across the country. Using the Congressional Review Act, this Joint Resolution repeals the Consumer F... (Read More)


  • Waters Statement at Committee Markup of Resolution to Follow Trump Money Trail
    Posted in Press Releases on July 25, 2017 | Preview rr
    Tags: Full Committee , Department of the Treasury , Markup , Department of Justice

    Today, at a full Financial Services Committee markup of five bills, the Committee will consider Committee Democrats’ Resolution of Inquiry, which directs Treasury Secretary Mnuchin to provide Congress with documents on the financial dealings of President Trump, his family members, and his associates. In her opening statement, Congresswoman Maxine Waters (D-CA), Ranking Member of Financial Services Committee, highlighted the need for bipartisanship in order to hold the Trump Administration accoun... (Read More)


  • Waters, Walz, and Heck Introduce Bill to Protect Servicemembers from Predatory Financial Practices
    Posted in Press Releases on July 24, 2017 | Preview rr
    Tags: CFPB

    Today, House Democrats, led by Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, alongside Congressman Tim Walz (D-MN), Ranking Member of the Committee on Veterans' Affairs, and Congressman Denny Heck (D-WA), Financial Services Committee Member, introduced legislation that would protect the financial wellbeing of servicemembers and their families by strengthening enforcement of the Servicemembers Civil Relief Act (SCRA). The bill, H.R. 3357, the Military ... (Read More)


  • Democratic Staff Report Documents Successes of Consumer Financial Protection Bureau, Importance of Rulemaking on Forced Arbitration
    Posted in Press Releases on July 24, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB

    Today, Congresswoman Maxine Waters, Ranking Member of the Committee on Financial Services, released a Democratic staff report documenting the successes of the Consumer Financial Protection Bureau (Consumer Bureau). In the report, Democratic Committee staff discuss the devastating effects of the 2008 financial crisis that led to the creation of the Consumer Bureau, the types of consumer protections enacted by the Consumer Bureau, the effectiveness of its consumer complaint database, and the unwar... (Read More)


  • Waters Calls for Field Hearing on Homelessness in Los Angeles
    Posted in Press Releases on July 21, 2017 | Preview rr
    Tags: HUD , Homelessness

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, requested for the second time that Chairman Jeb Hensarling convene a field hearing in Los Angeles on homelessness. As the letter notes, the Committee has already begun to hold field hearings on housing issues in other parts of the country. “The 2017 Point in Time Count in Los Angeles County showed that there were 57,794 homeless persons on any given day in January 2017,” said Ranking Member Waters. “While ... (Read More)


  • Waters Blasts Republican Effort to Use Congressional Review Act to Repeal Forced Arbitration Rule
    Posted in Press Releases on July 20, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB

    Today, in response to a Republican resolution to use the Congressional Review Act to block the Consumer Financial Protection Bureau’s recently issued mandatory arbitration rule, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “The Consumer Bureau’s forced arbitration rule ensures that consumers are not required to sign away their legal rights in order to open a bank account, obtain a credit card, finance a car, or obtain a ... (Read More)


  • Waters Fights to Preserve New Rule that Protects Retirees and Savers
    Posted in Press Releases on July 20, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act

    On July 13, the House Financial Services Subcommittee on Capital Markets, Securities, and Investment held a hearing entitled “Impact of the DOL Fiduciary Rule on the Capital Markets.” The fiduciary rule protects retirees and retirement savers from unscrupulous financial advisors. Before the fiduciary rule, conflicted financial advice cost Americans around $17 billion a year. In June, House Republicans passed a bill, H.R. 10, which Democrats call the “Wrong Choice Act,” to dismantle Wall Street R... (Read More)


  • Waters Introduces Bill Requiring Disclosure of Trump Real Estate Buyers’ Identities
    Posted in Press Releases on July 19, 2017 | Preview rr

    Following reports that 70% of Trump’s real estate property sales over the past 12 months have been to secretive shell companies, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, introduced legislation that would reveal exactly who may be seeking influence over the Trump Administration. The End Secret Holdings and Ethical and Legal Loopholes (SHELLs) Act would require the President, the Vice President and other Executive branch officials and staff t... (Read More)


  • Waters Slams Republicans for Taking Harmful Steps Towards Another Financial Crisis
    Posted in Press Releases on July 19, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , Budget

    In response to House Republicans’ budget resolution to dismantle Wall Street reform, gut the Consumer Financial Protection Bureau, eliminate the procedures that safely liquidate failing mega-banks and stop future taxpayers bailouts, and ultimately bring back the same risky and predatory Wall Street practices and products that led to the Great Recession, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement: “Because most America... (Read More)


  • Waters to Sessions: Recuse Yourself from Any Investigations into Deutsche Bank Russian Mirror Trading and Trump Loans
    Posted in Press Releases on July 18, 2017 | Preview rr
    Tags: Department of Justice

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, wrote to Attorney General Jeff Sessions demanding his immediate recusal from any Department of Justice investigation into Deutsche Bank’s Russian mirror trading scheme and any investigation into any loans Deutsche Bank provided to President Trump or his immediate family members. Ranking Member Waters highlighted her grave concerns about Attorney General Sessions’ ability to take unbiased actio... (Read More)


  • Committee Dems Introduce Resolution of Inquiry to Follow Trump Money Trail
    Posted in Press Releases on July 14, 2017 | Preview rr
    Tags: Full Committee , Money Laundering , Subcommittee on Monetary Policy & Trade , Subcommittee on Oversight & Investigations , Department of the Treasury , Markup , House Floor , Subcommittee on Terrorism and Illicit Finance

    Throughout the controversy surrounding the Trump Administration’s suspicious and undisclosed financial dealings and business partnerships, House Financial Services Committee Democrats have remained committed to following the money trail. Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, Congressman Daniel Kildee (D-MI), Vice Ranking Member of the Committee on Financial Services, Congresswoman Gwen Moore (D-WI), Ranking Member of the Subcommittee on Moneta... (Read More)


  • Waters and House Committee Democrats Introduce Resolutions of Inquiry to Hold the Trump Administration Accountable
    Posted in Press Releases on July 14, 2017 | Preview rr
    Tags: Money Laundering , Subcommittee on Monetary Policy & Trade , Subcommittee on Oversight & Investigations , Department of the Treasury , Subcommittee on Terrorism and Illicit Finance

    WASHINGTON - Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, joined Democratic Leader Nancy Pelosi and other House Democratic Committee leaders to highlight House Republicans’ failure to investigate and conduct adequate oversight of the Trump Administration. At the press conference, Ranking Member Waters stressed the urgency behind investigating the suspicious financial dealings of the President, his immediate family and his associates, including... (Read More)


  • Waters Statement on the $142 Million Wells Fargo Settlement
    Posted in Press Releases on July 12, 2017 | Preview rr

    Following the announcement that Wells Fargo received preliminary approval for a $142-million class-action settlement over the opening of over 2 million unauthorized accounts, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement: “I applaud the U.S. District Court for the Northern District of California for continuing to hold Wells Fargo accountable for their disgraceful and illicit practices. However, Wells Fargo still has a lo... (Read More)


  • Waters Statement on the Nomination of Randal Quarles for Top Federal Reserve Post
    Posted in Press Releases on July 12, 2017 | Preview rr
    Tags: Federal Reserve

    In response to the announcement that the Trump Administration intends to appoint Wall Street lawyer Randal Quarles to serve as Vice Chair for Supervision at the Federal Reserve, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement: “Trump’s pattern of appointing individuals to run agencies with missions they oppose both threatens the fabric of our government and ignores the needs of Main Street. Mr. Quarles’ deregulatory ideolo... (Read More)


  • At Yellen Hearing, Waters Warns of Economic Harm from Trump Policies, Commends Fed Chair
    Posted in Press Releases on July 12, 2017 | Preview rr
    Tags: Full Committee , Federal Reserve

    Today, at the semiannual Humphrey-Hawkins hearing on monetary policy and the state of the economy with Federal Reserve Chair Janet Yellen, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following opening statement: As Prepared for Delivery Thank you Mr. Chairman, and thank you Chair Yellen. It is a pleasure to have you with us today. Since day one, the story of the Trump Administration has been one of chaos and turmoil. This creates uncertaint... (Read More)


  • Waters Applauds Consumer Bureau for Issuing Final Rule to Curb Forced Arbitration
    Posted in Press Releases on July 10, 2017 | Preview rr
    Tags: CFPB

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, applauded the Consumer Financial Protection Bureau’s (Consumer Bureau) issuance of a final rule to prohibit mandatory arbitration clauses in contracts for consumer financial products. Ranking Member Waters made the following statement: “I applaud the Consumer Financial Protection Bureau for finalizing this important rule to clamp down on forced arbitration. No consumer should ever be forced to... (Read More)


  • ICYMI: Waters Addresses Affordable Housing Advocates and HUD Tenants
    Posted in Press Releases on July 7, 2017 | Preview rr
    Tags: HUD

    Last week, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, delivered remarks in Washington, DC at the Save HUD 202 Rally. At the rally, which was attended by residents of HUD Section 202 Housing for the Elderly, affordable housing advocates, and Members of Congress, Ranking Member Waters warned of the catastrophic harm that would result from the Trump Administration’s budget request, and pledged to continue to fight to protect affordable housing program... (Read More)


  • Waters and Green to Hensarling: Probe Trump Admin Investigations of OneWest Bank
    Posted in Press Releases on June 30, 2017 | Preview rr
    Tags: HUD , Department of Justice

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, and Congressman Al Green (D-TX), Ranking Member of the Subcommittee on Oversight and Investigations, sent a letter to Committee Chairman Jeb Hensarling, calling on him to use the Committee’s full range of its investigative powers to examine the high potential for conflicts of interest with regard to the Trump Administration’s settlement with, and any pending investigations into, OneWest Bank while u... (Read More)


  • Waters and Hultgren Introduce Bipartisan Bill to Continue the Term of the FSOC Independent Member with Insurance Expertise
    Posted in Press Releases on June 29, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , FSOC

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, and Congressman Randy Hultgren (R-IL), introduced a bipartisan bill to make a technical correction to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank), and address an issue regarding the term of the Financial Stability Oversight Council (FSOC) independent member with insurance expertise. Under current law, it is unclear if the FSOC member with insurance expertise, w... (Read More)


  • Ranking Member Waters Introduces Bill to Fully Fund Public Housing
    Posted in Press Releases on June 29, 2017 | Preview rr
    Tags: HUD

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, along with seven other Democratic Committee Members, reintroduced comprehensive legislation to preserve and revitalize the nation’s public housing stock. The measure, entitled the Public Housing Tenant Protection and Reinvestment Act Of 2017, ensures safe, decent, and affordable housing for over one million families who rely on public housing. “We must renew our commitment to serving those mos... (Read More)


  • Waters Blasts Inclusion of Wall Street Deregulation Measures in FSGG Appropriations Bill
    Posted in Press Releases on June 29, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB , FSOC

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, blasted the FY 2018 Financial Services and General Government (FSGG) Appropriations bill, which includes many elements of the Wrong Choice Act, the Republican deregulatory measure to roll back Wall Street reform. “The Financial Services and General Government Appropriations bill has been poisoned with many of the most dangerous parts of the Wrong Choice Act, which would pave the way to another finan... (Read More)


  • Committee Dems Request Hearings with Trump Administration Officials on Harmful Cuts to Housing Programs
    Posted in Press Releases on June 27, 2017 | Preview rr
    Tags: Full Committee , HUD

    Today, led by Ranking Member Maxine Waters (D-CA) and Subcommittee on Housing and Insurance Ranking Member Emanuel Cleaver (D-MO), all 26 Democratic Members of the Committee on Financial Services sent a letter to Chairman Jeb Hensarling requesting hearings with Ben Carson, Secretary of the U.S. Department of Housing and Urban Development (HUD), and Sonny Perdue, Secretary of the U.S. Department of Agriculture (USDA), to discuss the Trump Administration’s budget request, which contains deep and h... (Read More)


  • ICYMI: Washington Post Report on Jared Kushner and Deutsche Bank Loan
    Posted in Press Releases on June 27, 2017 | Preview rr
    Tags: International

    This week, a report in the Washington Post details Jared Kushner’s recent financial dealings with Deutsche Bank. The report comes on the heels of continued scrutiny of the bank from Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, Congressman Daniel T. Kildee (D-MI), Vice Ranking Member of the Committee on Financial Services, Congresswoman Gwen Moore (D-WI), Ranking Member of the Subcommittee on Monetary Policy and Trade, Congressman Al Green (D-TX), Ran... (Read More)


  • Committee Dems Raise Concerns to HUD Inspector General About Trump Conflicts of Interest
    Posted in Press Releases on June 23, 2017 | Preview rr
    Tags: HUD

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, and Congressman Al Green (D-TX), Ranking Member of the Subcommittee on Oversight and Investigations, sent a letter to the Acting Inspector General of the U.S. Department of Housing and Urban Development (HUD), expressing concerns about President Trump’s conflicts of interest with regard to Starrett City, a federally-subsidized, multifamily, affordable, housing development, and calling for answers to... (Read More)


  • Committee Dems to Deutsche Bank: Do Not Withhold Information from Congress on Trump and Russia
    Posted in Press Releases on June 22, 2017 | Preview rr
    Tags: Money Laundering

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, Congressman Daniel T. Kildee (D-MI), Vice Ranking Member of the Committee on Financial Services, Congresswoman Gwen Moore (D-WI), Ranking Member of the Subcommittee on Monetary Policy and Trade, Congressman Al Green (D-TX), Ranking Member of the Subcommittee on Oversight and Investigations, and Congressman Ed Perlmutter (D-CO), Ranking Member of the Subcommittee on Terrorism and Illicit Finance, sent a fol... (Read More)


  • Waters Statement in Support of Velázquez Flood Bill to Improve NFIP
    Posted in Press Releases on June 21, 2017 | Preview rr
    Tags: Full Committee , Flood Insurance , Markup

    Today, at the continuation of the House Financial Services Committee markup of seven flood insurance bills, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following statement in support of Congresswoman Nydia Velázquez’s (D-NY) bill, H.R. 2875, the “National Flood Insurance Program (NFIP) Administrative Reform Act of 2017:” Thank you, Mr. Chairman. While I am discouraged with the general lack of bipartisanship reflected in the bills we are mar... (Read More)


  • Waters Strongly Opposes Garrett’s Nomination to Lead Ex-Im
    Posted in Press Releases on June 20, 2017 | Preview rr
    Tags: Export-Import Bank , International

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement opposing President Trump’s official nomination of former Representative Scott Garrett, a staunch opponent of the Export-Import Bank (Ex-Im), to serve as its next president: “Despite all the claims Trump made over the course of his campaign, the selection of former right-wing Representative Scott Garrett to serve as the next president of the Export-Import Bank again mak... (Read More)


  • At Markup of Flood Bills, Dems Offer Amendments to Keep Flood Insurance Affordable and Accessible
    Posted in Press Releases on June 20, 2017 | Preview rr
    Tags: Full Committee , Flood Insurance , Markup

    On the first day of the of the House Financial Services Committee markup of seven flood insurance bills, Committee Democrats fought for the availability and affordability of the National Flood Insurance Program (NFIP). “Democrats will offer amendments to provide the reauthorization language needed to keep the NFIP’s doors open and keep the real estate market from spiraling out of control,” said Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services. “We will al... (Read More)


  • Waters Opening Statement at Committee Markup of Seven Flood Insurance Bills
    Posted in Press Releases on June 15, 2017 | Preview rr
    Tags: Full Committee , Flood Insurance , Markup

    Today, at a Committee markup of seven flood insurance bills, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following opening statement: Thank you, Mr. Chairman. Eight days ago, we gathered in this hearing room to discuss six legislative proposals to reform the National Flood Insurance Program. At that hearing, I once again called for bipartisan solutions to ensure the continued availability and affordability of flood insurance. While I was en... (Read More)


  • ICYMI: Democrats Stand United Against the Wrong Choice Act
    Posted in Press Releases on June 13, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act

    Last week, the U.S. House of Representatives voted on H.R. 10, also known as the Wrong Choice Act, a bill that prioritizes Wall Street over Main Street. While debating on the House floor, Democrats highlighted all the ways in which the Wrong Choice Act would be the wrong choice for consumers, investors, and the entire economy. Democrats also noted the thousands of individuals and groups that oppose the Wrong Choice Act: “The gentleman asked who does not support [the Wrong Choice Act] - let me te... (Read More)


  • Waters Slams Treasury Report
    Posted in Press Releases on June 13, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act

    Today, in response to a report from the U.S. Department of the Treasury which resulted from President Trump’s February Executive Order, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released the following statement: “Our nation’s economic security is in grave danger. The report released by Treasury is an attack on protections for consumers, investors and retirees. Make no mistake, the Treasury Department is proposing to take apart Wall Street Reform j... (Read More)


  • ICYMI: More than 300 Groups and Experts Oppose the Wrong Choice Act
    Posted in Press Releases on June 12, 2017 | Preview rr

    Last week, Republicans in the U.S. House of Representatives passed the Wrong Choice Act, a bill that would put the needs of Wall Street above hardworking Americans. The Wrong Choice Act advances President Trump’s efforts to dismantle consumer protections for seniors, service members and people saving for their retirement; endanger market stability; and undercut financial regulators’ ability to curb threats to the economy. Republicans are effectively helping out those who need it least, undoing c... (Read More)


  • Waters Statement on House Passage of the Wrong Choice Act
    Posted in Press Releases on June 8, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act

    Today, in response to House passage of H.R. 10, also known as the Wrong Choice Act, Congresswoman Maxine Waters, Ranking Member of the Committee on Financial Services, made the following statement: “It's shameful that Republicans have voted to do the bidding of Wall Street at the expense of Main Street and our economy. They are setting the stage for Wall Street to run amok and cause another financial crisis. I urge my colleagues in the Senate not to move on this deeply harmful bill.” To see Rank... (Read More)


  • Waters Opening Floor Statement in Opposition to the Wrong Choice Act
    Posted in Press Releases on June 8, 2017 | Preview rr

    Today, during floor debate on H.R. 10, also known as the Wrong Choice Act, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following opening statement: As Prepared for Delivery H.R. 10 is being called the Wrong Choice Act by the American public because this bill is truly the wrong choice for all of us. Indeed, this is one of the worst bills I have seen in my time in Congress. This bill is a vehicle for Donald Trump's agenda to deregulate and he... (Read More)


  • Republican Staff Report Praises Wells Fargo, Criticizes Agency that Held it Accountable
    Posted in Press Releases on June 8, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB

    In another attempt to undermine the important work of the Consumer Financial Protection Bureau (Consumer Bureau or CFPB), Republicans on the House Committee on Financial Services issued a 13-page staff report that attempted to redirect blame away from Wells Fargo for their massive fraudulent account scandal and onto the Consumer Bureau. The report falsely accuses the Consumer Bureau of not cooperating with the Committee’s investigation, even though the Consumer Bureau has produced thousands of p... (Read More)


  • House Republicans to Bring Bill to Floor to Gut Wall Street Reform, Harm Americans
    Posted in Press Releases on June 7, 2017 | Preview rr

    This week, the U.S. House of Representatives will vote on a bill that puts Wall Street’s special interests ahead of hardworking American consumers. The Financial Choice Act, also known as the Wrong Choice Act, paves the way right back to the dark days of the financial crisis by dismantling Wall Street reform. “The Wrong Choice Act is a vehicle for Donald Trump's agenda to get rid of financial regulation and help out Wall Street,” said Congresswoman Maxine Waters, Ranking Member of the Committee ... (Read More)


  • Waters Calls for Bipartisan Reauthorization of the National Flood Insurance Program
    Posted in Press Releases on June 7, 2017 | Preview rr
    Tags: Full Committee , Flood Insurance

    Today, at a full Committee hearing to examine draft legislation to reauthorize the National Flood Insurance Program (NFIP), Congresswoman Maxine Waters (D-CA)¸ Ranking Member of the Committee on Financial Services, urged Committee Members to work on a bipartisan long-term reauthorization package: As Prepared for Delivery Thank you, Mr. Chairman and welcome to all of our witnesses, who are here to discuss draft legislation to reauthorize the National Flood Insurance Program (NFIP). This hearing i... (Read More)


  • Waters Statement on the Nomination of Joseph Otting to Lead the OCC
    Posted in Press Releases on June 6, 2017 | Preview rr
    Tags: OCC , HUD

    Following the announcement that President Trump will nominate Joseph Otting, former OneWest Bank chief executive, to lead the Office of the Comptroller of the Currency (OCC), Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released the following statement: “The mission of the OCC is to ensure that financial institutions operate in a safe and sound manner, provide fair access to financial services, and treat customers fairly. With Mnuchin at Treasury and... (Read More)


  • Waters Op-Ed: Why We Need the Consumer Financial Protection Bureau and Why Republicans Want It Dead
    Posted in Press Releases on June 6, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB

    In an op-ed published today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, discussed the numerous ways in which the Consumer Financial Protection Bureau (Consumer Bureau) continues to fight for hardworking Americans who have been harmed by illegal, predatory financial schemes, and the ways in which President Trump and Congressional Republicans are trying to undermine its work. In the piece, Ranking Member Waters underscores the numerous impacts ... (Read More)


  • Waters Statement on SEC Request for Comment on Standards of Conduct for Financial Advisers
    Posted in Press Releases on June 2, 2017 | Preview rr
    Tags: SEC

    Today, in response to a statement from Securities and Exchange Commission (SEC) Chairman Jay Clayton requesting public comment on the standards of conduct applicable to broker-dealers and investment advisers when providing financial advice, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement: “As one of his first orders of business, SEC Chairman Jay Clayton issued a statement on the SEC’s website requesting public input on the... (Read More)


  • Waters: Fed’s Action Against Deutsche Bank Proves Need for Increased Oversight
    Posted in Press Releases on May 31, 2017 | Preview rr

    Following the announcement that the Federal Reserve fined Deutsche Bank $41 million on account of the bank’s “unsafe and unsound” anti-money laundering practices, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released the following statement: “Yesterday’s action by the Federal Reserve provides yet more evidence of Deutsche Bank’s well-known pattern of compliance failures and lax anti-money laundering controls. In light of this, I once again call on De... (Read More)


  • ICYMI: Committee Democrats Host Panel on Protecting Critical Community Development Programs
    Posted in Press Releases on May 30, 2017 | Preview rr
    Tags: HUD , Budget

    Last week, House Financial Services Committee Ranking Member Maxine Waters (D-CA), Vice Ranking Member Dan Kildee (D-MI) and Housing and Insurance Subcommittee Ranking Member Emanuel Cleaver (D-MO), hosted a roundtable discussion on how the Trump Administration’s full budget request would create suffering for whole communities; increase poverty, hunger and homelessness; and reduce economic development opportunities across the nation. The panel, which featured both urban and rural community leade... (Read More)


  • Committee Dems Request Information from Deutsche Bank on Russia Money Laundering Scheme and Trump Accounts
    Posted in Press Releases on May 24, 2017 | Preview rr
    Tags: Money Laundering , International

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, Congressman Daniel Kildee (D-MI), Vice Ranking Member of the Committee on Financial Services, Congresswoman Gwen Moore (D-WI), Ranking Member of the Subcommittee on Monetary Policy and Trade, Congressman Al Green (D-TX), Ranking Member of the Subcommittee on Oversight & Investigations, and Congressman Ed Perlmutter (D-CO), Ranking Member of the Subcommittee on Terrorism and Illicit Finance, sent a l... (Read More)


  • Waters, Cummings, Scott on Trump Administration’s Decision to Temporarily Halt Repeated Attempts to Undermine Fiduciary Rule
    Posted in Press Releases on May 23, 2017 | Preview rr

    Reps. Maxine Waters (D-CA), Elijah E. Cummings (D-MD), and Bobby Scott (D-VA), Ranking Members of the House Committees on Financial Services, Oversight and Government Reform, and Education and the Workforce, issued the following statement on today’s announcement that the Department of Labor’s (DOL) fiduciary rule will be initially implemented after the conclusion of the current 60-day delay. “For years, Democrats have championed this common sense rule because it simply ensures workers and famili... (Read More)


  • Waters: Trump Budget is Extremely Harmful
    Posted in Press Releases on May 23, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB , Flood Insurance , Budget

    Today, in response to the Trump Administration’s release of its full budget request to Congress for Fiscal Year 2018, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement: “Donald Trump has once again revealed who he really is, with a cruel and senseless budget that abandons Main Street and the vulnerable. “The Trump budget mirrors efforts by Congressional Republicans to roll back Wall Street reform and take us back to the bad ... (Read More)


  • Committee Democrats to Treasury: Provide Information on Trump’s Financial Ties with Russia to Our Committee
    Posted in Press Releases on May 23, 2017 | Preview rr
    Tags: Department of the Treasury , International

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, Congressman Dan Kildee (D-MI), Vice Ranking Member of the Committee on Financial Services, Congresswoman Gwen Moore (D-WI), Ranking Member of the Subcommittee on Monetary Policy and Trade, Congressman Al Green (D-TX), Ranking Member of the Subcommittee on Oversight and Investigations, and Congressman Ed Perlmutter (D-CO), Ranking Member of the Subcommittee on Terrorism and Illicit Finance, sent a le... (Read More)


  • Roundtable Discussion: Protecting Critical Community Development Programs
    Posted in Press Releases on May 22, 2017 | Preview rr
    Tags: HUD

    On Wednesday, May 24, 2017, at 3:30 p.m. EDT, Ranking Member Maxine Waters (D-CA), Vice Ranking Member Dan Kildee (D-MI) and Housing and Insurance Subcommittee Ranking Member Emanuel Cleaver (D-MO), will host a roundtable discussion on how the Administration’s proposed elimination of the Community Development Block Grant (CDBG) and HOME Investment Partnerships (HOME) programs would create suffering for whole communities; increase poverty, hunger and homelessness; and reduce affordable housing an... (Read More)


  • ICYMI: House Committee Ranking Members Request Review of the Wrong Choice Act
    Posted in Press Releases on May 12, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act

    Several House Committee Ranking Members submitted letters to their respective Chairmen requesting that their committees do not waive their jurisdiction over H.R. 10, also known as the Wrong Choice Act. The Wrong Choice Act, a wide-reaching financial services bill, makes financial markets less safe, puts consumers at risk, and undermines critical safeguards in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), the law that was put in place to protect the American economy ... (Read More)


  • Committee Democrats Fight Republican Bill to Roll Back Wall Street Reform
    Posted in Press Releases on May 4, 2017 | Preview rr

    On the second day of the House Financial Services Committee markup of H.R. 10, also known as the Wrong Choice Act, Committee Democrats continued to resist the Republican agenda to roll back consumer and investor protections in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). The Wrong Choice Act undermines and outright repeals critical safeguards in Dodd-Frank, unleashing the same behavior on Wall Street that led to the 2008 financial crisis. Before Chairman Hensarling... (Read More)


  • Democrats Fight Into the Night to Protect Consumers, Homeowners
    Posted in Press Releases on May 3, 2017 | Preview rr
    Tags: Full Committee , Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB , Markup

    On the first day of the House Financial Services Committee markup of H.R. 10, also known as the Wrong Choice Act, Committee Democrats fought throughout the day and into the night to protect hardworking Americans from the catastrophic damage the bill would cause. The Wrong Choice Act undermines and outright repeals critical safeguards in the Dodd-Frank Wall Street Reform and Consumer Protection Act, a law that was designed to protect the American economy from another financial crisis. Before the ... (Read More)


  • Fact Sheet: The Wrong Choice Act Paves the Way Back to the Financial Crisis
    Posted in Press Releases on May 2, 2017 | Preview rr

    During the House Financial Services Committee markup of H.R. 10, also known as the Wrong Choice Act, Committee Democrats are fighting back against Republican attempts to make financial markets less safe and put consumers at risk. The Wrong Choice Act undermines and outright repeals critical safeguards in Dodd-Frank, the law that was designed to protect the American economy from another financial crisis. The Wrong Choice Act: Completely guts and functionally terminates the highly successful Consu... (Read More)


  • Waters Opening Statement at Markup of the Wrong Choice Act
    Posted in Press Releases on May 2, 2017 | Preview rr
    Tags: Full Committee , Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB , SEC , Federal Reserve , Volcker Rule , Markup

    Today, at a full Committee markup of the Wrong Choice Act, a bill that repeals the most important aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following opening statement: As Prepared for Delivery Thank you, Mr. Chairman. Mr. Chairman, this is one of the worst bills I’ve seen in my time in Congress. The Wrong Choice Act is a vehicle for Donald Trump's agenda to get rid... (Read More)


  • ICYMI: Financial Services Committee Dems Fight Back Against the Wrong Choice Act
    Posted in Press Releases on May 1, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act

    Last week, House Financial Services Committee Democrats led the Committee’s first Minority Day Hearing in 20 years in order to protect the economic security of hardworking Americans from a bill that prioritizes Wall Street over Main Street. The hearing, which featured testimony from Senator Elizabeth Warren and 10 other expert witnesses, reviewed Chairman Hensarling’s Wrong Choice Act, a nearly 600-page bill that repeals the most important aspects of the Dodd-Frank Wall Street Reform and Consume... (Read More)


  • Trump’s 100 Days: Broken Promises to Main Street, Giveaways to Wall Street
    Posted in Press Releases on April 29, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act

    After just 100 days in office, President Trump has undermined the economic security of the middle class and hardworking Americans by beginning to roll back financial regulations and putting reckless policies in place. The list below recounts Trump’s broken promises, threatening consumers, investors, and the economy at large: On the first day of his administration, Trump suspended a reduction to Federal Housing Administration (FHA) mortgage insurance premiums, which would have saved homeowners $5... (Read More)


  • ICYMI: Wave of Opposition to the Wrong Choice Act
    Posted in Press Releases on April 29, 2017 | Preview rr
    Tags: Full Committee , Dodd–Frank Wall Street Reform and Consumer Protection Act

    This week, Committee Democrats led a Minority Day Hearing on the many problems with Chairman Hensarling’s Wrong Choice Act, a bill that would repeal the most important aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and put America on the road to another financial crisis. The hearing, which featured testimony from Senator Elizabeth Warren and other experts and community advocates, comes amid a wave of opposition to the bill. To date, over 130 groups have submitted lette... (Read More)


  • Waters Slams the Wrong Choice Act During Historic Minority Day Hearing
    Posted in Press Releases on April 28, 2017 | Preview rr

    Today, at the historic Minority Day Hearing of the House Financial Services Committee, Ranking Member Maxine Waters (D-CA) delivered the following statement: As Prepared for Delivery Thank you, Mr. Chairman, and thank you to the witnesses for joining us today, especially Senator Elizabeth Warren, who created the idea of the Consumer Financial Protection Bureau, and gave the force behind making it a reality. Earlier this week, the Majority held a hearing during which their witnesses shared so man... (Read More)


  • Media Advisory: Committee Democrats to Hold Hearing on the Wrong Choice Act
    Posted in Press Releases on April 27, 2017 | Preview rr

    On Friday, April 28, 2017, House Financial Services Committee Democrats will lead an additional hearing on H.R. 10, also known as the Wrong Choice Act. The hearing, referred to as a “Minority Day Hearing,” is the first hearing before the Financial Services Committee under the 115th Congress where Democrats can select the panel of witnesses. This hearing is historic in that the parliamentary maneuver Democrats successfully used to convene this hearing has not succeeded in the Committee in 20 year... (Read More)


  • Waters Pushes for Greater Anti-Money Laundering Oversight
    Posted in Press Releases on April 27, 2017 | Preview rr
    Tags: Money Laundering , International , Subcommittee on Terrorism and Illicit Finance

    Today, at a Terrorism and Illicit Finance hearing entitled “Safeguarding the Financial System from Terrorist Financing,” Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, delivered the following statement: As Prepared for Delivery Thank you, Mr. Chairman. One of the key issues this subcommittee will be looking at is the adequacy of current information-sharing authorities and the degree to which they strike the right balance between security and civil libe... (Read More)


  • Waters Introduces Bill to Prohibit Trump from Exempting Big Oil from Russia Sanctions
    Posted in Press Releases on April 26, 2017 | Preview rr
    Tags: International

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, joined by lead cosponsors Congresswoman Gwen Moore (D-WI), Ranking Member of the Subcommittee on Monetary Policy and Trade, and Congressman Ed Perlmutter (D-CO), Ranking Member of the Subcommittee on Terrorism and Illicit Finance, introduced the “No Russia Exemptions for Oil Production Act” (the No REX Act), which prohibits the Trump Administration from providing special licenses to companies to engage in ... (Read More)


  • Committee Democrats Call for an Additional Hearing on the Wrong Choice Act
    Posted in Press Releases on April 26, 2017 | Preview rr

    Today, at the only scheduled committee hearing to review Chairman Hensarling's Wrong Choice Act, House Financial Services Committee Democrats, led by Ranking Member Maxine Waters (D-CA), submitted a letter to the Chairman requesting an additional hearing in order to thoroughly analyze how the legislation would impact consumers, investors, and the American economy. "Following the worst financial crisis since the Great Depression, this Committee held 41 public hearings related to financial reform ... (Read More)


  • Waters: Dodd-Frank Rollback Bill Would Result in Disaster
    Posted in Press Releases on April 26, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB , SEC , FSOC , Federal Reserve , FDIC

    Today, at the only scheduled committee hearing to review Chairman Hensarling's Wrong Choice Act 2.0, a bill that would destroy the most important parts of the Dodd-Frank Wall Street Reform and Consumer Protection Act Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following opening statement: As Prepared for Delivery Thank you, Mr. Chairman, and thank you to the witnesses for being here today. There is only one explanation for why we are here d... (Read More)


  • Waters: On Sanctions Waivers, Trump’s Word Not Enough
    Posted in Press Releases on April 22, 2017 | Preview rr

    In response to a Trump Administration statement denying that they will issue waivers to the sanctions on Russia to authorize oil drilling, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “For months, I have sounded the alarm about Trump, his associates, their many suspicious ties to Russia and oil and gas companies, and their long game of getting sanctions on Russia lifted to line the pockets of their cronies. “The denial o... (Read More)


  • Waters Statement on Reports that ExxonMobil Applied for Waiver from U.S. Sanctions on Russia
    Posted in Press Releases on April 21, 2017 | Preview rr
    Tags: Money Laundering , Subcommittee on Terrorism and Illicit Finance

    WASHINGTON - In response to reports that ExxonMobil has requested special permission from the U.S. Treasury Department’s Office of Foreign Assets Control to be exempted from U.S. sanctions imposed in response to Russia’s aggression in Ukraine and its violations of international law, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “It is deeply disturbing that ExxonMobil is now seeking a waiver from the sanctions which the ... (Read More)


  • Waters Statement on Trump’s Executive Orders to Help Out Wall Street
    Posted in Press Releases on April 21, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act

    WASHINGTON - Today, in response to a pair of Trump Administration executive actions aimed at deregulating the financial services sector, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement. “Here we go again. When it comes time for Trump to put up or shut up on his promises to hardworking Americans, all he puts up are giveaways to his buddies on Wall Street that come at the expense of the nation’s economic security and stabilit... (Read More)


  • Waters Applauds Consumer Bureau for Tackling Ocwen’s Predatory Loan Practices
    Posted in Press Releases on April 21, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB

    WASHINGTON – In response to the Consumer Financial Protection Bureau’s (Consumer Bureau) lawsuit against Ocwen Financial Corporation for years of incompetent handling of mortgage accounts, Congresswoman Maxine Waters (D-CA), issued the following statement: “Enough is enough when it comes to Ocwen’s history of repeated, abusive treatment of homeowners. Their behavior is simply inexcusable, especially since homeowners don’t have the right to choose their own mortgage servicer. The executives at O... (Read More)


  • Waters Leads Call for Diverse Candidates in Search for Next Federal Reserve President
    Posted in Press Releases on April 18, 2017 | Preview rr
    Tags: Federal Reserve , Subcommittee on Monetary Policy & Trade

    WASHINGTON - In a letter to Janet Yellen, Chair of the Board of Governors of the Federal Reserve System, and Margaret Lewis, Chair of the Federal Reserve Bank of Richmond Board of Directors, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, called for their commitment to replacing Federal Reserve Bank of Richmond President Jeffrey M. Lacker with an individual whose interests align with those of the American public. The lawmakers noted that one quarter of ... (Read More)


  • Waters: Ex-Im Opponent Scott Garrett is the Wrong Choice to Lead the Ex-Im Bank
    Posted in Press Releases on April 18, 2017 | Preview rr
    Tags: Export-Import Bank , Subcommittee on Monetary Policy & Trade

    WASHINGTON - Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement opposing the pending nomination of former Representative Scott Garrett, a staunch opponent of the Ex-Im Bank, to serve as its next president: “Despite all the claims Trump made over the course of his campaign, the selection of former right-wing Representative Scott Garrett to serve as the next president of the Export-Import Bank again makes clear that he ... (Read More)


  • Waters: Gutting Dodd-Frank is still the Wrong Choice for America
    Posted in Press Releases on April 12, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB , Volcker Rule

    Today, in response to the release of details of the updated version of the “Financial Choice Act,” Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “The so-called Financial Choice Act is a piece of legislation that will essentially kill the most important aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was designed to prevent another financial crisis. Republicans and Donald Trump have once aga... (Read More)


  • Waters Leads Fight to Defend the Flood Insurance Program, Policyholders
    Posted in Press Releases on April 7, 2017 | Preview rr
    Tags: Flood Insurance

    Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, delivered three letters to House appropriators in support of her ongoing effort to fight for those who have fallen victim to natural flood disasters. The letters call for a rejection of any fees on the National Flood Insurance Program’s (NFIP) policyholders in order to pay for President Trump’s U.S.-Mexico border wall, the forgiveness of NFIP’s debt, and increased funding for our nation’s flood maps. In... (Read More)


  • Waters Calls For Increased Funding for Federal Housing Programs in Fiscal Year 2018
    Posted in Press Releases on April 7, 2017 | Preview rr
    Tags: HUD , Budget , Homelessness

    Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, which oversees federal housing programs, urged her colleagues to meet the housing needs of the country’s most vulnerable populations during the federal appropriations process for fiscal year 2018. The Ranking Member proposed funding increases for a variety of federal housing programs, including the Department of Housing and Urban Development’s (HUD) McKinney-Vento Homeless Assistance Grants (McKinney-Ve... (Read More)


  • Waters Slams Republicans’ Abusive Practices towards the Consumer Bureau
    Posted in Press Releases on April 6, 2017 | Preview rr

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement in strong opposition to Chairman Hensarling’s abuse of his unilateral subpoena power and his excessive document requests from the Consumer Financial Protection Bureau (Consumer Bureau): “The Consumer Financial Protection Bureau has not only been faithfully compliant in responding to the Chairman’s endless requests for documents, but to date they’ve produced nearly 90,0... (Read More)


  • Waters Continues to Fight to End Homelessness in America
    Posted in Press Releases on April 6, 2017 | Preview rr
    Tags: HUD , Homelessness

    In response to the over 500,000 homeless Americans, including 120,000 homeless children, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, along with 14 Democratic Members of Congress, introduced groundbreaking legislation that outlines a strategic plan to end homelessness. The Ending Homelessness Act of 2017 represents the solution this country needs to effectively end homelessness in America. “Homelessness is a tragic reminder of the poverty that ... (Read More)


  • Waters Floor Statement in Support of the Supporting America’s Innovators Act
    Posted in Press Releases on April 6, 2017 | Preview rr

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, spoke on the House floor in support of H.R. 1219, the Supporting America’s Innovators Act, a bipartisan bill that would make it easier for more angel investors to finance startup companies and small businesses: As Prepared for Delivery H.R. 1219, the Supporting America’s Innovators Act, shows just how well we can work together to craft bipartisan solutions that support our nation’s innovators and th... (Read More)


  • Waters Statement at Hearing on the Consumer Bureau’s Semi-Annual Reports
    Posted in Press Releases on April 5, 2017 | Preview rr
    Tags: Full Committee , CFPB

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following opening statement at today's full committee hearing on the Consumer Financial Protection Bureau's (Consumer Bureau) Semi-Annual Reports to Congress with Director Richard Cordray: As Prepared for Delivery Thank you, Mr. Chairman. And thank you, Director Cordray, for joining us again to discuss the numerous ways in which the Consumer Financial Protection Bureau continues to fight for hardw... (Read More)


  • Waters Blasts Trump Administration Delay of Fiduciary Rule
    Posted in Press Releases on April 4, 2017 | Preview rr

    Today, in response to the U.S. Department of Labor’s announcement that it will proceed with a 60-day delay of the fiduciary rule, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, made the following statement: “I am extremely displeased that the Trump Administration has delayed the fiduciary rule, which would finally protect seniors and hardworking Americans saving for retirement from unscrupulous and self-serving financial advisors. With less than ... (Read More)


  • Vice Ranking Member Kildee’s Floor Statement Opposing H.R. 1343
    Posted in Press Releases on April 4, 2017 | Preview rr
    Tags: House Floor

    Today, Congressman Dan Kildee (D-MI), Vice Ranking Member of the House Committee on Financial Services, spoke on the House floor in opposition to H.R. 1343: As Prepared for Delivery H.R. 1343 eliminates important disclosures that private companies must provide to their employees in the event that they’re compensating those employees with stock. This bill would limit transparency. If companies want to pay their employees in stocks, they should have to disclose to their workers the risks associate... (Read More)


  • Waters and 40 Democratic Members Unite in Their Fight to Protect the Consumer Bureau
    Posted in Press Releases on March 31, 2017 | Preview rr
    Tags: CFPB

    Following the D.C. Circuit granting the Consumer Financial Protection Bureau’s (Consumer Bureau) petition for rehearing en banc in the PHH case, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, and 40 Democratic Members filed an amicus brief today with the D.C. Circuit Court of Appeals in support of the Consumer Bureau’s independent structure and its constitutionality. “After extensively studying the roots of this crisis…Congress established a cons... (Read More)


  • Waters Statement on Wells Fargo “Needs to Improve” CRA Rating
    Posted in Press Releases on March 28, 2017 | Preview rr
    Tags: OCC

    Today, in response to the Office of the Comptroller of the Currency’s issuance of a “needs to improve” rating to Wells Fargo on their Community Reinvestment Act exam, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “I am pleased that the Office of the Comptroller of the Currency (OCC) is finally taking action to ensure that Wells Fargo is held accountable to its responsibilities and obligations under the Community Reinvestm... (Read More)


  • Waters Applauds CFPB Enforcement Action against Experian, Calls for Reforms to Credit Reporting
    Posted in Press Releases on March 24, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB , Credit Reports and Scores

    WASHINGTON -- Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, applauded the Consumer Financial Protection Bureau’s enforcement action against Experian, a prominent credit reporting agency, and called for comprehensive legislative improvements to consumer reporting law. “I have long advocated for an overhaul of our nation’s credit reporting system. That’s why in the past I’ve introduced and will continue to work to advance the Comprehensive Consum... (Read More)


  • Waters Pushes for Strong U.S. Leadership Position at the World Bank
    Posted in Press Releases on March 22, 2017 | Preview rr
    Tags: Full Committee , Subcommittee on Monetary Policy & Trade , International

    Today, at a Monetary Policy and Trade Subcommittee entitled “Examining Results and Accountability at the World Bank,” Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following opening statement: As Prepared for Delivery Thank you. I would like to welcome our witnesses here today to discuss one of the very important issues within our jurisdiction, which is oversight of U.S. participation in the multilateral development banks (MDBs), including th... (Read More)


  • Waters Holds Wells Fargo Executives Accountable
    Posted in Press Releases on March 17, 2017 | Preview rr
    Tags: CFPB , OCC

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, sent a letter to Timothy J. Sloan, Chief Executive Officer of Wells Fargo & Company, expressing serious concern with the repeated refusal of four top Wells Fargo executives, including Sloan, to be interviewed by Democratic Committee staff in furtherance of the Committee’s ongoing investigation into the bank’s dishonest and criminal behavior. The letter is the latest in Waters’ efforts to hold ... (Read More)


  • 40 House Dems to DOL: Don’t Delay Fiduciary Rule
    Posted in Press Releases on March 17, 2017 | Preview rr
    Tags: Department of Labor

    Today, Representatives Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, Bobby Scott (D-VA), Ranking Member of the House Committee on Education and Workforce, Elijah Cummings (D-MD), Ranking Member of the House Committee on Oversight and Government Reform, and 37 other Democratic Members of Congress sent a letter to Ed Hugler, Acting Secretary of the U.S. Department of Labor (DOL), expressing opposition to the DOL’s proposed 60-day delay of its fiduciary rule. Th... (Read More)


  • Waters Strongly Opposes Trump’s Harmful Budget Proposal
    Posted in Press Releases on March 16, 2017 | Preview rr
    Tags: Export-Import Bank , HUD , Budget

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released the statement below in response to President Trump’s budget blueprint: “This a dangerous budget, but we only know part of it. Trump’s massive cuts to housing and economic development programs would put millions of Americans and their communities at risk. But this is only part of the story: Trump’s budget is silent on the future of Wall Street’s cop, the Securities and Exchange Commission, and the ... (Read More)


  • Waters on Fed Interest Rate Decisions: Independent Fed is Critical
    Posted in Press Releases on March 16, 2017 | Preview rr

    In response to the Federal Reserve’s decision to raise the target range for the federal funds rate, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement: “While I am concerned that this decision may slow the progress that continues to be needed for many vulnerable Americans, this is an important time to reaffirm that judgments on monetary policy must be left to an independent Federal Reserve. Republicans have consistently worke... (Read More)


  • Waters Launches “Trump Tracker” to hold Administration Accountable
    Posted in Press Releases on March 14, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act

    Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, launched a new webpage dedicated to tracking President Trump’s destructive actions against consumers, investors, and the economy. As the Trump Administration continues to threaten the livelihood of millions of Americans with reckless policies and proposals, Waters has pledged her commitment to calling out their hypocrisy and fighting against their harmful agenda. To stay up to date on how Waters is h... (Read More)


  • Waters Applauds Selection of Raphael Bostic as Atlanta Fed President
    Posted in Press Releases on March 13, 2017 | Preview rr
    Tags: Federal Reserve

    Following today’s historic announcement that Raphael Bostic will serve as the first African American and openly-gay president of a regional Federal Reserve Bank, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, applauded the Federal Reserve Bank of Atlanta and the Board of Governors for taking the long-awaited first step towards building diversity among the Federal Reserve’s senior leadership: “Mr. Bostic is an outstanding choice. His wealth of exp... (Read More)


  • Committee Dems to Fed Chair: Don’t Halt Regulatory Work
    Posted in Press Releases on March 10, 2017 | Preview rr
    Tags: Federal Reserve

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, and 21 Democrats on the Committee sent a letter to Janet Yellen, Chair of the Board of Governors of the Federal Reserve System, requesting that the Fed continue fulfilling all of its mandates under the law, including the ongoing review of existing rules that could help responsible community banks, and updating other regulations as may be appropriate. The letter follows a recent letter from Chairman ... (Read More)


  • Committee Dems Call on Hensarling to Investigate Deutsche Bank’s Russian Money-Laundering Scheme, Trump Administration Ties to Russia
    Posted in Press Releases on March 10, 2017 | Preview rr
    Tags: Full Committee , Subcommittee on Monetary Policy & Trade , Department of Justice

    In a letter to Chairman Hensarling, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, Congressman Daniel Kildee (D-MI), Vice Ranking Member of the Committee on Financial Services, Congressman Ed Perlmutter (D-CO), Ranking Member of the Subcommittee on Terrorism and Illicit Finance, Congressman Al Green (D-TX), Ranking Member of the Subcommittee on Oversight & Investigations, and Congresswoman Gwen Moore (D-WI), Ranking Member of the Subcommittee on Moneta... (Read More)


  • Trump’s Border Wall Plan Robs Flood Victims
    Posted in Press Releases on March 9, 2017 | Preview rr

    In response to reports on the Trump Administration’s plans to tax National Flood Insurance Program (NFIP) policyholders and cut 11% from the Federal Emergency Management Agency (FEMA) in order to build a wall along the U.S.-Mexico border, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released the following statement: “This is purely outrageous and unconscionable. National Flood Insurance Program (NFIP) policyholders continue to struggle with unafforda... (Read More)


  • Waters Opening Statement at Markup of Capital Markets Bills
    Posted in Press Releases on March 9, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , SEC , Flood Insurance , Markup , International

    Today, at a full Committee markup of six legislative proposals relating to our nation’s capital markets, Representative Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following opening statement: As Prepared for Delivery Thank you, Mr. Chairman. Today, we will consider a set of legislative proposals designed to improve our nation’s capital markets, which continue to be the envy of the world. One important and long-overdue bill we will consider will provide ... (Read More)


  • Waters Slams the Trump Administration’s Harmful Plans for HUD
    Posted in Press Releases on March 9, 2017 | Preview rr
    Tags: HUD

    Today, in response to reports that the Trump Administration’s preliminary budget plans for the U.S. Department of Housing and Urban Development would cut more than $6 billion from its budget, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “Every day, the Trump Administration reveals with their actions that they are willing to abandon and betray hardworking Americans and vulnerable families. This shameful plan would slash f... (Read More)


  • Waters Calls for Bipartisan Reauthorization of The National Flood Insurance Program
    Posted in Press Releases on March 9, 2017 | Preview rr
    Tags: Flood Insurance , Subcommittee on Housing and Insurance

    Today, at a hearing to examine the National Flood Insurance Program (NFIP), Congresswoman Maxine Waters (D-CA)¸ Ranking Member of the Committee on Financial Services, urged Committee Members to swiftly move towards long-term reauthorization, stressing the need for affordable insurance premiums and cancellation of the program’s $24.6 billion debt. As Prepared for Delivery Thank you, Mr. Chairman. Reauthorization of the National Flood Insurance Program (NFIP) is critical. Our housing market has st... (Read More)


  • Waters Applauds the CFPB’s Work on Credit Reporting Problems, Calls for Comprehensive Legislative Reforms
    Posted in Press Releases on March 2, 2017 | Preview rr
    Tags: CFPB , Credit Reports and Scores

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, applauded the Consumer Financial Protection Bureau for a new report detailing a range of significant issues in credit reporting and its oversight work in the area, and called for comprehensive reforms to improve the nation’s credit reporting system. “Credit reporting is an area where I have long called for an overhaul to the system. That’s why in the past I’ve introduced and will continue to advocat... (Read More)


  • Waters Blasts Carson’s HUD Confirmation
    Posted in Press Releases on March 2, 2017 | Preview rr
    Tags: HUD

    Following the U.S. Senate’s Confirmation of Dr. Ben Carson to lead the U.S. Department of Housing and Urban Development (HUD), Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement: “Senate Republicans have consistently confirmed Trump’s questionable cabinet nominee’s and today is no different. “The decision to put Dr. Carson in such a critical role in our Federal government reveals that Trump and Republicans are not serious abo... (Read More)


  • ICYMI: Financial Services Committee Republicans Oppose Amendments to Help Main Street
    Posted in Press Releases on March 1, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB , SEC , Markup

    In the House Financial Services Committee markup to consider its Budget Views and Estimates for Fiscal Year 2018, Ranking Member Maxine Waters (D-CA) and Committee Democrats urged Committee Republicans to join them in holding the Trump Administration accountable and supporting amendments that would help middle class families and the most vulnerable populations. Throughout the markup, Democrats offered amendments to protect consumers and investors. Not surprisingly, every single amendment was opp... (Read More)


  • Waters Strongly Opposes GOP Bill to Impede Regulators
    Posted in Press Releases on March 1, 2017 | Preview rr
    Tags: CFPB

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, spoke on the House floor in strong opposition to H.R. 1009, a bill that would aid the Trump Administration in obstructing the important work of independent federal regulators and harm working families. The full text of Waters’ statement, as prepared for delivery, is below: Thank you Ms. Plaskett. H.R. 1009 would empower Trump’s White House to block all of the independent financial agencies’ proposed... (Read More)


  • Waters: Don’t Delay Fiduciary Rule
    Posted in Press Releases on March 1, 2017 | Preview rr
    Tags: Full Committee , Department of Labor

    Today, in response to the U.S. Department of Labor’s proposal to delay the implementation of its fiduciary rule, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “I am deeply disappointed that the Trump Administration has decided to once again put Wall Street ahead of Main Street by delaying a crucial protection for seniors and Americans planning for retirement. The fiduciary rule, which was set to go into effect in April, w... (Read More)


  • Waters: GOP Budget Views Abandon Main Street
    Posted in Press Releases on February 28, 2017 | Preview rr
    Tags: Full Committee , Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB , HUD , Markup , Budget

    Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, rebuked Committee Republicans for putting forth budget views that fail to address issues of wealth inequality, the racial wealth gap, homelessness, affordable housing, consumer protection, and investor protection. As Prepared for Delivery Thank you, Mr. Chairman. Today, this Committee will consider Views and Estimates on the Budget for Fiscal Year 2018. This is important work, as our Committee has juris... (Read More)


  • Committee Ranking Members to Chairmen: Investigate Flynn and Trump’s Ties to Russia
    Posted in Press Releases on February 15, 2017 | Preview rr
    Tags: Full Committee , International

    In a letter to Chairman Hensarling, Subcommittee Chairman Pearce, Subcommittee Chairman Barr, Subcommittee Chairman Huizenga, Subcommittee Chairman Luetkemeyer, Subcommittee Chairman Duffy, and Subcommittee Chairman Wager, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, Congressman Daniel Kildee (D-MI), Vice Ranking Member of the Committee on Financial Services, Congressman Ed Perlmutter (D-CO), Ranking Member of the Subcommittee on Terrorism and Illici... (Read More)


  • Waters: Republicans Intent on Destroying CFPB, Harming Consumers
    Posted in Press Releases on February 15, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB

    Today, in response to a series of bills introduced by Senate Republicans to undermine the Consumer Financial Protection Bureau (CFPB), Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, made the following statement: “Republicans are wasting no time in their shameful efforts to dismantle the Consumer Financial Protection Bureau. In the time since its creation, this highly successful agency has returned nearly $12 billion to more than 29 million consumers... (Read More)


  • At Yellen Hearing, Waters Warns of Harm to Economy from Trump Policies
    Posted in Press Releases on February 15, 2017 | Preview rr
    Tags: Full Committee , Dodd–Frank Wall Street Reform and Consumer Protection Act , Federal Reserve

    Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, delivered the following opening statement at today’s full committee hearing to receive the Monetary Policy and State of the Economy report from Federal Reserve Chair Janet Yellen: As Prepared for Delivery Thank you Mr. Chairman, and thank you Chair Yellen for testifying today. Each day, as a new episode of chaos unfolds at the Trump White House, working families across the country are reminded that our ... (Read More)


  • Waters Calls Out Trump’s Allegiance to Big Oil
    Posted in Press Releases on February 14, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , SEC

    Surrounded by Republican members of the House Committee on Financial Services, today President Trump signed into law H.J. Res 41, which eliminates a bipartisan rule that made it harder for oil, gas, and mining companies to engage in bribery and corruption in developing nations. Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement in response: “Section 1504 of the Dodd-Frank Wall Street Reform Act is a core element of U.S. leade... (Read More)


  • Waters Denounces Confirmation of Foreclosure King Steven Mnuchin as Treasury Secretary
    Posted in Press Releases on February 13, 2017 | Preview rr
    Tags: Department of the Treasury

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released the following statement today in response to the U.S. Senate’s confirmation of Steven Mnuchin as Secretary of the U.S. Department of the Treasury: “I am extremely disappointed in Senate Republicans for clearing the way for yet another Wall Street insider to take a critical leadership position in the Administration. Trump and his fellow Republicans in Congress are determined to pack the Administrat... (Read More)


  • Waters Applauds Court Ruling Upholding Fiduciary Rule
    Posted in Press Releases on February 9, 2017 | Preview rr
    Tags: Department of Labor

    Today, in reaction to a court ruling from a Texas federal judge upholding the U.S. Department of Labor’s fiduciary rule, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “I'm pleased to see that for the third time our courts have upheld the Department of Labor's fiduciary duty rule so that hardworking Americans planning for retirement get the protection they deserve from unscrupulous and self-serving financial advisers. Even... (Read More)


  • Waters: Our Plan would be Committed to Providing Greater Opportunity for Every American
    Posted in Press Releases on February 7, 2017 | Preview rr
    Tags: Full Committee , Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB , Markup

    Today at the House Committee on Financial Services markup of its Oversight Plan, Ranking Member Maxine Waters (D-CA) underscored Democratic priorities for the 115th session of Congress: As Prepared For Delivery Thank you, Mr. Chairman. To begin, let me say that I appreciate that there was an attempt to present this oversight plan in a straightforward and clear manner. The oversight plan – which is designed to discuss the issues this Committee will examine throughout the 115th Congress – does not... (Read More)


  • ICYMI: Committee Republicans Vote Down Rules to Hold Trump Administration Accountable
    Posted in Press Releases on February 4, 2017 | Preview rr
    Tags: Full Committee , Markup

    When the House Financial Services Committee met for the first time in the 115th Congress to consider its rules, Ranking Member Maxine Waters (D-CA) led Democrats in trying to force Committee Republicans to hold the Trump Administration accountable. Throughout the markup, Financial Services Democrats offered an array of amendments aimed to increase transparency and accountability and prevent conflicts of interest. Not surprisingly, all of these amendments were opposed by Republican Members. Commi... (Read More)


  • Waters: Trump's Changes to Wall Street Rules Will Lead to Another Crisis
    Posted in Press Releases on February 3, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , Department of Labor

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released the following statement today on President Trump’s executive orders to delay the Department of Labor’s conflict of interest rule and roll back financial reforms put it place after the financial crisis of 2008. “These latest actions from the Trump administration should show the American public that Trump and his cabinet of billionaires is putting the interests of Wall Street above the needs of the ... (Read More)


  • Waters Encourages Chairman Hensarling to Apply His Pattern of Aggressive Oversight to the Trump Administration
    Posted in Press Releases on February 2, 2017 | Preview rr
    Tags: Markup

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, encouraged Chairman Jeb Hensarling (R-TX) to apply the same level of aggressive oversight to the Trump Administration as he did with the Obama Administration. During the Committee’s first meeting in the 115th Congress to consider its rules, Ranking Member Waters underscored her concern regarding the lack of transparency amongst Republican Committee Members, similar to the Trump Administration. Below... (Read More)


  • Waters Strongly Opposes Republican Effort to Reduce Transparency and Increase Corruption
    Posted in Press Releases on February 1, 2017 | Preview rr
    Tags: International

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, spoke strongly against H.J. Res. 41, a Congressional Review Act resolution designed to roll back important anti-corruption rules. H.J. Res. 41 would repeal Section 1504 of Dodd-Frank, which requires oil, gas, and mining companies to publicly disclose payments made to foreign governments for access to their natural resources. This disclosure helps fight corruption in the extractive industries sector,... (Read More)


  • Waters Announces the Democratic Vice Ranking Member, Subcommittee Ranking Members, and Subcommittee Assignments
    Posted in Press Releases on January 31, 2017 | Preview rr
    Tags: Subcommittee on Housing and Insurance , Subcommittee on Financial Institutions & Consumer Credit , Subcommittee on Monetary Policy & Trade , Subcommittee on Oversight & Investigations , Subcommittee on Capital Markets, Securities, and Investment

    Today, Ranking Member Maxine Waters (D-CA) and Democrats on the House Committee on Financial Services elected their Vice Ranking Member and their Subcommittee Ranking Members. Members also selected their Subcommittee assignments for the 115th Congress.‎ The Democratic Caucus created the Vice Ranking Member position to provide more representation of the diversity of the Democratic Caucus, and strengthen its fight on behalf of hard-working Americans. Congressman Daniel T. Kildee (MI-05) was electe... (Read More)


  • Waters Leads Democrats in Calling for Diversity in the Leadership of the Federal Reserve Banks
    Posted in Press Releases on January 31, 2017 | Preview rr
    Tags: Federal Reserve

    In a letter to Janet Yellen, Chair of the Board of Governors of the Federal Reserve System, and Margaret Lewis, Chair of the Federal Reserve Bank of Richmond Board of Directors, Congresswoman Maxine Waters (D-CA) called for intentional efforts to identify and select diverse candidates to replace retiring Federal Reserve Bank of Richmond President Jeffrey M. Lacker. Waters was joined by Financial Services Committee Democrats, Democrats serving in the Fifth Federal Reserve District, and Rep. John ... (Read More)


  • Waters: Another Dangerous EO from our Erratic President
    Posted in Press Releases on January 30, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act

    Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, released a statement following Donald Trump’s implementation of yet another Executive Order (EO), this time rolling back important financial safeguards through a 2-for-1 gimmicky ploy: Sadly, every day brings another dangerous edict from President Trump and yesterday was no different. Trump unilaterally and arbitrarily signed another EO, prohibiting Federal agencies from proposing any new regulation ... (Read More)


  • Rex Tillerson and the Repeal of Section 1504
    Posted in Press Releases on January 30, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , International

    Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, released a statement following the introduction of Rep. Bill Huizenga’s (R-MI) resolution to repeal Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank): Today, the compulsive Republican Party took the first step in repealing the hard work of Democrats to make companies more accountable to American taxpayers. Section 1504 of Dodd-Frank was specifically designed t... (Read More)


  • CBC Warns Trump Against Removing CFPB Director Richard Cordray
    Posted in Press Releases on January 24, 2017 | Preview rr
    Tags: CFPB

    Following their joint op-ed published in The Hill, members of the Congressional Black Caucus (CBC), led by Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, and Congressman Cedric Richmond (D-LA), Chairman of the Congressional Black Caucus, penned a letter to President Donald Trump, warning him against removing Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB), prior to the expiration of his term in July 2018. In the lette... (Read More)


  • Waters Condemns the Trump Administration for Betraying Homebuyers
    Posted in Press Releases on January 20, 2017 | Preview rr
    Tags: FHA , HUD

    Today Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, issued the following statement in response to the Department of Housing and Urban Development’s (HUD) announcement indefinitely suspending a reduction to the Federal Housing Administration (FHA) annual mortgage insurance premiums: “Just one hour after being sworn in, President Trump betrayed American homebuyers. Today, the Trump Administration declared its plan to indefinitely suspend President... (Read More)


  • Does He or Doesn’t He? Mnuchin’s Confirmation Hearing Raises Questions
    Posted in Press Releases on January 20, 2017 | Preview rr
    Tags: Department of the Treasury

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement following Steven Mnuchin’s confirmation hearing to become Treasury Secretary before the Senate Finance Committee: “What we saw during yesterday’s hearing has only increased my concerns about how the incoming Trump Administration is going to effectively govern. The confirmation hearings this week have made several things abundantly clear, but there is one commonality th... (Read More)


  • Statement by Ranking Member Maxine Waters on the Resignation of Export-Import Bank Chairman and President Fred P. Hochberg
    Posted in Press Releases on January 19, 2017 | Preview rr
    Tags: Export-Import Bank

    “As the Obama Administration comes to a close, we must acknowledge the noble men and women who dedicated themselves to serving this Administration. Fred Hochberg, one of the most distinguished business leaders in our nation’s history, served with distinction, compassion, and a commitment to creating jobs and supporting our economic recovery. “Over the course of more than 80-years, the Export-Import Bank has successfully fulfilled its mission of creating U.S. jobs by supporting the export of U.S.... (Read More)


  • CBC Op-Ed: Trump Must Keep CFPB Director Richard Cordray
    Posted in Press Releases on January 18, 2017 | Preview rr
    Tags: CFPB

    In an op-ed published today in The Hill, House Democrats of the Congressional Black Caucus, led by Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, and Congressman Cedric Richmond (D-LA), Chairman of the Congressional Black Caucus, published an op-ed demanding President-elect Donald Trump reject any attempts to remove the Director of the Consumer Financial Protection Bureau (CFPB), Richard Corday, prior to the expiration of his term in July 2018. I... (Read More)


  • Waters Applauds US-EU Covered Agreement
    Posted in Press Releases on January 13, 2017 | Preview rr
    Tags: International

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released the following statement today in response to an announcement from the U.S. Treasury Department that representatives from the United States and European Union successfully reached an agreement on international insurance and reinsurance rules, resulting in a covered agreement, as established by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act): “Thanks to the Dodd... (Read More)


  • Waters Dismisses Carson as a Viable Secretary of HUD
    Posted in Press Releases on January 13, 2017 | Preview rr
    Tags: HUD

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued a statement following Dr. Ben Carson’s confirmation hearing to serve as Secretary of the Department of Housing and Urban Development (HUD): “Yesterday's confirmation hearing continues the common thread that ties together the incoming Trump Administration: a fundamental lack of experience, as well as a total misunderstanding of the agencies that they have been nominated to lead and the people ... (Read More)


  • Waters Strongly Opposes Republican Efforts to Dismantle Financial Regulation
    Posted in Press Releases on January 12, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , SEC , CFTC , House Floor

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, spoke strongly against two bills pushed by Republicans to effectively roll back postcrisis financial regulation. Ranking Member Waters acknowledged the bills on the House floor today as another attempt by the majority to gut policies that have helped millions of Americans. H.R. 78, the Securities and Exchange Commission (SEC) Regulatory Accountability Act Ranking Member Waters criticized and offered... (Read More)


  • Waters Applauds CFPB's Initiative in Investigating Consumer Harassment
    Posted in Press Releases on January 12, 2017 | Preview rr
    Tags: CFPB

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement following a report published by the Consumer Financial Protection Bureau (CFPB/Bureau), demonstrating that over one-in-four consumers contacted by debt collectors felt threatened. This report is a result of the first-ever national survey of consumer experiences with debt collectors: “All Americans deserve a financial system that punishes predatory conduct, regardless o... (Read More)


  • Waters Congratulates Newly Appointed Democrat Committee Members
    Posted in Press Releases on January 10, 2017 | Preview rr
    Tags: Full Committee , Dodd–Frank Wall Street Reform and Consumer Protection Act

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released a statement following the announcement of the newly appointed Democratic Members to the Committee, who will serve for the 115th Congress: “Democrats are now the last line of defense to fight the onslaught of Wall Street Reform rollbacks and deregulatory bills the Republicans will try to rush to President-elect Trump’s desk. But we are more than up to the challenge,” said Congresswoman Waters. “I w... (Read More)


  • Committee Democrats to Trump: Keep Cordray, Protect Consumers
    Posted in Press Releases on January 10, 2017 | Preview rr
    Tags: CFPB

    Today, Financial Services Committee Democrats, led by Congresswoman Maxine Waters (D-CA), demanded that President-elect Donald Trump reject any attempts to deregulate Wall Street by removing the Director of the Consumer Financial Protection Bureau (CFPB), Richard Cordray, prior to the expiration of his term in July 2018. In a letter to President-elect Trump, the Members said they will strongly oppose any action towards removing Director Cordray from his position as CFPB Director. In addition, th... (Read More)


  • Waters Praises Castro for FHA Premium Reductions
    Posted in Press Releases on January 9, 2017 | Preview rr
    Tags: FHA , HUD

    In response to the U.S. Department of Housing and Urban Development’s (HUD) notice earlier today announcing the reduction of annual insurance premiums on most mortgages insured by the Federal Housing Administration (FHA), Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, praised HUD Secretary Julián Castro for his leadership in strengthening the FHA to carry out its mission to expand homeownership to low income borrowers, minority families, and first-time ho... (Read More)


  • GAO Report Underscores Waters’ Criticism of FEMA’s Compensation Methodology
    Posted in Press Releases on January 9, 2017 | Preview rr
    Tags: Flood Insurance , GAO

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement in response to a report published today by the U.S. Government Accountability Office (GAO) discussing the compensation paid to Write-Your-Own (WYO) companies that administer to the National Flood Insurance Program (NFIP). In 2014, Ranking Member Waters called on the GAO to study federal payments to WYO insurers and how they relate to actual expenses incurred by those insurers... (Read More)


  • Waters Calls for HUD, DOJ to Release OneWest Investigation Documents
    Posted in Press Releases on January 9, 2017 | Preview rr
    Tags: Department of the Treasury , HUD , Department of Justice

    Following her statement denouncing President-elect Trump’s nomination of Steve Mnuchin as Treasury Secretary, Congresswoman Maxine Waters (D-CA) called on the Department of Housing and Urban Development (HUD) and the Department of Justice (DOJ) to immediately release documents pertaining to investigations into any fraudulent or discriminatory activities committed by Mnuchin’s bank, OneWest. Congresswoman Waters underscored the urgency behind releasing these documents due to the conflict of inter... (Read More)


  • Waters: California Foreclosure King Mnuchin’s Actions Disqualify Him from Being Treasury Secretary
    Posted in Press Releases on January 6, 2017 | Preview rr
    Tags: Department of the Treasury

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released the following statement in response to a memo leak documenting widespread misconduct at OneWest, a bank that was headed by President-elect Trump’s Treasury nominee, Steve Mnuchin. The leaked memo exposes the bank’s violation of notice and waiting period statues, which subsequently forced struggling homeowners out of their homes, resulting in tens of thousands of foreclosures in California at the h... (Read More)


  • Waters: Clayton’s Strong Wall Street Ties Highlight Trump’s Conflicts of Interest
    Posted in Press Releases on January 4, 2017 | Preview rr
    Tags: SEC

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued a statement following President-elect Trump’s nomination of Wall Street lawyer and Goldman Sachs adviser Jay Clayton as the head of the Securities and Exchange Commission (SEC), a major regulator of banks and Wall Street: “With this latest pick, Donald Trump is fervently continuing his campaign of nominating Wall Street insiders to regulate Wall Street. Jay Clayton is just the latest addition to the... (Read More)


  • Waters Statement on Fed Decision to Raise Rates
    Posted in Press Releases on December 14, 2016 | Preview rr
    Tags: Federal Reserve

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released the following statement on the Federal Reserve’s decision today to raise the target range for the federal funds rate: “While I don’t agree with the Fed’s decision to raise rates, I am a strong advocate of an independent Federal Reserve free of political interference. I am concerned that under the new administration and with the support of a Republican-controlled House and Senate, the days of an in... (Read More)


  • Waters Speaks Out Against Yet Another GOP Wall Street Gift
    Posted in Press Releases on December 7, 2016 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , FSOC , House Floor

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, spoke on the House floor opposing H.R. 5143 as the next bill in the Trump agenda that would benefit Wall Street at the expense of financial stability. “This week’s gift is less oversight of the largest insurers in the U.S., which will put us at risk for another AIG,” Waters said, noting the global insurer was a poster child of the financial crisis and was bailed out to the tune of $182 billion. Waters expl... (Read More)


  • Top Democrats Call for Public Hearing on DOL Waivers for Banks with History of Misconduct
    Posted in Press Releases on December 7, 2016 | Preview rr
    Tags: Department of Labor

    Today, leading Democratic lawmakers called on the Department of Labor (DOL) to hold a public hearing on its recent proposals to let five megabanks with a history of criminal misconduct to continue managing assets of U.S. pension funds under the preferred status of “qualified professional asset manager” (QPAMs). The letter was signed by Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services; Senator Elizabeth Warren (D-MA); and Reps. Bobby Scott (D-VA), Ranking... (Read More)


  • Waters Blasts Carson’s HUD Nomination
    Posted in Press Releases on December 5, 2016 | Preview rr
    Tags: HUD

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement after President-elect Trump announced he will nominate Dr. Ben Carson to serve as Secretary of the Department of Housing and Urban Development (HUD): “Dr. Carson’s nomination to lead the Department of Housing and Urban Development (HUD) is frightening. He may be a brain surgeon but he is not qualified to run HUD. Donald Trump knows this. During the Republican primary, he call... (Read More)


  • Rep. Waters Re-Elected Ranking Member of House Financial Services Committee
    Posted in Press Releases on December 2, 2016 | Preview rr
    Tags: Full Committee

    Today, Congresswoman Maxine Waters (D-CA) was re-elected unanimously by the Democratic Caucus to serve as Ranking Member of the Committee on Financial Services for her third term. She released the following statement: “I am honored to have been re-elected to lead the House Financial Services Committee in the 115th Congress. We face many challenges in the years ahead, with President-elect Trump threatening to dismantle Dodd-Frank, putting our financial stability and consumer protections at risk. ... (Read More)


  • Waters: H.R. 6392 is First Step in Trump Agenda to Deregulate Wall Street
    Posted in Press Releases on December 1, 2016 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , FSOC , Department of the Treasury , House Floor

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, spoke on the House floor opposing H.R. 6392, a bill that would let President-elect Trump’s Wall Street-friendly administration deregulate 27 of the largest banks in the country. “H.R. 6392 would repeal Dodd-Frank’s $50 billion threshold, above which banks are subject to closer regulatory scrutiny, and prevent the Federal Reserve Board from regulating these banks,” Waters said. “Instead, it would hand over ... (Read More)


  • Waters: Mnuchin Got Rich Off Foreclosure Crisis
    Posted in Press Releases on November 30, 2016 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , Department of the Treasury

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement on reports that President-elect Trump will nominate Steven Mnuchin to serve as the next Treasury Secretary: “Donald Trump ran a campaign on anti-Wall Street rhetoric, but appointing a former hedge fund manager, Goldman Sachs executive, and bank CEO as Treasury Secretary shows his true colors. Mr. Mnuchin is a Wall Street insider with ties to big banks that have a troubling pa... (Read More)


  • Waters, Leading Democrats Support CFPB’s Efforts to Appeal PHH Court Case
    Posted in Press Releases on November 29, 2016 | Preview rr
    Tags: CFPB

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, signed onto an amicus brief filed today with the D.C. Circuit Court of Appeals in support of the Consumer Financial Protection Bureau’s petition to have the entire court revisit an earlier decision by a three-judge panel that struck down the Bureau’s structure. Waters was joined by 20 current and former Members of Congress in supporting the CFPB’s appeal in PHH Corp. v. CFPB, including Sen. Sherrod Brown (... (Read More)


  • Waters, Ranking Financial Services Democrats Call On Inspectors General to Hold Trump Administration Accountable
    Posted in Press Releases on November 22, 2016 | Preview rr
    Tags: SEC , Federal Reserve , FDIC , Department of the Treasury , HUD , NCUA , FHFA , Department of Justice

    Today, top Democrats on the House Financial Services Committee sent a letter to Inspectors General at federal financial services agencies, the Department of Housing and Urban Development, and the Department of Justice, calling on them to root out any potential conflicts of interests in President-elect Donald Trump’s administration. Led by Ranking Member Maxine Waters (D-CA), the letter was also signed by Ranking Members Carolyn Maloney (D-NY), Subcommittee on Capital Markets and Government Spons... (Read More)


  • Waters Opposes Bill to Undermine Iran Nuclear Deal, Warns of Global Risks Under Trump
    Posted in Press Releases on November 17, 2016 | Preview rr
    Tags: Export-Import Bank , Department of the Treasury , International

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, spoke on the House floor opposing H.R. 5711, a bill that would undermine the Iran nuclear deal, thereby jeopardizing both U.S. and global security. “I am particularly concerned that this bill comes at a time of deep global uncertainty about U.S. foreign policy," Waters said. "We have a President-elect whose talk on foreign policy has ranged from vague and contradictory in some areas to utterly incoherent e... (Read More)


  • Brown, Waters Oppose Efforts to Gut Wall Street Reform Via Funding Bills
    Posted in Press Releases on November 17, 2016 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , Budget

    The leading Democrats on the Senate Banking and House Financial Services Committees today urged Congressional leaders to reject any attempts to use must-pass government funding legislation to repeal, weaken, or delay financial reforms and consumer protections. In a letter to Senate and House leaders, Sen. Sherrod Brown (D-OH) and Rep. Maxine Waters (D-CA) said they will oppose ideological policy riders to year-end funding legislation aimed at rolling back protections of the Dodd-Frank Wall Stree... (Read More)


  • Brown, Waters, Warren, Ellison Demand Financial Services Industry Condemn Bannon Appointment
    Posted in Press Releases on November 16, 2016 | Preview rr

    Today, Senator Sherrod Brown (D-OH), Ranking Member of the Committee on Banking, Housing, and Urban Affairs; Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services; Senator Elizabeth Warren (D-MA); and Congressman Keith Ellison (D-MN) sent an open letter to financial services trade groups demanding that they condemn the appointment of Stephen Bannon to President-elect Donald Trump’s administration. The Members noted that the Mr. Bannon’s track record of bigotry... (Read More)


  • Waters Warns of Risks to Financial Stability, Consumer Protection and American Freedoms under Trump
    Posted in Press Releases on November 15, 2016 | Preview rr
    Tags: SEC , Speeches and Committee Statements

    In her opening statement at a full committee hearing with Securities and Exchange Commission Chair Mary Jo White, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, denounced President-elect Trump’s stances on financial services and Congressional Republicans’ deregulatory Wall Street agenda. “The demise of the regulations that Wall Street is cheering are the very regulations that have made our consumers, investors and economy safer and more resilient.” Wat... (Read More)


  • Waters Demands OCC Release Wells Fargo Community Performance Ratings
    Posted in Press Releases on October 18, 2016 | Preview rr
    Tags: OCC

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, sent a letter to the Office of the Comptroller of the Currency (OCC) expressing serious concern over a seven-year delay in the public availability of Wells Fargo’s performance evaluation under the Community Reinvestment Act (CRA). The letter is the latest in Waters’ ongoing efforts to hold Wells Fargo accountable for its fraudulent activity following its settlement with regulators last month over th... (Read More)


  • Congresswoman Waters Applauds Retirement of Wells Fargo Chairman and Chief Executive Officer John G. Stumpf
    Posted in Press Releases on October 12, 2016 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released the following statement today in response to an announcement by Wells Fargo & Company saying that Chairman and Chief Executive Officer John G. Stumpf would retire from the company, effective immediately: “Given Mr. Stumpf’s failure of oversight at Wells Fargo, I believe it is more than appropriate that he today decided to retire from the company, effective immediately. Wells Fargo’s misconduct, in... (Read More)


  • Waters: CFPB Works for Consumers Despite Conservative Efforts to Dismantle It
    Posted in Press Releases on October 11, 2016 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement on the DC Circuit Court of Appeals’ decision today regarding the structure of the Consumer Financial Protection Bureau (CFPB): “The CFPB is a critical part of the Dodd-Frank Act and has returned nearly $12 billion to more than 27 million consumers by going after fraud at large banks like Wells Fargo. After years of industry and Republican attacks falsely claiming that the CFP... (Read More)


  • Waters, Committee Democrats Push for Strong ‘Clawback’ Rule After Wells Fargo Scandal
    Posted in Press Releases on October 5, 2016 | Preview rr
    Tags: SEC , Federal Reserve , OCC , FDIC , NCUA , FHFA

    In light of more than 2 million fraudulent deposit and credit card account openings at Wells Fargo, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, and 10 Committee Democrats urged financial regulators to strengthen a proposed “clawback” rule regarding when a financial institution must revoke senior executives’ bonuses. In their letter, the Members underscored the need to strengthen rules regarding incentive-based compensation at financial institutions,... (Read More)


  • Waters to Stumpf: ‘This is Just the Beginning’
    Posted in Press Releases on September 29, 2016 | Preview rr
    Tags: Full Committee , Dodd–Frank Wall Street Reform and Consumer Protection Act , Speeches and Committee Statements

    In her opening statement at a full committee hearing on the unauthorized accounts at Wells Fargo, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, urged Chairman and CEO John Stumpf to tell the truth about the fraudulent activity that occurred and take full responsibility. “We still do not have the information we need to understand how this happened, when the sales culture turned toxic, and who knew about it and when,” Waters said. Waters called for a th... (Read More)


  • More Than 100 House Democrats Send Letter Urging Strong CFPB Payday Rule
    Posted in Press Releases on September 28, 2016 | Preview rr
    Tags: CFPB

    Today, 104 House Democrats, led by Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, sent a letter to the Consumer Financial Protection Bureau (CFPB) urging it to adopt a strong final payday lending rule and close loopholes that harm consumers. Congress gave the CFPB the authority to study and regulate the payday lending industry to curb its predatory practices, which trap consumers in an endless cycle of debt. On June 2, the CFPB released a proposed rule... (Read More)


  • Waters: Wells Fargo Fraud Underscores Need for Strong Fed Supervision
    Posted in Press Releases on September 28, 2016 | Preview rr
    Tags: Full Committee , Dodd–Frank Wall Street Reform and Consumer Protection Act , Federal Reserve , Speeches and Committee Statements

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, stressed the need for robust regulatory oversight of financial institutions in her opening statement at a hearing today with Federal Reserve Chair Janet Yellen. “The Dodd-Frank Act has required regulators to increase capital and liquidity standards, reduce interconnection in the financial markets, and more closely scrutinize large financial firms’ risk management,” Waters said. “However, there is much work... (Read More)


  • Waters Opposes Republicans’ Unacceptable Short-Term Funding Bill
    Posted in Press Releases on September 23, 2016 | Preview rr
    Tags: Export-Import Bank , Budget

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement on Republicans’ continuing resolution (CR) that would fund the government until December: “Republicans have proposed a continuing resolution to fund our government and services to the American people that is simply unacceptable. This CR is an insult to the people of Flint, Mich., where thousands of children have been poisoned by lead in their drinking water and many st... (Read More)


  • Waters Stresses Importance of FSOC, Wall Street Reform in Wake of Wells Fargo Scandal
    Posted in Press Releases on September 22, 2016 | Preview rr
    Tags: Full Committee , Dodd–Frank Wall Street Reform and Consumer Protection Act , FSOC , Speeches and Committee Statements

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, discussed the importance of the Financial Stability Oversight Council (FSOC) in keeping our financial system safe at a hearing today with Treasury Secretary Jacob J. Lew on the FSOC’s annual report to Congress. “With Wall Street reform, we created the FSOC to look across the entire financial system, identify gaps that may exist between regulators, and take action to prevent another meltdown,” Waters said i... (Read More)


  • On House Floor, Waters Warns that Iran Reporting Bill Could Destabilize Nuclear Deal
    Posted in Press Releases on September 21, 2016 | Preview rr
    Tags: Money Laundering , House Floor , International , Speeches and Committee Statements

    Delivering remarks on the House floor in opposition to H.R. 5461 today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, denounced the “Iranian Leadership Asset Transparency Act” as an attempt to threaten the viability of the Iran nuclear deal. In her remarks, Waters noted that this bill is the “latest in a series of Republican efforts aimed at undermining the landmark nuclear agreement reached last year by Iran and the world’s six major powers.” For exa... (Read More)


  • Democrats Reiterate Call for Field Hearing on National Flood Insurance Program
    Posted in Press Releases on September 14, 2016 | Preview rr
    Tags: Flood Insurance

    Today, Reps. Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services; Emanuel Cleaver (D-MO), Ranking Member of the Subcommittee on Housing and Insurance; and Cedric Richmond (D-LA), reiterated their call for Committee Republicans to hold a field hearing in Baton Rouge, La., so that Members can fully understand the devastation from the recent flooding in the area and issues surrounding the National Flood Insurance Program (NFIP) ahead of its reauthorization. The lawmakers sen... (Read More)


  • Democrats Force an End to Political Charade on 'Wrong Choice Act'
    Posted in Press Releases on September 13, 2016 | Preview rr

    During committee consideration of H.R. 5983, Democrats expressed their grave concerns with the bill and noted that it was simply so toxic that it was unamenable. Democrats moved for an immediate vote on the measure in the face of Republican inaction on a host of other issues facing the committee. ‎Ranking Member Waters said: "Mr. Chairman, this bill is so bad that it simply cannot be fixed. This markup is not a serious attempt to move thoughtful legislation, evidenced by the fact that we only ha... (Read More)


  • Waters: GOP Wall Street Deregulation Plan is the Wrong Choice for America
    Posted in Press Releases on September 13, 2016 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB , SEC , Department of Labor , Speeches and Committee Statements

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, derided Republicans’ reckless plan to repeal Wall Street Reform during Committee consideration of H.R. 5983. In her opening statement, Waters noted that “nearly all the rules we enacted to make banks safer and stronger would be repealed, and replaced by a phony choose-your-own regulatory regime that puts the banks in the driver’s seat.” She added that, considering the massive fraud scheme that the Consumer... (Read More)


  • ICYMI: Opposition to Republicans’ ‘Wrong Choice Act’ Grows
    Posted in Press Releases on September 13, 2016 | Preview rr

    A growing number of groups submitted letters opposing House Republicans’ Wrong Choice Act ahead of a Committee markup of the bill, H.R. 5983, which would gut the Dodd-Frank Wall Street Reform and Consumer Protection Act. The letters can be found below: AFL-CIO Americans For Financial Reform CalSTRS Center for American Progress Center for Popular Democracy’s Fed Up Coalition The Center for Responsible Lending Consumer Federation of America Council of Institutional Investors Fair Arbitration Now G... (Read More)


  • Waters Statement on $185 Million Enforcement Action Against Wells Fargo for Secretly Charging California Consumers for Unauthorized Services
    Posted in Press Releases on September 9, 2016 | Preview rr
    Tags: CFPB , OCC

    In the wake of a settlement between Wells Fargo and the City and County of Los Angeles, as well as federal regulators including the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC), Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement: “Yesterday, we learned that Wells Fargo perpetrated widespread, illegal conduct, including secretly opening an estimated 1.5 million deposit and... (Read More)


  • Waters Leads Efforts to Oppose Private Equity Giveaways
    Posted in Press Releases on September 9, 2016 | Preview rr
    Tags: SEC , FSOC , House Floor , Speeches and Committee Statements

    During general debate on H.R. 5424 on the House floor today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, led opposition to the measure, which would roll back Dodd-Frank’s much-needed oversight and transparency measures for private equity funds, hedge funds, and others in the shadow banking industry. In her remarks, Waters lamented that the Republican-led House is focusing on protecting “Wall Street profits,” rather than working in a bipartisan manne... (Read More)


  • On House Floor, Waters Denounces Republican Attempts to Weaken Investor Protections
    Posted in Press Releases on September 8, 2016 | Preview rr
    Tags: SEC , Speeches and Committee Statements

    During floor consideration of H.R. 2357, Congresswoman Maxine Waters (D-CA), Ranking Member of Committee on Financial Services, urged rejection of the bill, which would harm American investors and small businesses and thwart regulators’ abilities to police the markets against fraud. In her remarks, Ranking Member Waters criticized House Republicans for “prioritizing a bill that would make it easier for companies to scam investors by escaping regulatory scrutiny,” instead of addressing “a host of... (Read More)


  • Waters Introduces Legislation to Forgive $23 Billion Flood Insurance Program Debt
    Posted in Press Releases on September 8, 2016 | Preview rr

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, today introduced a bill, H.R. 5953, to forgive the $23 billion in debt at the National Flood Insurance Program (NFIP) and place the program on a path toward solvency and affordability ahead of its reauthorization in fiscal 2017. The NFIP provides flood insurance to more than 5 million households and businesses in the United States, providing more than $1 trillion in coverage. The program is also an integra... (Read More)


  • Rep. Waters Tours Flood Damage in Baton Rouge, Louisiana
    Posted in Press Releases on August 30, 2016 | Preview rr
    Tags: Flood Insurance

    In the wake of historic flooding in the Baton Rouge, La., area, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services and long-time friend to the Louisiana area, visited the disaster-affected region. Rep. Waters met with local officials as well as affected residents to review the damage, assess the federal government’s response thus far, and understand key issues ahead of the need to reauthorize the National Flood Insurance Program (NFIP) by September 30, 2017... (Read More)


  • Waters, Cleaver, Richmond Call for Field Hearing on the National Flood Insurance Program
    Posted in Press Releases on August 25, 2016 | Preview rr
    Tags: Flood Insurance

    Today, in the face of the historic flooding in Louisiana, a trio of House Democratic lawmakers called on Republican leadership of the Financial Services Committee to hold a field hearing in Baton Rouge, Louisiana, to examine the government’s response to the recent flooding in that area, and to better inform the Committee as it prepares to consider the reauthorization of the National Flood Insurance Program (NFIP), which is set to expire on September 30, 2017. In the letter to Committee Chairman ... (Read More)


  • Waters Calls on President Obama to Waive the Cost Sharing Requirements for Disaster Assistance on Flooded Areas in Louisiana
    Posted in Press Releases on August 23, 2016 | Preview rr
    Tags: Flood Insurance

    Following historic flooding in Louisiana and the President’s disaster declaration leaving open the possibility that the state may have to cover 25 percent of public assistance funds, Congresswoman Maxine Waters (D – CA), Ranking Member of the Committee on Financial Services sent a letter to President Obama and called on him to use his authority to provide relief for the state and require the federal government to pay for 100 percent of public assistance. Due to the low take up rates of the Natio... (Read More)


  • Congresswoman Waters Urges Rethinking Natural Disaster Assistance in the Wake of Baton Rouge Flooding
    Posted in Press Releases on August 19, 2016 | Preview rr
    Tags: Flood Insurance

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement in the wake of historic flooding in Baton Rouge, Louisiana: “As the devastating flooding in Baton Rouge, Louisiana demonstrates, too many Americans receive outdated and incorrect signals from the National Flood Insurance Program (NFIP). Only a small fraction of residents who found themselves in harm's way were considered to be in a flood zone and therefore most did not purcha... (Read More)


  • Waters, Conyers, Johnson Lead Over 60 House Democrats in Letter Supporting CFPB Arbitration Proposal
    Posted in Press Releases on August 3, 2016 | Preview rr
    Tags: CFPB

    Today, 65 House Democrats, led by Reps. Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services; John Conyers, Jr. (D-MI), Ranking Member of the Committee on the Judiciary; and Henry C. “Hank” Johnson, Jr. (D-GA), Ranking Member of the Subcommittee on Regulatory Reform, Commercial and Antitrust Law, sent a letter to the Consumer Financial Protection Bureau expressing strong support for its proposal to limit forced arbitration in consumer contracts. The rule would ban class-ac... (Read More)


  • On Dodd-Frank Anniversary, Waters Lauds 5 Years of CFPB Successes for Consumers
    Posted in Press Releases on July 21, 2016 | Preview rr

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement on the sixth anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act, highlighting the successes of the Consumer Financial Protection Bureau as it celebrates five years of working for consumers: “In the six years since we enacted Wall Street Reform, we have seen a financial system that works better for consumers and an economy that is stronger because of ... (Read More)


  • Waters Statement on Senate Passage of Bipartisan Housing Legislation
    Posted in Press Releases on July 15, 2016 | Preview rr

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement on Senate passage of H.R. 3700, “The Housing Opportunity Through Modernization Act of 2015,” that will make improvements to federal housing programs: “I am pleased that Congress has come together to improve some of our most important federal housing programs. The Senate cleared legislation, H.R. 3700, that will make modest, incremental reforms to help these programs better op... (Read More)


  • Waters to DOJ: Don’t Let Big Banks Off the Hook
    Posted in Press Releases on July 15, 2016 | Preview rr
    Tags: Department of Justice

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, sent a letter urging the Department of Justice to pursue prosecution of HSBC employees over alleged financial crimes related to money laundering. Waters opposed the approach the Justice Department took in 2012 when allegations surfaced that HSBC failed to prevent money laundering by international drug cartels and helped clients to move hundreds of millions of dollars to several countries under U.... (Read More)


  • Waters: Republicans Pass Reckless Iran Financing Bill, Leave Important Issues on the Table
    Posted in Press Releases on July 14, 2016 | Preview rr
    Tags: International , Speeches and Committee Statements

    As the House considered H.R. 4992, the so-called “United States Financial System Protection Act,” Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, called out Republicans for rushing a harmful bill to the floor on the last day of session as part of their “reckless and politically driven ‘Iran week’ agenda.” In floor remarks opposing the bill, Waters noted that it would violate the Iran nuclear deal by reapplying secondary sanctions that had been lifted as... (Read More)


  • At Markup, Waters Opposes GOP Efforts to Undermine Iran Nuclear Deal
    Posted in Press Releases on July 13, 2016 | Preview rr
    Tags: Export-Import Bank , International , Speeches and Committee Statements

    In opening remarks during a Financial Services Committee markup today, Congresswoman Maxine Waters (D-CA), the Committee’s Ranking Member, expressed concern with legislation that would violate or undermine the U.S.’s commitments under the Iran nuclear deal. “We are considering two pieces of legislation today that would have serious consequences for our ability to uphold the Iran nuclear deal and a third bill which reflects the latest in a long string of baseless and politically motivated attacks... (Read More)


  • Waters Criticizes Republicans for Politically-Charged Hearing with HUD Secretary
    Posted in Press Releases on July 13, 2016 | Preview rr
    Tags: FHA , HUD , Speeches and Committee Statements

    In opening remarks at a House Financial Services Committee hearing today with Secretary of Housing and Urban Development Julián Castro, Ranking Member Maxine Waters (D-CA) criticized Republicans for “hijacking a very important topic in order to launch attacks on the Secretary, and the Department, rather than substantively examine the issues impacting working people in this country.” Waters highlighted the need for changes to the HUD’s Distressed Asset Stabilization Program so that it can better ... (Read More)


  • Committee Hearing Highlights Flaws in GOP’s Wall Street Deregulation Plan
    Posted in Press Releases on July 12, 2016 | Preview rr
    Tags: Full Committee , Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB

    Today, the House Financial Services Committee held a hearing on the Republican plan to gut the Dodd-Frank Act. Committee Democrats and the Democratic witness, Georgetown University Law Professor Adam Levitin, explained how this plan would benefit special interests and expose us to another financial crisis. “The Choice Act is a bad choice, is a recipe for financial disaster. It prioritizes ideologically driven positions over careful and serious policy analysis and reasoning, and the fate of the U... (Read More)


  • Waters: Wrong Choice Act Gives Banks a ‘Hall Pass’ from Wall Street Reform
    Posted in Press Releases on July 12, 2016 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB , SEC , FSOC , Speeches and Committee Statements

    In opening remarks during a Financial Services Committee hearing today, Congresswoman Maxine Waters (D-CA), the Committee’s Ranking Member, denounced Republicans’ deregulatory agenda that puts the needs of special interests above working Americans. Waters noted that Chairman Hensarling’s legislation, the “Wrong Choice Act,” to gut Dodd-Frank would make “radical changes to our financial regulatory framework that would harm consumers and the greater economy.” This would include giving banks a “hal... (Read More)


  • Infographic: Why Dodd-Frank Repeal Is the Wrong Choice for Consumers, Investors, and the Financial System
    Posted in Press Releases on July 11, 2016 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act

    Tomorrow, the House Financial Services Committee will hold a hearing on Chairman Hensarling’s plan to gut Wall Street Reform. Here’s why repealing Dodd-Frank is the Wrong Choice for consumers, investors, and the entire financial system: For more information on the legislation: Summary of the “Wrong Choice Act” Opposition to the “Wrong Choice Act” Waters: We Must Build on Wall Street Reform, Not Dismantle It ### (Read More)


  • Pallone, Waters and 21 Colleagues Demand FEMA Provide Oversight of National Flood Insurance Program
    Posted in Press Releases on July 8, 2016 | Preview rr
    Tags: Flood Insurance

    Today, Congressman Frank Pallone, Jr. (NJ-06), Congresswoman Maxine Waters (CA-43), and 21 of their colleagues sent a bipartisan letter asking that FEMA fulfill its legal obligation to provide oversight of the private insurance companies that participate in the National Flood Insurance Program (NFIP). In the wake of Superstorm Sandy and other recent disasters, FEMA and NFIP have faced accusations of incompetence and fraud. A recent PBS Frontline documentary entitled, “The Business of Disaster” e... (Read More)


  • Waters Opposes Passage of Harmful Financial Services Appropriations Bill
    Posted in Press Releases on July 8, 2016 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB , SEC , Budget , House Floor

    Last night, the House of Representatives passed a harmful Republican spending bill, H.R. 5485, which would underfund the nation’s financial services regulators for fiscal year 2017 and put consumer protection and financial stability at risk. Despite Democratic efforts to improve the bill through the amendment process, Republicans pushed through this legislation, which would make it harder for financial regulators to protect consumers, investors, and the entire financial system. The bill “so grav... (Read More)


  • Brown, Waters: FSOC Decision Shows Wall Street Reform is Working
    Posted in Press Releases on June 30, 2016 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , FSOC

    Sen. Sherrod Brown (D-OH) and Rep. Maxine Waters (D-CA) – the leading Democrats on the Senate Banking and House Financial Services Committees – issued the following statement after the U.S government removed GE Capital’s designation as “systemically important” to the financial system. The Financial Stability Oversight Council (FSOC), which includes the Treasury Department and Federal Reserve, rescinded GE Capital’s designation for stricter oversight after the firm made changes to reduce its thr... (Read More)


  • Waters, Moore Urge World Bank to Adopt International Labor Standards
    Posted in Press Releases on June 27, 2016 | Preview rr
    Tags: Department of the Treasury , International

    As a massive overhaul of the World Bank’s long-standing social and environmental safeguard policies moves to its final stage, two leading House members on international development issues expressed concern over the Bank’s proposed safeguards on worker rights. In a letter to Treasury Secretary Jacob J. Lew, Reps. Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, and Gwen Moore (D-WI), Ranking Member of the Subcommittee on Monetary Policy and Trade, said they were con... (Read More)


  • Waters: Dodd-Frank Repeal is Truly the Wrong Choice
    Posted in Press Releases on June 24, 2016 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act

    Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, released the following statement on legislation Chairman Hensarling unveiled yesterday to repeal critical parts of the Dodd-Frank Act, which would make financial markets less safe and put consumers at risk: “Chairman Hensarling’s plan to kill Wall Street Reform puts special interests ahead of American consumers,” Rep. Waters said. “The Wrong Choice Act would allow megabanks and other financial instituti... (Read More)


  • Rep. Waters’ Remarks at Stop the Debt Trap Press Conference
    Posted in Press Releases on June 23, 2016 | Preview rr
    Tags: CFPB

    Yesterday, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, spoke at a press conference about the harms caused by predatory payday loans and the need for strong rules to protect victims from abusive practices. Waters spoke alongside advocates from consumer, civil rights and faith-based groups to urge the Consumer Financial Protection Bureau to finalize strong rules to rein in payday lenders, following a proposal the Bureau released earlier this month.... (Read More)


  • At Hearing, Waters Commends Fed Chair Yellen’s Cautious Approach on Monetary Policy
    Posted in Press Releases on June 22, 2016 | Preview rr
    Tags: Full Committee , Federal Reserve , Speeches and Committee Statements

    In opening remarks during today’s semi-annual Humphrey-Hawkins hearing with Federal Reserve Chair Janet Yellen, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, lauded the Federal Reserve Chair’s cautious approach to raising rates and her work to increase economic inclusion. Waters touted the actions taken by the Fed, the Administration and Democrats in Congress, which have led to “the longest-ever streak of private-sector job growth, rising home pric... (Read More)


  • Payday Lenders Adept at Evading State Law, Democratic Committee Staff Report Finds
    Posted in Press Releases on June 16, 2016 | Preview rr
    Tags: CFPB

    State-level regulation of the payday lending industry is insufficient in protecting consumers, a House Financial Services Committee Democratic staff report revealed, underscoring the need for strong federal consumer protections. Because of the history of abuse in payday lending, many states have attempted to restrict these kinds of loans in order to protect consumers. However, the report released today, “Skirting the Law: Five Tactics Payday Lenders Use to Evade State Consumer Protection Laws,” ... (Read More)


  • During Markup, Waters Warns of Risk to Investors, Consumers with Proposals to Roll Back Regulatory Framework
    Posted in Press Releases on June 15, 2016 | Preview rr
    Tags: Full Committee , Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB , SEC , Markup , Speeches and Committee Statements

    In opening remarks during a Financial Services Committee markup today, Congresswoman Maxine Waters (D-CA), the Committee’s Ranking Member, pushed back against Republican efforts to dismantle Wall Street reforms, including much-needed investor and consumer protections. Waters noted that while she supports some of the measures under consideration, she is dismayed by broader Republican attempts to undercut Dodd-Frank and the protections put in place to prevent another financial crisis. “This markup... (Read More)


  • Waters: Republicans Continue Attacks on Consumers
    Posted in Press Releases on June 14, 2016 | Preview rr

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, issued the following statement on House Republicans’ so-called regulatory reform agenda: “House Republicans are once again making it clear that they do not care. Last week, they showed America that they don’t care about people living in poverty by releasing a fake poverty agenda that would punish and blame the poor instead of investing in critical resources like housing. This week, they are focus... (Read More)


  • Waters Delivers Major Speech to AFL-CIO on State of U.S. Monetary Policy
    Posted in Press Releases on June 14, 2016 | Preview rr
    Tags: Federal Reserve , Speeches and Committee Statements

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, today delivered a major speech at an AFL-CIO conference on monetary policy in the United States. In her remarks, Ranking Member Waters said the Federal Reserve should pay due consideration to the needs of workers when setting interest rate policy and expressed concerns about the impact of any premature rate increases on workers as well as low-income and minority communities. “The Fed’s decisions have serio... (Read More)


  • On House Floor, Waters Denounces Fake Republican Poverty Agenda
    Posted in Press Releases on June 9, 2016 | Preview rr
    Tags: HUD , Speeches and Committee Statements

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, spoke on the House floor today about the state of homelessness in the United States and how the Republican poverty plan does nothing to address this crisis. In her remarks, Ranking Member Waters noted that the recently introduced Republican poverty agenda, “would only exacerbate homelessness and punish the poor.” To that end, Waters urged support for her bill H.R. 4888, the Ending Homelessness Act of 2016 ... (Read More)


  • Waters Denounces Financial Services Appropriations Bill
    Posted in Press Releases on June 9, 2016 | Preview rr
    Tags: CFPB , SEC

    Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, issued the following statement on legislation that would fund financial services agencies for fiscal 2017, which the House Appropriations Committee approved today: “Republicans, once again, are using every tool at their disposal to push an agenda that would hurt consumers and threaten the stability of our financial system. The spending bill approved by the Appropriations Committee today would underfund ... (Read More)


  • Waters Applauds Obama’s Veto of Republican Bill to Block Fiduciary Rule
    Posted in Press Releases on June 8, 2016 | Preview rr
    Tags: Department of Labor

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, issued the following statement after President Obama vetoed legislation that would overturn the Labor Department’s fiduciary duty rule: “I am pleased that President Obama has vetoed harmful legislation that would overturn the Labor Department’s efforts to protect seniors from conflicted financial advice that costs them $17 billion a year in retirement savings. The Labor Department’s rule to prote... (Read More)


  • Waters to GOP: You Don’t Really Care about Poverty
    Posted in Press Releases on June 7, 2016 | Preview rr
    Tags: Department of Labor , Wealth Gap

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, issued the following statement on House Republicans’ harmful plan that would exacerbate poverty in this country: “Today, Republicans have unveiled a fake poverty program that shows, yet again, they are out of touch with the realities of poverty in America. This is nothing more than a weak attempt by Republicans to make it look as if they really care about the problems they have long ignored. But ... (Read More)


  • Waters Denounces GOP Wall Street Deregulation Plan
    Posted in Press Releases on June 7, 2016 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB

    Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, denounced Chairman Jeb Hensarling’s proposal to weaken our country’s financial and consumer protections: “Today, just steps from Wall Street, Chairman Hensarling unveiled a special interest wish list that would deregulate the financial sector to the detriment of consumers and investors. In the six years since Democrats saved our economy from the worst financial crisis since the Great Depression, Republi... (Read More)


  • Waters: CFPB Payday Proposal A Step in the Right Direction
    Posted in Press Releases on June 2, 2016 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, issued the following statement on the Consumer Financial Protection Bureau’s efforts to protect consumers from abusive lending practices: “The CFPB has taken an important step today to rein in payday lenders that prey on financially vulnerable Americans. These loans often come with outrageous terms, such as interest rates that can top 1,000 percent, and trap millions of Americans a year in a cycl... (Read More)


  • Ranking Members Waters, Cummings, and Scott Criticize Lawsuit to Undermine Conflict of Interest Rule
    Posted in Press Releases on June 2, 2016 | Preview rr
    Tags: Department of Labor

    WASHINGTON -- Today, Reps. Maxine Waters, Elijah E. Cummings, and Bobby Scott, Ranking Members of the House Committees on Financial Services, Oversight and Government Reform, and Education and Workforce, issued the following statement on news that the U.S. Chamber of Commerce, Securities Industry and Financial Markets Association, and other industry groups have filed a lawsuit to overturn the Department of Labor’s conflict of interest rule: “Quite simply, the Department of Labor's new rule helps... (Read More)


  • Waters Introduces Comprehensive Bill to Fix Credit Reporting in U.S.
    Posted in Press Releases on May 19, 2016 | Preview rr
    Tags: Credit Reports and Scores

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, introduced landmark legislation to overhaul the American credit reporting system so that it is fairer, more accurate, and less confusing for consumers. Consumer reporting agencies compile and maintain files for about 200 million adults. These reports play an important role in Americans’ lives as most creditors use them to make decisions about whether to extend credit and on what terms. These repo... (Read More)


  • Waters: We Must Address the Crisis of Homelessness in America
    Posted in Press Releases on May 18, 2016 | Preview rr
    Tags: HUD , Homelessness

    Congresswoman Member Maxine Waters, Ranking Member of the House Financial Services Committee, spoke on the House floor today about the state of homelessness in our country and sent a letter to Congressional Appropriators urging an extension of the U.S. Interagency Council on Homelessness (USICH). In her letter to the House Appropriations Subcommittee on Transportation, Housing and Urban Development, Waters requested that the sunset date for USICH -- which is scheduled for Oct. 1, 2017 – be repea... (Read More)


  • Waters Statement at Subcommittee Hearing on the Federal Reserve’s Interest on Excess Reserve Payments
    Posted in Press Releases on May 17, 2016 | Preview rr
    Tags: Federal Reserve , Subcommittee on Monetary Policy & Trade , Speeches and Committee Statements

    Congresswoman Member Maxine Waters, Ranking Member of the House Financial Services Committee, submitted the following statement for the record at a Monetary Policy and Trade Subcommittee hearing titled “Interest on Reserves and the Fed’s Balance Sheet”: Thank you Chairman Huizenga and Ranking Member Moore for organizing today’s hearing. As we look at the Fed’s implementation of monetary policy in the post-crisis environment I think it’s important to look at the circumstances that have brought us... (Read More)


  • Waters Statement on Google Announcement to Ban Payday Lending Ads
    Posted in Press Releases on May 11, 2016 | Preview rr
    Tags: CFPB

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, issued the following statement on an announcement from Google that it will ban ads for short-term loans with high interest rates: “Today, Google announced an initiative to protect consumers from predatory payday lending by banning ads for short-term loans with high rates. After studying the data, Google found that some credit products trap consumers in a never-ending cycle of debt. According to G... (Read More)


  • California Democrats Introduce Proposal to Reform HUD’s Multifamily Housing Program
    Posted in Press Releases on May 11, 2016 | Preview rr
    Tags: HUD

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, introduced legislation with 14 other California Democrats representing the County of Los Angeles to address concerns with the Department of Housing and Urban Development’s (HUD) initiative to consolidate its multifamily offices, known as the “Multifamily Transformation.” The initiative is currently being implemented in certain regions across the country and the Los Angeles field office will be affec... (Read More)


  • Waters Statement on Administration Action to Combat Financial Crime
    Posted in Press Releases on May 6, 2016 | Preview rr
    Tags: Task Force to Investigate Terrorism Financing

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, issued the following statement on the Obama Administration’s new rules and proposals to fight money laundering: “I welcome the Administration’s announcement today of a major package of initiatives designed to help fight financial crime, protect the integrity of the U.S. financial system, and give law enforcement more effective tools to trace the activities of terrorist groups and help stop the fl... (Read More)


  • Waters Lauds CFPB Arbitration Proposal to Protect Consumers
    Posted in Press Releases on May 5, 2016 | Preview rr
    Tags: CFPB

    Today, Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, issued the following statement applauding the Consumer Financial Protection Bureau’s (CFPB) proposed rule on forced arbitration: “Everyday contracts, such as credit card agreements and checking accounts, should not use fine print to automatically deny consumers the right to access the civil justice system when they have been harmed by financial corporations. Today, the Consumer Financial Protection Bure... (Read More)


  • Waters Praises First-Ever Housing Trust Fund Allocation for Affordable Housing, Calls for More Funding for Low-Income Households
    Posted in Press Releases on May 4, 2016 | Preview rr
    Tags: HUD

    WASHINGTON -- Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, released the following statement today regarding an announcement from the Department of Housing and Urban Development (HUD) that it will allocate $174 million to states from the National Housing Trust Fund: “There is a serious lack of affordable housing units in this country, causing undue hardships for many Americans who have trouble paying their rent. We created the National Housing Trus... (Read More)


  • Waters Denounces Republican Efforts to Dismantle DOL ‘Fiduciary Duty’ Rule
    Posted in Press Releases on April 28, 2016 | Preview rr
    Tags: Department of Labor , Speeches and Committee Statements

    In remarks on the House floor today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, took a strong stand against H.J. Res. 88, a Republican measure that seeks to dismantle the Labor Department’s recently finalized rule governing investment advice for retirement accounts. In her remarks, Ranking Member Waters noted that resolution would invalidate a carefully crafted rule that would close loopholes and gaps in the law and require all advisers to put thei... (Read More)


  • Waters Urges Bipartisan Compromise on H.R. 4498 During Floor Debate
    Posted in Press Releases on April 27, 2016 | Preview rr
    Tags: SEC , Speeches and Committee Statements

    During floor consideration of H.R. 4498, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, said the measure could lead to unnecessary and harmful loopholes in our securities laws.‎ The measure would roll back a requirement enacted under the JOBS Act for companies selling private offerings to first verify that a purchaser is an accredited investor during sales events sponsored by groups such as colleges, non-profits, trade associations or angel investor gr... (Read More)


  • Waters Unveils Legislation to Remove Unfair Barriers to Housing Assistance
    Posted in Press Releases on April 27, 2016 | Preview rr
    Tags: HUD

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, today introduced legislation that would remove unfair barriers to obtaining federal housing assistance, such as Public Housing and the Section 8 Housing Choice Voucher program. The proposal – unveiled during National Fair Housing Month and National Reentry Week – would reform eviction and screening policies so that individuals with criminal backgrounds have a second chance and fair shot at housing assistan... (Read More)


  • Waters Applauds HUD & DOJ Award to Los Angeles for Housing Reentry Assistance
    Posted in Press Releases on April 25, 2016 | Preview rr
    Tags: HUD , Department of Justice

    Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, applauded an announcement today from the Department of Housing and Urban Development (HUD) and the Department of Justice (DOJ) that it will award $100,000 to the Housing Authority of the City of Los Angeles (HACLA) through DOJ’s Juvenile Reentry Assistance Program (JRAP). HACLA has partnered with Public Counsel, a non-profit law firm in Los Angeles County and the largest in the country, to administer th... (Read More)


  • Waters Announces Additional Funding to Prevent Foreclosures in California
    Posted in Press Releases on April 20, 2016 | Preview rr

    Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, today announced that the State of California has been awarded $169.8 million through a competitive grant under the Hardest Hit Fund, a federal program that provides targeted aid to mortgage borrowers to prevent avoidable foreclosures. In February, the Treasury Department allocated $213.5 million to California under a separate award from the Hardest Hit Fund distributed on a formula basis. The funding an... (Read More)


  • Waters Responds to Flood Insurance Rate-Setting Report
    Posted in Press Releases on April 18, 2016 | Preview rr
    Tags: Flood Insurance

    Ranking Member Maxine Waters (D-CA) responded to a Government Accountability Office (GAO) report released today on the Federal Emergency Management Agency’s (FEMA) rate-setting methods under the National Flood Insurance Program (NFIP) and the Agency’s progress in ensuring that full-risk rates accurately reflect flood risk. Waters requested the report in 2014 when Congress was working to address the unintended consequences of premium increases under the 2012 Biggert-Waters Flood Insurance Reform ... (Read More)


  • In Floor Remarks, Waters Leads Efforts to Oppose H.R. 3340
    Posted in Press Releases on April 14, 2016 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , FSOC , House Floor , Speeches and Committee Statements

    During floor consideration of H.R. 3340, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, urged rejection of the bill, which would undermine the Financial Stability Oversight Council (FSOC) and the Office of Financial Research (OFR) by subjecting their funding to Congressional appropriations and interfering with their research.‎ The OFR and the FSOC are funded by fees on the largest financial institutions, similar to how the banking regulators set and fu... (Read More)


  • In Floor Remarks, Waters Denounces Partisan Change to Small Bank Policy Statement
    Posted in Press Releases on April 14, 2016 | Preview rr
    Tags: Community Banks , House Floor , Speeches and Committee Statements

    In remarks on the House floor today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, led Democrats in opposition to H.R. 3791, which would increase by fivefold the asset threshold under the Small Bank Holding Company Policy Statement, encouraging more consolidation of small community banks and endangering their safety and soundness. In her remarks, Waters noted that this bill reneges on a bipartisan compromise enacted just over a year ago that raised th... (Read More)


  • Committee Democrats Stand Together Against Harmful Republican Attacks on Consumer Protection, Financial Reform
    Posted in Press Releases on April 13, 2016 | Preview rr
    Tags: Full Committee , Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB , Markup

    Today, Democrats on the Financial Services Committee voted against Republican attempts to weaken consumer protection and Wall Street reform in effort to produce illusory budget savings as part of the Majority’s failed budget process. The party-line votes were as follows: H.R. 1486, the Taking Account of Bureaucrats’ Spending Act (33-20): The bill would repeal the current independent funding of the Consumer Financial Protection Bureau (CFPB) and instead subject the Bureau to the annual Congressio... (Read More)


  • Waters Opposes Legislation to Weaken Wall Street Reforms
    Posted in Press Releases on April 13, 2016 | Preview rr
    Tags: Full Committee , Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB , Markup , Speeches and Committee Statements

    At a Financial Services Committee markup of two bills designed to undercut the Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, denounced the measures as efforts to disarm our financial regulators and weaken reforms established after the 2008 crisis. Waters criticized both measures as “budget gimmicks to generate illusory savings.” For example, H.R. 1486 would only generate savings if Congr... (Read More)


  • Waters Applauds DOL Effort to Protect Americans’ Retirement Savings
    Posted in Press Releases on April 6, 2016 | Preview rr
    Tags: Department of Labor

    Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, issued the following statement on the Labor Department’s final rule on investment advice for retirement assets that was released today: “I am pleased that after five years of thoughtful consideration, thousands of letters, and over one hundred meetings the Labor Department has released a final rule to better protect Americans from conflicted retirement advice. I commend Secretary Perez for his exemplary... (Read More)


  • Waters Calls for Flood Insurance Debt Relief in Fiscal Year 2017 Appropriations
    Posted in Press Releases on March 23, 2016 | Preview rr
    Tags: Flood Insurance

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee led 32 colleagues in a letter calling on Congress to forgive $23 billion in debt at the National Flood Insurance Program (NFIP) during the fiscal year 2017 appropriations process. “The NFIP’s current debt is the direct result of Congressional design and it is time that Congress takes responsibility for it,” the Members wrote. The NFIP is funded by insurance premiums and fees paid by policyholders.... (Read More)


  • Rep. Waters Unveils Landmark Legislation to End Homelessness in America
    Posted in Press Releases on March 23, 2016 | Preview rr
    Tags: HUD , Homelessness

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, introduced landmark legislation that would provide significant resources to end homelessness in America. The measure is a bold effort to declare what is really needed to address this crisis. The legislation provides $13.27 billion in new funding over five years to several programs and initiatives that will help the nearly 600,000 Americans who are currently homeless -- over 170,000 of whom are unshe... (Read More)


  • Waters Opening Statement at Full Committee Hearing on the State of the International Financial System
    Posted in Press Releases on March 22, 2016 | Preview rr
    Tags: Department of the Treasury , International , Speeches and Committee Statements

    At today’s Financial Services Committee hearing with Treasury Secretary Jack Lew, Ranking Member Maxine Waters (D-CA) lauded the efforts of U.S. Treasury officials and Democratic congressional leaders on the recent ratification of the International Monetary Fund (IMF) quota reform package, after a 5-year delay due to Republican obstruction. Waters delivered these remarks during today’s hearing on “The State of the International Financial System.” Thank you, Mr. Chairman. I would like to thank Se... (Read More)


  • Waters Urges Adequate Funding for Wall Street Sheriff in Fiscal Year 2017
    Posted in Press Releases on March 18, 2016 | Preview rr
    Tags: SEC

    This week, Reps. Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, and Carolyn Maloney, Ranking Member of the Subcommittee on Capital Markets and Government Sponsored Enterprises, led 47 colleagues in urging additional funding for the Securities Exchange Commission (SEC) for fiscal year 2017. In a letter to the House Appropriations Committee, the Members requested $1.78 billion for the SEC next year, which would be an 11 percent increase from its current amount. Tha... (Read More)


  • Waters Calls For Increased Funding for Federal Housing Programs in Fiscal 2017
    Posted in Press Releases on March 18, 2016 | Preview rr
    Tags: HUD

    This week, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee that oversees federal housing programs, urged her colleagues to meet the housing needs of the country’s most vulnerable populations during the federal appropriations process for fiscal 2017. She proposed funding increases for a variety of federal housing programs, notably the Department of Housing and Urban Development’s (HUD’s) McKinney Vento Homeless Assistance Grants (McKinney Vento), in fo... (Read More)


  • At Cordray Hearing, Waters Applauds CFPB’s Work and Accomplishments
    Posted in Press Releases on March 16, 2016 | Preview rr
    Tags: Full Committee , CFPB , Speeches and Committee Statements

    In opening remarks during today’s full Committee hearing with Consumer Financial Protection Bureau Director Richard Cordray, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, praised the agency’s work to diligently protect consumers and ensure fairness in the financial system, even in the face of Republican efforts to undermine, eliminate and render the agency ineffective. Waters noted in her remarks the agency’s tremendous track record, delivering $11.2 bil... (Read More)


  • Top Financial Services Democrats Request Updated GAO Diversity Study
    Posted in Press Releases on March 15, 2016 | Preview rr
    Tags: GAO

    Leading Democrats today requested that the U.S. Government Accountability Office (GAO) update an April 2013 study on diversity in the financial services industry and agencies. In a letter to GAO, House Financial Services Committee Ranking Member Maxine Waters (D-CA), Senate Banking Committee Ranking Member Sherrod Brown (D-OH), and House Financial Services Oversight and Investigations Subcommittee Ranking Member Al Green (D-TX) expressed their concern that the financial services industry has bee... (Read More)


  • Ranking Member Waters Responds to Dodd-Frank “Alternative”
    Posted in Press Releases on March 15, 2016 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB , SEC , FSOC , CFTC , Volcker Rule

    Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, released the following statement in response to the Committee Chairman’s dangerous plan to roll back the Wall Street Reform and Consumer Protection Act: “This is just another attempt by the majority to gut administration policies that have helped millions of Americans. The Dodd-Frank law was enacted on the heels of the worst financial crisis our generation has seen. In the five-plus years since, our fin... (Read More)


  • Waters Responds to Flood Insurance Affordability Reports
    Posted in Press Releases on March 10, 2016 | Preview rr
    Tags: Flood Insurance

    Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, responded to two separate reports released today from the Government Accountability Office and the Federal Emergency Management Agency on flood insurance affordability and options for providing assistance to policyholders. Waters requested the GAO report in 2014 after FEMA failed to complete a congressionally-mandated affordability study. As a result, when FEMA increased premiums pursuant to the 2012 Bi... (Read More)


  • During Markup, Waters Calls on Republicans to Stop Undermining Dodd-Frank, Underscores Urgent Need to Address Homelessness in America
    Posted in Press Releases on March 2, 2016 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB , SEC , Markup , Speeches and Committee Statements , Homelessness

    In opening remarks during a Financial Services Committee markup today, Congresswoman Maxine Waters (D-CA), the Committee’s Ranking Member, both scolded Committee Republicans on their attempts to once again roll back investor protections and also called for the Committee to focus on addressing poverty and homelessness in the United States. Waters noted that while some of the measures under consideration today were brought forward in good faith, concerns remain that Committee Republicans’ ultimate... (Read More)


  • Brown, Waters Lead Call For SEC To Strengthen Disclosure Of Corporate Board Diversity
    Posted in Press Releases on March 2, 2016 | Preview rr
    Tags: SEC

    Leading Democratic lawmakers today urged the Securities and Exchange Commission to speed up its review of a proposal that would require companies to provide more specific details about the diversity of their corporate boards. The proposal, which nine public pension fund administrators submitted to the SEC almost a year ago, encourages the agency to require companies to disclose board nominees’ gender, racial, and ethnic diversity. In a letter to SEC Chair Mary Jo White, the lawmakers pressed the... (Read More)


  • Waters Weighs in on Punitive Smoking Ban in Public Housing
    Posted in Press Releases on February 26, 2016 | Preview rr
    Tags: HUD

    Today, Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, sent a letter to Julián Castro, Secretary of the U.S. Department of Housing and Urban Development (HUD), urging the Department to seriously reconsider the punitive approach outlined in its proposal to ban smoking in all public housing developments across the country. Ranking Member Waters’ letter follows the Department’s solicitation of comments from the public regarding its proposed plan to institute a... (Read More)


  • Waters Announces $213.5 Million Grant to Help California Homeowners at Risk of Foreclosure
    Posted in Press Releases on February 19, 2016 | Preview rr
    Tags: HUD

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today announced that the State of California has been awarded $213.5 million under the Hardest Hit Fund, a federal program that provides targeted aid to mortgage borrowers in order to prevent avoidable foreclosures. Through her leadership role in the House of Representatives, Congresswoman Waters led the effort to secure these funds, which were provided under the government funding bill signed into law in Dece... (Read More)


  • Waters to FEMA: Flood Insurance Premiums Are a Top Concern of Mine
    Posted in Press Releases on February 11, 2016 | Preview rr
    Tags: Flood Insurance

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, sent a letter to Craig Fugate, Administrator of the Federal Emergency Management Agency (FEMA), urging him to provide Congress a robust affordability framework in a timely manner so that proposals can be considered ahead of the 2017 reauthorization of the National Flood Insurance Program (NFIP). Ranking Member Waters’ letter comes as the National Academy of Sciences (NAS) recently completed its affordability s... (Read More)


  • Payday Loans Are Toxic Like the Water of Flint Michigan
    Posted in Press Releases on February 11, 2016 | Preview rr
    Tags: CFPB , Speeches and Committee Statements

    In opening remarks during a Financial Institutions and Consumer Credit Subcommittee hearing, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, associated the hazards of previously unregulated financial products, such as payday lending, to the water crisis in Flint, Michigan. As the Consumer Financial Protection Bureau is preparing regulations for payday lenders, Waters underscored the important role that financial products play in the life of everyday consum... (Read More)


  • At Yellen Hearing, Waters Commends Progress, Notes Significant Work Remains
    Posted in Press Releases on February 10, 2016 | Preview rr
    Tags: Full Committee , Dodd–Frank Wall Street Reform and Consumer Protection Act , Federal Reserve , Speeches and Committee Statements

    In opening remarks during today’s semi-annual Humphrey-Hawkins hearing with Federal Reserve Chair Janet Yellen, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, commended the progress made under the leadership of the Federal Reserve, Democrats in Congress, and the Obama administration, but noted that “significant work remains” to elevate the needs of the most vulnerable populations. In her remarks, Waters also raised concerns with the Federal Reserve'... (Read More)


  • Waters: Banks that Break the Law Don’t Deserve a “Get out of Jail Free” Card
    Posted in Press Releases on February 4, 2016 | Preview rr
    Tags: Department of Justice , House Floor , Speeches and Committee Statements

    In remarks on the House floor today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, led Democrats in opposition to H.R. 766, the so-called “Financial Institution Customer Protection Act of 2015”, a dangerous measure that would severely limit the Justice Department’s ability to investigate and prosecute bank fraud. In her remarks, Waters underscored that this measure would eliminate core provisions of the Financial Institutions Reform, Recovery and Enfo... (Read More)


  • Waters Denounces Republican Package of Anti-Investor Bills
    Posted in Press Releases on February 3, 2016 | Preview rr
    Tags: SEC , House Floor , Speeches and Committee Statements

    Delivering remarks on the House floor in opposition to H.R. 1675 today, Congresswoman Maxine Waters (D-CA), Ranking Member of Committee on Financial Services, led Democrats in denouncing the inaptly-named “Capital Markets Improvement Act of 2016,” a bill that includes several provisions that instead of improving our capital markets, would actually harm investors, the SEC and small businesses in our country. In her remarks, Ranking Member Waters noted that H.R. 1675 will reduce corporate transpar... (Read More)


  • Waters: H.R. 3700 Is a Step in the Right Direction
    Posted in Press Releases on February 2, 2016 | Preview rr
    Tags: HUD , House Floor , Speeches and Committee Statements

    During floor consideration of H.R. 3700, the Housing Opportunity Through Modernization Act of 2015, Congresswoman Maxine Waters (D-CA), Ranking Member of Financial Services Committee, urged support of the bill, which seeks to enact several incremental changes across a number of federal housing programs that will allow affordable housing providers to better serve low-income families in need of housing assistance. H.R. 3700 includes text of Legislation introduced earlier this year by Ranking Membe... (Read More)


  • Waters: GOP Budget Views Ignores the Progress Made Since 2008 Crisis and Offers No Solutions
    Posted in Press Releases on February 2, 2016 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , Budget , Speeches and Committee Statements

    Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, rebuked Committee Republicans for putting forth budget views that ignore the significant progress that has been made since the 2008 crisis. Waters highlighted that the Republican budget failed to provide real solutions that will address the problems of the racial wealth gap, homelessness, consumer protection, investor protection and a stable financial system. She released the following statement, which ... (Read More)


  • Waters Encouraged by HR. 2901 Discussions, but Concerns Remain
    Posted in Press Releases on January 13, 2016 | Preview rr
    Tags: Flood Insurance , Speeches and Committee Statements

    At today’s Financial Services Committee hearing entitled, “How to Create a More Robust and Private Flood Insurance Marketplace,” Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, discussed private sector involvement in the flood insurance market. Ranking Member Waters was encouraged by the discussion to improve the Flood Insurance Market Parity and Modernization Act, H.R. 2901, but underscored some concerns she has, while advocating for a bipartisan bill ... (Read More)


  • Waters and Senior House Democrats Call for Federal Investigation of Warren Buffett’s Manufactured Housing Conglomerate
    Posted in Press Releases on January 13, 2016 | Preview rr
    Tags: CFPB , Department of Justice

    Ranking Member Maxine Waters (D-CA) and Representatives Keith Ellison (D-MN), Emanuel Cleaver (D-MO), and Michael Capuano (D-MA) are calling for a joint Department of Justice (DOJ) and Consumer Financial Protection Bureau (CFPB) investigation in response to the Seattle Times and Buzzfeed News’ investigative series concerning allegations of discriminatory lending and collection practices by Warren Buffett-led Berkshire Hathaway subsidiaries Clayton Homes, Vanderbilt Mortgage, and 21st Mortgage. T... (Read More)


  • Waters, Tri-Caucus Announce Diversity Report Next Steps, Responses from Federal Financial Services Regulators
    Posted in Press Releases on January 8, 2016 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB , SEC , Federal Reserve , OCC , FDIC , NCUA , FHFA

    In response to a Democratic staff report highlighting shortcomings in personnel diversity policies and practices at seven major financial regulators, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, along with senior members of the panel and members of the Tri-Caucus, released the agencies’ responses to the report’s recommendations for enhancing diversity in the workplace and improving compliance with diversity statutes, particularly section 1116 of the ... (Read More)


  • Waters: Increased Fed Funds Rate Leaves Low-Income Americans Further Behind in Recovery
    Posted in Press Releases on December 16, 2015 | Preview rr
    Tags: Federal Reserve

    Following the vote by the Federal Open Market Committee (FOMC) to raise the federal funds rate target by 25 basis points, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, cautioned policymakers to carefully consider the adverse impact that further rate increases would entail for low income Americans and minority communities. Ranking Member Waters released the following statement: “Today’s decision by the Federal Open Market Committee to increase rates re... (Read More)


  • Waters Moves to Sharpen Bank Vigilance in Response to Recent Attacks in California and Abroad
    Posted in Press Releases on December 11, 2015 | Preview rr
    Tags: Money Laundering

    In response to recent violent attacks in San Bernardino, CA and abroad, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, has re-introduced legislation to heighten accountability on financial institutions to improve anti-money laundering and counter-terrorism safeguards. By holding bank executives personally liable and increasing penalties for willful and negligent violations of the Bank Secrecy Act, the measure would encourage banks to take appropriate s... (Read More)


  • Waters Commends FSOC’s Actions to Prevent Another Crisis
    Posted in Press Releases on December 8, 2015 | Preview rr
    Tags: Full Committee , Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB , SEC , FSOC , OCC , CFTC , FDIC , Department of the Treasury , NCUA , FHFA

    During a hearing where members of the Financial Stability Oversight Council, or FSOC, appeared before the full Committee, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, underscored the need for a coordinating regulatory body in the wake of the financial crisis and highlighted its work to provide stability to investors, consumers and our national economy. Waters reminded Members of the damage caused by the crisis, while noting that repeated attempts by ... (Read More)


  • Waters Lauds Final Passage Vote to Renew Ex-Im
    Posted in Press Releases on December 3, 2015 | Preview rr
    Tags: Export-Import Bank

    As the House completed votes on final passage of H.R. 22, and with it the four-year reauthorization of the Export-Import Bank, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, hosted a press conference to mark the long-awaited renewal of the export credit agency. Waters discussed the many ways she and other supporters have worked to achieve reauthorization of the Bank, which has helped support hundreds of thousands of American jobs and enabled thousands ... (Read More)


  • Waters: H.R. 3189 Puts Monetary Policy on 'Auto Pilot'
    Posted in Press Releases on November 19, 2015 | Preview rr
    Tags: Federal Reserve , House Floor , Speeches and Committee Statements

    During floor consideration of H.R. 3189, the so-called FORM Act, Congresswoman Maxine Waters (D-CA), Ranking Member of Financial Services Committee, urged rejection of the bill, which seeks to hamstring the Federal Reserve’s ability respond to variable market conditions, limit its independence, and undercut its efforts to fulfill its dual mandate. H.R. 3189 also adds an additional layer of bureaucracy to monetary policy making, establishing a Monetary Policy Commission that would review and make... (Read More)


  • Waters: Consumer Protection Should Be Congress’ Top Priority
    Posted in Press Releases on November 18, 2015 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB , House Floor , Speeches and Committee Statements

    During general debate on the Portfolio Lending and Mortgage Access Act, H.R. 1210, on the House floor today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, led opposition to the measure, which would allow the largest banks in the country to make the sorts of predatory and risky loans that left the American economy on the brink of collapse. The top Democrat went on to underscore the most harmful aspects of H.R. 1210, as it would scale back the ability-t... (Read More)


  • Waters Denounces Efforts to Undermine Auto-Lending Protections for Minorities
    Posted in Press Releases on November 18, 2015 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB , House Floor , Speeches and Committee Statements

    Delivering remarks on the House floor in opposition to H.R. 1737 today, Congresswoman Maxine Waters (D-CA), Ranking Member of Committee on Financial Services, denounced efforts to undermine policies to root out longstanding discriminatory lending practices in auto financing. Waters specifically pointed to the consequences of the bill, which would nullify critical guidance to prevent auto-lending discrimination and leave minority buyers exposed to undisclosed mark-ups and higher interest rates. S... (Read More)


  • Waters Lauds Rebound in FHA Backstop Funds
    Posted in Press Releases on November 17, 2015 | Preview rr
    Tags: FHA , HUD

    Following the release of the results of the most recent independent actuarial analysis, which indicate that the Mutual Mortgage Insurance Fund (MMIF) has reached its Congressionally mandated capital reserve ratio, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, applauded FHA’s efforts to both strengthen the MMIF and expand access to homeownership for low-to-moderate income working families in the wake of the worst financial crisis in a generation. In pa... (Read More)


  • In Response to GOP 50th Anniversary Ideas Solicitation, Waters Outlines Approaches for Addressing Poverty and Housing Affordability
    Posted in Press Releases on November 10, 2015 | Preview rr
    Tags: HUD

    In response to a solicitation by House Financial Services Committee Chairman Jeb Hensarling (R-TX) for the public to offer ideas on alleviating poverty and housing affordability in light of the Department of Housing and Urban Development’s (HUD) 50th anniversary, Ranking Member Maxine Waters (D-CA), outlined a number of existing, proven approaches that already are helping to improve HUD’s efforts to provide the nation’s most vulnerable with housing that is safe, decent and affordable. In the let... (Read More)


  • Members of Congress Urge Education Department to Grant Students Immediate Relief Following Federal Judge's Ruling that Corinthian Colleges Broke the Law
    Posted in Press Releases on November 9, 2015 | Preview rr

    United States Senators Elizabeth Warren (D-Mass.), Chris Murphy (D-Conn.), and Senate Committee on Health, Education, Labor and Pensions (HELP) Ranking Member Patty Murray (D-Wash.), along with House Committee on Financial Services Ranking Member Maxine Waters (D-Calif.), House Committee on Education and the Workforce Ranking Member Bobby Scott (D-Va.), and 12 other congressional leaders on college accountability today sent a bicameral letter urging the Department of Education (ED) to grant imme... (Read More)


  • Leading Financial Services Democrats Continue to Examine Federal Commitment to Post-Katrina New Orleans
    Posted in Press Releases on November 6, 2015 | Preview rr
    Tags: Flood Insurance , HUD , Speeches and Committee Statements

    Financial Services Committee Democrats, led by Ranking Member Maxine Waters (D-CA), participated in a Subcommittee field hearing, requested by Democrats, held today at the Port of New Orleans to commemorate the 10-year anniversary of Hurricane Katrina and review Federal efforts to support the City’s recovery. Several officials participated in the day’s events, including Housing and Insurance Subcommittee Chairman Blaine Luetkemeyer (D-MO), Subcommittee Ranking Member Rep. Emanuel Cleaver (D-MO),... (Read More)


  • Waters Statement on House Passage of Historic Export-Import Bank Reauthorization
    Posted in Press Releases on November 5, 2015 | Preview rr
    Tags: Export-Import Bank

    Following passage today of H.R. 22, the DRIVE Act, by a vote of 371 – 54, which included a hard-fought, long-term reauthorization of the Export-Import Bank, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, praised colleagues, exporters, workers and business owners, and a broad coalition of advocacy groups on their tireless efforts to revive the export credit agency. The vote culminated more than two years of advocacy by House Democrats, both in leadershi... (Read More)


  • Rep. Waters, Tri-Caucus Release Staff Report on Federal Financial Services Agencies’ Workforce Diversity Efforts
    Posted in Press Releases on November 5, 2015 | Preview rr
    Tags: CFPB , SEC , OCC , FDIC , Department of the Treasury , HUD , FHFA , Wealth Gap

    Federal financial services agencies have yet to reflect the racial and ethnic diversity of the American population in their workforces – this according to a Democratic Financial Services Committee staff report released during a press conference today led by Rep. Maxine Waters (D-CA), Ranking Member of the Financial Services Committee. Senior Democratic Members in attendance included the Chairs of the Congressional Black Caucus, Rep. G.K. Butterfield (D-NC) and Congressional Asian Pacific America... (Read More)


  • Waters Points out Danger of Deregulating Large Banks, Urges Fed to Use Dodd-Frank Tailoring Authority
    Posted in Press Releases on November 4, 2015 | Preview rr
    Tags: Full Committee , Dodd–Frank Wall Street Reform and Consumer Protection Act , Federal Reserve , Speeches and Committee Statements

    In advance of testimony by Chair Janet Yellen to discuss the Federal Reserve Board’s implementation of Dodd- Frank rules, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, pointed out the importance of the Fed’s supervisory role in preventing large banks and firms like AIG from ever destabilizing the American financial system again. The top Democrat praised the Fed’s efforts to stabilize the economy and implement broad reforms to the banking industry, and... (Read More)


  • *** MEDIA ADVISORY*** Waters, Tri-Caucus to Release Committee Democratic Staff Report on Diversity at Financial Services Agencies
    Posted in Press Releases on November 3, 2015 | Preview rr
    Tags: CFPB , SEC , Federal Reserve , OCC , FDIC , NCUA , FHFA , Wealth Gap

    On Thursday, November 5, 2015 at 10:00 a.m., Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, will join representatives and chairs of the tri-caucus to unveil a report, highlighting federal financial services agencies’ current compliance with federal diversity provisions, trends in performance review evaluations and workforce diversity throughout these agencies. During the event, participants will discuss their reaction to the data, which was compiled ov... (Read More)


  • Leading Democrats Commend Department of Education on Rule Protecting Students and Taxpayers from Abusive Financial Practices
    Posted in Press Releases on October 28, 2015 | Preview rr

    Following the release of a new Department of Education rule this week, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, joined Committee on Education and the Workforce Ranking Member Rep. Bobby Scott (D-VA) and Rep. Peter Welch (D-VT) in expressing their support for critical protections that would put an end to financial companies steering college students to abusive, predatory financial products. In 2009, President Obama signed the CARD Act into law, banni... (Read More)


  • Waters: Every Moment We Delay Further Depletes Americans’ Meager Retirement Savings
    Posted in Press Releases on October 27, 2015 | Preview rr
    Tags: SEC , Department of Labor , Speeches and Committee Statements

    In remarks on the House floor today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, led Democrats in opposition to H.R. 1090, the so-called Retail Investor Protection Act, a measure that would stall the Department of Labor’s rulemaking establishing critical consumer protections from conflicted investment advice. The top Democrat outlined the Department’s efforts to address concerns from the general public, including a 164-day comment period, four days ... (Read More)


  • Waters Introduces Legislation to Expand Access to Affordable Housing
    Posted in Press Releases on October 23, 2015 | Preview rr
    Tags: HUD

    In an effort to address a rapid decline in the availability of affordable housing, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, today introduced the Project Based Voucher Improvement Act. The bill would allow public housing authorities (PHAs) increased flexibility to develop new units of housing to serve vulnerable populations, including the homeless, the elderly, and persons with disabilities, and to create housing opportunities in areas where vouch... (Read More)


  • Waters: When Fully Resourced, HUD Works
    Posted in Press Releases on October 22, 2015 | Preview rr
    Tags: HUD , Speeches and Committee Statements

    In opening remarks during a hearing in observance of the 50th anniversary of the U.S. Department of Housing and Urban Development (HUD), Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, outlined the accomplishments of the agency and the impact HUD has had in the lives of America’s most vulnerable individuals and families. Waters also focused on the need for more robust support for HUD programs, highlighting a visit to N Street Village, a homeless service... (Read More)


  • Top Committee Democrats Oppose Bid To Gut Wall Street Reform Via Funding Bills
    Posted in Press Releases on October 22, 2015 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act

    The leading Democrats on the Senate Banking and House Financial Services Committees today voiced their strong objections to Republican efforts to use must-pass government funding legislation to repeal, undermine, or delay financial reforms and consumer protections. In a letter to Congressional leaders, Sen. Sherrod Brown (D-OH) and Rep. Maxine Waters (D-CA) said they will oppose efforts to use ideological policy riders to jam financial deregulation proposals through the appropriations process. B... (Read More)


  • Waters, Financial Services Members Visit Local Homeless Service Provider to Underscore Need for Robust HUD Funding
    Posted in Press Releases on October 22, 2015 | Preview rr

    In advance of a Committee hearing on the 50th anniversary of the Department of Housing and Urban Development (HUD), Congresswoman Maxine Waters (D-CA), Ranking Member of the U.S. House of Representatives’ Committee on Financial Services, joined by Committee colleagues Rep. Emanuel Cleaver (D-MO), Ranking Member of the Subcommittee on Housing and Insurance, and Rep. Al Green (D-TX), Ranking Member of the Subcommittee on Oversight and Investigations, for a visit to N Street Village, a homeless pr... (Read More)


  • Waters Expresses Support for Local Efforts to Address Homelessness in Greater Los Angeles
    Posted in Press Releases on October 20, 2015 | Preview rr
    Tags: HUD

    Congresswoman Maxine Waters (D-CA), Ranking Democrat on the Financial Services Committee in the U.S. House of Representatives, offered the following statement for the record in response to a special meeting of the Los Angeles County Board of Supervisors earlier today with Mayor Eric Garcetti and U.S. Department of Housing and Urban Development Secretary Juliàn Castro to address the City and County of Los Angeles’ ongoing efforts to address homelessness: “As Ranking Member of the Financial Servic... (Read More)


  • Waters, Financial Services Committee Members to Tour Women’s Shelter, Highlight Need for HUD Homelessness Funding
    Posted in Press Releases on October 20, 2015 | Preview rr
    Tags: HUD

    In advance of a hearing to examine the effectiveness of the Department of Housing and Urban Development in light of its 50th anniversary, Ranking Member Maxine Waters (D-CA), will lead a group of Financial Services Committee Members on a tour of the N Street Village – a homeless service provider for low-income and homeless women in Washington, D.C. – to highlight the critical need for investment in programs that support our nation’s most vulnerable populations, and the many ways these programs l... (Read More)


  • Waters Delivers 218th Signature in Historic Effort to Renew Ex-Im
    Posted in Press Releases on October 9, 2015 | Preview rr
    Tags: Export-Import Bank , International

    As a majority of the House of Representatives, Democrats and Republicans, came together today to gather enough signatures on a discharge petition to force a vote on the reauthorization of the Export-Import Bank, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, provided the 218th signature required by House rules to move the historic process forward. The discharge process has only been used five times in U.S. history successfully, and Waters’ signature re... (Read More)


  • Leading Democrat Calls for GAO Review of Controversial Demonstration Programs at HUD
    Posted in Press Releases on October 9, 2015 | Preview rr
    Tags: HUD

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued letters to the Government Accountability Office (GAO) urging the agency to review two controversial demonstration programs at the U.S. Department of Housing and Urban Development (HUD): Moving to Work (MTW) and the Rental Assistance Demonstration (RAD). The letters come as Congress considers a significant expansion to the MTW program and as HUD oversees the implementation of a recently approv... (Read More)


  • During Markup, Waters Underscores Urgent Need to Renew Ex-Im
    Posted in Press Releases on September 30, 2015 | Preview rr
    Tags: Export-Import Bank , CFPB , Markup , Speeches and Committee Statements

    In opening remarks during a Financial Services Committee markup today, Congresswoman Maxine Waters (D-CA), the Committee’s Ranking Member, outlined the negative impacts of the group of bills under consideration and stressed the need to revive export credit financing for American businesses and workers. Specifically, the Ranking Member pointed out that the measures threaten to hamper efforts to boost protections for the retirements savings of hardworking Americans, increase transparency in our ma... (Read More)


  • At Cordray Hearing, Waters Applauds Consumer Protection Efforts, Increasing Access to Credit for Minorities
    Posted in Press Releases on September 29, 2015 | Preview rr
    Tags: Full Committee , CFPB , Speeches and Committee Statements

    In opening remarks during today’s full Committee hearing with Consumer Financial Protection Bureau Director Richard Cordray, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services panel, commended the results outlined in the agency’s semi-annual report. Waters also underscored the importance of the agency’s work to develop rules on payday lending, debt collection and mortgage lending. This critical work has continued despite incessant attacks and failed constitutional chall... (Read More)


  • Waters: GOP Inaction Damaging U.S. Competitiveness
    Posted in Press Releases on September 24, 2015 | Preview rr
    Tags: Export-Import Bank , International

    In response to G.E.’s second major announcement in the past two weeks that it will expand its operations in Europe where export credit financing is made readily available, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released the following statement: “I am disappointed that as another day has passed without action from House Republican Leadership to revive the Export-Import Bank, more American jobs will be lost to countries that have well-functioning... (Read More)


  • Waters Statement on Fed’s Decision Not to Raise Interest Rates
    Posted in Press Releases on September 17, 2015 | Preview rr
    Tags: Federal Reserve

    Following the announcement of a decision today by the Federal Open Markets Committee to hold off on raising interest rates, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, commended the cautious and prudent approach to ensuring continued economic growth of the U.S. economy. In the statement, Waters noted global market volatility and the fact that many families in minority communities have yet to fully benefit from the progress the economy has made, and ... (Read More)


  • Waters to Republicans: Stop Handing Victories to Foreign Competitors; Bring Ex-Im Up for A Vote
    Posted in Press Releases on September 15, 2015 | Preview rr
    Tags: Export-Import Bank , International

    In response to General Electric’s announcement of relocation of its production and jobs to France, Hungary, and China in the wake of the expiration of the Export-Import Bank’s charter, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, underscored the negative impacts of Republican’s obstruction on communities across the nation. The ranking Democrat went on to urge Republicans in leadership to bring Ex-Im reauthorization legislation up for a vote before th... (Read More)


  • Waters: Rejection of Nuclear Deal will Quicken Iranian March to Nuclear Bomb and Undermine U.S. Global Credibility
    Posted in Press Releases on September 11, 2015 | Preview rr
    Tags: International

    During floor debate on H.R. 3461, a resolution to approve the Joint Comprehensive Plan of Action, the deal struck between Iran and six world powers in July, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, led several Democrats in expressing their support for the deal on the House floor. Waters remarks also emphasized growing support for the deal and touted it as the best alternative to any potential military action in Iran. She delivered the following r... (Read More)


  • Waters Hosts Briefing with Actor Richard Gere, Housing Experts on State of Homelessness in America
    Posted in Press Releases on September 10, 2015 | Preview rr
    Tags: HUD

    Congresswoman Maxine Waters (D-CA), Ranking Democrat on the Committee on Financial Services, hosted an in-depth discussion today with actor, activist, and philanthropist Richard Gere and a panel of policy experts on the state of homelessness in America, focusing on the need for additional resources, coordination, and attention to help prevent and end homelessness in America. In addition to Gere, the panel of homelessness policy experts included Nan Roman, President and CEO of the National Allia... (Read More)


  • Waters Celebrates 50th Anniversary of the Department of Housing and Urban Development
    Posted in Press Releases on September 9, 2015 | Preview rr
    Tags: HUD

    Today, September 9, 2015, marks the 50th anniversary of the U.S. Department of Housing and Urban Development’s (HUD) founding. In commemoration of this milestone, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, commended HUD for its unparalleled work expanding opportunity and providing safe, decent, and affordable housing for millions of families across the country. Congresswoman Waters also reiterated the importance of HUD, noting that the agency’s ... (Read More)


  • Waters Commemorates 10th Anniversary of Hurricane Katrina
    Posted in Press Releases on August 27, 2015 | Preview rr
    Tags: HUD

    Congresswoman Maxine Waters (D-CA), Ranking Member of Committee on Financial Services, will participate in the observance of the 10th Anniversary of Hurricane Katrina to highlight the progress made since the depths of the storm and underscore the remaining work that must be done to ensure full recovery in the Gulf. Congresswoman Waters played an instrumental role in the post-storm recovery, leading the subcommittee charged with oversight of the Department of Housing and Urban Development (HUD). ... (Read More)


  • Waters Condemns Export-Import Bank-Related Layoffs
    Posted in Press Releases on August 26, 2015 | Preview rr
    Tags: Export-Import Bank

    Following an announcement of several hundred layoffs planned at Boeing’s satellite factory in southern California, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, underscored the very real impact the Export-Import Bank’s shut down is having on American workers. The layoffs add to the growing number of jobs at risk as a result of the export credit agency’s inability to generate and negotiate new deals on behalf of American exporters. Further, the announc... (Read More)


  • Waters Blasts HACoLA, L.A. County Sheriff’s Department for Discriminatory Actions against Low-Income Residents
    Posted in Press Releases on July 31, 2015 | Preview rr
    Tags: HUD

    Following an announcement of a settlement agreement between the U.S. Department of Justice (DOJ) and the Housing Authority of the County of Los Angeles (HACoLA) to resolve allegations that it collaborated with the cities of Lancaster and Palmdale, as well as the County’s Sheriff’s Department to discourage low-income African American residents from utilizing Section 8 Housing Choice vouchers, Congresswoman Maxine Waters (CA-43), Ranking Member of the Committee on Financial Services, expressed her... (Read More)


  • Before Breaking for Summer, GOP Takes a Moment to Hurt American Workers
    Posted in Press Releases on July 29, 2015 | Preview rr
    Tags: Export-Import Bank

    As House Republicans prepare to leave town for a nearly six-week summer recess, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, took the party to task for failing to take any action to re-open the Export-Import Bank, which has been shut down for nearly a month. Waters blasted Republicans for voting against a procedural motion called the “previous question,” which would have forced a vote on legislation to extend the Bank’s charter through 2019. The legisla... (Read More)


  • Leading Democrat Introduces Proposal to Reform Controversial Demonstration Program at HUD
    Posted in Press Releases on July 29, 2015 | Preview rr
    Tags: HUD

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, introduced legislation to reform a controversial demonstration program at the U.S. Department of Housing and Urban Development (HUD) known as the “Moving to Work” (MTW) program. The measure, entitled the “Moving to Work Reform Act,” seeks to address many of the known shortcomings of the current demonstration program by requiring HUD to subject all future MTW agreements to several new terms and condi... (Read More)


  • Waters: The Market Did Not – and Cannot—Police Itself
    Posted in Press Releases on July 28, 2015 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , Speeches and Committee Statements

    At the second in a series of hearings on the fifth anniversary of the Dodd-Frank Act, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, noted that while Dodd-Frank has done much to stabilize our financial system, the devastating effects of the crisis continue to affect some of the most vulnerable segments of our population. She also underscored the importance of focusing on public housing, the cities and towns still devastated from the foreclosure crisis, an... (Read More)


  • Waters: Financial System Stronger and Safer Than Ever Before
    Posted in Press Releases on July 23, 2015 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , Speeches and Committee Statements

    At a hearing to discuss the Dodd-Frank Wall Street Reform Act's increased capital and liquidity requirements for the nation's biggest banks, Congresswoman Maxine Waters (D-CA), Ranking Member of Financial Services Committee, strongly rebuked critics by showing how these requirements have effectively stabilized and strengthened financial markets. The top Democrat pointed to reports of record profits for banks and increases in lending as clear signals that Dodd-Frank has made our financial system ... (Read More)


  • Waters Statement on White House Ex-Im Reauthorization Meeting
    Posted in Press Releases on July 22, 2015 | Preview rr
    Tags: Export-Import Bank

    Following a meeting at the White House with President Obama and small business owners affected by the shutdown of the Export-Import Bank, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, underscored Democrats’ commitment to passage of a long-term reauthorization of the export credit agency. She issued the following statement: “I am pleased to join President Obama in continuing to bring attention to the need for the immediate reauthorization of the Export... (Read More)


  • Leading Democratic Lawmakers Throw Support behind Rule to Protect Retirees and Investors
    Posted in Press Releases on July 22, 2015 | Preview rr
    Tags: Department of Labor

    Today, a broad and diverse group of House Democrats expressed their strong support for a rule proposed by the Department of Labor (DOL) that seeks to ensure those providing investment advice are actually working in the best interest of retirement savers. In a letter led by Reps. Maxine Waters (D-CA), Ranking Member of the Financial Services Committee and Bobby Scott (D-VA), Ranking Member of the Education and Workforce Committee, the lawmakers praised the DOL’s efforts, led by Labor Secretary Th... (Read More)


  • Dodd-Frank Five Years Later: More Stability, Transparency and Accountability on Wall Street
    Posted in Press Releases on July 21, 2015 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act

    Five years after its passage, a new report has concluded that while the Dodd-Frank Wall Street Reform Act has been successful in the face of constant Republican attack, more must be done to ensure all Americans can benefit from our nation's recovery. The findings were announced today as part of a comprehensive report released by Democratic staff on the Financial Services Committee, at the direction of Ranking Member Maxine Waters (D-CA). The report highlights the law’s accomplishments since its ... (Read More)


  • House Democratic Leaders Urge USTR to Allow Capital Controls in TPP Negotiations
    Posted in Press Releases on July 20, 2015 | Preview rr
    Tags: International

    Leading House Democrats today sent a letter urging United States Trade Representative (USTR) Michael Froman to negotiate provisions in the upcoming Trans-Pacific Partnership (TPP) trade agreement that provide governments the flexibility to help protect and strengthen the stability of their financial systems by implementing measures that would stem flows of speculative capital. The letter, led by House Ways and Means Committee Ranking Member Sander M. Levin (D-MI) and House Financial Services Com... (Read More)


  • Waters Calls for Universities, Retirement Plans to Divest from Payday Lenders
    Posted in Press Releases on July 16, 2015 | Preview rr

    At the conclusion of a first-of-its-kind Capitol Hill gathering of lawmakers and religious leaders to discuss the impact predatory payday and small-dollar lending practices are having in communities across America, Congresswoman Maxine Waters (D-CA) announced she will be calling on some of the country’s most notable endowments and state retirement plans to begin to take steps to divest their interests in one of the country’s largest payday lenders. The announcement came at an Interfaith Payday L... (Read More)


  • Democratic Lawmakers Urge IMF to Revisit Jamaica’s Economic Program
    Posted in Press Releases on July 15, 2015 | Preview rr
    Tags: International

    Five leading Democratic lawmakers today called on President Obama to urge the International Monetary Fund (IMF) to revisit the terms of Jamaica’s current economic program, which to date has been characterized by continued low growth, a decline in social indicators, high unemployment and threats to social cohesion. The House lawmakers did so in a letter led by Congresswoman Maxine Waters (D-CA), the Ranking Member of the House Financial Services Committee, which has jurisdiction over U.S. partici... (Read More)


  • At Yellen Hearing, Waters Urges Caution on Interest Rates
    Posted in Press Releases on July 15, 2015 | Preview rr
    Tags: Federal Reserve , Speeches and Committee Statements

    In opening remarks during today’s semi-annual Humphrey-Hawkins hearing with Federal Reserve Chair Janet Yellen, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, urged caution as the Federal Reserve considers raising interest rates before the end of the year. Waters touted the importance of the Dodd-Frank Wall Street Reform Act in ensuring stability in our financial system, and mentioned the significant work that needs to be done to ensure that communi... (Read More)


  • Waters Urges Rejection of Moving To Work Expansion
    Posted in Press Releases on July 14, 2015 | Preview rr
    Tags: HUD

    Congresswoman Maxine Waters (D-CA), the Ranking Democrat on the House Committee on Financial Services, is raising serious objections to what she characterized as a “harmful” Senate proposal to expand the Moving to Work (MTW) Program at the Department of Housing and Urban Development (HUD). In a letter addressed to leaders on the House and Senate Appropriations Committees, Ranking Member Waters urged the removal of language in the fiscal year 2016 Senate Transportation and Housing and Urban Devel... (Read More)


  • Brown, Waters, and Warren: FHA Lending Proposal Gives Wall Street Banks Free Pass at Taxpayers' Expense
    Posted in Press Releases on July 14, 2015 | Preview rr
    Tags: HUD

    Leading Democrats on the Senate Banking and House Financial Services Committees today urged the Obama Administration to reconsider a proposal that would make it easier for lenders that have engaged in criminal behavior to keep accessing taxpayer-backed mortgage insurance. Sen. Sherrod Brown (D-OH), the Banking Committee’s senior Democrat, Rep. Maxine Waters (D-CA), the senior Democrat on Financial Services, and Sen. Elizabeth Warren (D-MA) outlined their concerns in a letter to the leaders of th... (Read More)


  • ** MEDIA ADVISORY** Waters Convenes Interfaith Leaders to Address Predatory Lending in American Communities
    Posted in Press Releases on July 14, 2015 | Preview rr
    Tags: Full Committee

    This Thursday, July 16, 2015, at 2:30 p.m., Congresswoman Maxine Waters(D-CA), Ranking Member of the Committee on Financial Services, will convene leaders from Muslim, Christian and Jewish communities to highlight the moral and religious objections that faith leaders have raised in response to predatory payday and small-dollar lending practices in communities across America. The roundtable will address the impact of these harmful products on the communities that these faith leaders serve, and de... (Read More)


  • Waters, Meeks, Booker, Warren Host Groundbreaking Summit to Address Diversity among Federal Asset Managers
    Posted in Press Releases on July 9, 2015 | Preview rr

    Today, four leading Democratic members of Congress hosted Chief Investment Officers (CIOs) from some of the largest federal pension plans and senior executives from the nation’s leading minority and women-owned asset management firms for a half-day summit to discuss the underutilization of these firms in the management of federal retirement plan assets. Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, U.S. Senators Cory Booker (D-NJ), Elizabeth Warren (D-MA... (Read More)


  • Five Years Later, Waters Reminds GOP why Wall Street Reform was Necessary
    Posted in Press Releases on July 9, 2015 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , Speeches and Committee Statements

    At a hearing to commemorate the five year anniversary of the Dodd-Frank Wall Street Reform Act, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, issued a strong rebuke to Republican attacks on the landmark law, recounting the devastation of the crisis, the success of the law thus far, and documenting Republicans’ efforts to return to the practices that brought the economy to its knees in the first place. Her opening statement follows: “Thank you, Mr. Chairman. Tod... (Read More)


  • Financial Services Democrats Urge Action on Dodd-Frank Anti-Discrimination Provision
    Posted in Press Releases on July 8, 2015 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB , Federal Reserve

    Today, several leading Democrats on the Financial Services Committee urged two federal agencies to “immediately” begin rulemaking to implement a key civil rights provision of the Dodd-Frank Wall Street Reform Act. In a letter led by Committee Ranking Member Maxine Waters (D-CA), 13 lawmakers urged Consumer Financial Protection Bureau (CFPB) Director Richard Cordray and Federal Reserve Chair Janet Yellen to begin the rulemaking process to implement a provision of Dodd-Frank that creates new colle... (Read More)


  • Waters Lauds Fair Housing Rule
    Posted in Press Releases on July 8, 2015 | Preview rr
    Tags: HUD

    Following today’s announcement by the U.S. Department of Housing and Urban Development (HUD) of a final rule that will provide communities with data, tools and guidance to help them meet long-standing fair housing obligations, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, praised the measure as critical to address the effects of the segregation and inequality across our nation. She released the following statement on the rule, which strengthens the Affirmativel... (Read More)


  • Waters: Failure to Act on Ex-Im ‘Unconscionable’
    Posted in Press Releases on June 30, 2015 | Preview rr
    Tags: Export-Import Bank

    Mere hours before the Export-Import Bank’s charter is set to expire at midnight, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, joined Democratic Whip Steny Hoyer (D-MD), Monetary Policy and Trade Subcommittee Ranking Member Gwen Moore (D-WI) and Congressman Denny Heck (D-WA) in expressing their disappointment about the Republican-driven shutdown of America’s export credit agency. In remarks addressed to media, Waters outlined the immediate effects of ... (Read More)


  • Waters: Republican Ex-Im Brinksmanship Will Kill U.S. Jobs
    Posted in Press Releases on June 25, 2015 | Preview rr
    Tags: Export-Import Bank

    As the House of Representatives leaves town for a week-long recess without taking up legislation to extend the Export-Import Bank’s charter just days before it is set to shut down, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement: “Today, Speaker Boehner and House Republicans have chosen once again to govern by crisis, leaving town without taking a single step to prevent the Export-Import Bank from shutting down. While I re... (Read More)


  • Waters Lauds SCOTUS Decision to Uphold Disparate Impact Standard
    Posted in Press Releases on June 25, 2015 | Preview rr

    Following the Supreme Court’s decision to uphold the doctrine of disparate impact under the Fair Housing Act, which allows courts to hold defendants liable for the discriminatory effects of its actions, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, praised the decision. The standard was challenged under the case entitled Texas Department of Housing and Community Affairs, et al. v. Inclusive Communities Project, Inc., et al. For years, disparate impact ha... (Read More)


  • Waters Statement on Labor-HHS Appropriations Measure
    Posted in Press Releases on June 24, 2015 | Preview rr
    Tags: Department of Labor

    Following a House panel’s approval of legislation to fund the Departments of Labor, Education, and Health and Human Services, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, criticized Republicans for advancing legislation that would undermine a broad swath of the American people, from seniors and students to those investing in their retirement. Waters criticized two central tenets of the measure that undercut important protections for hardworking American... (Read More)


  • With Time Running Out, Republicans Fail to Stand up for Export-Import Bank
    Posted in Press Releases on June 24, 2015 | Preview rr
    Tags: Export-Import Bank

    With just one day remaining for Congress to act before the Export-Import Bank shuts down, a wide array of Democrats took to the House floor asking for unanimous consent to extend its charter by bringing up H.R. 1031 – a bill sponsored by Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, Monetary Policy and Trade Subcommittee Ranking Member Gwen Moore (D-WI), Reps. Denny Heck (D-WA) and Democratic Whip Steny Hoyer (D-MD). Waters and Heck also led an attempt to force a vote... (Read More)


  • Leading Democrats Express Concerns with Agency Diversity Standards
    Posted in Press Releases on June 18, 2015 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act

    Today, two leading Democratic Members of Congress are raising concerns with the release of final diversity assessment standards by six federal financial regulators, which were called for by the Dodd-Frank Wall Street Reform Act. In a joint statement Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee and chief architect of the provision, known as “Section 342” joined Congresswoman Joyce Beatty (D-OH), a leading Democrat overseeing its implementation, in express... (Read More)


  • Democrats Move to Force a Vote on Export-Import Bank
    Posted in Press Releases on June 17, 2015 | Preview rr
    Tags: Export-Import Bank

    Today, with just five days for Congress to act before the Export-Import Bank shuts down, Democrats on the Financial Services Committee took to the House floor in an attempt to force a vote to bring legislation to reauthorize, reform and re-energize the Export-Import Bank up for a vote. Using a parliamentary procedure called the "previous question," Democrats are pressing for consideration of H.R. 1031, the “Promoting U.S. Jobs through Exports Act of 2015,” as part of the debate over legislation ... (Read More)


  • Waters Statement on Financial Services Funding Bill
    Posted in Press Releases on June 17, 2015 | Preview rr
    Tags: SEC

    Following a House panel’s approval of a financial services spending bill, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, criticized Republicans for advancing legislation that would undermine consumer protection, weaken important Wall Street reforms and hurt regulators’ ability to protect our economy. She released the following statement: “This legislation is just the latest Republican gift to Wall Street Banks at the expense of American consumers and taxp... (Read More)


  • Waters Highlights FSOC’s Efforts to Ensure Resilience in Financial System
    Posted in Press Releases on June 17, 2015 | Preview rr
    Tags: FSOC , Speeches and Committee Statements

    During today’s full committee hearing to discuss the Financial Stability Oversight Council’s annual report with Treasury Secretary Jack Lew, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee applauded the critical work of the Council in identifying risks to the financial system and protecting American consumers and the overall stability of the economy. The top Democrat criticized efforts by Republicans to undermine the Council, noting that a major contributin... (Read More)


  • Waters Lauds HUD Decision to Protect Seniors in Reverse Mortgage Program
    Posted in Press Releases on June 15, 2015 | Preview rr
    Tags: HUD

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, praised the Department of Housing and Urban Development (HUD) for its announcement to provide reverse mortgage servicers the discretion to allow surviving spouses to stay in their homes in instances where the borrower passes away. Ranking Member Waters has been a leader on this issue, in May calling on HUD Secretary Castro to provide meaningful relief and increased transparency for seniors participatin... (Read More)


  • At Hearing with Sec. Castro, Waters Underscores the Importance of Housing Programs
    Posted in Press Releases on June 11, 2015 | Preview rr
    Tags: HUD , Speeches and Committee Statements

    During today’s full Committee hearing featuring Department of Housing and Urban Development (HUD) Secretary Julian Castro, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, highlighted the critical importance of HUD and underscored the need to provide robust funding for the agency’s programs. In opening remarks, the top Democrat noted that Republicans have no interest in strengthening the national housing system, criticizing their repeated efforts to underfu... (Read More)


  • With 10 Days Left, Waters Calls on GOP Leadership to Save Ex-Im
    Posted in Press Releases on June 10, 2015 | Preview rr
    Tags: Export-Import Bank , Speeches and Committee Statements

    With just ten days left for Congress to act before the Export-Import Bank shuts down, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, took to the House floor to call on House Republican leadership to bring renewal legislation to a vote. Stressing the importance of the agency to creating and sustaining American jobs in every corner of the nation, Waters outlined the shortsightedness of allowing the Bank to expire, which would put hundreds of thousands of... (Read More)


  • Waters Blasts Harmful Housing Funding Bill
    Posted in Press Releases on June 9, 2015 | Preview rr

    Following the House’s passage of a measure to fund the nation’s housing programs, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, blasted Republicans for undercutting important housing programs that protect our most vulnerable populations. Waters also expressed her disappointment with GOP efforts to bury the debate on the housing title of the legislation, which was held late into the night on two separate occasions. She released the following statement: “I... (Read More)


  • Waters Statement on CFTC Renewal Measure
    Posted in Press Releases on June 9, 2015 | Preview rr
    Tags: CFTC

    Following the House of Representatives’ passage of a bill to renew the Commodity Futures Trading Commission (CFTC), Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, criticized the measure as an effort to hamstring regulators’ ability to regulate the complex and important derivatives marketplace. Waters blasted the legislation as a multifaceted Republican attempt to roll back Wall Street Reform by opening up overseas loopholes for big banks, imposing heavy a... (Read More)


  • Waters Urges President Obama to Keep U.S. Financial Reforms Out of TPP
    Posted in Press Releases on June 5, 2015 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , International

    As the White House intensifies its push for Trade Promotion Authority from Congress so it can conclude talks on the 12-nation Trans-Pacific Partnership (TPP), yesterday Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, expressed concern that the TPP could undermine essential financial reforms, including those passed as part of the Dodd-Frank Wall Street Reform Act. In a letter sent to President Obama, the senior Democrat underscored the limitations and inter... (Read More)


  • Leading House Democrats Call On Republican Leadership to Hold a Vote on Ex-Im Bank
    Posted in Press Releases on June 4, 2015 | Preview rr
    Tags: Export-Import Bank

    As American export businesses continue facing uncertainty regarding the Export-Import Bank’s charter, top Democrats on Thursday continued to press the Republican Majority to bring a legislative proposal to renew and reform the agency to a vote. Financial Services Committee Ranking Member Maxine Waters (D-CA) joined Democratic Whip Steny Hoyer (D-MD), Monetary Policy and Trade Subcommittee Ranking Member Gwen Moore (D-WI) and Rep. Denny Heck (D-WA) to highlight the increasingly vocal support for ... (Read More)


  • Leading Democratic Lawmakers Raise Concerns over Banks’ Efforts to Secure DOL Waivers
    Posted in Press Releases on June 4, 2015 | Preview rr
    Tags: Department of Labor

    In the wake of five megabanks pleading guilty to felony charges, a number of prominent Democratic lawmakers are calling on the Department of Labor (DOL) to carefully consider whether to waive sanctions that would be automatically imposed on these institutions stemming from their guilty pleas. The lawmakers today called on DOL to hold a public hearing on any waivers requested by the banks, to promote transparency in DOL’s decision-making. The request was made in a letter to Labor Secretary Thomas... (Read More)


  • Committee Democrats Announce Unanimous Support for Measure to Aid Main Street Banks, Protect Consumers
    Posted in Press Releases on June 3, 2015 | Preview rr

    Leading Democrats on the Senate Banking and House Financial Services Committees today announced the broad support of Democratic Members for legislation to provide targeted relief to small financial institutions and protect consumers. The measure, which was introduced in both the House of Representatives and the United States Senate, has the unanimous support of Democratic Members of the respective committees. Entitled the “Community Lender Regulatory Relief and Consumer Protection Act of 2015,” ... (Read More)


  • Waters: Republican Brinksmanship on Ex-Im Threatens Survival of American Businesses in Global Marketplace
    Posted in Press Releases on June 3, 2015 | Preview rr
    Tags: Export-Import Bank , Speeches and Committee Statements

    As Republicans in Congress continue to run out the clock on the Export-Import Bank, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, condemned the Majority’s continued ideological attacks in the face of bipartisan support from a majority of the House of Representatives. Waters underscored that just 14 legislative days remain until this economic engine for growth shuts down, and levied criticism at Chair Hensarling (R-TX) for eleventh-hour brinksmanship t... (Read More)


  • Waters Calls for Increased Transparency in HUD’s Reverse Mortgage Conversion Program
    Posted in Press Releases on May 27, 2015 | Preview rr
    Tags: HUD

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, is calling on the Department of Housing and Urban Development (HUD) to provide meaningful relief and increased transparency for seniors participating in its reverse mortgage program, knowns as the Home Equity Conversion Mortgage program (HECM). Waters expressed concern that many senior citizens are facing foreclosure, or will face foreclosure due to deceptive lending practices and previous HUD protocol for... (Read More)


  • Waters Statement on Federal Reserve Subpoena
    Posted in Press Releases on May 21, 2015 | Preview rr
    Tags: Federal Reserve

    Following Financial Services Committee Chairman Hensarling’s announcement of the issuance of a subpoena for Federal Reserve documents related to the leak of market-sensitive Fed deliberations, Congresswoman Maxine Waters (D-CA), the Committee’s Ranking Member, released the following statement: “The unauthorized disclosure of confidential information is a serious matter, and the Federal Reserve’s Inspector General has joined with the Department of Justice to conduct a thorough inquiry. The politi... (Read More)


  • Committee Democrats Blast Inaction on Ex-Im Bank
    Posted in Press Releases on May 20, 2015 | Preview rr
    Tags: Full Committee , Export-Import Bank , Markup

    Today, Democrats on the Financial Services Committee upended a markup of 13 measures focused on capital formation for American small businesses to demand immediate action to renew the Export –Import Bank (Ex-Im). Led by Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee, Democrats highlighted the benefits of the Bank in their districts, while noting that with only 18 legislative days until it expires, the Republicans have yet even hold a hearing on legislation to renew the Bank.... (Read More)


  • Waters Statement on Five Banks’ Guilty Pleas
    Posted in Press Releases on May 20, 2015 | Preview rr
    Tags: SEC , Department of Justice

    Following guilty pleas by five of the largest banks to criminal violations, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, expressed her disappointment with the Department of Justice’s failure to hold any individuals criminally accountable. In addition, Waters expressed her concern with reports that the Securities and Exchange Commission (SEC) will allow these banks to continue doing business as usual, by waiving certain bad actor disqualifications in the securi... (Read More)


  • During Markup, Waters Calls Out Republicans for Failing to Reauthorize the Ex-Im Bank
    Posted in Press Releases on May 20, 2015 | Preview rr
    Tags: Speeches and Committee Statements

    During a markup of 13 legislative proposals focused on capital formation for small businesses, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, led her fellow Democrats in criticizing Republicans for failing to consider legislation to renew the charter Export-Import Bank, an entity that helps American businesses grow and create jobs. With only 18 legislative days until the Export-Import Bank shuts down, the top Democrat expressed concern with the uncerta... (Read More)


  • As Banks Prepare to Plead Guilty, Waters Calls for Transparent SEC Waiver Process
    Posted in Press Releases on May 15, 2015 | Preview rr
    Tags: SEC

    Following reports that five of the largest banks will soon plead guilty to criminal antitrust violations and pay several billion dollars for rigging foreign currencies, the top Democrat on the Financial Services Committee is raising concerns about the possibility that the Securities and Exchange Commission (SEC) will allow these banks to continue doing business as usual, by waiving certain bad actor disqualifications in the securities laws. In a letter to SEC Chair Mary Jo White, Congresswoman M... (Read More)


  • Waters Urges Strong Federal Floor in Setting Data Security Standards
    Posted in Press Releases on May 14, 2015 | Preview rr
    Tags: CFPB , Data Breach , Cybersecurity , Speeches and Committee Statements

    At today’s Financial Services committee hearing on data security breaches, Ranking Member Maxine Waters (D-CA) cautioned lawmakers to ensure that any Congressional effort to set national enforcement and notification standards provide a strong federal minimum, ensure flexibility for states to build on those minimum standards and avoid hamstringing their ability to adapt and strengthen them as new technologies emerge. Waters underscored the importance of this issue, and called for a bipartisan app... (Read More)


  • Waters Statement on CFTC Renewal Measure
    Posted in Press Releases on May 14, 2015 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFTC

    As the House Agriculture Committee considers legislation that would renew the Commodity Futures Trading Commission (CFTC), Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, expressed concern over provisions that would make changes to the Dodd-Frank Wall Street Reform Act, and weaken derivatives rules. Waters released the following statement: “This harmful proposal is an obvious attempt to hamstring an already underfunded agency charged with the critical over... (Read More)


  • At Dodd-Frank Hearing, Waters Reminds Lawmakers Why Reform Was Necessary
    Posted in Press Releases on May 13, 2015 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , SEC , FDIC , Speeches and Committee Statements

    At a subcommittee hearing related to the Dodd-Frank Wall Street Reform Act, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, reminded her colleagues as to why bold action was needed in the aftermath of the worst crisis since the Great Depression. She also underscored Dodd-Frank’s popularity with the American public and reiterated the few legislative days left until the Export-Import Bank closes its doors. Her statement follows: “Thank you, Mr. Chairman. Before I b... (Read More)


  • Waters Reaction to Unprecedented and Unilateral Hensarling Subpoenas
    Posted in Press Releases on May 11, 2015 | Preview rr

    Following today’s announcement of subpoenas for three federal agencies by Financial Services Committee Chairman Jeb Hensarling (R-TX), Congresswoman Maxine Waters, the Committee’s Ranking Member, released the following letter laying out her strong objections to the process by which the subpoenas were issued. The letter was sent on Friday, May 8, after she was notified of the Chairman’s intentions. The Ranking member raised concerns over the unilateral issuance of subpoenas without getting consen... (Read More)


  • Effort to force Vote on Ex-Im Bank Gains Momentum
    Posted in Press Releases on May 1, 2015 | Preview rr
    Tags: Export-Import Bank

    In less than 24 hours, an effort to bypass House Republican leadership and force a vote on legislation to extend the Export-Import Bank’s charter has garnered the support of 179 Members of Congress. Led by three key Democratic members of the Financial Services Committee, the lawmakers have signed a discharge petition; a procedure that, if supported by a majority of the House, would bring legislation to reauthorize and reform the Export-Import Bank up for a vote. Rep. Denny Heck (D-WA), Ranking M... (Read More)


  • Leading Democrat Introduces Proposal to Overhaul Public Housing Spending
    Posted in Press Releases on May 1, 2015 | Preview rr

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, introduced legislation to comprehensively address chronic underfunding of the public housing program in the United States to ensure access to housing that is safe, decent and affordable for the 1.2 million vulnerable families who rely on it. The measure, entitled the Public Housing Tenant Protection and Reinvestment Act, seeks to preserve public housing and transform extremely impoverished neighborh... (Read More)


  • Waters Urges Action to Renew and Reform Export–Import Bank
    Posted in Press Releases on April 30, 2015 | Preview rr
    Tags: Export-Import Bank , Subcommittee on Monetary Policy & Trade , Speeches and Committee Statements

    Following comments by Speaker Boehner that, “there are thousands of jobs on the line that would disappear pretty quickly if the [Export-Import] Bank were to disappear," Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, urged the Republicans on the Committee to stand up for American jobs and businesses by taking action to renew and reform the Export-Import Bank, which is set to expire June 30. The remarks were delivered during a joint hearing today with th... (Read More)


  • Democrats Move to Force a Vote on Export-Import Bank
    Posted in Press Releases on April 30, 2015 | Preview rr
    Tags: Export-Import Bank

    With just 26 legislative days left until the Export-Import Bank closes its doors on June 30, House Democrats today initiated an effort to bypass House Republican leadership that would force a vote on legislation to extend the Bank’s charter. Three key Democratic members of the Financial Services Committee have joined with Democratic Leader Nancy Pelosi and Whip Steny Hoyer to sign a discharge petition; a procedure that, if supported by a majority of the House, would bring legislation to reauthor... (Read More)


  • Housing Funding Bill Harmful for Millions of Americans
    Posted in Press Releases on April 29, 2015 | Preview rr
    Tags: HUD

    Following a House Appropriations subcommittee’s approval of a measure to fund the nation’s housing programs, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, blasted Republicans for undercutting important housing programs that protect our most vulnerable populations. The legislation, known as the Transportation, Housing and Urban Development and Related Agencies (THUD) Appropriations bill, slashes or provides insufficient funding for a number of the Departm... (Read More)


  • Waters Blasts Underhanded Attacks on Critical Consumer Protection Agency
    Posted in Press Releases on April 21, 2015 | Preview rr
    Tags: CFPB , House Floor , Speeches and Committee Statements

    As the House considers H.R. 1195, legislation related to advisory boards at the Consumer Financial Protection Bureau (CFPB), Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, lamented yet another underhanded attempt by the Republican majority to undermine the consumer watchdog by significantly cutting its budget. As originally written, the once-bipartisan measure would codify two of the advisory boards that CFPB voluntarily created to address the concerns... (Read More)


  • Leading Democrats Call for Diversity in TSP Asset Management
    Posted in Press Releases on April 16, 2015 | Preview rr

    Two leading Democrats on the Financial Services Committee are urging the Federal Retirement Thrift Investment Board (Board) to incorporate and prioritize diversity as it considers the creation of a mutual fund window within the $439 billion Federal Thrift Savings Plan (TSP). In a letter addressed to head of the Board today, Congresswoman Maxine Waters (D-CA), the Committee’s Ranking Member and Rep. Gregory Meeks (D-NY), a senior member of the panel, stressed the importance of ensuring greater mi... (Read More)


  • As Clock Ticks on Ex-Im, Waters Urges Immediate Renewal
    Posted in Press Releases on April 15, 2015 | Preview rr
    Tags: Export-Import Bank , Speeches and Committee Statements

    With the Export-Import Bank’s charter set to expire in just 32 legislative days, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, today blasted House Republicans for wasting time hosting a hearing on the implementation of the 2012 reauthorization – and called on them to instead focus on ensuring its doors remain open. In a joint hearing between subcommittees of both the Financial Services and Oversight and Government Reform Committees, Waters pointed to ... (Read More)


  • In Floor Remarks, Waters Leads Efforts to Oppose H.R. 685
    Posted in Press Releases on April 14, 2015 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB , Speeches and Committee Statements

    In advance of final votes today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, led efforts to oppose the so-called “Mortgage Choice Act,” (H.R. 685) a measure that would weaken vital consumer protections for low-income Americans looking to purchase a home, exponentially increase mortgage costs, and undo the critical work of the Consumer Financial Protection Bureau (CFPB) by allowing a return to the practices frequently used in the period prior to the ... (Read More)


  • Waters Expresses Strong Opposition to Dodd-Frank Rollbacks
    Posted in Press Releases on April 14, 2015 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB , Speeches and Committee Statements

    Leading opposition to final passage of the “Preserving Access to Manufactured Housing Act” on the House Floor, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, criticized the measure for rolling back critical borrower protections put in place by the Consumer Financial Protection Bureau, undercutting the Dodd-Frank Wall Street Reform Act and encouraging the kind of predatory lending practices that previously brought the American economy to the brink of co... (Read More)


  • Waters Praises “Milestone” Rule to Protect Retirees and Investors
    Posted in Press Releases on April 14, 2015 | Preview rr
    Tags: Department of Labor

    Following an announcement from the Department of Labor (DOL) that it has proposed for public comment rules on the provision of investment advice for retirement assets, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued a statement in strong support of the Administration’s move to modernize its “fiduciary duty” rule, which seeks to ensure that those providing investment advice are actually working in the best interest of retirement savers. Waters app... (Read More)


  • Ranking Member Waters’ Rules Committee Testimony and Statement in Opposition to H.R. 650 and H.R. 685
    Posted in Press Releases on April 13, 2015 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB , Speeches and Committee Statements

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, today delivered testimony in front of the House Rules Committee, stating her strong opposition to two measures, the “Preserving Access to Manufactured Housing Act,” (H.R. 650) and the “Mortgage Choice Act,” (H.R. 685) . In her testimony, the top Democrat described the consequences of enacting these measures, stating that they would rollback critical consumer protections enacted under Dodd-Frank and leave ... (Read More)


  • Waters Voices Support for CFPB Payday Lending Rules
    Posted in Press Releases on March 26, 2015 | Preview rr
    Tags: CFPB

    Following an announcement by the Consumer Financial Protection Bureau (CFPB) of its intent to draft rules to deter payday lending abuse, and in advance of President Obama’s trip to Birmingham, Alabama to speak about the matter, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, underscored her support for the Bureau’s action. Waters, a strong advocate of the agency’s successful work to protect American consumers, offered the following statement: “I join th... (Read More)


  • House Democrats: SEC Vote to Preempt State Investor Protections “Disappointing”
    Posted in Press Releases on March 25, 2015 | Preview rr
    Tags: SEC

    Following the Securities and Exchange Commission’s (SEC) vote to finalize a rule expanding an exemption allowing businesses to raise up to $50 million from the public markets, six leading Democratic lawmakers on the Financial Services Committee expressed concern with the consequences of preempting critical investor protections at the state level. Led by Congressman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee and Congressman Stephen Lynch (D-MA) the members voiced the... (Read More)


  • Waters Urges End to “One Strike” Public Housing Policies
    Posted in Press Releases on March 25, 2015 | Preview rr
    Tags: HUD

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, today called on the Department of Housing and Urban Development (HUD) to issue formal guidance amending previous guidance that explicitly encouraged the “one strike and you’re out” policy, in which Public Housing Authorities evict residents on the basis of criminal activity that may, or may not, be under their control. The policy, first promulgated during the now debunked “War on Drugs,” encourages hardlin... (Read More)


  • Waters Statement on Full Committee Markup
    Posted in Press Releases on March 25, 2015 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB , Community Banks , Speeches and Committee Statements

    During opening remarks at a Financial Services Committee markup of nearly a dozen legislative proposals today, Congresswoman Maxine Waters (D-CA), the Committee’s Ranking Member, outlined a number of areas where Democrats are willing to with Republicans to find bipartisan compromise. However, the Ranking Member also stressed that while Democrats are willing to work with their Republican colleagues, concerns remain that the members of the majority will continue their attempts to undercut Dodd-Fra... (Read More)


  • Waters Blasts GOP Budget Proposal
    Posted in Press Releases on March 24, 2015 | Preview rr
    Tags: Budget , House Floor , Speeches and Committee Statements

    Today, as the House of Representatives considered the Republican budget proposal on the House Floor, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, waged a devastating critique of the proposal as harmful to our nation’s economic stability, to our housing market and to American consumers. Waters criticized the shortsightedness of a Republican budget that would invite a return to the risky days that led to the crisis, by repealing important prohibitions aga... (Read More)


  • Waters Defends Proposals to Rein in Conflicted Retirement Advice
    Posted in Press Releases on March 24, 2015 | Preview rr
    Tags: SEC , Speeches and Committee Statements

    Today, the Ranking Member of the Financial Services Committee strongly defended the right of American workers and retirees to receive honest financial advice free of double dealing and conflicts of interests. At the second in a series of congressional forums designed to address issues facing America’s middle class, Congresswoman Maxine Waters (D-CA) defended the Obama Administration’s forthcoming fiduciary duty rule, and pledged to oppose Republican efforts to undermine it. The series of forums,... (Read More)


  • Waters Discusses New Waiver Proposal with SEC Chair
    Posted in Press Releases on March 24, 2015 | Preview rr
    Tags: Full Committee , SEC , Speeches and Committee Statements

    In remarks prior to testimony from Securities Exchange Commission (SEC) Chairwoman Mary Jo White, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, discussed her recently released draft legislation, the “Bad Actor Disqualification Act.” The proposal would increase transparency by establishing a more vigorous, fair and public process for granting waivers of bad actor disqualifications at the SEC. The measure, which already boasts the support of labor, consume... (Read More)


  • Waters Unveils Legislation to Reform Waiver Process at the SEC
    Posted in Press Releases on March 24, 2015 | Preview rr
    Tags: SEC

    Washington, D.C. – As Securities and Exchange Commission (SEC) Chair Mary Jo White prepares to testify before the Financial Services Committee today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, has unveiled a proposal to increase transparency and establish a more vigorous, fair and public process for granting waivers of bad actor disqualifications. Certain provisions in securities laws allow law-abiding companies to engage in routine activities with le... (Read More)


  • Democrats on Housing Panel Call for Hearings on Ending Homelessness
    Posted in Press Releases on March 20, 2015 | Preview rr
    Tags: HUD

    A coalition of nearly every Democratic Member of the House Financial Services Committee is calling on Republicans to make good on their pledge to address poverty by holding hearings on ending homelessness in America. In a letter sent today to Chairman Jeb Hensarling (D-TX), 25 Committee Democrats requested the majority pay increased attention to the issue by hosting a series of hearings on the status of homelessness in our nation. Led by Congresswoman Maxine Waters (D-CA), the Committee’s Rankin... (Read More)


  • For the Second Time, House Republicans Block Ex-Im Renewal
    Posted in Press Releases on March 19, 2015 | Preview rr
    Tags: Export-Import Bank

    For the second time this week, House Republicans today rejected a Democratic motion to bring legislation to reauthorize, reform and re-energize the Export-Import Bank up for a vote. Congressman Denny Heck (D-WA) joined Congressman Al Green (D-TX) in leading the effort to bring the measure, H.R. 1031, to the Floor of the House using a parliamentary procedure called the "previous question." Entitled the “Promoting U.S. Jobs through Exports Act of 2015,” the legislation would create and sustain cri... (Read More)


  • Waters Express Skepticism At Proposals to “Preserve Consumer Choice”
    Posted in Press Releases on March 18, 2015 | Preview rr
    Tags: CFPB , Speeches and Committee Statements

    At a hearing to consider Republican proposals to “preserve consumer choice” today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, expressed skepticism with the majority’s assertion that these proposals would accomplish anything for our nation’s consumers. Waters pointed out the irony of the hearing’s theme, noting that most proposals to be discussed are harmful to consumers and actually weaken Wall Street watchdogs like the Consumer Financial Protectio... (Read More)


  • Grijalva, Ellison and Waters Call for Implementation of Dodd-Frank CEO Median Worker Pay Ratio Rule
    Posted in Press Releases on March 17, 2015 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act

    Today, Congressional Progressive Caucus (CPC) Co-Chairs Reps. Raúl Grijalva (D-AZ) and Keith Ellison (D-MN) joined Financial Services Committee Ranking Member Maxine Waters (D-CA) in calling on the Securities and Exchange Commission (SEC) to finalize its rule requiring publicly-traded corporations to publicly disclose the ratio of the compensation for their CEO to the compensation of their median worker. The three lawmakers urged completion of the so-called “Median Worker Pay Ratio Rule” via a l... (Read More)


  • House Republicans Block Consideration of Export-Import Bank Renewal
    Posted in Press Releases on March 17, 2015 | Preview rr
    Tags: Export-Import Bank , House Floor

    Today, House Republicans rejected a Democratic motion to bring legislation to reauthorize, reform and re-energize the Export-Import Bank up for a vote. Using a parliamentary procedure called the "previous question," House Republicans blocked an effort to bring H.R. 1031, the “Promoting U.S. Jobs through Exports Act of 2015” to the House floor. This legislation, which has 190 Democratic cosponsors, extends Ex-Im’s charter for seven years, increases its lending authority, and modernizes the Bank’s... (Read More)


  • Waters: Consequences of Failing to Approve IMF Quota Reform Package are Serious
    Posted in Press Releases on March 17, 2015 | Preview rr
    Tags: Full Committee , Department of the Treasury , International , Speeches and Committee Statements

    At today’s Financial Services Committee hearing with Treasury Secretary Jack Lew, Ranking Member Maxine Waters (D-CA) continued to express her disappointment with the Republican refusal to ratify the International Monetary Fund (IMF) quota reform package. In her remarks, Waters underscored the importance of approving the package, and laid out the harmful impact delaying these reforms will have on global stability. Waters delivered these remarks during today’s hearing on “The State of the Interna... (Read More)


  • Waters Reacts to New Report on Diversity at Consumer Bureau
    Posted in Press Releases on March 10, 2015 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB

    Following the release of a report she requested, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, reacted to findings related to diversity and inclusion at the Consumer Financial Protection Bureau (CFPB). Last year, Waters led eight other Democratic members of the Subcommittee on Oversight and Investigations in requesting reports by Inspectors General at the CFPB and all other financial regulators, to assess whether any personnel practices and policies have... (Read More)


  • Waters Praises Accomplishments of Consumer Bureau
    Posted in Press Releases on March 3, 2015 | Preview rr
    Tags: Full Committee , CFPB , Speeches and Committee Statements

    During today’s hearing to review the semi-annual report of the Consumer Financial Protection Bureau (CFPB), Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, praised the agency’s work to diligently protect consumers and ensure fairness in the financial system, even in the face of historic Republican efforts to undermine, eliminate and render the agency ineffective. Waters noted in her remarks the agency’s tremendous track record, delivering $5.3 billion in r... (Read More)


  • Waters Calls Out GOP for Abusive Subpoena Process
    Posted in Press Releases on March 3, 2015 | Preview rr
    Tags: CFPB

    As the Director of the Consumer Financial Protection Bureau (CFPB) testifies on Capitol Hill today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, is raising serious concerns about the Republican majority’s newest effort to undermine the consumer agency through its unilateral subpoena authority. In a letter to Committee Chairman Jeb Hensarling (R-TX), Waters raised concerns with a new policy regarding the issuance of subpoenas that affords the CFPB onl... (Read More)


  • Waters Announces $738,000 for Housing Authority of LA County
    Posted in Press Releases on February 27, 2015 | Preview rr
    Tags: HUD

    Today, Congresswoman Maxine Waters (CA-43), Ranking Member of the Committee on Financial Services, announced that the Housing Authority of the County of Los Angeles (HACoLA) will receive a $738,000 federal grant to continue employing its “Resident Service Coordinators” who are integral in connecting public housing residents with much-needed supportive services and resident empowerment activities in the community. Even more important, these coordinators link the County’s seniors to resources and ... (Read More)


  • BREAKING: Majority of House Supports Ex-Im Bank Renewal
    Posted in Press Releases on February 26, 2015 | Preview rr
    Tags: Export-Import Bank

    Less than one day after four leading Democratic lawmakers introduced legislation to reauthorize, reform and re-energize the Export-Import Bank, support for the bill has dramatically intensified. A growing total of more than 190 Democratic members of the House of Representatives have signed on to cosponsor the legislation, entitled the “Promoting U.S. Jobs through Exports Act of 2015,” (H.R. 1031). The surging support for the Democratic measure, in addition to the 58 Republicans who have supporte... (Read More)


  • At Yellen Hearing, Waters Seeks Answers on the Wealth Gap
    Posted in Press Releases on February 25, 2015 | Preview rr
    Tags: Federal Reserve , Wealth Gap , Speeches and Committee Statements

    In opening remarks during today’s semi-annual Humphrey-Hawkins hearing with Federal Reserve Chair Janet Yellen, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, touted the effectiveness of the Federal Reserve’s post-crisis monetary policy and outlined the remaining work left to do to close the wealth gap – which has been exacerbated by the devastating effects of the recent financial crisis. Waters asserted that while our economy continues to witness u... (Read More)


  • Leading Democratic Lawmakers Introduce Legislation to Protect and Reform the Export-Import Bank
    Posted in Press Releases on February 25, 2015 | Preview rr
    Tags: Export-Import Bank

    Four leading Democratic lawmakers have introduced legislation to reauthorize, reform and re-energize the Export-Import Bank, an agency that supports hundreds of thousands of U.S. jobs and levels the playing field so that American businesses are able to compete successfully in global markets. Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, joined Congresswoman Gwen Moore (D-WI), Ranking Member of the Subcommittee on Monetary Policy and Trade, Congressman De... (Read More)


  • Waters Statement on New Rules for Retirement Security
    Posted in Press Releases on February 23, 2015 | Preview rr

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, released the following statement in reaction to President Obama’s announcement that he is directing his administration to move forward with a proposed rulemaking that will protect families by imposing a “fiduciary standard” on retirement advisors, which will ensure they put the interest of average Americans ahead of their profits. She released the following statement. “I’m pleased that President Obama is focu... (Read More)


  • Waters Demands Clarity on Corinthian Student Loan Refunds
    Posted in Press Releases on February 20, 2015 | Preview rr
    Tags: CFPB

    In the aftermath of an agreement to provide $480 million in financial relief to students wrestling with predatory loans from now-defunct Corinthian colleges, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, has called for greater clarity surrounding the student loan servicers who are charged with forgiving the debt. In letters sent Wednesday to Consumer Financial Protection Bureau Director Richard Cordray and David Hawn, President and CEO of Education Credi... (Read More)


  • Financial Services Democrats Challenge GOP Views on Inequality Issues
    Posted in Press Releases on February 13, 2015 | Preview rr
    Tags: Full Committee , Export-Import Bank , CFPB , SEC , Money Laundering , HUD , Markup , Budget , Wealth Gap

    Over the course of a two-day markup of Republican fiscal year 2016 budgetary priorities in the financial services sector, Financial Services Committee Democrats fought back against a Republican effort to eliminate taxpayer protections and undermine the social safety net. Led by Ranking Member Maxine Waters (D-CA), Democrats fiercely opposed rampant mischaracterizations of critical federal agencies and initiatives, including the Consumer Financial Protection Bureau, Section 8 public housing progr... (Read More)


  • Waters: GOP Budget Ignores Inequality and the Racial Wealth Gap
    Posted in Press Releases on February 12, 2015 | Preview rr
    Tags: Full Committee , Federal Reserve , HUD , Markup , Budget , Wealth Gap , Speeches and Committee Statements

    In a highly charged meeting of the Financial Services Committee to consider the fiscal year 2016 “Budget Views and Estimates” Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, chastised Committee Republicans for putting forth a budget that fails to provide real solutions that will address the problems of income inequality, the racial wealth gap, slow wage growth, unemployment and a secure social safety net. She released the following statement, which can be ... (Read More)


  • Waters Responds to Hensarling’s “Review” of HUD
    Posted in Press Releases on February 11, 2015 | Preview rr
    Tags: HUD

    Following an announcement made today by Financial Services Committee Chairman Jeb Hensarling that the Committee will embark upon “an extensive review and thorough examination of the successes and failures” of the Department of Housing and Urban Development, Ranking Member Congresswoman Maxine Waters (D-CA) issued the following statement: “I’m so pleased that Mr. Hensarling and his fellow Republicans suddenly seem to want to focus on the needs of Americans in poverty. Last year, Democrats request... (Read More)


  • Waters Praises Castro for FHA Premium Reductions
    Posted in Press Releases on February 11, 2015 | Preview rr
    Tags: FHA , HUD , Speeches and Committee Statements

    At today’s Full Committee hearing on the Federal Housing Administration (FHA), Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, praised Housing and Urban Development Secretary Julián Castro for his recent decision to lower FHA premiums. Over the next three years, the decision will provide an average of $900 in annual savings for approximately 2 million future homeowners and extend the possibility of homeownership to another 250,000 hardworking Americans cur... (Read More)


  • Waters Expresses “Outrage” at HSBC Swiss Bank Violations
    Posted in Press Releases on February 9, 2015 | Preview rr
    Tags: Money Laundering

    In response to recent revelations that HSBC, the second largest commercial bank in the world, committed numerous violations of U.S. and international tax and finance laws, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, expressed her concern at the continued lack of accountability for the individuals associated with providing financial services for some of the world’s worst criminals and tax evaders. Waters, a fierce advocate for Wall Street accountability... (Read More)


  • In Floor Remarks, Waters Delivers Sharp Rebuke of Anti-Consumer Legislation
    Posted in Press Releases on February 4, 2015 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB , House Floor , Speeches and Committee Statements

    As the House of Representatives considered legislation weakening Wall Street’s cash-strapped regulators, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, delivered sharp remarks rebuking H.R. 50, the Unfunded Mandates Information and Transparency Act of 2015. Dubbing it as ‘anti-consumer,’ Waters criticized the burdensome, time-consuming rulemaking requirements outlined in the bill, which would make it harder for regulators to act independently and in the b... (Read More)


  • Waters “Disappointed” with SEC’s Waiver of Sanctions on Oppenheimer
    Posted in Press Releases on February 4, 2015 | Preview rr
    Tags: SEC

    Following the Securities and Exchange Commission’s decision to waive sanctions against Oppenheimer & Co., today Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, expressed her disappointment that the SEC issued such a broad waiver of sanctions to a company with an extensive recidivist history. Waters’ comments come as SEC Commissioners Aguilar and Stein today released a dissent to the SEC’s order. She released the following statement. “I am deeply disappoint... (Read More)


  • Waters Commends FHFA's Action Protecting Homeowners from Fraud and Abuse
    Posted in Press Releases on January 30, 2015 | Preview rr
    Tags: FHFA

    Following the release of newly drafted non-bank servicer requirements today, Congresswoman Member Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, commended the Federal Housing Finance Agency for taking positive steps toward establishing protections to prevent American homeowners and taxpayers from falling victim to fraud and abuse. Waters, a strong advocate for safe, decent, affordable housing for all Americans, offered the following statement: “I commend Director... (Read More)


  • At Hearing, Waters Commends FHFA Director For Expanding Housing Opportunities
    Posted in Press Releases on January 27, 2015 | Preview rr
    Tags: Full Committee , FHFA , Wealth Gap , Speeches and Committee Statements

    In advance of testimony by Federal Housing Finance Agency (FHFA) Director Mel Watt before the House Financial Services Committee, Ranking Member Maxine Waters (D-CA) commended the Agency’s efforts to ensure that America’s housing market remains affordable and works for everyone. At a hearing to receive an “An Update from the Director of the Federal Housing Finance Agency,” which is charged with overseeing Fannie Mae and Freddie Mac, Waters acknowledged the Government-Sponsored Enterprises’ (GSEs... (Read More)


  • Waters Announces Financial Services Subcommittee Assignments
    Posted in Press Releases on January 21, 2015 | Preview rr
    Tags: Full Committee , Subcommittee on Housing and Insurance , Subcommittee on Financial Institutions & Consumer Credit , Subcommittee on Monetary Policy & Trade , Subcommittee on Oversight & Investigations , Subcommittee on Capital Markets, Securities, and Investment

    Ranking Member Maxine Waters (D-CA) today announced subcommittee assignments for the Democratic Members of the House Financial Services Committee. The Ranking Members of each subcommittee were chosen through a selection process based on seniority, with the confirmation of all Committee members. Positions on each subcommittee were secured through an open-bidding process in which all members of the Democratic caucus participate. Factors guiding the process included members’ years of service as wel... (Read More)


  • Waters Outlines Democratic Priorities during Oversight Markup
    Posted in Press Releases on January 21, 2015 | Preview rr
    Tags: Full Committee , Dodd–Frank Wall Street Reform and Consumer Protection Act , Export-Import Bank , CFPB , Housing Finance Reform , Markup , Wealth Gap

    In remarks at the Financial Services Committee markup of its Oversight Plan, which is required by House rules to outline Committee work during the 114th session of Congress, Ranking Member Maxine Waters underscored some of her top priorities for the coming two years. Acknowledging a modest departure from the more contentious oversight plan of the 113th Congress, the Ranking Member highlighted areas of importance to prevent the mistakes that led to the financial crisis of 2008. Waters focused on ... (Read More)


  • Waters Lauds President’s SOTU Pledge to Protect Dodd-Frank
    Posted in Press Releases on January 20, 2015 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act

    Following President Obama’s State of the Union address, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, praised the President for underscoring the importance of the Wall Street Reform Act and making clear he will veto any legislative effort to undermine it. Waters, a tireless advocate for protection the law, also praised the President for his proposal to levy a fee on the largest financial institutions designed to discourage them from accumulating de... (Read More)


  • As Historic Hearing Convenes, Waters Raises Concerns with Credit Suisse Waiver
    Posted in Press Releases on January 15, 2015 | Preview rr
    Tags: Department of Labor

    In advance of the Department of Labor’s (DOL) historic hearing on Credit Suisse’s petition to continue managing certain assets following a criminal conviction, Congresswoman Maxine Waters (D-CA), who requested the hearing, commended the Department and urged it to deny the bank’s waiver. At the rare public hearing, Credit Suisse’s affiliated qualified professional asset managers (QPAMs) stand to lose their beneficial legal status after pleading guilty to helping clients evade tax debts. Last Octo... (Read More)


  • Waters Statement on Wall Street Deregulation Package
    Posted in Press Releases on January 14, 2015 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , Volcker Rule

    Democrats, led by Congresswoman Maxine Waters (D-CA) Ranking Member of the Financial Services Committee garnered 154 “no” votes against H.R. 37, a controversial Republican package of 11 bills that will roll back certain portions of the Wall Street Reform Act. Last week, House Democrats defeated Republican efforts to fast track the same measure through a process known as suspension of the rules, by denying them the two-thirds vote they needed they need for passage. She released the following stat... (Read More)


  • On House Floor, Waters Leads Fight against Wall Street Deregulation
    Posted in Press Releases on January 13, 2015 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , Volcker Rule , House Floor , Speeches and Committee Statements

    During a debate that did not begin until well into the evening, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, led House Democratic members in strong opposition to H.R. 37, a harmful package of 11 bills that will roll back certain portions of the Wall Street Reform Act. The legislation contains harmful provisions that undermine Dodd-Frank, which was passed in response to the worst financial crisis in a generation. These include a newly introduced me... (Read More)


  • Lynch, Waters Encouraged by Results of Securities and Exchange Commission Investigation of Direct Edge
    Posted in Press Releases on January 13, 2015 | Preview rr
    Tags: SEC

    Today, Congressman Stephen F. Lynch (D-MA) and Ranking Member Maxine Waters (D-CA), two prominent members of the Financial Services Committee, issued a statement regarding the announcement that Direct Edge will pay a $14 million fine to settle charges by the Securities and Exchange Commission that they failed to disclose how some order types, created at the behest of high frequency trading firms, were being employed on their exchanges. Lynch and Waters applauded the SEC for taking action against... (Read More)


  • Waters Applauds California’s Action Against Ocwen
    Posted in Press Releases on January 13, 2015 | Preview rr

    Following the news that the State of California is seeking to suspend Ocwen Financial Corp's license to operate in the state, Congresswoman Maxine Waters (CA-43), Ranking Member of the House Financial Services Committee, praised the action, which was taken following Ocwen’s failure to respond to requests for information from state regulators. She released the following statement: “For years I have been critical of the many abuses some mortgage servicers have heaped on consumers and the woefully ... (Read More)


  • Waters Condemns Consolidation of Subpoena Power with Financial Services Chair
    Posted in Press Releases on January 13, 2015 | Preview rr
    Tags: Full Committee , Markup , Speeches and Committee Statements

    Today, as the House Financial Services Committee met for the first time in the 114th Congress to consider its rules, Ranking Member Maxine Waters (D-CA) criticized a proposal by Chairman Jeb Hensarling (R-TX) to dramatically change the Committee’s rules. Of the many proposed changes, the most egregious include providing unilateral authority to the Chairman to issue and authorize subpoenas. Although the Committee approved a Waters Amendment requiring the Chairman to provide the Ranking Member not... (Read More)


  • Waters Testifies Against Wall Street Deregulation
    Posted in Press Releases on January 12, 2015 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, gave the following testimony before the House Rules Committee on H.R. 37, a package of 11 bills designed to undermine the Dodd-Frank Wall Street Reform Act. She also spoke out against H.R. 185 which, among other provisions, places onerous cost-benefit analysis requirements on federal financial regulators. Last week, House Democrats defeated Republican efforts to fast track the same measure throug... (Read More)


  • Waters Joins Civil Rights Groups in Leading a Coalition in Fight Against Legal Attempts to Undercut Disparate Impact
    Posted in Press Releases on January 9, 2015 | Preview rr
    Tags: Wealth Gap

    As 2014 came to a close, Financial Services Committee Ranking Member Maxine Waters (D-CA) joined with the American Civil Liberties Union (ACLU), the National Fair Housing Alliance (NFHA) and 22 other current and former lawmakers to support a doctrine that for years has been used to end discriminatory practices that create barriers to housing based on race, color, national origin, religion, sex, familial status or handicap. Waters and the two civil rights groups brought together a bipartisan coal... (Read More)


  • Republicans Announce Second Attempt at Wall Street Deregulation
    Posted in Press Releases on January 8, 2015 | Preview rr

    Following the announcement by the House Rules Committee that on Monday it will consider H.R. 37, a package of 11 bills designed to undermine important Wall Street regulation, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, criticized House Republicans for continuing to push legislation benefitting Wall Street at the hands of American consumers. This week, House Democrats defeated Republican efforts to fast track the same measure through a process known as ... (Read More)


  • Waters Applauds Senate Renewal of Terrorism Risk Insurance Act
    Posted in Press Releases on January 8, 2015 | Preview rr
    Tags: TRIA

    Congresswoman Maxine Waters(D-CA), Ranking Member of the Committee on Financial Services, issued the following statement following Senate passage of legislation to renew the Terrorism Risk Insurance Act (TRIA), a critical insurance backstop that provides important protections for construction jobs, venues and regional economies across America: “ I applaud the U.S. Senate for swiftly addressing renewal of the Terrorism Risk Insurance Act. Today’s vote will ensure TRIA returns to its established r... (Read More)


  • Waters Lauds Action to Lower FHA Premiums
    Posted in Press Releases on January 8, 2015 | Preview rr
    Tags: FHA , Housing Finance Reform

    Following President Obama’s announcement that the Federal Housing Administration (FHA) will reduce annual mortgage insurance premiums, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, praised the action as critical for the nation’s homebuyers. In October, 2014, Waters and Rep. Michael Capuano (D-MA), Ranking Member of the Subcommittee on Housing and Insurance, called on Secretary Julian Castro to provide relief from FHA’s mortgage insurance premiums, citing... (Read More)


  • Waters Statement on Passage of Terrorism Risk Insurance Act
    Posted in Press Releases on January 7, 2015 | Preview rr
    Tags: TRIA

    Upon passage of legislation to renew the expired Terrorism Risk Insurance Act (TRIA), Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Committee and a strong advocate for the program’s renewal, released the following statement: “I’m pleased that House Republicans have recognized the damage caused by the 11th hour brinksmanship that led to TRIA’s expiration. I thank House leadership for heeding the calls of myself and others to make the program’s renewal the first order o... (Read More)


  • House Democrats Defeat Effort to Deregulate Wall Street
    Posted in Press Releases on January 7, 2015 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , Volcker Rule , Derivatives

    Today, after leading the effort to oppose House Republicans’ renewed attack on the Dodd-Frank Wall Street Reform Act, Ranking Member Maxine Waters (D-CA), praised Democrats for standing strong to oppose, and ultimately defeat, the measure. Republicans attempted to move a package of 11 bills that contained controversial changes to provisions relating to derivatives and Volcker rule. The legislation was voted on under suspension of the rules, which provides no opportunity for transparency, robust ... (Read More)


  • Waters Issues Statement on the Passing of Senator Edward Brooke
    Posted in Press Releases on January 5, 2015 | Preview rr

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, today released the following statement on the passing of Senator Edward Brooke, the first African American elected to the U.S. Senate post-reconstruction: “I join a grateful nation in mourning the loss of a great public servant, Senator Edward Brooke. As the first African American popularly-elected to the U.S. Senate post-reconstruction, and the first elected African American state Attorney General, Mr. Brook... (Read More)


  • Waters Statement on Senate Failure to Renew Terrorism Insurance
    Posted in Press Releases on December 16, 2014 | Preview rr
    Tags: TRIA

    Upon the news of the U.S. Senate’s failure to reauthorize the critical Terrorism Risk Insurance Act, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, released the following statement: "I'm saddened and disappointed that the U.S. Senate was unable to renew the critical Terrorism Risk Insurance Act. The death of TRIA is the direct result of Chairman Hensarling's 11th hour brinksmanship in the House of Representatives. Democrats repeatedly pointed out the diff... (Read More)


  • Waters Calls on Obama to “Rethink” Rental Assistance Demonstration
    Posted in Press Releases on December 15, 2014 | Preview rr
    Tags: HUD

    The top Democrat on the House Financial Services Committee is calling on President Barack Obama and his administration to “rethink its current strategy for preserving public housing,” raising significant concerns with its current approach. In a Letter to the President, Congresswoman Maxine Waters (D-CA), the Committee’s Ranking Member, expressed concern about the expansion of what has become known as the “Rental Assistance Demonstration,” or RAD, a controversial new demonstration program that al... (Read More)


  • Waters Takes Fight Against Wall Street Bailout to the House Floor
    Posted in Press Releases on December 11, 2014 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , Budget

    The top Democrat on the House Financial Services Committee, Congresswoman Maxine Waters (D-CA), today took her opposition to a provision that could bring back an era of Wall Street bailouts to the House floor. In a fiery speech, Waters expressed her concerns with a Wall Street-authored provision that repeals important taxpayer protections against reckless bank activity enacted as part of the Dodd-Frank Wall Street Reform Act. The provision was jammed into the must-pass government funding package... (Read More)


  • Waters “Increasingly Optimistic” Wall Street Bailout will be Defeated
    Posted in Press Releases on December 11, 2014 | Preview rr

    Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, said today that she is “increasingly optimistic” that her Democratic colleagues will join together to halt a Wall Street-authored provision that repeals important taxpayer protections against reckless bank activity enacted as part of the Dodd-Frank Wall Street Reform Act. The provision was jammed into the must-pass government funding package at the 11th hour. She released the following statement: “I am ... (Read More)


  • Waters Lauds Action to Support Housing Trust Fund
    Posted in Press Releases on December 11, 2014 | Preview rr
    Tags: FHFA

    Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, praised today’s announcement by Federal Housing Finance Agency (FHFA) Director Mel Watt that he will finally fund the Housing Trust Fund, a permanent federal fund that focuses on providing support to states to build, preserve and ultimately increase the supply of affordable rental housing for extremely low- and very low-income families, including homeless families. Waters, a coauthor of the legislation ... (Read More)


  • Waters Statement on Potential Wall Street Giveaway in Spending Bill
    Posted in Press Releases on December 10, 2014 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act

    Following reports of the possible inclusion of a provision to roll back key taxpayer protections against derivatives trading in the soon to be released government funding package, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Service Committee, expressed her extreme disappointment with efforts to undermine the Dodd-Frank Act. She released the following statement on the provision to repeal the so-called “swaps push-out” rule: “I am disgusted that in a back room deal, s... (Read More)


  • Waters Statement on Terrorism Risk Insurance Act
    Posted in Press Releases on December 10, 2014 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , TRIA , Speeches and Committee Statements

    Today on the House Floor, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, criticized House Republican leadership and committee Chairman Jeb Hensarling (R-TX) for a bad faith negotiation on the renewal of the Terrorism Risk Insurance Act (TRIA). Waters, a strong supporter of TRIA, objected to the troubling process by which unrelated legislation making changes to the Dodd Frank Wall Street Reform Act was inserted into the TRIA renewal at the eleventh h... (Read More)


  • Representatives of Greater Los Angeles Fighting to Halt Closure of LA’s HUD Multifamily Field Office
    Posted in Press Releases on December 8, 2014 | Preview rr
    Tags: HUD

    As Congress works to pass legislation that will continue funding federal agencies for next year, fourteen representatives of the Greater Los Angeles Area have called on House appropriators to use that process to halt the closure of the Department of Housing and Urban Development’s (HUD) Multifamily field office in Los Angeles. In a letter to House appropriators led by Congresswoman Maxine Waters (CA-43), the Ranking Member of the Financial Services Committee, and Congressman Xavier Becerra (CA-3... (Read More)


  • Waters, Lynch Call on SEC to Preserve States’ Investor Protections
    Posted in Press Releases on December 5, 2014 | Preview rr
    Tags: SEC

    Two prominent members of the Financial Services Committee, Ranking Member Maxine Waters (D-CA) and Congressman Stephen Lynch (D-MA), are calling on the Securities and Exchange Commission (SEC) to study the North American Securities Administrators Association’s (NASAA) new Coordinated Review program, and not “undermine crucial investor protections by preempting the states’ regulators.” The lawmakers pointed to a comment letter by Groundfloor Finance Inc., the first securities issuer to participat... (Read More)


  • Waters Leads Democratic Caucus in Calling Long-Term Renewal of Terrorism Risk Insurance Program
    Posted in Press Releases on December 4, 2014 | Preview rr
    Tags: TRIA

    Today, in a press conference at the U.S. Capitol, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, led members of the Democratic caucus in calling for a long-term renewal of the Terrorism Risk Insurance Act, which is set to expire at the end of 2014. The Ranking Member was joined by key members of Democratic House leadership, Leader Nancy Pelosi (D-CA), Whip Steny Hoyer (D-MD), and Democratic Caucus Vice Chair Joe Crowley (D-NY). Also in attendance were pro... (Read More)


  • Leading House Members Urge Administration to Elevate Financial Stability in Trade Talks with E.U.
    Posted in Press Releases on December 3, 2014 | Preview rr
    Tags: Department of the Treasury , TTIP , International

    This week, Democratic leaders of the House Financial Services Committee and the Congressional Progressive Caucus expressed concern that a trade deal currently under negotiation between the U.S. and the European Union could restrict the ability of Congress to enact measures aimed at promoting growth and stability and protecting the rights of consumers. In a letter led by Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, four Democratic lawmakers warned ... (Read More)


  • Waters Statement on Legislation to Renew Housing Assistance for Native Americans and Hawaiians
    Posted in Press Releases on December 2, 2014 | Preview rr
    Tags: HUD

    Today, as the House of Representatives considered the Native American Housing Assistance and Self-Determination Reauthorization Act of 2014 (H.R. 4329), Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, expressed serious concerns about the legislation, which would reauthorize the Native American Housing Assistance and Self-Determination Act (NAHASDA). Specifically, Waters cited the legislation’s failure to protect the Cherokee Freedmen, a population that is ... (Read More)


  • Waters: Technical Change to Bankruptcy Code is not Go-Ahead to Undo Dodd-Frank
    Posted in Press Releases on December 1, 2014 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act

    Following the passage of H.R. 5421, the Financial Institution Bankruptcy Act of 2014, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, made clear her position that this technical change to the federal bankruptcy code does not mean we should revisit or fundamentally change the important protections enacted under the Dodd-Frank Wall Street Reform Act. The bill, which would simply give bankruptcy courts additional authorities when resolving large, complex fina... (Read More)


  • Waters Urges Hensarling to Meet U.S. Commitments to Multilateral Development Banks
    Posted in Press Releases on November 20, 2014 | Preview rr
    Tags: International

    U.S. leadership critical to preserving global economic order As the 113th Congress prepares to adjourn, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, is calling on Committee Chairman Jeb Hensarling (R-TX) to take action to affirm U.S. support for international entities that support projects to combat hunger, poverty and inequality in the world’s poorest countries. In a letter sent yesterday, Waters urged the Chairman to support the Administration’s reque... (Read More)


  • Waters Statement on FHA Actuarial Report
    Posted in Press Releases on November 17, 2014 | Preview rr
    Tags: FHA

    Following today’s release of the Federal Housing Administration’s actuarial report, the Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following remarks: “Today’s announcement makes clear that FHA is on the right track, and is appropriately recovering from its unprecedented work keeping our housing market afloat during the worst economic crisis in a generation. While the FHA has not made full recovery, it’s important to remember that it is far... (Read More)


  • DOL Announces Hearing on Proposed Waiver of Sanctions on Credit Suisse
    Posted in Press Releases on November 14, 2014 | Preview rr
    Tags: Department of Labor

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, released the following statement in reaction to the announcement that the Department of Labor (DOL) will grant a hearing to examine its proposal to waive sanctions imposed on Credit Suisse. Credit Suisse recently pled guilty for conspiring to aid tax evasion. In October, Waters joined George Miller (D-CA), Ranking Member of the Education and the Workforce Committee, and Stephen F. Lynch (D-MA), in call... (Read More)


  • Waters Statement on Terrorist Financing and the Islamic State
    Posted in Press Releases on November 13, 2014 | Preview rr
    Tags: Full Committee , Money Laundering , Speeches and Committee Statements

    At today’s Financial Services Committee Hearing focused on Terrorist Financing and the Islamic State, Ranking Members Maxine Waters (D-CA) discussed the seriousness of the threat from ISIL and the challenges to curtailing its current, largely internal funding stream. However, the Ranking Member also underscored importance of strengthening our counter-terrorism and anti-money laundering laws, particularly as ISIL’s internal sources of funding dry up. Waters also alluded her proposal to strengthen... (Read More)


  • Waters Praises CFPB’s Proposed Federal Protections For Prepaid Products
    Posted in Press Releases on November 13, 2014 | Preview rr
    Tags: CFPB

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, today released the following statement in support of the Consumer Financial Protection Bureau’s (CFPB) newly proposed federal consumer protections for prepaid cards. Waters praised the action, citing an increased reliance on alternatives by the unbanked and underbanked. The Ranking Member also expressed her commitment to working with the CFPB to ensure the rule is finalized in a timely manner. She released th... (Read More)


  • Top Democrats Call on SEC to Protect Corporate Whistleblowers
    Posted in Press Releases on October 27, 2014 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , SEC

    Today, eight Democratic members of House Committees on Financial Services and Oversight and Government Reform (OGR) called on the Securities and Exchange Commission (SEC) to send a strong message that corporate practices to deter whistleblowers from reporting violations of securities laws will not be tolerated. In a letter to SEC Chair Mary Jo White, Financial Services Ranking Member Maxine Waters (D-CA) joined with Oversight and Government Reform Ranking Democrat Elijah Cummings (D-MD) and six ... (Read More)


  • Waters’ Statement on the President’s Data Security Initiative
    Posted in Press Releases on October 17, 2014 | Preview rr
    Tags: Data Breach , Cybersecurity

    Following President Obama’s announcement of a new initiative designed to provide consumers with more tools to assist victims of identity theft, improve the government’s payment security, and accelerate the transition to stronger security technologies, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, released the following statement of support: “I hope the steps announced today will accelerate the private sector’s adoption of stronger security measures for payment ... (Read More)


  • Miller, Waters Release Legislation to Renew and Reform Export-Import Bank
    Posted in Press Releases on October 14, 2014 | Preview rr
    Tags: Export-Import Bank , International

    Today, two key lawmakers on the House Financial Services Committee unveiled a bipartisan discussion draft of legislation to renew and reform the charter of the Export-Import Bank (Ex-Im Bank), an agency that supports hundreds of thousands of jobs and levels the playing field so that American businesses are able to compete successfully in global markets. Rep. Gary Miller (R-CA), Vice Chairman of the Financial Services Committee and Rep. Maxine Waters (D-CA), the Committee’s Ranking Member, releas... (Read More)


  • Waters, Miller, Lynch Call for Hearing on Proposed Waiver of Sanctions on Credit Suisse
    Posted in Press Releases on October 10, 2014 | Preview rr
    Tags: Department of Labor

    Today, three prominent members of the House of Representatives expressed serious concern with, and called for a hearing to examine, a proposal by the Department of Labor to waive sanctions imposed on Credit Suisse stemming from its guilty plea for conspiring to aid tax evasion for over two decades. In a strongly-worded letter to Labor Secretary Thomas Perez, Reps. Maxine Waters (D-CA), Ranking Member of the Financial Services Committee; George Miller (D-CA), Ranking Member of the Education and t... (Read More)


  • Waters Statement on JP Morgan Data Breach
    Posted in Press Releases on October 3, 2014 | Preview rr
    Tags: Data Breach , Cybersecurity

    Following yesterday’s announcement that the recent data breach at JP Morgan compromised contact information for about 76 million households and 7 million small businesses, Congresswoman Maxine Waters (D-CA) Ranking Member of the Financial Services Committee, today released the following statement, expressing concern and calling on Committee Republicans to make the issue an immediate priority: “The massive data breach announced yesterday at JP Morgan Chase serves as a pressing reminder that more ... (Read More)


  • Waters, Green, Ellison Call for Hearing on NY Fed’s Management Practices
    Posted in Press Releases on September 30, 2014 | Preview rr
    Tags: Federal Reserve

    Today, a trio of House Democratic lawmakers called on Republican leadership of the Financial Services Committee to hold a hearing to review the culture and management practices within the Federal Reserve Bank of New York. Citing a September 26 media report that indicated a risk averse culture where the Federal Reserve was deferential to the very entities it was charged with supervising, Financial Services Committee Ranking Member Maxine Waters (D-CA), Oversight & Investigations Subcommittee Rank... (Read More)


  • Waters “Disappointed” with Nine-Month Ex-Im Extension
    Posted in Press Releases on September 17, 2014 | Preview rr
    Tags: Export-Import Bank

    Following the House of Representatives vote on a spending measure that extends government funding through December 11th, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, expressed disappointment with a provision to extend the Export-Import Bank’s Charter for only nine months, and explained how it is an unfortunate step toward its possible demise. She released the following statement: “I have supported this continuing resolution because I believe we cannot allow Re... (Read More)


  • Waters: Holding in Swaps Case a “Major Victory” for Financial Reform
    Posted in Press Releases on September 16, 2014 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFTC , Derivatives

    Following the news that the U.S. District Court for the District of Columbia largely rejected a challenge to the way the Commodity Futures Trading Commission applies its derivatives rules overseas, Congresswoman Maxine Waters (D-CA) Ranking Member of the Financial Services Committee, released the following statement: “Today, proponents of financial reform secured a major victory as a U.S. district court rejected industry attempts to vacate the Commodity Futures Trading Commission’s (CFTC) guidan... (Read More)


  • Waters Applauds CFPB Action Against Corinthian Colleges
    Posted in Press Releases on September 16, 2014 | Preview rr
    Tags: CFPB

    Today, Congresswoman Maxine Waters (D-CA-43), Ranking Member of the Financial Services Committee, expressed support for the Consumer Financial Protection Bureau's announcement that it would take legal action against Corinthian Colleges, Inc. for its predatory lending practices. Upon hearing the news, Rep. Waters reiterated her support for an unqualified ability for all students enrolled at Corinthian to withdraw and receive a refund. Currently, unqualified refunds are only provided to a small gr... (Read More)


  • Waters Opposes House Republicans Abuse of Suspension Process
    Posted in Press Releases on September 15, 2014 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , SEC

    WASHINGTON, DC – Citing abuse of the legislative process by House Republicans, Congresswoman Maxine Waters (D-CA) Ranking Member of the Financial Services Committee, voiced her strong opposition to two measures that came before the House tonight. Waters expressed her frustration with the circumventing of the legislative process to bring large and controversial measures to the floor through the expedited procedure known as “suspension,” which truncates debate for legislation that is generally non... (Read More)


  • At Credit Reporting Hearing, Waters Discusses Proposal to Reform Consumer Reporting and Credit Scoring Practices
    Posted in Press Releases on September 10, 2014 | Preview rr
    Tags: Credit Reports and Scores , Speeches and Committee Statements

    WASHINGTON, D.C. – At today’s subcommittee hearing to examine our nation’s credit reporting system, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, commented on the release of her proposal to comprehensively reform our nation’s consumer reporting system. She gave the following statement: “Chair Capito, I’d like to thank you and Chairman Hensarling for granting my request for this important hearing. Our nation’s credit reporting system impacts almost all Americans... (Read More)


  • Waters Unveils Comprehensive Proposal to Reform Consumer Reporting and Credit Scoring Practices
    Posted in Press Releases on September 10, 2014 | Preview rr
    Tags: Credit Reports and Scores

    WASHINGTON, D.C. – Citing the countless Americans who have experienced heartbreak, frustration and devastation as a result of incomplete or erroneous information on their credit reports, today Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, released a proposal that would make sweeping reforms to our nation’s consumer reporting system. The draft proposal, entitled the “Fair Credit Reporting Improvement Act of 2014,” will enhance requirements on the consumer report... (Read More)


  • At Homeownership Fair, Waters Discusses the American Dream of Owning a Home
    Posted in Press Releases on August 28, 2014 | Preview rr

    Los Angeles, CA– At a recent community event to educate Californians about homeownership, Congresswoman Maxine Waters (CA-43) spoke to hundreds about the importance of responsibly owning a home, and discussed the wide array of federal, state and local resources available for those looking to buy or refinance a home. Waters delivered the remarks at the Korean Churches for Community Development’s (KCCD) 13th Annual Homeownership Fair. The annual event provides the community access to valuable reso... (Read More)


  • Democratic Members of the Financial Services Committee Speak on Export-Import Bank
    Posted in Press Releases on July 31, 2014 | Preview rr
    Tags: Export-Import Bank , Speeches and Committee Statements

    Wednesday, July 30, 2014, Democratic members of the Financial Services Committee took to the floor of the House of Representatives to speak about the importance of the Export-Import Bank, the need to renew its charter, and the outpouring of support from businesses across the country for the continuation of the Bank. The Export-Import Bank supports hundreds of thousands of jobs and levels the playing field so that American businesses large and small can compete successfully in global markets. Fol... (Read More)


  • Waters Comments on NCUA Proposed Capital Rule
    Posted in Press Releases on July 31, 2014 | Preview rr
    Tags: NCUA

    Following a meeting with National Credit Union Administration (NCUA) Board Chairman Debbie Matz, Congresswoman Member Maxine Waters, Ranking Member of the Financial Services Committee, shared views with NCUA’s proposed risk-based capital rule for federally-insured credit unions. In a letter to Matz, Waters underscored her support for NCUA’s efforts to revise its capital rules, but also expressed concerns with the unintended consequences of the proposed rule. Specifically, the Ranking Member stat... (Read More)


  • Approaching Recess, Waters Blasts GOP for Ex-Im Inaction
    Posted in Press Releases on July 30, 2014 | Preview rr
    Tags: Export-Import Bank

    WASHINGTON, D.C. – At today’s press conference discussing House Democrats' “Make It In America” jobs legislation, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, blasted Republicans refusal to take action to renew the Export-Import Bank’s charter. Waters criticized Republicans for heading into a five week Congressional recess without moving legislation to renew the Bank, and pointed out that upon Congress’ return, there remains only 10 legislative days lef... (Read More)


  • Heading into August, Waters Blasts Committee’s Unfinished Business
    Posted in Press Releases on July 29, 2014 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , Export-Import Bank , Federal Reserve , Markup , Speeches and Committee Statements

    At the last markup before the Congress breaks for August recess, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, criticized Republicans for wasting time while a number of major issues remain unresolved. The full Committee markup included six bills, the majority of which would be harmful to consumers and the economy. They include measures that would hamstring the Federal Reserve, water down important consumer protections in Dodd-Frank, place additional adm... (Read More)


  • Waters Praises Importance of Dodd-Frank, Blasts Republican Opposition
    Posted in Press Releases on July 23, 2014 | Preview rr
    Tags: Full Committee , Dodd–Frank Wall Street Reform and Consumer Protection Act , Volcker Rule , Speeches and Committee Statements

    At today’s Financial Services Committee Hearing entitled, “Assessing the Impact of the Dodd-Frank Act Four Years Later” Ranking Member Maxine Waters (D-CA) issued a strong rebuke to Republican attacks on the landmark law, recounting the devastation of the crisis, the success of the law thus far, and documenting Republicans’ efforts to return to the practices that brought the economy to its knees in the first place. The hearing follows Monday’s release of a Democratic staff report that documents ... (Read More)


  • Waters Statement on SEC's Final Rules on Money Market Funds
    Posted in Press Releases on July 23, 2014 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , SEC , FSOC

    Following the Securities and Exchange Commission’s (SEC) approval of its long awaited rules for money market mutual funds, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, released the following statement noting the SEC’s progress and underscoring the importance of the Financial Stability Oversight Council in moving these rules toward completion. "I'm pleased that today, the Securities and Exchange Commission has moved forward with reforms intended to preve... (Read More)


  • Top Dem Lawmakers Request Goldman Sachs Review
    Posted in Press Releases on July 22, 2014 | Preview rr
    Tags: CFPB

    Following allegations of discrimination and unfair treatment of women at Goldman Sachs Group, and in light of a continuing examination of similar claims at the Consumer Financial Protection Bureau (CFPB), two senior Democratic members of the House Financial Services Committee are calling on Republican leadership to examine the matter. In a letter to Committee Chairman Jeb Hensarling (R-TX) and Patrick McHenry (R-NC), Chair of the Oversight and Investigations (OI) Subcommittee, Ranking Members M... (Read More)


  • Democratic Report on Dodd-Frank Law Documents Progress, Efforts to Undercut It
    Posted in Press Releases on July 21, 2014 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB , SEC , CFTC

    WASHINGTON, D.C. – On the fourth anniversary of the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Financial Services Committee Ranking Member Maxine Waters (D-CA) released a Democratic staff report that documents the important progress regulators have made in implementing Dodd-Frank, as well as the unyielding Republican effort to undercut it. The report highlights the significant milestones achieved by regulators, while underscoring there is much more to do. It provid... (Read More)


  • **Media Advisory** Waters Announces Barney Frank to Testify on Namesake Law
    Posted in Press Releases on July 21, 2014 | Preview rr
    Tags: Full Committee , Dodd–Frank Wall Street Reform and Consumer Protection Act

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, announced that former Chairman Barney Frank (D-MA) will return to Congress this Wednesday to testify at a hearing to assess “the Impact of the Dodd-Frank Act Four Years Later.” “For 20 years, Barney Frank and I worked together closely on the Financial Services Committee, but never more closely than during Wall Street Reform,” said Waters, top Democrat on the panel. “I’m pleased Barney has agreed to ret... (Read More)


  • Cummings, Markey, Waters Respond to GAO Report on Medical Credit Cards
    Posted in Press Releases on July 21, 2014 | Preview rr
    Tags: Credit Reports and Scores , GAO

    Today, Congressmen Elijah E. Cummings (D-MD), Ranking Member of the House Committee on Oversight and Government Reform, Senator Ed Markey (D-MA) and Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee announced the release of a Government Accountability Office (GAO) report on medical credit cards and related products, including installment loans, offered by financial institutions. Cummings, Markey and Waters requested a GAO study in 2013 in response to co... (Read More)


  • Waters Lauds Senate Passage of TRIA Renewal
    Posted in Press Releases on July 17, 2014 | Preview rr
    Tags: TRIA

    Following the United States Senate’s passage of legislation to extend the Terrorism Risk Insurance Act for seven years, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, praised the chamber’s action, and its strong bipartisan vote of 93-4. Over the past several weeks, Waters has been engaged in productive discussions with Democrats, Republicans and President Obama on the importance of renewing the program. She released the following statement: “Once again, t... (Read More)


  • Legislation to Bolster Investment Adviser Examinations Garners Bipartisan Support
    Posted in Press Releases on July 17, 2014 | Preview rr
    Tags: SEC

    Growing support for legislation that would provide the Securities and Exchange Commission (SEC) with the ability to expand its oversight of investment advisers today hit a bipartisan milestone. Senior House Republican and former Chairman of the Financial Services Committee Rep. Spencer Bachus(R-AB) has thrown his support behind the measure, known as the Investment Adviser Examination Improvement Act (H.R. 1627). The legislation provides the SEC with the authority to impose and collect user fees ... (Read More)


  • Republicans Fall Short on TRIA Votes
    Posted in Press Releases on July 16, 2014 | Preview rr
    Tags: TRIA

    Following reports that House Republicans lack the votes to pass the harmful TRIA Reform Act, Congresswoman Maxine Waters (D-CA), Ranking Democrat on the Financial Services Committee, called on members of both parties to work together to achieve consensus on the renewal of the Terrorism Risk Insurance Act. She released the following statement: “The TRIA Reform Act does not ensure our largest venues, businesses and employers have affordable access to terrorism insurance coverage. The lack of suppo... (Read More)


  • Waters Discusses Economic Challenges and Legislative Threats with Chair Yellen
    Posted in Press Releases on July 16, 2014 | Preview rr
    Tags: Full Committee , Dodd–Frank Wall Street Reform and Consumer Protection Act , Export-Import Bank , TRIA , Federal Reserve , Speeches and Committee Statements

    As Federal Reserve Chair Janet Yellen returned to testify before the House Financial Services Committee today, Congresswoman Maxine Waters (D-CA), the Ranking Democrat, laid out the significant challenges that lie ahead for the Fed, underscored the need to continue the unfinished business of Wall Street Reform and criticized Republican efforts to undermine the independence of the central bank. Waters noted that as the Fed winds down its large-scale asset purchasing program, significant economic ... (Read More)


  • Financial Services Committee Democrats Call for Transparency in TRIA Debate
    Posted in Press Releases on July 15, 2014 | Preview rr
    Tags: TRIA

    As House Republicans prepare to set parameters for the upcoming debate over legislation to fundamentally change the Terrorism Risk Insurance Act (TRIA), 27 Democrats on the Financial Services Committee have called for a full, open debate on the legislation. In a letter to Speaker John Boehner (R-OH) and Rules committee Chairman Pete Sessions (R-TX), the lawmakers renewed their concerns with the Republican TRIA proposal, known as the TRIA Reform Act, and asked for the opportunity to address those... (Read More)


  • Waters Pushes to Increase Consumer and Investor Protections
    Posted in Press Releases on July 14, 2014 | Preview rr
    Tags: CFPB , SEC , Speeches and Committee Statements

    As the House of Representatives considers the harmful Republican financial services and general government appropriations proposal, Congresswoman Maxine Waters (D-CA), Ranking Democrat on the Financial Services Committee, offered three amendments designed to provide adequate resources to our financial regulators. The amendments build off concerns raised by Waters last week, when she criticized Republicans for attempting to use an appropriations measure to make controversial legislative changes t... (Read More)


  • Waters Calls on Hensarling to Protect Investors, Fund SEC Exams
    Posted in Press Releases on July 11, 2014 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , SEC

    Citing the Securities and Exchange Commission’s (SEC) “abysmal” number of annual investment advisor examinations, the top Democrat on the House Financial Services Committee is calling on its Chairman to consider legislative proposals that would increase these reviews. In a letter to Committee Chairman Jeb Hensarling (R-TX), Ranking Member Maxine Waters (D-CA) noted that despite consumers’ growing reliance on advisers for investment decisions related to college tuition and retirement, less than 1... (Read More)


  • Waters: GOP Proposal Will “Cripple” Federal Reserve’s Effectiveness
    Posted in Press Releases on July 10, 2014 | Preview rr
    Tags: Full Committee , Dodd–Frank Wall Street Reform and Consumer Protection Act , Federal Reserve , Speeches and Committee Statements

    At today’s full committee hearing to discuss legislation purported to “reform” the Federal Reserve, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, expressed serious concerns with the proposal’s impact on the Fed’s ability to promote growth, stabilize the economy and take decisive action to avoid an economic collapse. Citing provisions within the bill that would prescribe monetary policy based on a rigid set of circumstances and factors, the Ranking ... (Read More)


  • Waters Calls Out GOP’s Spending Bill Scheme
    Posted in Press Releases on July 9, 2014 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB , SEC

    As the House of Representatives moves toward consideration of a financial services spending bill, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, criticized Republicans for attempting to use an appropriations measure to make controversial legislative changes that would undermine consumer protection, weaken important Wall Street reforms and hurt regulators’ ability to protect our economy. In a letter to Rep. Pete Sessions (R-TX), Chairman of the House Rules... (Read More)


  • Waters Challenges Hensarling to Negotiate on Export-Import Bank
    Posted in Press Releases on June 26, 2014 | Preview rr
    Tags: Export-Import Bank

    WASHINGTON, D.C. – In the aftermath of a divisive Export-Import Bank hearing for the Republican Party, Congresswoman Maxine Waters (D-CA) called on Financial Services Committee Chairman Jeb Hensarling (R-TX) to heed the calls of his Republican caucus and strike a deal on the Bank. “It is clear from yesterday’s hearing that not only does a majority of the House of Representatives support renewing the Export-Import Bank’s charter, but so does a majority of Chairman Hensarling’s own Committee,” sai... (Read More)


  • Waters Expresses “Deep Concerns” over Promise Zones Program
    Posted in Press Releases on June 25, 2014 | Preview rr
    Tags: HUD

    In response to the Department of Housing and Urban Development’s (HUD) solicitation of comment on its controversial “Promise Zones” program, Congresswoman Maxine Waters (D-CA-43) expressed her deep concerns with the proposed selection process and called on the Department to ensure that it does not leave our nation’s hardest hit communities behind. In a letter to HUD Secretary Shaun Donovan, Waters, the top Democrat on the Financial Services Committee, expressed concern that the Department’s curr... (Read More)


  • Waters: Majority of House Supports Renewing Export-Import Bank
    Posted in Press Releases on June 25, 2014 | Preview rr
    Tags: Export-Import Bank , Speeches and Committee Statements

    At today’s full committee hearing to discuss the future of the Export-Import Bank,Congresswoman Maxine Waters (D-CA) blasted Republicans for giving in to the extremist element of the Republican party in pushing to end the Bank. The Ranking Member of the Financial Services Committee underscored the importance of the Bank to American jobs, small businesses and the economy, as well as to keep our nation competitive. Waters again expressed her disappointment with the flip-flip of majority leader-ele... (Read More)


  • Waters Applauds Inspector General’s Investigation of Force-Placed Insurance
    Posted in Press Releases on June 25, 2014 | Preview rr
    Tags: FHFA

    Following the release of a report from the Federal Housing Finance Agency (FHFA) Office of Inspector General (OIG) urging officials to take legal action against servicers and insurers over practices related to force-placed insurance, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, praised the FHFA for investigating the issue, and raised concerns about the report’s “staggering” findings that the government-sponsored enterprises are estimated to have overpaid for i... (Read More)


  • Waters Challenges Hensarling to Negotiate on Export-Import Bank
    Posted in Press Releases on June 25, 2014 | Preview rr
    Tags: Export-Import Bank

    In the aftermath of a divisive Export-Import Bank hearing for the Republican Party,Congresswoman Maxine Waters (D-CA) called on Financial Services Committee Chairman Jeb Hensarling (R-TX) to heed the calls of his Republican caucus and strike a deal on the Bank. “It is clear from yesterday’s hearing that not only does a majority of the House of Representatives support renewing the Export-Import Bank’s charter, but so does a majority of Chairman Hensarling’s own Committee,” said Rep. Waters, Rank... (Read More)


  • Waters Touts Importance of Wall Street Watchdog
    Posted in Press Releases on June 24, 2014 | Preview rr
    Tags: Full Committee , Dodd–Frank Wall Street Reform and Consumer Protection Act , Export-Import Bank , TRIA , CFPB , FSOC , Department of the Treasury , Speeches and Committee Statements

    At today’s full committee hearing to discuss the Financial Stability Oversight Council (FSOC) with Treasury Secretary Jack Lew, Congresswoman Maxine Waters (D-CA) highlighted the important work of the Council in identifying systemic risk and protecting American homeowners, consumers, and the economy. Specifically, the Ranking Member of the Committee on Financial Services reminded FSOC’s critics that a contributing factor to the severity of the crisis was a lack of oversight throughout the entire... (Read More)


  • Waters Blasts McCarthy’s Ex-Im Flip Flop
    Posted in Press Releases on June 24, 2014 | Preview rr
    Tags: Export-Import Bank

    In response to statements made by Rep. Kevin McCarthy regarding his newfound opposition to the Export-Import Bank, a critical lifeline for countless American businesses, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, blasted the newly-elected leader’s reversal of position on the Bank’s future. The comments come just one day before the Financial Services Committee will hold its first hearing on the renewal of the bank “Just days after being elected Majorit... (Read More)


  • Waters: CFTC Bill Hamstrings Wall Street's Cops
    Posted in Press Releases on June 24, 2014 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFTC , House Floor , Speeches and Committee Statements

    As the House of Representatives considers a bill to renew the Commodities Futures Trading Commission (CFTC), Congresswoman Maxine Waters (D-CA), criticized provisions that would hamstring regulators’ ability to regulate the complex and important derivatives marketplace. The Ranking Member of the Committee on Financial Services criticized the provisions as a multifaceted Republican attempt to roll back Wall Street Reform, by opening up overseas loopholes for big banks, imposing heavy administrati... (Read More)


  • Waters Strongly Opposes Radical Changes to TRIA, FSOC
    Posted in Press Releases on June 19, 2014 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , TRIA , FSOC , Markup , Speeches and Committee Statements

    In today’s full committee markup, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, voiced her strong opposition to Republican measures to radically change the Terrorism Risk Insurance Act (TRIA) and undercut the Financial Stability Oversight Council (FSOC). On TRIA, Waters blasted Republicans for drafting legislation that jeopardizes a program that has created jobs, spurred economic growth, and protected our nation’s economy from the costs of a terror... (Read More)


  • Waters Highlights CFPB’s Success, GOP Efforts to Dismantle It
    Posted in Press Releases on June 18, 2014 | Preview rr
    Tags: Full Committee , CFPB , Speeches and Committee Statements

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, commended Consumer Financial Protection Bureau (CFPB) Director Richard Cordray for the Bureau’s significant accomplishments in protecting our nation’s consumers and service members who have been victimized by unscrupulous corporations and financial institutions. At today’s full committee hearing to discuss “The Semi-Annual Report of the Consumer Financial Protection Bureau,” Waters cited the impr... (Read More)


  • Waters Calls for Increased Scrutiny of Overseas Derivatives Trading
    Posted in Press Releases on June 13, 2014 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , SEC , Federal Reserve , OCC , CFTC , Derivatives , FDIC

    In the wake of recent reports that U.S. banks are restructuring overseas derivatives transactions to sidestep critical protections enacted under the Wall Street Reform Act, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, has called on the top U.S. derivatives regulator to “thoroughly investigate” the removal of U.S. guarantees from arrangements between U.S. banks and their foreign affiliates. In a letter to new Commodities Futures Trading Commission (CFTC)... (Read More)


  • 58 Democrats Call on SEC to Quickly Move Toward Extractive Industry Transparency
    Posted in Press Releases on June 12, 2014 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , SEC

    Following the release of the Securities and Exchange Commission’s (SEC) new anticipated agenda, which includes a commitment to propose a rule on extractive industry transparency within the next ten months, a coalition of 58 Democratic House members yesterday called on the Commission to initiate the rulemaking on a faster, more definite timeline. The rule is mandated by Section 1504 of the Dodd-Frank Act, which requires all extractive companies listed on U.S. exchanges to report all payments made... (Read More)


  • Democratic Amendment Seeks to Prevent Layoffs at CFTC
    Posted in Press Releases on June 11, 2014 | Preview rr
    Tags: CFTC , House Floor , Speeches and Committee Statements

    As the House of Representatives considers a funding bill for the nation’s agriculture programs, Congresswoman Maxine Waters (D-CA) took a strong stand against Republican efforts to weaken the important role of the Commodity Futures Trading Commission (CFTC) in protecting American consumers and the economy itself. The Ranking Member of the Financial Services Committee and Rep. Jim Himes (D-CT) joined Rep. Rosa DeLauro (D-CT), who offered an amendment that would halt Republican efforts to restrict... (Read More)


  • Waters: Republican Spending Bill Ignores those Most in Need
    Posted in Press Releases on June 10, 2014 | Preview rr
    Tags: Wealth Gap

    Following the House of Representatives’ approval of a measure to fund the nation’s housing and transportation programs, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, blasted Republicans for undercutting a number of important programs that protect our nation’s seniors, veterans, families and persons with disabilities. Waters criticized House Republicans for dramatic cuts to important public and assisted housing programs, for limiting funding to improve transport... (Read More)


  • House Adopts Waters Amendment to Halt Closure of LA’s HUD Field Office
    Posted in Press Releases on June 10, 2014 | Preview rr
    Tags: HUD

    The House of Representatives has adopted a measure authored by Congresswoman Maxine Waters (CA-43) that would halt the closure of the Department of Housing and Urban Development’s (HUD) multifamily field office in Los Angeles. The measure, which was adopted during debate over a housing and transportation funding bill, prohibits HUD from using funds appropriated to relocate asset management staff as part of the controversial Multifamily Housing Transformation Initiative, thereby preventing the cl... (Read More)


  • Waters Blasts Republicans for Time Wasted, Issues Ignored
    Posted in Press Releases on June 10, 2014 | Preview rr
    Tags: Export-Import Bank , TRIA , CFPB , SEC , FSOC , Markup , Speeches and Committee Statements

    In today’s full Committee markup, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, blasted Republicans for continuing to waste the Committee’s time and resources on measures that weaken important consumer protections, undo transparency and accountability measures for Wall Street’s biggest actors and carve out major exceptions for large public companies. Waters criticized Republicans for continuing to delay consideration of reauthorization of the Terrorism Risk Ins... (Read More)


  • Waters Commends Senate Confirmation of CFTC Nominees
    Posted in Press Releases on June 4, 2014 | Preview rr
    Tags: CFTC

    Following the U.S. Senate’s confirmation of three new Commissioners to the Commodities Futures Trading Commission (CFTC), Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, applauded the chamber’s action on these long-overdue nominees. The action by the Senate now gives the CFTC a full, five-member commission. She released the following statement: “I’m pleased that, for the first time in nearly a year, the Commodities Futures Trading Commission will have a ful... (Read More)


  • Waters Statement on Banking Committee’s Passage of Terrorism Insurance Legislation
    Posted in Press Releases on June 3, 2014 | Preview rr
    Tags: TRIA

    Following the Senate Banking Committee’s markup of legislation to reauthorize the Terrorism Risk Insurance Act (TRIA), Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, applauded the committee’s progress and called on House Republicans to swiftly act to renew the program. Waters released the following statement. “The Senate Banking Committee’s unanimous action on legislation to extend the Terrorism Risk Insurance Act (TRIA) is a critical step toward reauthori... (Read More)


  • Waters Takes Action to Protect Students from Predatory Debit Card Accounts
    Posted in Press Releases on May 27, 2014 | Preview rr

    At a time when student debt has reached record levels, and studies show those with excessive debt may be unable to gain access to credit for important purposes like a home purchase, Congresswoman Maxine Waters (CA-43) is taking steps to ensure that predatory financial products are not taking additional dollars out of the pockets of our nation’s graduates. In the midst of graduation season Waters, the Ranking Member of the Financial Services Committee, has joined with lawmakers in the House of Re... (Read More)


  • Waters Statement at CFPB Hearing
    Posted in Press Releases on May 21, 2014 | Preview rr
    Tags: CFPB , Subcommittee on Oversight & Investigations , Speeches and Committee Statements

    Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, gave the following remarks at today’s Subcommittee on Oversight and Investigations hearing to discuss “Allegations of Discrimination and Retaliation within the Consumer Financial Protection Bureau.” At the hearing, Waters continued to underscore the seriousness of the allegations at the CFPB, and again called on Republicans to commit to addressing similar issues at all federal financial regulators. Waters also ackno... (Read More)


  • Waters Blasts Cuts to Housing Programs
    Posted in Press Releases on May 21, 2014 | Preview rr
    Tags: HUD

    Following the House Appropriations Committee’s approval of a measure to fund the nation’s housing programs, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, blasted Republicans for undercutting important housing programs that protect our most vulnerable populations. The legislation, known as the Transportation, Housing and Urban Development and Related Agencies (THUD) Appropriations bill, slashes or provides insufficient funding for a number of the Department of H... (Read More)


  • Waters Calls for Hearing on Medical Debt Legislation
    Posted in Press Releases on May 20, 2014 | Preview rr
    Tags: CFPB , Credit Reports and Scores

    Following today’s report by the Consumer Financial Protection Bureau (CFPB) finding that consumers’ credit scores may be overly penalized for medical debt, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, welcomed the Bureau’s findings and called upon Committee Chairman Jeb Hensarling to hold a hearing on the issue, and on legislation Waters has introduced to address the problem. Waters released the following statement. “I welcome today’s report by the Consumer Fi... (Read More)


  • Waters: Ex-Im Bank Recipients are Americans, not ‘Crony Capitalists’
    Posted in Press Releases on May 20, 2014 | Preview rr
    Tags: Export-Import Bank

    Today, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, reiterated her strong support for the Export-Import Bank and the quick renewal of its charter. Waters’ comments come in reaction to remarks made by Committee Chairman Jeb Hensarling during a speech today at the conservative Heritage Foundation, in which he once again expressed his longstanding opposition to the Bank. “I am disappointed, but not surprised, by Chairman Hensarling’s statements disparaging the Ex... (Read More)


  • Waters Discusses FSOC's Designation Process
    Posted in Press Releases on May 20, 2014 | Preview rr
    Tags: Full Committee , Dodd–Frank Wall Street Reform and Consumer Protection Act , FSOC , Speeches and Committee Statements

    At today’s full Committee hearing on the Financial Stability Oversight Council’s (FSOC) designation process, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, discussed the importance of the FSOC process in giving Congress and regulators the comprehensive view of the entire market necessary to identify and mitigate systemic risks. Waters also reminded the Committee of the failure of markets to police themselves in the lead up to the financial crisis, as well as the... (Read More)


  • Ranking Member Waters Announces Charla Ouertatani as Committee’s Staff Director
    Posted in Press Releases on May 9, 2014 | Preview rr

    Today, Rep. Maxine Waters, Ranking Member of the House Committee on Financial Services, announced the appointment of Charla Ouertatani as the Committee’s Staff Director. Ms. Ouertatani has held several positions under Rep. Waters during her seven years on Capitol Hill, including Deputy Staff Director, Deputy Chief of Staff/Legislative Director, Staff Director of the Housing and Insurance Subcommittee, and Professional Staff Member. “I’m very pleased that Charla is now the Committee’s staff direc... (Read More)


  • Waters: Fair Housing Includes Investment in High-Poverty, High-Minority Neighborhoods
    Posted in Press Releases on May 8, 2014 | Preview rr
    Tags: HUD

    Ranking Member Supports HUD’s Fair Housing Rule As a longstanding supporter of efforts to prohibit housing discrimination and promote fair housing choice, today Congresswoman Maxine Waters (D-CA), top Democrat on the Financial Services Committee, called on the Department of Housing and Urban Development (HUD) to assert that continued investment in high-poverty, high-minority neighborhoods is consistent with its goal of furthering fair housing. In a strongly worded letter to HUD Secretary Shaun D... (Read More)


  • Waters Discusses Republican Refusal to Ratify IMF Quota Reform Package
    Posted in Press Releases on May 8, 2014 | Preview rr
    Tags: Full Committee , Department of the Treasury , International , Speeches and Committee Statements

    At today’s Financial Services Committee hearing with Secretary Jack Lew, Ranking Member Maxine Waters expressed her disappointment that House Republicans have refused to ratify the International Monetary Fund (IMF) quota reform package, she underscored its importance, and laid out the harmful impact delaying these reforms will have on global stability. Waters delivered these remarks during today’s hearing on “The State of the International Financial System.” Her full remarks are below. "Mr. Secr... (Read More)


  • At Markup, Waters Blasts Measures Undermining Investor and Consumer Protections
    Posted in Press Releases on May 7, 2014 | Preview rr
    Tags: Markup , Speeches and Committee Statements

    At today’s full Committee markup on a number of pieces of legislation related to capital markets and financial institutions, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, laid out a number of concerns with the measures being considered. Waters criticized the capital markets bills for eroding transparency and investor protections, while also preempting state efforts to regulate securities. The Ranking Member also criticized the legislation related to financial i... (Read More)


  • Waters Announces New Democratic Subcommittee Membership
    Posted in Press Releases on April 30, 2014 | Preview rr
    Tags: Subcommittee on Housing and Insurance , Subcommittee on Financial Institutions & Consumer Credit , Subcommittee on Monetary Policy & Trade , Subcommittee on Oversight & Investigations , Subcommittee on Capital Markets, Securities, and Investment

    Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, today announced changes in the Democratic membership of the Financial Services’ subcommittees. Changes were necessary due to the departure of former Rep. Mel Watt (D-NC) to head the Federal Housing Finance Agency, and the appointment of Rep. Steven Horsford (D-NV) to the Committee. Ranking Members of the various subcommittees have not changed. The new subcommittee memberships are listed below. The assignments will b... (Read More)


  • Waters Praises SEC’s Progress, Underscores Need for Sufficient Funding
    Posted in Press Releases on April 29, 2014 | Preview rr
    Tags: Full Committee , Dodd–Frank Wall Street Reform and Consumer Protection Act , SEC , CFTC , Speeches and Committee Statements

    At today’s full Committee hearing on “Oversight of the SEC's Agenda, Operations, and FY 2015 Budget Request” Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, praised Securities and Exchange Commission (SEC) Chair Mary Jo White for the Commission’s progress implementing the Dodd Frank Wall Street Reform Act. She also underscored the need to accomplish a number of outstanding measures, such as the adoption of final versions of a number of swap rules under Dodd-Frank... (Read More)


  • Waters: Report on Foreclosure Review “Troubling”
    Posted in Press Releases on April 29, 2014 | Preview rr
    Tags: Federal Reserve , OCC , GAO , Independent Foreclosure Review

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, released the following statement in response to today’s GAO report on the Independent Foreclosure Review (IFR). The study was conducted as the result of a 2012 request by Congresswoman Waters, Senator Robert Menendez (D-NJ) and Reps. Brad Miller (D-NC) and Luis Gutierrez (D-IL). Waters released the following statement: “I’m troubled by the recent GAO report, which shows that just as the Department of Justice d... (Read More)


  • Waters Applauds Senate Progress on Terrorism Insurance
    Posted in Press Releases on April 10, 2014 | Preview rr
    Tags: TRIA

    Following the news that members of the Senate Banking Committee have reached an agreement on legislation to reauthorize the Terrorism Risk Insurance Act (TRIA), Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, applauded their progress and lamented the lack of action in the House of Representatives. Waters has been outspoken in her support for a TRIA’s renewal, and led a panel discussion on its importance of the program earlier this year. The legislation was announ... (Read More)


  • Waters Remarks on the Need for Reauthorization of the Export-Import Bank
    Posted in Press Releases on April 9, 2014 | Preview rr
    Tags: Export-Import Bank , Speeches and Committee Statements

    At today’s press conference to discuss, among other issues, the need for action to reauthorize the Export-Import Bank, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, underscored the importance of a quick renewal of the Bank’s charter to create and sustain American jobs. At the press conference, Waters and Financial Services Committee member Rep. Denny Heck (D-WA) talked about yesterday’s panel discussion on the importance of reauthorization of the Bank’s ... (Read More)


  • Waters Calls For Focus on Serious Issues
    Posted in Press Releases on April 8, 2014 | Preview rr
    Tags: Full Committee , Dodd–Frank Wall Street Reform and Consumer Protection Act , Export-Import Bank , TRIA , Speeches and Committee Statements

    At today’s Financial Services Committee hearing with regulatory officials to discuss “government red tape,” Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, applauded regulators for putting the financial system on more stable footing after the worst economic crisis in a generation, and criticized the majority for continuing to push an ideologically-driven agenda focused on deregulation. Waters also criticized Republicans for continuing to avoid real, ... (Read More)


  • Waters Underscores Importance of Export-Import Bank to Creating and Sustaining Jobs
    Posted in Press Releases on April 8, 2014 | Preview rr
    Tags: Export-Import Bank

    Urges speedy reauthorization of Bank’s charter At a Panel Discussion sponsored today by Congresswoman Maxine Waters (D-CA) on the importance of the Export-Import Bank, the Congresswoman underscored the importance of a quick reauthorization of the Bank’s charter to create and sustain American jobs. The event featured the perspectives of a diverse array of business owners, large and small, unions and key members of Congress. In addition to Waters, attendees included Democratic Whip Steny Hoyer (D-... (Read More)


  • **Media Advisory** Waters to Host Panel Discussion on Reauthorization of Export-Import Bank
    Posted in Press Releases on April 4, 2014 | Preview rr
    Tags: Export-Import Bank

    On Tuesday, April 8, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, will host a panel discussion on the importance to U.S. workers and economic growth of a timely reauthorization of the Export-Import Bank. Since the announcement of the panel, Committee Republicans have incorrectly asserted that a hearing on this year’s Ex-Im reauthorization took place in June, 2013. However, that hearing was not focused on renewal of the Bank’s charter, but rather o... (Read More)


  • Waters, Green Call for Hearing with Senior Management at CFPB
    Posted in Press Releases on April 2, 2014 | Preview rr
    Tags: CFPB , Subcommittee on Oversight & Investigations

    At today’s Financial Services’ Subcommittee on Oversight and Investigations hearing to discuss allegations of discrimination and retaliation at the Consumer Financial Protection Bureau (CFPB), Congresswoman Maxine Waters (D-CA) and Congressman Al Green (D-TX) expressed serious concern over the revelations of the witnesses and underscored the need for senior Bureau officials to come before the Committee and testify. At the hearing, Waters expressed her concern that inviting a witness with a pendi... (Read More)


  • Waters, Green Raise Concerns over CFPB Hearing
    Posted in Press Releases on March 31, 2014 | Preview rr
    Tags: CFPB

    Lawmakers call for hearing to be cancelled Following the announcement that the Consumer Financial Protection Bureau (CFPB) and the National Treasury Employees Union (NTEU) will not participate in a House Financial Services Subcommittee on Oversight and Investigations hearing to discuss ongoing claims of a single employee, two key Democratic members have raised concerns about the repercussions of holding such a hearing. In a letter to Chairman Jeb Hensarling (R-TX), Reps. Maxine Waters (D-CA) and... (Read More)


  • Waters Unveils Housing Finance Reform Legislation
    Posted in Press Releases on March 27, 2014 | Preview rr
    Tags: GSE , Housing Finance Reform

    Today, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, released a comprehensive legislative proposal to reform the housing finance market. Known as the Housing Opportunities Move the Economy (HOME) Forward Act of 2014, the legislation ends Fannie Mae and Freddie Mac, and creates a new, cooperative-owned securities issuer. For months, Waters has been working with her Committee colleagues, outside stakeholders, and consumer and affordable housing advocates to craft... (Read More)


  • Key Democratic Leaders Call for Review of Employment Practices at CFPB, Financial Regulators
    Posted in Press Releases on March 26, 2014 | Preview rr
    Tags: CFPB , Subcommittee on Oversight & Investigations

    Subcommittee on Oversight asks inspectors general to review workplace discrimination Democratic members of the Financial Services Committee Subcommittee on Oversight and Investigations have called on inspectors general at the Consumer Financial Protection Bureau (CFPB) and all other financial regulators to assess whether any personnel practices and policies have created an unfair or discriminatory workplace for minorities and women employees. The requests were conveyed in a series of letters led... (Read More)


  • Waters Urges Senate to Keep IMF Quota Reform in Ukraine Package
    Posted in Press Releases on March 25, 2014 | Preview rr
    Tags: International

    Multilateral approach necessary to meet the urgent needs of Ukraine Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, urged Senate Majority Leader Harry Reid (D-NV) to retain the International Monetary Fund (IMF) provisions in the Ukraine package expected to be considered this week. She released the following statement: “I strongly urge Majority Leader Reid to keep the IMF quota provision in the Senate aid package for Ukraine. In the midst of the curr... (Read More)


  • Waters Calls for a Focus on Promoting Growth and Reducing Income Inequality
    Posted in Press Releases on March 25, 2014 | Preview rr
    Tags: Full Committee , Export-Import Bank , TRIA , CFPB , SEC , HUD , Wealth Gap , International , Speeches and Committee Statements

    In today’s Financial Services Committee hearing on “Why Debt Matters,” Ranking Member Maxine Waters (D-CA), underscored the importance of promoting growth and reducing income inequality through short-term increases in discretionary fiscal stimulus in order to reduce the nation’s debt and deficit. In her remarks, Waters criticized austerity measures such as the Sequester for impeding economic growth – particularly during a recession. She also pointed to the obvious political motivation behind the... (Read More)


  • Flood Insurance Relief for Thousands Becomes Law
    Posted in Press Releases on March 21, 2014 | Preview rr
    Tags: Flood Insurance

    Reform legislation signed today by the President Today, President Barack Obama signed into law comprehensive legislation designed to end unaffordable flood insurance rate hikes. Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, lauded the enactment of H.R. 3370, the Homeowner Flood Insurance Affordability Act into law. For months, Waters led a Democratic effort to provide homeowners with flood insurance rate relief and to bring accountability to the Fe... (Read More)


  • Ranking Member Waters' Opening Statement at Today's Full Committee Markup
    Posted in Press Releases on March 13, 2014 | Preview rr
    Tags: Export-Import Bank , TRIA , CFPB , SEC , HUD , Markup , Budget , Speeches and Committee Statements

    Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, today gave the following opening statement at today’s full committee markup of five bills intended to promote economic growth and the majority’s Budget Views and Estimates for fiscal year 2015. Her remarks are below. ) As prepared for delivery: Thank you Mr. Chairman. Promoting economic growth and reducing income inequality are critically important to ensure opportunity for every American. Today we are ... (Read More)


  • Senate Passes Flood Insurance Reform, Heads to President for Signature
    Posted in Press Releases on March 13, 2014 | Preview rr
    Tags: Flood Insurance

    In an overwhelmingly bipartisan vote of 72-22, today the U.S. Senate approved comprehensive legislation designed to end unaffordable flood insurance rate hikes. Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, lauded passage of H.R. 3370, the Homeowner Flood Insurance Affordability Act. For months, Waters led a Democratic effort to provide homeowners with important flood insurance rate relief and to bring accountability to the Federal Emergency Manage... (Read More)


  • Waters Applauds Senate Progress on Housing Finance Reform
    Posted in Press Releases on March 11, 2014 | Preview rr
    Tags: GSE , Housing Finance Reform

    Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, today applauded Senators Tim Johnson (D-SD) and Mike Crapo (R-ID) for reaching agreement on an effort to reform the housing finance system. She released the following statement: “I am encouraged by the news that Senators Johnson and Crapo have reached agreement on principles for the reform of Fannie Mae and Freddie Mac. Reforming a 10 trillion dollar housing finance market is an immense undertaking that... (Read More)


  • Waters Calls for Action on Data Security
    Posted in Press Releases on March 5, 2014 | Preview rr
    Tags: CFPB , Subcommittee on Financial Institutions & Consumer Credit , FTC , Speeches and Committee Statements

    As part of a hearing to investigate data security following breaches at large commercial retailers, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, pointed to the emerging epidemic of cyber crimes and called on legislators to ensure the safety and security of critical consumer financial information. Waters raised concerns about the frequency of data breaches and the length of time they often go undetected. She also called on law enforcement, regulators and... (Read More)


  • Comprehensive Flood Insurance Legislation Passes House
    Posted in Press Releases on March 4, 2014 | Preview rr
    Tags: Flood Insurance

    In an overwhelmingly bipartisan vote of 301-91, today the U.S. House of Representatives passed comprehensive legislation designed to end unaffordable flood insurance rate hikes. Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, today lauded passage of H.R. 3370, the Homeowner Flood Insurance Affordability Act. For months, Waters led a Democratic effort to provide homeowners with important flood insurance rate relief and to bring accountability to the F... (Read More)


  • Waters, Richmond Endorse Bipartisan Flood Insurance Legislation
    Posted in Press Releases on March 4, 2014 | Preview rr
    Tags: Flood Insurance

    Following weeks of negotiations between members of the House of Representatives and the U.S. Senate, Congresswoman Maxine Waters (D-CA), top Democrat on the Financial Services Committee and Congressman Cedric Richmond (D-LA) today threw their support behind comprehensive legislation designed to end unaffordable flood insurance rate hikes. For months, Waters led a Democratic effort to provide homeowners with important flood insurance rate relief and to bring accountability to the Federal Emergenc... (Read More)


  • Waters Cites Progress in Flood Insurance Discussions
    Posted in Press Releases on February 28, 2014 | Preview rr
    Tags: Flood Insurance

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, released the following statement on the progress of negotiations with GOP leader Eric Cantor regarding legislation to address rising flood insurance premiums. "We have made important progress on legislation that will provide relief to those facing unaffordable flood insurance premiums. I continue to work with Leader Cantor to finalize the details of this important bill. We are taking this matter ... (Read More)


  • House Republicans Pass Legislation Gutting Consumer Protection
    Posted in Press Releases on February 27, 2014 | Preview rr
    Tags: CFPB , House Floor , Speeches and Committee Statements

    Waters leads effort to oppose measure weakening CFPB Today, the Republican-led House of Representatives approved H.R. 3193, legislation that would undermine consumer protection by weakening the Consumer Financial Protection Bureau’s ability to be an effective, independent advocate for consumers. Democratic opposition was led by Congresswoman Maxine Waters (D-CA) Ranking Member of the House Financial Services Committee. Waters condemned the legislation for making drastic changes that weaken the B... (Read More)


  • As Discussions Continue on Flood Insurance, No Deal Yet
    Posted in Press Releases on February 24, 2014 | Preview rr
    Tags: Flood Insurance

    As Republicans in the House of Representatives release legislation intended to address dramatic flood insurance premium increases, Congresswoman Maxine Waters (D-CA), a leader of the effort to stop the problem, expressed her concerns with the legislation as currently written. “Although there have been productive conversations with Republican leadership, I still have significant concerns that the measure will not provide the necessary relief to those facing skyrocketing flood insurance premiums,”... (Read More)


  • Waters Statement on GSE Repayment of Taxpayer Funds
    Posted in Press Releases on February 21, 2014 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , GSE , Department of the Treasury

    Today, Government Sponsored Enterprise (GSE) Fannie Mae announced it has earned a fourth quarter profit of $6.5 billion in 2013 and will repay $7.2 billion to the U.S. Department of the Treasury in March. The payment will mean the company has returned $121.1 billion back to the taxpayers –returning even more than the $116.1 billion it received after being taken over by the government in 2008. This comes following a similar announcement by Freddie Mac late last year. Congresswoman Maxine Waters,... (Read More)


  • Waters Calls on Regulators to Ensure Mortgage Servicers Continue to Protect Homeowners
    Posted in Press Releases on February 19, 2014 | Preview rr
    Tags: CFPB , OCC , HUD , FHFA

    Following widespread concern over the actions of a number of independent mortgage servicers, Congresswoman Maxine Waters (D-CA), top Democrat on the Financial Services Committee, has called on government regulators to take action that will protect homeowners from abuses that have led to stalled modifications, excess fees and even foreclosure. In a letter to Comptroller of the Currency Thomas Curry and Monitor of the National Mortgage Settlement (Settlement) Joseph Smith, Waters urged careful scr... (Read More)


  • BREAKING NEWS: Majority of House Coauthor Flood Relief Bill
    Posted in Press Releases on February 12, 2014 | Preview rr
    Tags: Flood Insurance

    Legislation could pass today if brought up for a vote Over the past several days, the effort to delay unaffordable flood insurance premiums has reached a boiling point. Today, in the face of two weeks of significant obstruction by Republican leadership, Congresswoman Maxine Waters (D-CA) announced that a substantial majority of the House of Representatives – 231 members – have signed on to bipartisan, bicameral flood relief legislation as coauthors. This significant achievement means that H.R. 3... (Read More)


  • Waters Praises Yellen’s Foresight; Urges Continued Action to Stem Unemployment
    Posted in Press Releases on February 11, 2014 | Preview rr
    Tags: Full Committee , Dodd–Frank Wall Street Reform and Consumer Protection Act , Federal Reserve

    As Federal Reserve Chair Janet Yellen made her first appearance before Congress, Congresswoman Maxine Waters (D-CA), top Democrat on the House Financial Services Committee, congratulated Yellen on her historic appointment and record of accomplishment. Waters also praised Yellen’s support for bold action to stabilize the economy and underscored her belief that more needs to be done to address the unemployment crisis and income inequality. The Ranking Member also urged Yellen’s continued vigilance... (Read More)


  • Waters: Once Again, Democrats Must Rescue Economy
    Posted in Press Releases on February 11, 2014 | Preview rr
    Tags: House Floor

    As the House of Representatives stood poised to approve legislation to increase the government’s borrowing authority, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, urged passage of the measure. Waters underscored the importance of the “clean” debt ceiling increase as critical to avoiding economic catastrophe. She also pointed out that once again, the Democratic party had to supply the votes necessary to protect the nation’s well-being. In remarks g... (Read More)


  • House Republicans Again Block Consideration of Flood Insurance Relief
    Posted in Press Releases on February 11, 2014 | Preview rr
    Tags: Flood Insurance

    For the third time in two weeks, House Republicans rejected a Democratic procedural motion to bring bipartisan legislation that would delay the implementation of flood insurance increases up for a vote. Using a parliamentary procedure to order the "previous question," Republicans blocked an effort to bring H.R. 3370, the bipartisan Homeowner Flood Insurance Affordability Act, to the House floor. Over the past week, momentum on the flood bill has increases, with the measure now having 207 cospons... (Read More)


  • Democratic Lawmakers Call for Hearing on Export-Import Bank
    Posted in Press Releases on February 6, 2014 | Preview rr
    Tags: Export-Import Bank

    In the face of a Republican agenda that seeks to erode consumer protection and undermine Wall Street reform, Democratic members of the Financial Services Committee have called for a renewed focus on a legislative goal that is proven to preserve and create U.S. jobs by helping American businesses compete internationally for opportunities to export goods and services. In a letter to Committee Chairman Jeb Hensarling (R-TX) and Subcommittee Chair John Campbell (R-CA), 26 Democratic members of the C... (Read More)


  • For the Second Time, House Republicans Block Consideration of Flood Insurance Relief
    Posted in Press Releases on February 5, 2014 | Preview rr
    Tags: Flood Insurance

    For the second straight day, House Republicans rejected a Democratic procedural motion to bring bipartisan legislation that would delay the implementation of flood insurance increases up for a vote. Again using a parliamentary procedure to order the "previous question," Republicans blocked an effort to bring H.R. 3370, the bipartisan Homeowner Flood Insurance Affordability Act, to the House floor. This legislation, which has 182 cosponsors from both sides of the aisle, recently passed the U.S. S... (Read More)


  • Waters Applauds Volcker's Authors for Strong Rule
    Posted in Press Releases on February 5, 2014 | Preview rr
    Tags: Full Committee , Dodd–Frank Wall Street Reform and Consumer Protection Act , SEC , Federal Reserve , OCC , CFTC , Volcker Rule , FDIC

    At today’s Financial Services Committee hearing featuring the five agencies charged with promulgating the Volcker Rule, Congresswoman Maxine Waters (D-CA), top Democrat on the Committee, commended regulators for working to put forth a strong rule that will ensure a more stable financial system. Passed as part of the Wall Street Reform Act, the Volcker Rule ensures taxpayer dollars are no longer used to protect banks from risky trading losses. In her opening remarks, Waters underscored the impor... (Read More)


  • Waters Statement on Insurance Modernization Report
    Posted in Press Releases on February 4, 2014 | Preview rr
    Tags: TRIA , Subcommittee on Housing and Insurance , Speeches and Committee Statements

    At today’s hearing to review the Treasury Department’s Federal Insurance Office’s (FIO) Report on Modernizing Insurance Regulation, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, applauded the Office for its efforts to oversee the insurance marketplace and protect consumers. She also called for improved access to insurance in underserved communities, and noted the importance of renewing the Terrorism Risk Insurance Act (TRIA), which is set to expire at th... (Read More)


  • House Republicans Block Consideration of Flood Insurance Relief
    Posted in Press Releases on February 4, 2014 | Preview rr
    Tags: Flood Insurance

    Waters Calls for Immediate Passage of Legislation to Delay Flood Insurance Rate Hikes Today, House Republicans rejected a Democratic procedural motion to bring bipartisan legislation that would delay the implementation of flood insurance increases up for a vote. Using a parliamentary procedure called the "previous question," House Republicans blocked an effort to bring H.R. 3370, the bipartisan Homeowner Flood Insurance Affordability Act, to the House floor. This legislation, which has 182 cospo... (Read More)


  • Senate Passes Critical Flood Insurance Legislation
    Posted in Press Releases on January 30, 2014 | Preview rr
    Tags: Flood Insurance

    Waters Calls for Immediate Action by the House Following Senate passage of bipartisan, bicameral legislation to fix the National Flood Insurance Program (NFIP), Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, released the following statement: “This is a huge step toward providing much needed relief for our nation’s homeowners. Yet the thousands of families reeling from flood insurance hikes will see no assistance unless the House of Representatives b... (Read More)


  • Waters Speaks Out on CFPB’s Strong Record of Consumer Protection
    Posted in Press Releases on January 28, 2014 | Preview rr
    Tags: Full Committee , CFPB

    Today, Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, commended Consumer Financial Protection Bureau (CFPB) Director Richard Cordray for the Bureau’s significant accomplishments in protecting our nation’s consumers and service members who have been victimized by unscrupulous corporations and financial institutions. At today’s full committee hearing to discuss “The Semi-Annual Report of the Consumer Financial Protection Bureau,” Waters cited the impressive ... (Read More)


  • Waters Applauds Senate Vote on Flood Bill
    Posted in Press Releases on January 27, 2014 | Preview rr
    Tags: Flood Insurance

    Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, lauded tonight’s Senate vote to move forward with debate on the Homeowner Flood Insurance Affordability Act, bipartisan legislation introduced in the House and Senate to fix the National Flood Insurance Program (NFIP). The Senate voted 86-13 on the procedural motion, which would delay increases in flood insurance premiums until the Federal Emergency Management Agency (FEMA) puts in place a plan to ensur... (Read More)


  • Lawmakers, Industry Experts and Beneficiaries Emphasize Importance of Federal Terrorism Insurance Backstop
    Posted in Press Releases on January 23, 2014 | Preview rr

    Last week, a diverse group of insurance experts, policyholders and industry professionals joined with Members of Congress to discuss the importance of the Terrorism Risk Insurance Act (TRIA), an important federal program which, for more than a decade, has created jobs and ensured our largest venues, businesses and employers have affordable access to terrorism insurance coverage. Enacted in 2002, the TRIA program was a response to the terrorist attacks of September 2001, when many insurers and re... (Read More)


  • Waters Touts Importance of Volcker Rule
    Posted in Press Releases on January 15, 2014 | Preview rr
    Tags: Full Committee , Dodd–Frank Wall Street Reform and Consumer Protection Act , Volcker Rule

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, touted the importance of the recently-released Volcker Rule for ensuring taxpayer dollars are no longer used to protect banks from risky trading losses. In a statement delivered in a hearing of the full Financial Services Committee on the measure, Waters underscored that a strongly implemented and enforced Volcker rule will protect the U.S. economy from suffering another debilitating financial c... (Read More)


  • Maxine Waters discusses data breaches on CNBC's "Squawk ON THE STREET"
    Posted in Press Releases on January 15, 2014 | Preview rr

    Financial Services Committee Ranking Member Maxine Waters discusses data breaches at Target and Neiman Marcus as well as reports that other retailers, whose names have not been disclosed, have been hacked. Waters led a call by Financial Services Committee Democrats for Republicans to hold hearings on the data breach. (Read More)


  • Waters Applauds Targeted Volcker Relief to Community Banks
    Posted in Press Releases on January 14, 2014 | Preview rr
    Tags: Volcker Rule

    Following the release of an interim rule by regulators making changes to a provision of the “Volcker Rule” related to the treatment of investments in Collateralized Debt Obligations (CDOs) backed by Trust Preferred Securities (TruPS), Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, released the following statement supporting the decision to provide regulatory relief to the community banking sector. “Today’s announcement will provide important relief to community... (Read More)


  • Democratic Lawmakers Call for Series of Hearings Focused on Poverty
    Posted in Press Releases on January 14, 2014 | Preview rr

    As the nation commemorates the 50th anniversary of President Johnson’s call for a “War on Poverty,” Democratic members of the Financial Services Committee are calling on Republican Leadership to explore strategies that can further reduce or eliminate the number of impoverished children and families living in the United States. In a letter to Committee Chairman Jeb Hensarling (R-TX), the Democrats highlighted the growing gap between rich and poor in the United States and urged a series of hearing... (Read More)


  • Democrats call on Yellen to Consider Challenges of Community Banks
    Posted in Press Releases on January 14, 2014 | Preview rr
    Tags: Federal Reserve

    As Janet Yellen prepares to assume leadership of the Federal Reserve Board of Governors, a number of prominent Democrats on the Financial Services Committee have called on her to ensure the Fed’s policymaking and regulatory agenda take into account the unique challenges facing our nation’s community banks. In a letter to Yellen, the current Vice Chair, 14 Democratic Committee members underscore the importance of smaller institutions, the vital financial services they provide and the manner in wh... (Read More)


  • Waters Statement on Omnibus Funding Bill
    Posted in Press Releases on January 14, 2014 | Preview rr

    Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, released the following statement regarding the omnibus appropriations legislation. “While this agreement is an improvement from the harmful funding levels called for by the sequester, I’m disappointed that the omnibus appropriations legislation fails to adequately fund our financial regulators, shortchanges many of our housing programs and declines to promote a strong global economy. The financial reforms passed as ... (Read More)


  • **Media Advisory** Waters to Host Panel Discussion on the Need to Reauthorize the Terrorism Risk Insurance Act
    Posted in Press Releases on January 13, 2014 | Preview rr
    Tags: TRIA

    On Wednesday, January 15, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, will moderate a bipartisan panel discussion on the reauthorization of the Terrorism Risk Insurance Act (TRIA), which for nearly 12 years has provided the nation’s largest venues, businesses and employers with affordable access to terrorism insurance coverage. This panel, which will be attended by Members of Congress, will facilitate a robust discussion from policyholders, indus... (Read More)


  • Top Democrats Call for Answers on Target Breach
    Posted in Press Releases on January 10, 2014 | Preview rr

    In the wake of the massive Target data breach that compromised more than 40 million credit and debit card accounts as well as the personally identifiable information of as many as 70 million consumers, Democratic members of the Financial Services Committee have called for an inquiry into the problem. In a letter to Financial Services Committee Chairman Jeb Hensarling (R-TX), 17 Democrats asked for a full Committee hearing to explore the recent data breach, review current law designed to protect ... (Read More)


  • Democrats Urge Regulators to Provide Targeted Volcker Relief to Community Banks
    Posted in Press Releases on January 8, 2014 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , SEC , Federal Reserve , OCC , CFTC , Volcker Rule , Community Banks , FDIC

    As regulators contemplate changes to a provision of the “Volcker Rule” related to the treatment of investments in Collateralized Debt Obligations (CDOs) backed by Trust Preferred Securities (TruPS), 22 Democratic members of the Financial Services Committee have expressed their support for providing important regulatory relief to the community banking sector while preserving strong controls on banks’ investments. In a letter to the heads of the relevant regulatory agencies, the wide array of Demo... (Read More)


  • Waters: Yellen will be a Careful Steward of the Economy
    Posted in Press Releases on January 6, 2014 | Preview rr
    Tags: Federal Reserve

    Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, released the following statement upon the confirmation of Janet Yellen as Chairman of the Board of Governors of the Federal Reserve. “In confirming Janet Yellen, the U.S. Senate has not only made history, but has put in place a Federal Reserve leader who will be a careful steward of our nation’s economy. Ms. Yellen’s unique understanding of the impact of the Federal Reserve’s policies on the middle clas... (Read More)


  • Democratic Lawmakers Call on FTC to Review Marketing Practices of Consumer Reporting Agencies
    Posted in Press Releases on December 18, 2013 | Preview rr
    Tags: Credit Reports and Scores , FTC

    A coalition of Democratic lawmakers on the House Financial Services Committee today called on the Federal Trade Commission (FTC) to review the online marketing practices of nationwide Consumer Reporting Agencies, or CRAs. Specifically of concern are the offers of purported “free” services that often put consumers at risk of inadvertently purchasing expensive products and services, such as credit monitoring or identity theft services. The concerns were expressed in a letter to FTC Chairwoman Edit... (Read More)


  • Waters Congratulates CDFI Fund Director Donna Gambrell for her Years of Service
    Posted in Press Releases on December 17, 2013 | Preview rr

    Congresswoman Maxine Waters (D-CA) Ranking Member of the House Financial Services Committee, today congratulated Donna Gambrell, Director of the Community Development Financial Institutions Fund (CDFI Fund), on her 37 years of public service. Gambrell recently announced her retirement, effective on December 28, 2013. Waters released the following statement: “For six years, Donna Gambrell has ushered the Community Development Financial Institutions Fund (CDFI Fund) into a new era of success and a... (Read More)


  • Waters Encouraged by Improvements at FHA
    Posted in Press Releases on December 13, 2013 | Preview rr
    Tags: FHA

    Congresswoman Maxine Waters, Ranking Member of the Committee on Financial Services, released the following statement in response to the release of the Federal Housing Administration’s fiscal year 2013 Annual Report: “Although the Federal Housing Administration is not completely out of the woods, today’s numbers show crucial improvements in its solvency and stability. FHA’s Mutual Mortgage Insurance Fund is heading in the right direction after a significant rebound. In total, FHA’s deficit was re... (Read More)


  • Waters Discusses Growing Income Inequality
    Posted in Press Releases on December 12, 2013 | Preview rr
    Tags: Full Committee , Department of the Treasury , Wealth Gap , International

    At today’s Financial Services Committee hearing with Secretary Jack Lew, Ranking Member Maxine Waters discussed the issue of growing income inequality and called for action by increasing the minimum wage, extending unemployment insurance, and providing trade adjustment and other assistance for those in the U.S. clustered in the low-skill end, who are disadvantaged by globalization. She delivered these remarks during today’s hearing on “The State of the International Financial System.” Her full r... (Read More)


  • Waters Touts Fed’s Effectiveness, Cautions Congress on “Reform”
    Posted in Press Releases on December 12, 2013 | Preview rr
    Tags: Full Committee , Federal Reserve

    Today, at a hearing to examine the mandates of the Federal Reserve, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, underscored the success of the Fed in stabilizing markets and reducing unemployment in the wake of the financial crisis. She also cautioned lawmakers seeking to make legislative changes to the Fed or its mandate that Congress should allow it to finalize the important reforms included in the Dodd-Frank act that reduce the likelihood of future financi... (Read More)


  • Waters Statement on Insurance Modernization Report
    Posted in Press Releases on December 12, 2013 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act

    Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, today commented on the release of the U.S. Department of the Treasury’s Federal Insurance Office (FIO) report to Congress on “How to Modernize and Improve the System of Insurance Regulation in the United States.” The FIO was created by the Dodd-Frank Wall Street Reform Act of 2010, and makes recommendations in the areas of insurance sector solvency and marketplace regulation. She made the following stat... (Read More)


  • Waters: Cassidy Flood Insurance Bill Provides No Assistance to Those Already Hurting
    Posted in Press Releases on December 12, 2013 | Preview rr
    Tags: Flood Insurance

    In reaction to legislation introduced by Rep. Bill Cassidy (R-LA), Congresswoman Maxine Waters (D-CA) the top Democrat on the Financial Services Committee and co-author of the Biggert-Waters flood insurance bill, today expressed her strong opposition to the measure. “Time and again, I have made clear that I am committed to resolving the problems that have resulted from the implementation of the Biggert-Waters Act, and we have brought together a board, bipartisan coalition of the House and Senate... (Read More)


  • Waters Statement on Volcker Rule
    Posted in Press Releases on December 11, 2013 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , Volcker Rule

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, released the following statement following the approval of the “Volcker Rule,” which bans proprietary trading by banks. “A seminal component of the 2010 Wall Street Reform Act was the inclusion of the ‘Volcker Rule,’ designed to stop banks from using taxpayer-backed customer deposits for trades intended to only benefit the bank itself. With the release of today’s rule, our regulators have made significant prog... (Read More)


  • Waters Statement on Confirmation of Mel Watt as Director of FHFA
    Posted in Press Releases on December 10, 2013 | Preview rr
    Tags: FHFA

    Following the confirmation of Congressman Mel Watt (D-NC) as Director of the Federal Housing Finance Agency, Congresswoman Maxine Waters¸ Ranking Member of the House Financial Services Committee, offered the following statement in strong support. “I am elated that after months of uncertainty and obstruction, the U.S. Senate has finally confirmed Congressman Mel Watt to head the Federal Housing Finance Agency. Mel has over 40 years of experience on issues related to housing – 20 as my friend and ... (Read More)


  • Democratic Members Of The Financial Services Committee Urge Confirmation Of Mel Watt
    Posted in Press Releases on December 9, 2013 | Preview rr
    Tags: FHFA

    As the U.S. Senate prepares to vote on the nomination of Congressman Mel Watt (D-NC) to be Director of the Federal Housing Finance Agency (FHFA), the Democratic members of the House Committee on Financial Services have expressed their strong support for his nomination and urged his immediate confirmation. In a letter to Senate leaders Harry Reid (D-NV) and Mitch McConnell (R-KY), Watt’s 27 Committee colleagues underscored his more than 40 years of experience and knowledge working on housing and ... (Read More)


  • Waters Statement on SEC Agenda
    Posted in Press Releases on December 3, 2013 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , SEC

    Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, released the following statement in reaction to the agenda of the Securities and Exchange Commission (SEC), which was released last week. “While I’m pleased to see the SEC will be dealing with a number of important issues next year, including derivatives regulation and measures to increase investor protections for private securities offerings, I’m disappointed that a number of rules are absent from its ... (Read More)


  • Waters Opposes Legislation to Weaken CFPB
    Posted in Press Releases on November 20, 2013 | Preview rr
    Tags: CFPB , FSOC , Federal Reserve , Markup

    At a Financial Services Committee markup of six bills designed to undermine the Consumer Financial Protection Bureau (CFPB), Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee, blasted the measures as efforts to weaken CFPB’s ability to be an effective, independent advocate for consumers. Waters highlighted the CFPB’s remarkable record of success in just over two years, pointing to enforcement actions that have resulted in $750 million being directly refunded to over 7.9 million... (Read More)


  • Waters Calls on Congress to Address the National Flood Insurance Program
    Posted in Press Releases on November 19, 2013 | Preview rr
    Tags: Flood Insurance , Subcommittee on Housing and Insurance

    Today, at a hearing to examine the National Flood Insurance Program (NFIP), Congresswoman Maxine Waters¸ Ranking Member of the House Financial Services Committee, asked FEMA administrator Craig Fugate tough questions about its implementation of the NFIP, and why he had not notified lawmakers of dramatic rate increases that many are experiencing as a result of changes to the Program. Waters also discussed bipartisan, bicameral legislation that will ensure FEMA engages in an accurate, responsible ... (Read More)


  • Top House Democratic Lawmakers Urge Senate to Preserve Extractive Revenue Disclosure Law
    Posted in Press Releases on November 19, 2013 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , International

    As the House and Senate work to reconcile differing versions of legislation to implement an Obama Administration deal with Mexico to develop oil and gas resources in the Gulf of Mexico, three leading House Democratic lawmakers called on Senate Majority Leader Harry Reid (D-NV) to reject House Republican efforts to waive a provision in the Dodd-Frank Wall Street Reform and Consumer Protection Act that requires extractive companies listed on U.S. exchanges to disclose the payments they make to gov... (Read More)


  • Top Democrats Demand Answers on Independent Foreclosure Review Process
    Posted in Press Releases on November 18, 2013 | Preview rr
    Tags: Independent Foreclosure Review

    Waters, Warren, Cummings Call on OCC, Fed to Release Information on Mortgage Servicing Settlement strongIn the absence of a long-promised public report, leading Democratic Members of Congress have called on federal regulators to disclose critically important information related to the Independent Foreclosure Review (IFR) process for 14 mortgage servicers and the $9.3 billion settlement that abruptly replaced it in January of this year. In a letter to Federal Reserve Chair Ben Bernanke and Comptr... (Read More)


  • Waters Remarks on Regulatory Relief and Capital Markets Legislation
    Posted in Press Releases on November 14, 2013 | Preview rr
    Tags: SEC , Federal Reserve , Markup

    Financial Services Committee Holds Markup of Five Bills Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, delivered the following remarks as part of a Committee markup on five pieces of legislation aimed to assist small businesses and provide relief to small financial institutions. In her statement, Waters applauded the bipartisan manner in which the Committee worked to ensure regulatory relief for small financial institutions, though expressed reg... (Read More)


  • Waters Calls for Renewal of Terrorism Risk Insurance Program
    Posted in Press Releases on November 13, 2013 | Preview rr
    Tags: TRIA , Subcommittee on Housing and Insurance

    Financial Services Subcommittee Holds Hearing on TRIA Program Today, at a Committee on Financial Services’ Housing and Insurance Subcommittee hearing, Ranking Member Maxine Waters (D-CA) called for the quick, clean and long-term renewal of the Terrorism Risk Insurance Act, known as TRIA. At the hearing, entitled “The Future of Terrorism Insurance: Fostering Private Market Innovation to Limit Taxpayer Exposure,” Waters noted that an overwhelming number of stakeholders from a wide range of industr... (Read More)


  • Waters named HousingWire 2013 Woman of Influence
    Posted in Press Releases on November 6, 2013 | Preview rr

    Congresswoman Maxine Waters (D-CA) Ranking Member of the Financial Services Committee, has been named a 2013 “Woman of Influence” by HousingWire, a leading news outlet covering the U.S. housing economy, spanning mortgage lending, servicing, investments and real estate operations. Waters was recognized for her efforts to ensure American families are provided adequate consumer protections, as well as for her longstanding support for minority rights to affordable housing and responsible lending. “I... (Read More)


  • Waters Calls for New International Financial Architecture
    Posted in Press Releases on November 6, 2013 | Preview rr
    Tags: International

    Outlines priorities for new sovereign debt restructuring framework Today, at a Capitol Hill briefing on “Responsible Lending and Borrowing and the Impact of Holdout Creditors for the Extreme Poor,” Congresswoman Maxine Waters, in a statement, called for the establishment of a formal, institutionalized, and politically recognized mechanism for restructuring the debt of bankrupt nations. Waters, the top Democrat on the House Financial Services Committee, is a long-time leader in the House of Repre... (Read More)


  • Waters Statement on Passing of Former FDIC Diversity Chief Mickey Collins
    Posted in Press Releases on November 1, 2013 | Preview rr
    Tags: FDIC

    Upon news of the passing of D. Michael ‘Mickey’ Collins, Congresswoman Maxine Waters, Ranking Member of the Committee on Financial Services, released the following statement. “I am deeply saddened to hear of the passing of D. Michael ‘Mickey’ Collins. From 1999 until earlier this year, Mickey was a tireless advocate at the Federal Deposit Insurance Corporation (FDIC) for diversity in the workforce and the inclusion of minority and women-owned businesses. He served for many years as the Director ... (Read More)


  • Waters Statement on Senate Blockage of Mel Watt to Lead FHFA
    Posted in Press Releases on October 31, 2013 | Preview rr
    Tags: GSE , FHFA

    Congresswoman Maxine Waters¸ Ranking Member of the House Financial Services Committee, offered the following statement in reaction to the failure of the U.S. Senate to invoke cloture on Melvin L. Watt as Director of the Federal Housing Finance Agency. “I am extremely disappointed that the U.S. Senate has blocked the nomination of Mel Watt to head the Federal Housing Finance Agency. Mel has over four decades of experience on issues related to housing and housing finance. He is highly respected on... (Read More)


  • Waters Calls on Senate to Confirm Mel Watt as Director of FHFA
    Posted in Press Releases on October 30, 2013 | Preview rr
    Tags: FHFA

    At a press conference calling on the U.S. Senate to confirm Melvin L. Watt as Director of the Federal Housing Finance Agency, Congresswoman Maxine Waters¸ Ranking Member of the House Financial Services Committee, offered the following statement in strong support. “I am pleased that the U.S. Senate is moving forward with the nomination of Representative Mel Watt to head the Federal Housing Finance Agency. I have worked very closely with Representative Watt on the Financial Services Committee for ... (Read More)


  • Waters, Barney Frank release Statements in Opposition to H.R. 992
    Posted in Press Releases on October 30, 2013 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , Volcker Rule , Derivatives

    Congresswoman Maxine Waters (D-CA) and Former Representatives Barney Frank today released the statements in opposition to H.R. 992, the Swaps Regulatory Improvement Act. Waters led opposition on the House Floor and expressed her concerns about weakening of Dodd-Frank reforms before regulators have completed them. Waters stated: “The financial crisis of 2008 wreaked untold havoc on the US economy. This disaster, which was intensified by the use of derivatives, set back hard-working Americans for ... (Read More)


  • Waters Defends FHA Solvency
    Posted in Press Releases on October 29, 2013 | Preview rr
    Tags: FHA , HUD , Speeches and Committee Statements

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, delivered the following opening statement at today's full Committee hearing on the Federal Housing Administration’s reserves shortfall: As prepared for delivery: Thank you, Mr. Chairman. Commissioner Galante, I am very pleased you have appeared before this committee today. I would like to applaud your work in managing the Federal Housing Administration, which has provided an affordable pathway to homeownership... (Read More)


  • Coalition of Over 80 Members of Congress Introduce Legislation to Address Flood Insurance Rate Increases
    Posted in Press Releases on October 29, 2013 | Preview rr
    Tags: Flood Insurance

    On the one year anniversary of Superstorm Sandy, a broad, bipartisan coalition of over 80 Members of the House of Representatives have introduced a legislative solution to fix the National Flood Insurance Program (NFIP) and ensure changes are implemented affordably. The legislation, led by Representatives Maxine Waters (D-CA), Michael Grimm (R-NY) and Cedric Richmond (D-LA), calls for a four-year delay to the program, requires the Federal Emergency Management Agency (FEMA) to complete an afforda... (Read More)


  • Waters Statement on Retail Investor Protection Act
    Posted in Press Releases on October 29, 2013 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act

    Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, today released the following statement regarding her opposition to H.R. 2374, the Retail Investor Protection Act. Waters led opposition on the House Floor and expressed her concerns about how the deceptively-titled legislation would undermine protections for those trying to save for retirement. Waters stated: “This legislation is overly broad and would prevent our regulators from protecting Americans tr... (Read More)


  • Waters Announces Deal to Repair Flood Insurance Program
    Posted in Press Releases on October 25, 2013 | Preview rr
    Tags: Flood Insurance

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, has announced a bipartisan legislative solution to fix the National Flood Insurance Program (NFIP) and ensure changes are implemented affordably. In essence, the legislation calls for a four-year delay to the program and requires FEMA to complete an affordability study and propose regulations that address affordability issues. The bipartisan deal comes after several weeks of negotiations with Democrats and Rep... (Read More)


  • Waters Statement on $1 Billion Export-Import Bank Profit
    Posted in Press Releases on October 24, 2013 | Preview rr
    Tags: Export-Import Bank

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today released the following statement in response to news that the U.S. Export-Import Bank generated a profit of more than $1 billion in fiscal year 2013, which was reported on Wednesday: “I am very pleased with yesterday’s news that the Export-Import Bank has delivered more than $1 billion in revenue to U.S. taxpayers. I wish to commend the Bank for its fiscal standing and its extraordinary low default rate ... (Read More)


  • Waters Statement on CFTC Furlough
    Posted in Press Releases on October 24, 2013 | Preview rr
    Tags: CFTC

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today released the following statement in response to news that the Commodities Future Trading Commission will be forced to furlough personnel for as many as 14 days in 2014 because of cutbacks in funding due to the sequester: “I’m deeply troubled, though not surprised, to learn that the Commodity Futures Trading Commission will need to furlough staff for as many as 14 days during fiscal year 2014 because of t... (Read More)


  • Leading House Democrats Iintroduce Bills To Deter Money Laundering and Hold Executives Responsible
    Posted in Press Releases on October 24, 2013 | Preview rr
    Tags: Money Laundering

    In the wake of massive money laundering scandals at U.S. banks that allowed terrorist, drug and other illicit money to flow through the economy, two leading Democratic lawmakers introduced two measures to crack down on misconduct and help clean up the system. Rep. Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, and Rep. Carolyn Maloney (D-NY), the ranking member on the Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises, each ... (Read More)


  • Waters Statement on Fiscal Deal
    Posted in Press Releases on October 16, 2013 | Preview rr

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, released the following statement following the House of Representatives vote on legislation to raise the debt limit and end the government shutdown. “I’m pleased that Congress has finally voted to end this unnecessary government shutdown and debt limit crisis. However, I remain concerned that the resolution passed today only opens the government and extends the debt ceiling for a precious few months. The resol... (Read More)


  • Panel on Debt Limit Default Paints Bleak Picture for U.S. Economy
    Posted in Press Releases on October 15, 2013 | Preview rr
    Tags: U.S. Debt Default

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, hosted a bipartisan panel discussion on the implications of a U.S. debt limit default on the American economy and global financial markets. The panel, entitled “On the Brink: Implications of U.S. Default on the Economy and Global Financial Markets” painted a bleak picture about how defaulting on the debt could adversely affect the U.S. economy, financial stability, investors and consumers. Modera... (Read More)


  • Democratic Representatives Call on Financial Institutions to assist Victims of Shutdown
    Posted in Press Releases on October 14, 2013 | Preview rr

    Waters leads 30 Democrats in House Resolution Today, leading Democratic lawmakers called on financial institutions to work proactively with their customers facing financial distress as a result of the shutdown of the Federal Government. Fourteen days into the shutdown, many employees have now seen their first diminished paycheck, leaving them facing short-term financial hardship and possible long-term damage to their creditworthiness through no fault of their own. Led by Congresswoman Maxine Wat... (Read More)


  • Leading House Democrat Speaks Out On Globalization, Inequality, and Reform Of International Financial Institutions
    Posted in Press Releases on October 11, 2013 | Preview rr
    Tags: Wealth Gap , International , Speeches and Committee Statements

    As the keynote speaker today at the launch of a civil society report on global financial governance, Congresswoman Maxine Waters discussed the challenges of globalization, the importance of the international financial institutions, and the problem of growing inequality in both advanced and some emerging market countries. In a speech that touched upon a range of issues related to the World Bank and the International Monetary Fund (IMF), Waters also discussed some of the challenges posed by the in... (Read More)


  • Waters Supports Regulators’ Action to Protect Shutdown Victims
    Posted in Press Releases on October 9, 2013 | Preview rr
    Tags: CFPB , Federal Reserve , OCC , FDIC , NCUA

    As many employees prepare to miss their first paycheck as a result of the Federal Government shutdown, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, lauded the action of five federal financial services agencies that today called on financial institutions to work with customers that have been affected. In a letter to the heads of the Federal Reserve, Federal Deposit Insurance Corporation, Consumer Financial Protection Bureau, Comptroller of the Curr... (Read More)


  • Waters Statement on Expected Nomination of Janet Yellen
    Posted in Press Releases on October 9, 2013 | Preview rr
    Tags: Federal Reserve

    Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, released the following statement in anticipation of the nomination of Janet Yellen as Chairman of the Board of Governors of the Federal Reserve. “President Obama’s choice in nominating Janet Yellen to lead the Fed is both historic and important for our nation’s economy. Ms. Yellen’s experience as a former Chair of the Council of Economic Advisers, Regional Fed Bank President, and Vice-Chair of the Feder... (Read More)


  • Waters: U.S. Default Will Have Serious Consequences
    Posted in Press Releases on October 8, 2013 | Preview rr
    Tags: House Floor , Speeches and Committee Statements

    In a speech on the floor of the House of Representatives, Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today highlighted the serious consequences of the U.S. defaulting on its debt. Waters also urged Republicans to stop using the debt ceiling to push extremist ideology, calling for a vote on a clean debt-limit increase. She delivered the following remarks. As prepared for delivery: “Thank you, Mr. Speaker. I rise today to discuss the irresponsibility of ... (Read More)


  • Waters: Debt Ceiling is Non-Negotiable
    Posted in Press Releases on October 4, 2013 | Preview rr
    Tags: Department of the Treasury

    With only 13 days until the nation reaches its debt limit, and in the aftermath of the Department of Treasury’s report on the impact of defaulting on our debt, Congresswoman Maxine Waters (D-CA) today called on Republicans to stop threatening the nation’s economy to move their ideological priorities. She released the following statement: “As if the consequences of a government shutdown are not bad enough, Republicans are now threatening to hold the full faith and credit of the United States host... (Read More)


  • Waters Reacts to CFPB Report on CARD Act
    Posted in Press Releases on October 2, 2013 | Preview rr
    Tags: CFPB

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, released the following statement in reaction to a Consumer Financial Protection Bureau (CFPB) report on the early success of the Credit Card Accountability Responsibility and Disclosure Act (CARD Act). The report finds that protections under the Act benefitted consumers by reducing unfair and excessive late fees and providing clearer disclosures about the cost of credit cards. “Today, the Consumer Financial Pr... (Read More)


  • Waters Statement on Government Shutdown
    Posted in Press Releases on October 1, 2013 | Preview rr
    Tags: CFTC , Money Laundering , Department of the Treasury , Budget

    Congresswoman Maxine Waters, Ranking Member of the Committee on Financial Services, released the following statement on the Republican-imposed government shutdown. “The irresponsibility of the Republican Party cannot be overstated. As we slowly emerge from the worst economic crisis in over 70 years, I am saddened that ideological extremism has led to another self-inflicted wound that could have dire consequences for our fragile recovery. Even a short shutdown threatens job creation, harms small ... (Read More)


  • Waters Leads Letter Urging Congress to Address Flood Insurance Rate Increases
    Posted in Press Releases on September 30, 2013 | Preview rr

    Bipartisan letter backed by 73 Member of Congress In a bipartisan letter, 73 Members of the House of Representatives called on Speaker John Boehner and Minority Leader Nancy Pelosi to take immediate action to address affordability issues surrounding the National Flood Insurance Program. Spearheaded by Congresswoman Maxine Waters (D-CA), top Democrat on the Financial Services Committee and Congressman Bill Cassidy (R-LA), the letter calls for the House to provide relief to flood insurance policyh... (Read More)


  • Waters Calls on Congress to Address Flood Insurance Rate Increases
    Posted in Press Releases on September 30, 2013 | Preview rr
    Tags: Flood Insurance

    On the eve of a multi-state rally to “Stop the Exorbitant Rise in Flood Insurance Premiums,” Congresswoman Maxine Waters, Ranking Member of the House Committee on Financial Services, released the following statement: “I am outraged by the increased costs of flood insurance premiums that have resulted from the Biggert-Waters Act. I certainly did not intend for these types of outrageous premiums to occur for any homeowner. When I agreed to coauthor this legislation, our goal was to create a bipart... (Read More)


  • Democratic Lawmakers Ask Big Bank CEOs to Explain Student Debit Card Deals with Colleges
    Posted in Press Releases on September 27, 2013 | Preview rr

    Democratic lawmakers in the House and Senate today expressed deep concern over financial arrangements between colleges and banks that could steer financially-strapped students into fee-laden debit cards that increase the costs of college. In letters sent to some of the nation’s largest banks, the legislators ask bank executives to explain the scope of any such arrangements, how much money the deals pay to colleges, and how much in fees are charged to students. Policymakers question whether these... (Read More)


  • Waters Statement on FHA Reserves Shortfall
    Posted in Press Releases on September 27, 2013 | Preview rr
    Tags: FHA

    Congresswoman Maxine Waters, Ranking Member of the Committee on Financial Services, released the following statement in response to reports of a likely shortfall in capital reserve funds at the Federal Housing Administration: “During the worst of the crisis, when the private sector virtually left the market, the Federal Housing Administration stepped up and provided the liquidity that kept our struggling housing market afloat. This is the countercyclical role of FHA, as it has been throughout th... (Read More)


  • Waters Touts Success of Terrorism Risk Insurance Program
    Posted in Press Releases on September 19, 2013 | Preview rr
    Tags: Full Committee , TRIA , Speeches and Committee Statements

    Letters in Support of extending TRIA House Financial Services Committee Holds First in a Series of Hearings on TRIA Program Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, delivered the following opening statement at today's full Committee hearing on the Terrorism Risk Insurance Act, known as TRIA. TRIA was enacted in the aftermath of the terrorist attacks of September 11, 2001, which caused estimated insured losses of $40 billion in current dollars – the l... (Read More)


  • Waters Statement on JP Morgan Fine
    Posted in Press Releases on September 19, 2013 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFTC

    Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, released the following statement in response to actions by U.S. and UK regulators to levy a nearly $1 billion fine against JP Morgan. “Today’s announcement of fines levied against JP Morgan validates Congress’ decision to provide our regulators with broad authority to regulate derivatives trading whenever it affects the US economy, including overseas. These actions, as well as those expected by the CFTC... (Read More)


  • Waters Statement on Federal Reserve Announcement
    Posted in Press Releases on September 18, 2013 | Preview rr
    Tags: Federal Reserve

    Congresswoman Maxine Waters, Ranking Member of the Committee on Financial Services, released the following statement upon the announcement of the continuation of the Federal Reserve’s asset purchase program known as “quantitative easing.” “I am a strong supporter of the actions that Chairman Ben Bernanke and members of the Federal Open Market Committee (FMOC) have taken over the last several years in the face of the most serious financial crisis this country has faced since the Great Depression.... (Read More)


  • Ranking Member Waters Commends Cordray for CFPB Accomplishments
    Posted in Press Releases on September 12, 2013 | Preview rr
    Tags: CFPB , Speeches and Committee Statements

    House Financial Services Committee Reviews Agency’s Semi-Annual Report Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, delivered the following opening statement at today's full Committee hearing to discuss “The Semi-Annual Report of the Consumer Financial Protection Bureau (CFPB).” The hearing featured CFPB Director Richard Corday. Ranking Member Waters commended Director Cordray for the CFPB’s significant success thus far, as well as his commitment to work... (Read More)


  • Eight Years after Katrina, Ranking Member Waters Pledges Continued Commitment to the People of the Gulf
    Posted in Press Releases on August 29, 2013 | Preview rr
    Tags: Flood Insurance

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today released the following statement expressing her continued commitment to the people of the Gulf Region, many of whom are still dealing with the aftermath of Hurricane Katrina. “On the eighth anniversary of the landfall of Hurricane Katrina, I stand with the people of the Gulf Region in remembrance of this terrible day, as I have stood with them since those first painful days after the storm hit. I have be... (Read More)


  • Ranking Member Waters’ Statement on President Obama’s Housing Finance Reform Plan
    Posted in Press Releases on August 6, 2013 | Preview rr
    Tags: GSE , Housing Finance Reform

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today released the following statement in response to President Barack Obama’s speech outlining his plan for housing finance reform in Phoenix. “I’m pleased that the President is making housing finance reform a top priority, and has outlined an approach that is consistent with our recently-released House Financial Services Committee Democratic Principles. Democrats in the House have been taking this effort ver... (Read More)


  • Ranking Member Waters Leads House Democrats in Supporting Janet Yellen for Federal Reserve Chairman
    Posted in Press Releases on July 31, 2013 | Preview rr
    Tags: Federal Reserve

    Financial Services Committee Ranking Member Maxine Waters, today joined by 37 of her fellow Democrats, delivered a letter urging President Obama to nominate Janet Yellen, current Vice Chairman of the Board of Governors of the Federal Reserve System, to replace Ben Bernanke as Chairman of the Federal Reserve when his term expires. The letter notes that Vice Chairman Yellen has “demonstrated a unique understanding of the impact of the Federal Reserve’s policies on the middle-class” and that, “duri... (Read More)


  • Waters Responds to Committee Passage of Bill to End Affordable 30-Year-Fixed Rate Mortgage
    Posted in Press Releases on July 24, 2013 | Preview rr
    Tags: GSE , Housing Finance Reform

    Today, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee released the following statement in response to committee passage of the inaptly-named “Protecting American Taxpayers and Homeowners Act” or “PATH Act” (H.R. 2767). H.R. 2767 is a Republican bill that would unwind Fannie Mae and Freddie Mac and remove any government support from the secondary mortgage market. However, because the bill would remove a government guarantee, it would end the affordable 30-year fix... (Read More)


  • Financial Services Democrats Release Principles on Housing Finance Reform
    Posted in Press Releases on July 18, 2013 | Preview rr
    Tags: GSE , Housing Finance Reform

    House Democrats, led by Financial Services Committee Ranking Member Maxine Waters, today released a “set of critical core principles” they believe should be part of legislative efforts to address the future of housing finance reform. Since the beginning of the 113th Congress, Democrats on the Financial Services Committee have held a series of briefings, roundtables, and caucuses on housing finance reform. As a result of this work, Committee Democrats have developed principles to guide their cons... (Read More)


  • Ranking Member Waters' Opening Statement on the Republican "PATH to Nowhere Act”
    Posted in Press Releases on July 18, 2013 | Preview rr
    Tags: Full Committee , GSE , Housing Finance Reform , Speeches and Committee Statements

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, delivered the following opening statement at today's full Committee hearing. The hearing, entitled, “A Legislative Proposal to Protect American Taxpayers and Homeowners by Creating a Sustainable Housing Finance System,” examined draft legislation proposed by Republicans to “reform” our nation’s housing finance system. However, the bill, inaptly named the Protecting American Taxpayers and Homeowners or PATH Act... (Read More)


  • Ranking Member Water’s Opening Statement at Today’s Hearing with Federal Reserve Chairman Bernanke
    Posted in Press Releases on July 17, 2013 | Preview rr
    Tags: Full Committee , Federal Reserve , Speeches and Committee Statements

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, delivered the following statement at today's full Committee hearing with Federal Reserve Chairman Ben Bernanke: As prepared for delivery: Thank you Mr. Chairman, and thank you Chairman Bernanke for being here with us again today. Chairman Bernanke, under your leadership and through the actions taken by the FOMC, the recovery continues to strengthen. Treasury yields and mortgage rates have fallen to their lowes... (Read More)


  • Ranking Member Waters’ Statement on Senate Confirmation of Richard Cordray
    Posted in Press Releases on July 16, 2013 | Preview rr
    Tags: CFPB

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, released the following statement today in response to the Senate’s vote to confirm Richard Cordray as the director of the Consumer Financial Protection Bureau (CFPB): “It is with great pleasure that I congratulate Richard Cordray on his long overdue confirmation as Director of the CFPB. Under his leadership, the CFPB has been praised by industry representatives as both “effective” and “accessible.” In addition... (Read More)


  • Ranking Member Waters’ Statement on Republican Housing Finance Reform Proposal
    Posted in Press Releases on July 11, 2013 | Preview rr
    Tags: GSE , Housing Finance Reform

    Today, in response to Financial Services Chairman Jeb Hensarling’s release of a proposal to reform the nation’s housing finance system, Financial Services Committee Ranking Member Maxine Waters released the following statement: “I am strongly disappointed in the Chairman’s legislation, which is little more than an attempt to reinvent America’s housing finance system using the same kind of right-wing ideology that has eroded America’s middle class for decades. This bill eliminates the 30-year fix... (Read More)


  • Waters Commends Regulators for Consideration of Community Banks in Basel III Implementation
    Posted in Press Releases on July 5, 2013 | Preview rr
    Tags: Federal Reserve

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, commended Federal Banking regulators for adopting final rules implementing the Basel III International Regulatory Framework. The rule was unanimously accepted by the Board of Governors of the Federal Reserve and is expected to be adopted by other banking regulators in the coming weeks. “I am very pleased with the efforts of the Board of Governors of the Federal Reserve who have addressed many of the concerns c... (Read More)


  • Waters Leads Letter Urging FEMA to Act to Keep Flood Insurance Rates Affordable
    Posted in Press Releases on July 3, 2013 | Preview rr
    Tags: Flood Insurance

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, along with 26 colleagues sent a bipartisan letter to Craig Fugate, Administrator of the Federal Emergency Management Agency (FEMA), urging him to use any discretionary authority available to address an unintended consequence of the Biggert-Waters Flood Insurance Reform Act. Ranking Member Waters’ letter comes as FEMA moves forward with the implementation of Biggert-Waters, landmark legislation designed to help... (Read More)


  • Waters Hosts Members, Industry Leaders for GSE Reform Roundtable
    Posted in Press Releases on June 28, 2013 | Preview rr
    Tags: GSE , Housing Finance Reform

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, convened her second bipartisan panel this morning on Capitol Hill to discuss various proposals for reform of the Government-Sponsored Enterprises and the secondary mortgage market. Today’s discussion, builds on the April session by providing an opportunity for industry stakeholders to share their point of view on how to approach reform. “I convened this discussion today because I believe it is essential for th... (Read More)


  • Waters Applauds Watt's Testimony, Calls for Senate Prompt Action on His Nomination
    Posted in Press Releases on June 27, 2013 | Preview rr
    Tags: FHFA

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, offered the following statement today in response to the Senate Banking Committee hearing on the nomination of Congressman Melvin L. Watt to be Director of the Federal Housing Finance Agency. Ranking Member Waters previously endorsed Congressman Watt’s nomination stating that he is an individual that is “accepting, open-minded and collaborative – and he gets things done.” “Today, Congressman Melvin Watt demons... (Read More)


  • Waters and Miller Applaud CFPB’s Proposed Rule to Oversee Nonbank Student Loan Servicers
    Posted in Press Releases on June 26, 2013 | Preview rr
    Tags: CFPB , Federal Reserve

    Legislators Laud Consumer Agency’s Progress on Student Loan Debt Two senior Democratic lawmakers from the House- Congresswoman Maxine Waters (D-Calif.), Ranking Member on the Financial Services Committee, and Congressman George Miller (D-Calif.), the senior Democratic Member on the Education and the Workforce Committee, today released a joint letter to Director Richard Cordray commending the Consumer Financial Protection Bureau (CFPB) for its proposed rule to subject certain nonbank education lo... (Read More)


  • Waters Encourages Committee Members to “Read the Law” at Today’s Full Committee Hearing on ‘Too-Big-to-Fail’ Post Dodd-Frank
    Posted in Press Releases on June 26, 2013 | Preview rr
    Tags: Full Committee , Dodd–Frank Wall Street Reform and Consumer Protection Act , FSOC , Speeches and Committee Statements

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, led committee Democrats today in encouraging Financial Services Committee Members to, “read the law,” in hopes to “facilitate a rational discussion based on actual provisions within the law.” During the full committee hearing titled, “Examining How the Dodd-Frank Act Could Result in More Taxpayer-Funded Bailouts,” Waters said, “I have found that not enough attention has been paid to the actual legislative text... (Read More)


  • *Media Advisory* - Waters to Host Second Panel Discussion on Future of GSEs and Secondary Mortgage Market
    Posted in Press Releases on June 25, 2013 | Preview rr
    Tags: GSE , Housing Finance Reform

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, will moderate her second bipartisan panel discussion on plans to reform the nation’s secondary mortgage market. The panel discussion will be held on Friday, June 28th on Capitol Hill. In April, Ranking Member Waters hosted the first in a series of panel discussions on the topic of how to best provide safe, decent, and affordable rental and homeownership options to American families, while taking steps to preve... (Read More)


  • Ranking Member Waters' Statement on the Portrait Unveiling of Former Chairman Barney Frank
    Posted in Press Releases on June 25, 2013 | Preview rr

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, made the following statement today at the portrait unveiling ceremony of former Chairman Barney Frank. The portrait will hang in the main Financial Services Committee hearing room, located in the Rayburn House Office Building. Barney Frank served as a Member of the U.S. House of Representatives, representing the state of Massachusetts, from 1981 to 2013; and served as Chairman of the House Financial Services C... (Read More)


  • Ranking Member Waters’ Opening Statement at Full Committee Markup of Capital Markets Bills
    Posted in Press Releases on June 19, 2013 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , SEC , Markup , Speeches and Committee Statements

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, made the following statement today at a meeting of the Committee held to mark up the following legislation: H.R. 2374, the Retail Investor Protection Act H.R. 1135, the Burdensome Data Collection Relief Act H.R. 1105, the Small Business Capital Access and Job Preservation Act H.R. 1564, the Audit Integrity and Job Protection Act Click here to view the video of Ranking Member Waters opening statement. As delive... (Read More)


  • Waters Urges Administration to Leave Financial Reform out of Trade Talks with Europe
    Posted in Press Releases on June 18, 2013 | Preview rr

    As the Administration moves to begin negotiations with Europe on a wide-ranging trade deal with the European Union, Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, sent a letter today to President Obama urging him to leave the issue of financial reform out of the trade talks. Ranking Member Waters, a long-time supporter of efforts to foster international economic cooperation in a number of areas, states, “that a trade agreement with the E.U., if properly ex... (Read More)


  • Waters Calls for Investigation of Mortgage Servicers Who Benefitted by Misleading Borrowers Eligible for HAMP
    Posted in Press Releases on June 18, 2013 | Preview rr
    Tags: Federal Reserve , OCC , Independent Foreclosure Review

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, sent a letter today to Christy L. Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP), calling for an investigation of Bank of America or any other mortgage servicer, who allegedly benefited by misleading borrowers eligible for the Home Affordable Modification Program (HAMP). Ranking Member Waters’ letter comes after an article in Bloomberg cited court documents in which former lo... (Read More)


  • Waters Leads Congressional Delegation in Calling for Investigation of JPMorgan Chase for Excessive Energy Charges to California
    Posted in Press Releases on June 14, 2013 | Preview rr
    Tags: Department of Justice

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee and 13 Members of the California Congressional Delegation, released the following letter yesterday to Attorney General Eric Holder calling for the U.S. Department of Justice to investigate JPMorgan Chase, the nation’s largest bank, for alleged fraudulent schemes that resulted in $83 million in overcharges to Michigan and California for energy purchases. The letter comes after an article in The New York Times ci... (Read More)


  • Majority of Democrats Join Waters in Opposition to Derivatives Deregulation
    Posted in Press Releases on June 12, 2013 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , SEC , CFTC , Derivatives , House Floor , Speeches and Committee Statements

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, made the following statement today on the floor of the U.S. House of Representatives. Ranking Member Waters opposed the passage of H.R. 1256, the Swap Jurisdiction Certainty Act, under closed rule. Ranking Member Waters led the debate noting that H.R. 1256 handcuffs our regulators reach overseas, and instead forces the U.S. taxpayer to rely on foreign regulators to protect them from institutions that bet the h... (Read More)


  • Ranking Member Waters’ Statement on Housing Finance Models, Expresses Concerns about Republican Priorities
    Posted in Press Releases on June 12, 2013 | Preview rr
    Tags: Full Committee , GSE , Housing Finance Reform

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, made the following opening statement today at the full committee hearing, titled “Beyond the GSEs: Examples of Successful Housing Finance Models without Explicit Government Guarantees.” Ranking Member Waters in her statement reveals “that while other countries may invest fewer resources in homeownership than the U.S., these foreign nations also make more significant investments in public and assisted rental ho... (Read More)


  • Waters Applauds Passage of Bipartisan Amendment
    Posted in Press Releases on June 6, 2013 | Preview rr
    Tags: Flood Insurance , House Floor , Speeches and Committee Statements

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, made the following statement yesterday on the floor of the U.S. House of Representatives. Ranking Member Waters called for bipartisan support to an amendment, offered by Rep. Bill Cassidy (R-LA) that would delay implementation of Section 207 of the Biggert-Waters Flood Insurance Reform Act of 2012, and provide relief for many homeowners across the nation facing significant increases in their flood insurance pr... (Read More)


  • Ranking Member Waters Joins Sen. Blumenthal, Rep. Capps to Urge Obama Administration to Protect Surviving Spouses from Foreclosure
    Posted in Press Releases on June 5, 2013 | Preview rr
    Tags: CFPB , Federal Reserve , OCC , FDIC , Department of the Treasury , HUD , FHFA

    Today, Ranking Member Maxine Waters (D-Calif.), joined U.S. Senator Richard Blumenthal (D-Conn.) and Lois Capps (D-Calif.), in sending a letter to eight executive agencies urging them to protect surviving spouses from foreclosure. This segment of the homeowner population – often women in their later years – faces unique circumstances that unfairly deprive them of opportunities to avoid losing their home. "Surviving spouses throughout the country have found themselves in this troubling situation,... (Read More)


  • Waters Calls for Aggressive Prosecution of Financial Institutions Involved in Drug Money Laundering
    Posted in Press Releases on May 23, 2013 | Preview rr
    Tags: Money Laundering , Subcommittee on Oversight & Investigations , Department of Justice

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, lit up a committee hearing Wednesday by calling for aggressive prosecution of financial institutions involved in the laundering of illegal drug money. The hearing, held by the Oversight and Investigations Subcommittee of the House Committee on Financial Services, focused on the question of whether large financial institutions are immune from federal prosecution. Mythili Raman, Acting Assistant Attorney General... (Read More)


  • Ranking Member Waters' Opening Statement at Today's Hearing with Treasury Secretary Lew
    Posted in Press Releases on May 22, 2013 | Preview rr
    Tags: Full Committee , Dodd–Frank Wall Street Reform and Consumer Protection Act , FSOC , Volcker Rule , Derivatives , Department of the Treasury , Speeches and Committee Statements

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, delivered the following statement at today's full Committee hearing with Treasury Secretary Lew: Thank you very much Mr. Chairman. I am very pleased to welcome Secretary Lew to his first appearance before the Financial Services Committee to deliver the annual report of the Financial Stability Oversight Council as required by the Dodd-Frank Act. We are aware of your tremendous responsibility, we are very please... (Read More)


  • Ranking Member Waters' Floor Statement on H.R. 1062 “SEC Regulatory Accountability Act”
    Posted in Press Releases on May 17, 2013 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , SEC , House Floor , Speeches and Committee Statements

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today made the following statement on the House Floor: I rise to strongly oppose HR 1062. This bill places significant additional requirements for economic analysis by the Securities and Exchange Commission (SEC), effectively bringing any efforts at rulemaking to a standstill. Let’s be clear: the purpose of this legislative effort is to stop implementation of the Dodd-Frank Wall Street Reform and Consumer Prot... (Read More)


  • House Passes Bill Which Effectively Weakens the SEC
    Posted in Press Releases on May 17, 2013 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , SEC , House Floor , Speeches and Committee Statements

    The U.S. House of Representatives today passed the “SEC Regulatory Accountability Act” (H.R. 1062), a Republican bill which despite its common-sense title would greatly restrict the ability of the Securities and Exchange Commission (SEC) to protect millions of American investors. Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, led debate for the Democrats. She told colleagues that the bill would make it easier for special interests to sue the SEC to block r... (Read More)


  • Miller, Waters Pledge Action on Private Student Loan Debt
    Posted in Press Releases on May 9, 2013 | Preview rr
    Tags: CFPB

    Two senior Democratic lawmakers from the House – U.S. Rep. George Miller (D-Calif.), the senior Democrat on the Education and the Workforce Committee, and U.S. Rep. Maxine Waters (D-Calif.), Ranking Member on the Financial Services Committee – released the following joint statement today after the Consumer Financial Protection Bureau (CFPB) published a report highlighting ways in which student loan debt can have a domino effect on other financial decisions for consumers. For example, the report ... (Read More)


  • Waters’ Opening Statement at Mark-up on Derivatives Legislation
    Posted in Press Releases on May 7, 2013 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , SEC , Derivatives , Department of the Treasury , Markup , Speeches and Committee Statements

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, made the following statement at a meeting of the Committee held today to mark up legislation addressing the nation’s derivatives markets: Mr. Chairman, thank you for holding this mark-up this morning on a broad package of bills related to a wide-range of issues facing this Committee. Let me open this mark-up discussion by repeating what I have consistently said: I’m open to pieces of legislation that truly rep... (Read More)


  • Maxine Waters Commends the Nomination of Mel Watt to lead the FHFA
    Posted in Press Releases on May 1, 2013 | Preview rr
    Tags: FHFA

    Congresswoman Maxine Waters offered the following statement today in response to news that President Barack Obama will nominate Congressman Melvin L. Watt to be Director of the Federal Housing Finance Agency. It is with high regard and great respect that I endorse the nomination of Representative Mel Watt to head the Federal Housing Finance Agency. We are at a crossroads in our economic recovery, and the FHFA must play a leading role in laying the groundwork for the long-term stability of the ho... (Read More)


  • Waters Introduces Legislation to Prevent Medical Debt from Unfairly Wrecking Consumers’ Credit
    Posted in Press Releases on April 26, 2013 | Preview rr

    Also Joins Call for Increased Scrutiny of the Third-Party Medical Financing Market Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today took steps to comprehensively address the impact that medical debt has on consumers by introducing legislation which would require consumer reporting agencies to remove any information related to fully paid or settled medical debt from a consumer’s credit report within 45 days. At the same time she joined two other senior... (Read More)


  • Waters Calls for Action on “Living Wills”
    Posted in Press Releases on April 26, 2013 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , FSOC , Federal Reserve , FDIC , Department of the Treasury

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today sent a letter to Treasury Secretary Jack Lew, Chairman of the Financial Stability Oversight Council (FSOC), seeking to elicit his views on the progress of the “living wills” provision of the Wall Street Reform and Consumer Protection Act of 2010. The provision requires the nation’s largest bank holding companies and other systemically important financial firms as designated by the FSOC to file Orderly Re... (Read More)


  • Waters Praises FSOC, Calls for Review of Bills Amending Derivatives Provisions in Dodd-Frank
    Posted in Press Releases on April 25, 2013 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , FSOC , Derivatives

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today released the following statement in reaction to the annual report of the Financial Stability Oversight Council (FSOC). Waters praises the FSOC’s work to monitor systemic risk and identify potential vulnerabilities in the financial system. Ranking Member Waters also calls on members of the Council to pay close attention to a series of bills which will soon be considered by the House Financial Services Com... (Read More)


  • Waters: The Real Impediment to Private Capital is Inaction on Secondary Mortgage Market Reform
    Posted in Press Releases on April 24, 2013 | Preview rr
    Tags: Full Committee , Dodd–Frank Wall Street Reform and Consumer Protection Act , FHA , GAO , Housing Finance Reform , Speeches and Committee Statements

    In her opening statement today at a hearing of the House Committee on Financial Services, Congresswoman Maxine Waters, Ranking Member of the Committee, contested the notion that regulatory oversight is an impediment to recovery in the housing finance market. The title of the hearing called by the Republican majority is “Building a Sustainable Housing Finance System: Examining Regulatory Impediments to Private Investment Capital”. Waters repeatedly has urged her Republican colleagues to take up t... (Read More)


  • Waters calls for Hensarling to Allow CFPB Director Cordray to Fulfill Legal Mandate
    Posted in Press Releases on April 23, 2013 | Preview rr
    Tags: CFPB

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today sent the attached letter to Chairman Jeb Hensarling, responding to his refusal to allow Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB), to testify before the Committee. Mr. Hensarling declared his intention to block Director Cordray in a letter released yesterday in which he claims that President Obama’s recess appointment of Cordray was unconstitutional. In her letter to Ch... (Read More)


  • Democrats Urge Appropriators to Boost Funding for Community Development Block Grants
    Posted in Press Releases on April 23, 2013 | Preview rr
    Tags: HUD , Budget

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, joined by Representative Michael E. Capuano and 65 of their Democratic House colleagues, has released a letter to key Members of the House Committee on Appropriations urging adequate funding for critical community development and housing programs in the Fiscal Year 2014 Transportation, Housing and Urban Development (THUD) appropriations bill. The letter to THUD Appropriations Subcommittee Chairman Tom Latham a... (Read More)


  • Democrats Urge Appropriators to Fully Fund SEC
    Posted in Press Releases on April 23, 2013 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , SEC , Budget

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, joined by Representative Carolyn Maloney and 51 other Members of Congress, has released a letter to key Members of the House Committee on Appropriations calling for full funding of the Securities and Exchange Commission (SEC) at the amount requested by the Obama administration for fiscal year 2014. The SEC is responsible for ensuring that the nation’s capital markets are fair, orderly and efficient, and that i... (Read More)


  • Waters’ Legislation Would Bolster Investment Adviser Examinations
    Posted in Press Releases on April 19, 2013 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , SEC

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, has introduced legislation to provide the U.S. Securities and Exchange Commission (SEC) with the authority to impose and collect user fees on investment advisors. The Investment Adviser Examination Improvement Act of 2013 (H.R. 1627) would provide the SEC with a dedicated funding source in order to make possible a more robust investment adviser oversight program. Since the financial crisis five years ago, publ... (Read More)


  • Waters and Peterson Ask Appeals Court to Consider Brief Favoring CFTC Position Limits Rule
    Posted in Press Releases on April 19, 2013 | Preview rr
    Tags: CFTC

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, and Congressman Collin C. Peterson, Ranking Member of the House Committee on Agriculture have submitted a motion for leave to file an amicus brief with the U.S. Court of Appeals focusing on the position limits rule promulgated by the Commodity Futures Trading Commission (CFTC). The CFTC’s rule would limit the amount of certain commodity futures, options or swaps that an investor (who does not make any use of t... (Read More)


  • Waters Opening Statement for Hearing on Community banks need easing of regulatory burden, and benefit when larger institutions are appropriately regulated
    Posted in Press Releases on April 16, 2013 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB , Community Banks , FDIC , Subcommittee on Financial Institutions & Consumer Credit , Speeches and Committee Statements

    Ranking Member Waters opening statement at 4-16-2013 Financial Institutions Subcommittee Hearing titled, “Examining Community Bank Regulatory Burdens” I want to thank the witnesses for taking time to come talk to us today. I know it’s still a challenging time for community sized institutions such as yourselves and it can’t be easy to take time away from your businesses. And I want to get you all back home as soon as possible because we really need you to be out there lending in your communities ... (Read More)


  • Ranking Member Waters Responds to OCC Admission that it Welcomes a Legislative Change Regarding the Use of Independent Consultants
    Posted in Press Releases on April 12, 2013 | Preview rr
    Tags: OCC

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today released the following statement in response to testimony by Daniel Stipano, deputy chief counsel of the Office of the Comptroller of the Currency (OCC), in his appearance before the Senate Banking Committee. In his testimony, Stipano stated that the OCC “would welcome a legislative change” regarding the use of independent contractors. “I’m pleased to hear the OCC say that it would welcome legislation to... (Read More)


  • Waters Convenes Panel to Jumpstart Discussion on GSE Reform
    Posted in Press Releases on April 12, 2013 | Preview rr
    Tags: GSE , Housing Finance Reform

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, convened a bipartisan panel this morning on Capitol Hill to discuss various proposals for reform of the Government-Sponsored Enterprises and the secondary mortgage market. “The goal of this panel is to emphasize the imperative for reform, inform our members, and hopefully spur the Financial Services Committee to continue this dialogue through the hearing and mark-up process,” said Waters in her opening remarks... (Read More)


  • Waters Introduces Bill to Reform the Use of Consultants in Banking Enforcement Consent Orders
    Posted in Press Releases on April 11, 2013 | Preview rr
    Tags: Federal Reserve , OCC , GAO , Independent Foreclosure Review

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, announced today that she has introduced legislation to reform the use of independent consultants in banking regulation and enforcement processes. She is joined by Representatives Elijah E. Cummings, Al Green and John Conyers, Jr. as original cosponsors. The Stop Outsourcing Banking Enforcement and Examination Act would impose significant transparency measures on banking enforcement by requiring that consent or... (Read More)


  • Waters to Host Panel Discussion on Future of GSEs
    Posted in Press Releases on April 11, 2013 | Preview rr
    Tags: GSE , Housing Finance Reform

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, will moderate a bipartisan panel discussion on plans to reform the nation’s secondary mortgage market. The discussion will consider the lingering challenges facing the housing market, the principles that should frame Congress’s consideration of housing finance reform, and various approaches to ensure access to and affordability of mortgage credit. What: Panel discussion: A Way Forward For Housing Finance Refor... (Read More)


  • Waters Welcomes New SEC Chairman
    Posted in Press Releases on April 10, 2013 | Preview rr
    Tags: SEC

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, congratulated Mary Jo White today on her swearing in as Chairman of the Securities and Exchange Commission. “I am pleased to have her on the job,” said Waters. “I am sure that her reputation as a tough federal prosecutor will assist us in overcoming any attempts to slow implementation of the Wall Street reform law.” ### (Read More)


  • Waters Speaks to U.S. Chamber of Commerce
    Posted in Press Releases on April 10, 2013 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB , SEC , Speeches and Committee Statements

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, spoke before the U.S. Chamber of Commerce Center for Capital Markets Competitiveness today. Waters’ 30 minute speech outlines policy areas such as regulatory relief for community banks in which she is optimistic about working with the Republican majority on the Committee. However, she made clear that despite her willingness to consider technical fixes to Dodd Frank, she will strongly oppose efforts to repeal t... (Read More)


  • Waters Responds to GAO Report - Calls the Independent Foreclosure Review Process “Flawed”
    Posted in Press Releases on April 4, 2013 | Preview rr
    Tags: OCC , GAO , Independent Foreclosure Review

    Plans to Introduce Legislation to Address the Use of Consultants Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, released the following statement today in response to a GAO report on the Independent Foreclosure Review. The study was conducted as the result of a request by Congresswoman Waters, Senator Robert Menendez, Congressman Brad Miller, and Congressman Luis Gutierrez, which was made to the GAO in January 2012. The report, titled Foreclosure Review: Le... (Read More)


  • Waters Commends Change in FHFA Policy Regarding Force-Placed Insurance
    Posted in Press Releases on March 26, 2013 | Preview rr
    Tags: FHFA

    Congresswoman Maxine Waters, Ranking Member of the House Committee on Financial Services, today commended a proposal by the Federal Housing Finance Agency (FHFA) that would ban the payment of lucrative commissions and reinsurance fees to banks in return for their purchase of “force-placed” insurance. Currently, mortgage servicers are permitted to require homeowners to purchase property and casualty insurance when their policies lapse. Servicers and banks often benefit from arranging this insura... (Read More)


  • Waters Introduces Legislation to Rehab Foreclosed, Vacant, and Abandoned Properties
    Posted in Press Releases on March 22, 2013 | Preview rr

    Congresswoman Maxine Waters, Ranking Member of the House Committee on Financial Services, introduced the Project Rebuild Act of 2013 on Thursday afternoon. This legislation would provide funding for the rehabilitation of foreclosed and abandoned properties, helping to prevent the deterioration of neighborhoods which leads to plummeting housing prices and lower quality of life for residents. The new legislation builds on the success of the Neighborhood Stabilization Program (NSP), authored by Con... (Read More)


  • Reps. Maloney and Waters Introduce Bill to Regulate So-Called Overdraft "Protection" Plans
    Posted in Press Releases on March 20, 2013 | Preview rr

    Rep. Carolyn Maloney (D-NY), senior member of the House Financial Services Committee, along with Rep. Maxine Waters and 44 other cosponsors, today announced the introduction of the “Overdraft Protection Act”, H.R. 1261, at an event outside the House chambers. The bill would require a bank or other financial institution to obtain a consumer’s affirmative opt-in to any overdraft protection plan and also require clear disclosure of coverage and “reasonable and proportional” fees, would ban the mani... (Read More)


  • Remarks by Ranking Member Maxine Waters at the Press Conference on the Overdraft Protection Act
    Posted in Press Releases on March 20, 2013 | Preview rr
    Tags: Speeches and Committee Statements

    (As Prepared) I’d like to thank my colleague on the Financial Services Committee, Congresswoman Carolyn Maloney, for organizing this press conference. She was a leader in passing the “Credit Card Accountability, Responsibility and Disclosure Act” -- otherwise known as the CARD ACT. I was proud to work with her on that legislation as an original co-sponsor. Now we have turned our attention to areas not covered in that bill – debit cards, checking accounts and transfers. I will do everything I can... (Read More)


  • Ranking Member Waters' Floor Statement on H.Con.Res 25 (Republican Budget for FY 2014)
    Posted in Press Releases on March 19, 2013 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , Budget , House Floor , Speeches and Committee Statements

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today made the following statement on the House Floor: Thank you Mr. Speaker, and I thank Mr. Van Hollen for yielding me time. Today I rise in strong opposition to the Republican’s Budget, a budget that makes absurd claims to reducing the deficit by repealing crucial government authority to protect our economy—lest we forget that Lehman’s disorderly bankruptcy sparked the worst financial crisis since the Great... (Read More)


  • Ranking Member Waters’ Opening Statement at Hearing on the Federal Housing Finance Agency
    Posted in Press Releases on March 19, 2013 | Preview rr
    Tags: Full Committee , GSE , FHFA , Speeches and Committee Statements

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today made the following opening statement at the full committee hearing on the Federal Housing Finance Agency (FHFA). The FHFA is conservator of the Government Sponsored Enterprises, Fannie Mae and Freddie Mac. Edward DeMarco, Acting Director of the FHFA, will appear before the committee as a witness today. Thank you, Mr. Chairman for holding this hearing this morning on oversight of the Federal Housing Finan... (Read More)


  • Waters and Capuano Reintroduce Bill to Strengthen Federal Housing Administration
    Posted in Press Releases on March 14, 2013 | Preview rr
    Tags: FHA , Housing Finance Reform

    Today Congresswoman Maxine Waters, Ranking Member of the House Committee on Financial Services, reintroduced the FHA Emergency Fiscal Solvency Act. The legislation, co-sponsored by Representative Michael E. Capuano, Ranking Member of the Subcommittee on Housing and Insurance, is designed to strengthen FHA and to help ensure its long-term solvency. In recent years, the agency has stepped into the void, providing crucial liquidity as private firms have retreated from writing mortgage insurance pol... (Read More)


  • Waters Raises Questions about FHFA Decision to Stop Force-Placed Insurance Reform
    Posted in Press Releases on February 28, 2013 | Preview rr
    Tags: FHFA

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today released a letter to Edward DeMarco, Acting Director of the Federal Housing Finance Agency (FHFA) raising questions about FHFA’s recent decision to prohibit Fannie Mae from moving forward with a plan to save taxpayers and borrowers from unnecessarily high costs related to force-placed insurance (FPI). FPI is insurance placed on a borrower’s home when the borrower fails to maintain their own insurance pol... (Read More)


  • Ranking Member Waters’ Opening Statement Commends Fed Policies to Stimulate the Economy
    Posted in Press Releases on February 27, 2013 | Preview rr
    Tags: Full Committee , Federal Reserve , GAO , Speeches and Committee Statements

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today welcomed the testimony of Ben Bernanke, Chairman of the Federal Reserve Board of Governors. Mr. Bernanke appears before the Committee today as required by the Humphrey-Hawkins Full Employment and Balanced Growth Act of 1978. The complete text of Ranking Member Waters’ opening statement follows. I am very pleased to welcome Chairman Bernanke before the Committee to receive his report on the conduct of mon... (Read More)


  • Waters' Opening Statement in Markup Focuses on the Immediate Threat Posed by Sequestration
    Posted in Press Releases on February 26, 2013 | Preview rr
    Tags: SEC , Department of the Treasury , Markup , Budget , Speeches and Committee Statements

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, led committee Democrats today in calling for an open debate on the effects of sequestration, requesting that all Committee members put aside theoretical discussions of “Budget Views and Estimates.” The complete text of her opening statement follows. Thank you, Mr. Chairman. The Committee is supposed to meet today to discuss its views on the federal government’s budget for fiscal year 2014. However, given the l... (Read More)


  • Waters Raises Questions about Valuation of Fed-OCC Settlement with Mortgage Servicers; Requests Additional Information from Regulators
    Posted in Press Releases on February 19, 2013 | Preview rr
    Tags: Federal Reserve , OCC , Independent Foreclosure Review

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today released a letter to Ben Bernanke, Chairman of the Federal Reserve, and Thomas Curry, Comptroller of the Currency, seeking additional, detailed information from the regulators about the termination of the Independent Foreclosure Review (IFR). Ranking Member Waters has been a leading advocate for foreclosure prevention, and has closely monitored the IFR since its inception in early 2011. Designed to inves... (Read More)


  • Ranking Member Waters Commends Enforcement Actions by DOJ Encourages Further Steps
    Posted in Press Releases on February 7, 2013 | Preview rr
    Tags: CFTC , Money Laundering , Department of Justice

    Congresswoman Maxine Waters, ranking member of the House Financial Services Committee, today released a letter to Attorney General Eric Holder commending recent work by the Department of Justice (DOJ), the Commodity Futures Trading Commission (CFTC), and banking regulators in investigating and prosecuting wrongdoing related to LIBOR manipulation, money laundering and violations of the Bank Secrecy Act. Ranking Member Waters has been outspoken about the need for increased enforcement activity and... (Read More)


  • Ranking Member Waters’ Statement on DOJ Suit Against S&P Rating Services
    Posted in Press Releases on February 5, 2013 | Preview rr
    Tags: Department of Justice

    Congresswoman Maxine Waters, ranking member of the House Financial Services Committee, today released the following statement in response to the announcement by the Department of Justice that it has filed a civil suit against Standard & Poor’s Rating Services (S&P): “I want to commend the Justice Department for taking long overdue action to hold S&P accountable for its conduct leading up to the 2008 financial crisis. For years, credit ratings agencies artificially inflated the housing market by ... (Read More)


  • Waters Requests Hearing on Termination of Independent Foreclosure Review Process
    Posted in Press Releases on February 5, 2013 | Preview rr
    Tags: Federal Reserve , OCC , GAO , Independent Foreclosure Review

    Congresswoman Maxine Waters, ranking member of the House Financial Services Committee, today sent the attached letter to Jeb Hensarling, chairman of the committee, requesting that he hold a hearing about the abrupt end of the Independent Foreclosure Review (IFR) process. On Jan. 7, the Office of the Comptroller of the Currency and the Federal Reserve Board announced a settlement in which 14 mortgage servicing companies agreed to replace the process with an $8.5 billion settlement, effectively t... (Read More)


  • Waters Requests Fed and OCC to Ensure that Settlement with Mortgage Servicers Provides Fair Compensation for Borrowers
    Posted in Press Releases on January 31, 2013 | Preview rr
    Tags: Federal Reserve , OCC , Independent Foreclosure Review

    Congresswoman Maxine Waters, ranking member of the House Financial Services Committee, today released a letter to Ben Bernanke, chairman of the Federal Reserve, and Thomas Curry, comptroller of the currency, asking for detailed information about the abrupt termination of the Independent Foreclosure Review (IFR) process. Ranking Member Waters, a leading advocate for foreclosure prevention, has closely monitored the IFR process since its inception in early 2011. Designed to investigate abuses by ... (Read More)


  • Ranking Member Waters Welcomes Cordray Nomination
    Posted in Press Releases on January 24, 2013 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee (HFSC), today released the following statement in response to the news that President Barack Obama will nominate Richard Cordray to head the Consumer Financial Protection Bureau (CFPB). The CFPB was established by the Wall Street Reform and Consumer Protection Act, which was drafted and signed into law during the period in which Ms. Waters was Chairwoman of the HFSC Subcommittee on Housing and Community Opport... (Read More)


  • Maxine Waters Welcomes President’s Nomination of White to Head SEC
    Posted in Press Releases on January 24, 2013 | Preview rr
    Tags: SEC

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today welcomed President Obama’s nomination of Mary Jo White to be the next chairman of the United States Securities and Exchange Commission (SEC), stating: I offer my congratulations to Mary Jo White on being nominated to chair the SEC. Ms. White has had a very distinguished record serving as U.S. Attorney in the Southern District of New York. This very important position will afford her the opportunity to d... (Read More)


  • Waters Praises First Markup but Corrects Inaccurate Statement about Dodd-Frank Law
    Posted in Press Releases on January 23, 2013 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , Markup

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today released the following statement after the Committee’s first markup. In her statement, she praises the bipartisan tone of the markup but also responds to a claim by the Committee majority made in a press release strong issued last night. I appreciate the bipartisan nature of today’s Financial Services Committee markup in which we formally organized the Committee by adopting rules and appointing Members t... (Read More)


  • Waters Backs Mortgaging Servicing Rule but Calls for Additional Protections
    Posted in Press Releases on January 17, 2013 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , CFPB

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, released the following statement today in response to the announcement by the Consumer Financial Protection Bureau of a rule governing actions by mortgage servicers: The rule is a strong first step towards limiting widespread predatory practices by the mortgage servicing industry, which have led to many American families needlessly losing their homes. It establishes rules that provide lenders with clear guidan... (Read More)


  • House Members File Amicus Brief Opposing Industry Attack on Resource Extraction Rule
    Posted in Press Releases on January 16, 2013 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , SEC

    (January 16, 2013) – A contingent of 12 Members of the House of Representatives today filed an amicus brief in the United States Court of Appeals for the District of Columbia Circuit in support of the Securities and Exchange Commission’s Resource Extraction Rule. The rule is based on a provision in the Dodd-Frank Wall Street Reform and Consumer Protection Act. The rule is designed to help investors and ensure more stable and growing capital markets through transparency while also combating the d... (Read More)


  • Subcommittee Members of the Democratic Caucus of the House Financial Services Committee
    Posted in Press Releases on January 15, 2013 | Preview rr
    Tags: Subcommittee on Housing and Insurance , Subcommittee on Financial Institutions & Consumer Credit , Subcommittee on Monetary Policy & Trade , Subcommittee on Oversight & Investigations , Subcommittee on Capital Markets, Securities, and Investment

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today announced the Democratic Members of the subcommittees of the FSC. The memberships of the subcommittees were determined by an open bidding process within the Democratic caucus of the committee. The process was guided in part by Members’ years of service to the committee, but it also gave all Members a chance to express their preferences for subcommittee assignments. The memberships of the subcommittees ar... (Read More)


  • Ranking Member Maxine Waters’ Statement on Potential AIG lawsuit
    Posted in Press Releases on January 8, 2013 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act

    Congresswoman Maxine Waters (CA-43), Ranking Member of the Financial Services Committee, released the following statement today in response to reports that the American International Group Inc. (AIG) is considering joining a lawsuit against the U.S. government claiming that the terms of the bailout were unfair: “It is simply outrageous that the board of the American International Group, Inc. (AIG) would even consider suing the federal government after America’s taxpayers stepped up and bailed th... (Read More)


  • Ranking Member Maxine Waters Statement on Independent Foreclosure Review Settlement
    Posted in Press Releases on January 7, 2013 | Preview rr
    Tags: Federal Reserve , OCC , GAO , Independent Foreclosure Review

    Congresswoman Maxine Waters (CA-43), Ranking Member of the Financial Services Committee, issued the following statement today regarding the $8.5 billion foreclosure review settlement between the OCC, the Federal Reserve Board and ten mortgage servicers: "The settlement announced today between the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board and ten major mortgage servicers appears to mark an end to what was a deeply problematic Independent Foreclosure Review (IFR... (Read More)


  • Frank and Capuano Introduce Legislation to Merge the SEC and CFTC
    Posted in Press Releases on November 29, 2012 | Preview rr

    Congressman Barney Frank and Congressman Mike Capuano today introduced legislation which would merge the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). "The existence of a separate SEC and CFTC is the single largest structural defect in our regulatory system," said Frank. "Unfortunately, this is deeply rooted in major cultural, economic and political factors in America. Had we sought to merge those institutions in the overall financial reform bill, ... (Read More)


  • Barney Frank’s Statement about SEC Chairman Mary Schapiro
    Posted in Press Releases on November 26, 2012 | Preview rr

    Congressman Barney Frank today released the following statement in response to the news that Mary Schapiro plans to step down from her position as Chairman of the Securities and Exchange Commission. Mary Schapiro took over the chairmanship of an agency that was failing in its job and she has made major strides towards establishing it as an effective regulator. She has had the difficult job of implementing the financial reform law, with its significant grant of new powers to the agency she chairs... (Read More)


  • Frank Responds to the Federal Reserve’s Extension of Quantitative Easing
    Posted in Press Releases on October 24, 2012 | Preview rr

    Congressman Barney Frank today released the following statement in response to the announcement by the Federal Open Market Committee that it would continue its program of quantitative easing. In its statement, the FOMC specifically points to its statutory dual mandate to “foster maximum employment and price stability.” I am pleased about today’s decision by the Federal Open Market Committee and Chairman Bernanke, who is one of the genuinely bi-partisan figures of our times. To their great credit... (Read More)


  • Frank Critical of Prosecuting Firms for Misdeeds of Smaller Companies Acquired at Federal Urging
    Posted in Press Releases on October 22, 2012 | Preview rr

    Congressman Barney Frank today issued the following statement calling on federal and state officials to reconsider decisions to prosecute financial institutions for wrongdoing committed by smaller institutions which the larger institutions absorbed at the urging of federal officials during the financial crisis. A recent example is the decision by New York Attorney General Schneiderman along with members of the federal-state task force to take action against J.P. Morgan Chase for potentially crim... (Read More)


  • Barney Frank Applauds CFPB Action to Protect Stay-At-Home Spouses
    Posted in Press Releases on October 19, 2012 | Preview rr

    Congressman Barney Frank today released the following statement thanking the Consumer Financial Protection Bureau (CFPB) for proposing regulatory changes that will eliminate an unintended ambiguity in the Credit Card Act that could have worked to the disadvantage of stay-at-home spouses or partners applying for credit cards. The CFPB obtained jurisdiction of this issue in July, 2011, when regulatory supervision of Truth and Lending Act functions were transferred to the new agency. Until the rece... (Read More)


  • Barney Frank Releases Staff Analysis of How the Wall Street Reform Law Addresses "Too Big to Fail"
    Posted in Press Releases on October 15, 2012 | Preview rr

    Congressman Barney Frank today released an analysis of the provisions in the Wall Street Reform and Consumer Protection Act which address the issue of financial institutions which were thought to be “too big to fail.” The research was conducted at Mr. Frank’s request by the minority staff of the House Financial Services Committee. The paper is presented in response to assertions that the Wall Street reform law perpetuates “too big to fail” and taxpayer bailouts of large financial institutions. I... (Read More)


  • Barney Frank Refutes False Claims by Mitt Romney about the Wall Street Reform law
    Posted in Press Releases on October 5, 2012 | Preview rr

    Congressman Barney Frank today issued the following statement in response to recent inaccurate claims by Mitt Romney about the Wall Street Reform and Consumer Protection Act. During the Presidential debate on Wednesday, Romney asserted that the financial reform law “designates a number of banks as too big to fail, and they're effectively guaranteed by the federal government.” Romney also claimed that “banks are reluctant to make loans” because of a provision of the law which calls for a rule on ... (Read More)


  • Barney Frank Statement on Enforcement Action by Consumer Bureau Against Unlawful Practices by Am-Ex Subsidiaries
    Posted in Press Releases on October 1, 2012 | Preview rr

    Congressman Barney Frank today praised the announcement by the Consumer Financial Protection Bureau that it has taken an enforcement action against three subsidiaries of American Express. The companies will refund 250,000 customers a total of approximately $85 million dollars and will pay an additional $27.5 million in civil penalties. The enforcement action was taken jointly with three federal bank regulators – the Federal Deposit Insurance Corporation, the Federal Reserve, and the Office of th... (Read More)


  • CFPB Officials Have Testified 27 Times before Congress as of Sept. 20, 2012
    Posted in Press Releases on September 20, 2012 | Preview rr

    February 9, 2011: Holly Petraeus before the House Committee on Veterans Affairs March 16, 2011: Elizabeth Warren before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit April 12, 2011: Holly Petraeus before the Senate Homeland Security and Governmental Affairs Subcommittee on Oversight of Government Management, the Federal Workforce, and the District of Columbia May 24, 2011: Elizabeth Warren before the House Oversight and Government Reform Subcommittee on... (Read More)


  • Barney Frank’s Statement on Federal Reserve Action to Accelerate Economic Recovery
    Posted in Press Releases on September 13, 2012 | Preview rr

    Congressman Barney Frank today released the following statement in response to the announcement by the Federal Reserve that it would take further action to aid economic recovery. It is welcome and entirely appropriate that the Federal Reserve acted today to take aggressive additional steps to support economic recovery. Unemployment is still much too high and, as the Open Market Committee noted, the economy still faces strong headwinds. But it is unfortunate that Republicans already have expresse... (Read More)


  • Barney Frank’s Statement Regarding FHFA Acting Director DeMarco’s Refusal to Use Principal Reductions
    Posted in Press Releases on August 2, 2012 | Preview rr

    Congressman Barney Frank today released the following statement about FHFA Acting Director Edward DeMarco’s decision not to allow principal reductions on mortgages backed by Fannie Mae and Freddie Mac: The refusal by Federal Housing Finance Agency (FHFA) Administrator Edward DeMarco to include the use of principal reduction to help deal with the housing problem that continues to hold back our economy is deeply disappointing. Mr. DeMarco acknowledges that the government sponsored enterprises (GSE... (Read More)


  • Congressman Barney Frank criticizes Posey Amendment as “Tax evaders bill of rights”
    Posted in Press Releases on July 26, 2012 | Preview rr

    Congressman Barney Frank spoke out yesterday against an amendment introduced by Representative Bill Posey, calling it “A tax evader’s bill of rights”, which if enacted and signed into law would seriously undermine U.S. efforts to crack down on offshore tax evasion. The Posey Amendment would prevent the Treasury Department from requiring US banks to report the interest they pay to foreign depositors holding accounts in the US. Speaking from the House floor, Congressman Frank criticized the Posey ... (Read More)


  • Barney Frank’s opening statement at the FSC hearing with Secretary Geithner
    Posted in Press Releases on July 25, 2012 | Preview rr

    Rep. Frank's opening statement at FSC Hearing entitled “The Annual Report of the Financial Stability Oversight Council” Click here for a PDF transcript of his opening statement. CONGRESSMAN BARNEY FRANK OPENING STATEMENT HEARING OF THE HOUSE FINANCIAL SERVICES COMMITTEE: “THE ANNUAL REPORT OF THE FINANCIAL STABILITY OVERSIGHT COUNCIL” WITNESS: TIMOTHY GEITHNER, SECRETARY OF THE TREASURY JULY 25, 2012 As my retirement approaches a certain amount of nostalgia is inescapable and I try not to indulg... (Read More)


  • Barney Frank speaks on the House floor about the bill to audit the Federal Reserve
    Posted in Press Releases on July 24, 2012 | Preview rr

    CONGRESSMAN BARNEY FRANK SPEECH ON THE FLOOR OF THE U.S. HOUSE OF REPRESENTATIVES DURING DEBATE ON THE FEDERAL RESERVE TRANSPARENCY ACT JULY 24, 2012 THE SPEAKER PRO TEMPORE: The gentleman from Massachusetts is recognized for four minutes. FRANK, B. (D-MA): Thank you, Mr. Speaker. I think this is a bad idea and I’m somewhat confused. By the way, we will be debating tomorrow a bill which restricts rulemaking and it exempts the Federal Reserve as I read it. So we're kind of on again, off again ab... (Read More)


  • Opening statement at the hearing of the House Financial Services Committee, “Who’s in Your Wallet?
    Posted in Press Releases on July 19, 2012 | Preview rr

    Opening statement at the Hearing of the House Financial Services Committee, “Who’s in Your Wallet? Dodd-Frank’s Impact on Families, Communities and Small Businesses” By Congressman Barney Frank June 19, 2012 As delivered Thank you Mr. Chairman. I am struck by what seems to me to be a nice irony in the title, “Who’s in your wallet?” borrowing given the looseness of intellectual property constraints here from Capitol One’s slogan, “What’s in your wallet?” And we learned from one of the agencies, m... (Read More)


  • Barney Frank’s Statement on the Credit Card Settlement
    Posted in Press Releases on July 19, 2012 | Preview rr

    Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released the following statement about the settlement announced on July 13th in which Visa, Mastercard and some large banks agreed to pay retailers $6 billion to resolve a lawsuit concerning the amount retailers pay to accept credit cards. I welcome the proposed settlement. I believe that a free market approach in this area will be better for the economy and all concerned parties than the current system. I ... (Read More)


  • Treasury Releases Overview on Wall Street Reform
    Posted in Press Releases on July 18, 2012 | Preview rr

    The Department of the Treasury today released an overview of the status of the Wall Street Reform and Consumer Protection Act. The second anniversary of the signing of the law will be this Saturday, July 21st. Click herestrongto view the Treasury press release and report. ### (Read More)


  • Barney Frank’s Statement on the CFTC’s Final Rule on the Definition of “Swaps”
    Posted in Press Releases on July 10, 2012 | Preview rr

    Congressman Barney Frank today released the following statement in response to the announcement by the Commodity Futures Trading Commission (CFTC) that its commissioners have voted to approve a definition of the term “swap” for the purpose of administering the Wall Street Reform and Consumer Protection Act. This rule was jointly written with the Securities and Exchange Commission, which adopted it last Friday. The CFTC also approved exemptions for end-users and for some transactions executed by ... (Read More)


  • Barney Frank’s Statement Regarding Further Evidence of the Need for Adequate CFTC Funding
    Posted in Press Releases on June 29, 2012 | Preview rr

    Congressman Barney Frank today released the following statement about the necessity of adequate funding for the Commodity Futures Trading Commission (CFTC). The argument for adequate funding has been strengthened recently by the announcement of a settlement with Barclays Bank over allegations that the bank had manipulated interest rates, and by the revelation that losses at JPMorgan Chase from a series of derivatives transactions may grow to as much as $9 billion. The persistence of opposition b... (Read More)


  • Barney Frank’s Statement Regarding the Barclays Bank Settlement
    Posted in Press Releases on June 27, 2012 | Preview rr

    Congressman Barney Frank today released the following statement in response to news that the Commodity Futures Trading Commission, the U.S. Justice Department, and the British Financial Services Authority have reached a settlement with Barclays Bank over allegations that the bank had manipulated interest rates. Barclays has agreed to pay more than $450 million in total, including a $200 million penalty levied by the CFTC. The success of the Commodity Futures Trading Commission in conjunction wit... (Read More)


  • Barney Frank Clarifies Statement about the Consolidation of Regulators
    Posted in Press Releases on June 19, 2012 | Preview rr

    Congressman Barney Frank released the following statement today clarifying a comment he made during the House Financial Services Committee hearing on the more than $3 billion trading loss by JPMorgan Chase. I said during the hearing today, in a discussion of the consolidation of agencies overseeing the banking industry, that “I am aware of no proposal that came from either side to go beyond where we already were” in 2010 during the conference committee for the financial reform law. At the time, ... (Read More)


  • Frank, Brooksley Born and Leading House Members to Hold Press Conference on CFTC Funding
    Posted in Press Releases on June 7, 2012 | Preview rr

    Barney Brooksley Born, former chairwoman of the Commodity Futures Trading Commission, will be the featured speaker tomorrow at a press conference on funding for the CFTC. In the late 1990s, Born was one of the first public officials to recognize the dangers of unregulated derivatives markets. Her warnings were largely ignored and over the next several years the growing use of unregulated derivatives contracts became a central cause of the financial crisis. The press conference comes on the heels... (Read More)


  • Congressman Barney Frank, Brooksley Born and Leading Members of Congress Denounce Underfunding Financial Regulatory Agencies
    Posted in Press Releases on June 7, 2012 | Preview rr
    Tags: SEC , CFTC

    Congressman Barney Frank is joined by leading members of Congress and former Commodities Futures Trading Commission (CFTC) Chairwoman Brooksley Born in denouncing recent action by the House Appropriations committee to underfund the Securities and Exchange Commission and the CFTC. In his remarks, Congressman Frank emphasized that having these financial regulator "referees on the field" is essential to ensuring the fair operation of the nation's securities markets. (Read More)


  • Barney Frank’s Statement on Funding for Oversight of Financial Regulations
    Posted in Press Releases on June 5, 2012 | Preview rr

    Congressman Barney Frank today provided the following statement in response to the release by the House Appropriations Committee of two spending bills which govern funding for the Securities and Exchange Commission and the Commodity Futures Trading Commission. The Financial Services and General Government Appropriations bill for fiscal year 2013 includes $1.371 billion for the SEC -- $195 million below the President’s request. The bill mandates that $50 million of that amount be spent on informa... (Read More)


  • Frank Introduces Bill to Prohibit Insurance Policies Against Executive Compensation Clawbacks
    Posted in Press Releases on May 30, 2012 | Preview rr

    Congressman Barney Frank today announced that he has introduced legislation that would prevent officers, directors and employees of financial firms from purchasing insurance to prevent them from having to pay a compensation clawback or a civil penalty when their actions harm their companies. Congressman Henry A. Waxman, Ranking Member of the House Committee on Energy and Commerce, and Congressman Collin C. Peterson, Ranking Member of the Committee on Agriculture, are original cosponsors of this ... (Read More)


  • Frank and Levin Call on Administration to Clarify Position on Capital Controls
    Posted in Press Releases on May 24, 2012 | Preview rr

    Congressman Barney Frank, Ranking Member of the House Committee on Financial Services, and Congressman Sander Levin, Ranking Member of the House Committee on Ways and Means, today released a letter to Treasury Secretary Timothy Geithner, expressing concern over future U.S. free trade agreements if the very important subject of capital controls is not addressed. Levin and Frank are leaders in the U.S. House on trade and international economic issues. In their letter to the Administration, Frank a... (Read More)


  • Barney Frank’s statement regarding the announcement by JPMorgan of $2 billion loss on derivatives trading
    Posted in Press Releases on May 10, 2012 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act

    Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released the following statement regarding the announcement yesterday by JPMorgan Chase that it will lose $2 billion due to trading on credit derivatives. This regrettable news from JPMorgan Chase obviously goes counter to the bank’s narrative blaming excessive regulation for the woes of financial institutions. Interestingly, in the Economist’s long attack on the financial reform bill, one of their leading ... (Read More)


  • Barney Frank’s Statement on Export-Import Bank Reauthorization
    Posted in Press Releases on May 8, 2012 | Preview rr

    Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released the following statement about the recent agreement to reauthorize funding of the Export-Import Bank. I appreciate the work of Democratic Whip Steny Hoyer and others in forging an agreement on this strong authorization of the Export-Import Bank through 2014. I only regret that the right-wing ideologues in the Republican caucus made it take so long to accomplish, and I find it ironic that the uncerta... (Read More)


  • Federal Court Moves Towards Upholding CFTC Authority to Curb Commodities Speculation
    Posted in Press Releases on April 26, 2012 | Preview rr

    Congressman Barney Frank today announced that the U.S. District Court for the District of Columbia has agreed to permit filing of an amicus brief submitted by House Democrats concerning the ability of the Commodities Futures Trading Commission to issue rules which would limit speculation in commodities markets. In their formal submission to the Court, Democrats state that the clear intent of Congress in enacting the 2010 Wall Street Reform and Consumer Protection Act of was to require the Commod... (Read More)


  • Democrats Offer Dissenting Views on Republican Plan to Undermine Financial Reform
    Posted in Press Releases on April 24, 2012 | Preview rr

    Democratic Members of the House Financial Services Committee today issued dissenting views to the budget reconciliation legislative recommendations which passed the committee last week on a straight party line vote. Republican Members of the committee claim that the legislation will cut the deficit by approximately $35 billion over a 10-year period. However, independent observers have called the savings a “wild assumption” and “bogus.” One section of the budget reconciliation language would repe... (Read More)


  • Barney Frank’s Statement Regarding the Federal Reserve’s Guidance on the Volcker Rule
    Posted in Press Releases on April 19, 2012 | Preview rr

    Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released the following statement about the announcement by the Federal Reserve Board concerning implementation of the Volcker Rule. The guidance issued today by the Federal Reserve regarding the Volker Rule is an appropriate and reasoned approach to the implementation of this important provision. As the statute requires, the Board’s position gives the affected institutions time to come into compliance, with... (Read More)


  • Barney Frank Cites Citigroup Vote as a Win for Shareholder Democracy
    Posted in Press Releases on April 19, 2012 | Preview rr

    Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released the following statement in response to reports that the shareholders of Citigroup have rejected the executive pay packages put forth by its board. The vote by the shareholders of Citigroup to disapprove the pay package for its top executive is one more piece of evidence of the beneficial effect of the Wall Street Reform and Consumer Protection Act which Congress passed in 2010. The say-on-pay provi... (Read More)


  • Financial Services Committee to Consider Legislation Today to Weaken Financial Reform
    Posted in Press Releases on April 18, 2012 | Preview rr

    The House Financial Services Committee will today consider legislation which would eliminate an entire title of the 2010 Wall Street Reform and Consumer Protection Act and also hobble the Consumer Financial Protection Bureau. The legislative language crafted by Committee Republicans lays out recommendations for deep budget cuts in areas under the Committee’s jurisdiction. The House Republican leadership had requested that the Financial Services Committee find $29.8 billion in savings over a 10-y... (Read More)


  • Vote Tallies on Key Budget Reconciliation Amendments Offered at April 18th Financial Services Committee Mark Up
    Posted in Press Releases on April 18, 2012 | Preview rr

    Click below for text of amendments offered (and vote tallies recorded) at the April 18th mark -up of the House Financial Services Committee to consider budget reconciliation legislative recommendations. Final House Financial Services Committee budget reconciliation legislative recommendations AGREED TO, as amended, by a recorded vote of 31 ayes and 26 nays, FC-76. An amendment offered by Ms. Moore, (Striking the language which repeals Order Liquidation Authority) no. 1, was NOT AGREED TO by a re... (Read More)


  • Frank Backs Administration Efforts to Reduce Oil Speculation
    Posted in Press Releases on April 17, 2012 | Preview rr

    Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released the following statement in response to the announcement by the Obama administration that it would take further steps to restrict speculation in oil markets. Click here to view the White House fact sheet on this issue. Congressman Frank’s statement appears below: The package of measures the President has proposed to deal with the oil speculation that has been a significant contributor to higher oil ... (Read More)


  • Frank Vows to Fight Efforts to Cripple Derivatives Provisions in Financial Reform Law
    Posted in Press Releases on April 2, 2012 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act , SEC , CFTC

    Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released the following statement vowing to fight Republican efforts to substantially weaken provisions of the 2010 Wall Street Reform and Consumer Protection Act. In his statement, Frank strongly criticizes two bills which would create substantial loopholes in parts of the law dealing with the regulation of derivatives. Republicans who defeated in the Financial Services Committee Democratic-sponsored amendm... (Read More)


  • Frank Releases Statement Regarding Implementation of the Volcker Rule
    Posted in Press Releases on March 22, 2012 | Preview rr

    Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released a statement regarding the implementation of the Volcker Rule. The Volcker Rule is a provision of the Wall Street Reform and Consumer Protection Act which would prohibit banks and their affiliates from conducting proprietary trading – speculative investments for their own profit in hedge funds, private equity funds, and other investment vehicles. According to the financial reform law, the specific l... (Read More)


  • House Democrats Request Hearing on Republican Bill to Strip Federal Reserve of Legal Mandate to Increase Employment
    Posted in Press Releases on March 7, 2012 | Preview rr

    Democratic Members of the House Financial Services Committee sent a letter to Chairman Spencer Bachus, requesting that he call a legislative hearing on a bill introduced by Rep. Kevin Brady (R-TX) which would strip the legal mandate that the Federal Reserve pursue policies that seek to sustain maximum employment. All twenty-seven Democratic Members of the Financial Services Committee signed the letter. In their letter, they stress that they do not support the Brady legislation, but they believe ... (Read More)


  • House Republicans Vote Again to Block Full Funding for the SEC
    Posted in Press Releases on March 6, 2012 | Preview rr

    Republican Members of the House Financial Services Committee today voted to reject an amendment which calls for fully meeting the President’s funding request for the Securities and Exchange Commission. Twenty-five Republicans voted against the amendment and seventeen Democrats voted in favor of it. The amendment was introduced by Congressman Barney Frank, Ranking Member of the Financial Services Committee. In his remarks, Frank pointed out that the amendment would be budget neutral because the S... (Read More)


  • Key House Democrats Assail Attacks on Regulation of Oil Speculation
    Posted in Press Releases on February 29, 2012 | Preview rr

    (February 29, 2012) – Reps. Ed Markey (D-Mass.), Barney Frank (D-Mass.), Henry Waxman (D-Calif.) and Elijah Cummings (D-Md.) today assailed efforts by financial trade organizations to undermine current law which, if fully implemented, would help to restrict speculation in oil prices. Most economists agree that speculation in oil markets is part of the reason for spikes in the price of oil. Meanwhile, American families and businesses are paying record prices for gas for this time of year, in part... (Read More)


  • Barney Frank Welcomes Conservative Economist’s Call for Action at the FHFA
    Posted in Press Releases on February 17, 2012 | Preview rr

    Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released the following statement about a recent op-ed in Politico co-authored by conservative economist Glenn Hubbard. In the article, Hubbard and his colleagues argue that the Federal Housing Finance Agency (FHFA), the government conservator of Fannie Mae and Freddie Mac, should take a much more active role in helping to refinance mortgages and thus accelerate economic recovery. I was pleased to note that ... (Read More)


  • House Financial Services Committee Republicans Pass Legislation to Hamstring the SEC
    Posted in Press Releases on February 16, 2012 | Preview rr

    The House Financial Services Committee today passed four bills, including controversial legislation (H.R. 2308) which would require the Securities and Exchange Commission to conduct cost-benefit analyses and periodic reviews on all rulemakings and most orders that it issues. The effect of the legislation would be to cripple the ability of the SEC to carry out its regulatory functions, and make it difficult to protect investors even when the SEC has evidence of wrong-doing. The bill would also in... (Read More)


  • House Committee to Markup Controversial Bill Which Would Limit the Effectiveness of the SEC
    Posted in Press Releases on February 16, 2012 | Preview rr
    Tags: SEC , CFTC

    The House Financial Services Committee will mark up four bills this morning beginning at 10 a.m. At least one of these bills will draw significant controversy, the “SEC Regulatory Accountability Act” (H.R. 2308) introduced by Congressman Scott Garrett. The bill would greatly increase requirements on the Security and Exchange Commission to conduct cost-benefit analyses and periodic reviews on all rulemakings and most orders it issues. The effect of the bill would be to cripple the ability of the ... (Read More)


  • Barney Frank’s Statement about Spencer Bachus
    Posted in Press Releases on February 10, 2012 | Preview rr

    Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released the following statement regarding news reports that Chairman Spencer Bachus will be investigated by the Office of Congressional Ethics. I do not believe that Members of Congress should comment on specific ongoing ethics investigations. In my dealings over the years with Spencer Bachus, with whom I disagree on a number of policy issues, I have found him to be honorable and straightforward. (Read More)


  • Frank, Capuano and Lynch Request the FHFA to Increase Federal Loan Modifications to Prevent Foreclosures
    Posted in Press Releases on February 6, 2012 | Preview rr

    Congressmen Barney Frank, Michael Capuano and Stephen Lynch – all three Members of the House Financial Services Committee representing Congressional districts in the state of Massachusetts – today released the attached letter to Ed DeMarco, Director of the Federal Housing Finance Agency. The FHFA is the federal agency which is the regulator and conservator of Fannie Mae and Freddie Mac. Congressmen Barney Frank, Michael Capuano and Stephen Lynch – all three Members of the House Financial Servic... (Read More)


  • Barney Frank’s Statement Regarding President Obama’s Plan to Improve the Housing Market
    Posted in Press Releases on February 2, 2012 | Preview rr

    Congressman Barney Frank today released the following statement about President Obama’s plan to help homeowners and to hasten recovery in the housing market. The administration’s comprehensive plan for dealing with the housing crisis is very important from both an economic and a social standpoint. Economically, alleviating the current situation in which so many Americans are in distressed conditions regarding their homes is essential to completing a recovery from the terrible recession that this... (Read More)


  • Waters Requests Fed and OCC to Ensure that Settlement with Mortgage Servicers Provides Fair Compensation for Borrowers
    Posted in Press Releases on January 31, 2012 | Preview rr
    Tags: Federal Reserve

    Congresswoman Maxine Waters, ranking member of the House Financial Services Committee, today released a letter to Ben Bernanke, chairman of the Federal Reserve, and Thomas Curry, comptroller of the currency, asking for detailed information about the abrupt termination of the Independent Foreclosure Review (IFR) process. Ranking Member Waters, a leading advocate for foreclosure prevention, has closely monitored the IFR process since its inception in early 2011. Designed to investigate abuses by m... (Read More)


  • Statement by Barney Frank regarding Decision by Federal Open Market Committee
    Posted in Press Releases on January 26, 2012 | Preview rr

    Congressman Barney Frank, Ranking Member of the House Financial Services Committee, released the following statement about the announcement made yesterday by Federal Reserve Chairman Ben Bernanke on behalf of the Federal Open Market Committee. Yesterday’s decision by the Federal Open Market Committee to “maintain a highly accommodative stance for monetary policy” and to extend the period for that policy is welcome and appropriate. In the Federal Open Market Committee’s statement the importance o... (Read More)


  • Congressman Barney Frank today released the following statement about the President’s announcement that he will recess appoint Richard Cordray to head the Consumer Financial Protection Bureau:
    Posted in Press Releases on January 4, 2012 | Preview rr

    The President’s appointment of Richard Cordray to be the Director of the Consumer Financial Protection Bureau calls for congratulations – both to the President, and to American consumers who will now get the fullest measure of the protection promised to them in the Financial Reform bill which we passed last year. Republican’s complaints about the President’s decision to make this recess appointment are equivalent to objections leveled by arsonists at people who use the fire door to escape a bur... (Read More)


  • Frank Blasts Efforts to Weaken Financial Reform Law
    Posted in Press Releases on December 16, 2011 | Preview rr

    Congressman Barney Frank today released the following statement in the wake of the passage on Wednesday evening of two bills in the Capital Markets Subcommittee of the House Financial Services Committee which would eviscerate two important provisions of the Wall Street Reform and Consumer Protection Act. The Private Mortgage Investment Act, introduced by Congressman Scott Garrett (R-NJ), passed the subcommittee by a vote of 18-15, with every Democrat and only one Republican opposing the bill. T... (Read More)


  • Frank Assails Republican Block on Cordray Nomination
    Posted in Press Releases on December 8, 2011 | Preview rr

    Congressman Barney Frank today released the following statement about the successful Republican efforts in the Senate to block the nomination of Richard Cordray to head the Consumer Financial Protection Bureau: The Republican filibuster blocking a vote on the nomination of Richard Cordray to be the Director of the Consumer Financial Protection Bureau (CFPB) is an outrageous expression of disrespect both for the interests of American consumers and for the U.S. Constitution. Substantively, Richar... (Read More)


  • Frank Requests Hearing on Alleged Misconduct by Ally Financial
    Posted in Press Releases on December 7, 2011 | Preview rr

    Congressman Barney Frank today urged Financial Services Committee Chairman Spencer Bachus to hold a hearing on allegations of misconduct by Ally Financial in its dealings with homeowners. In his letter to Mr. Bachus, Frank expressed his support for a request for a hearing on Ally Financial by Massachusetts Attorney General Martha Coakley. Yesterday, Coakley sent a letter to House Financial Services Committee Chairman Bachus and to Senate Banking Committee Chairman Tim Johnson, summarizing a comp... (Read More)


  • Barney Frank to Hold Press Conference in Washington to Discuss Decision not to Run in 2012
    Posted in Press Releases on November 28, 2011 | Preview rr

    On Tuesday at 2:30 PM, Congressman Barney Frank will hold a press conference to answer questions about his recent announcement that he will not run for re-election in 2012. Note that the event was originally planned for 10:30 AM but that it has been moved to 2:30 PM. The event will be held in HVC Studio A in the Capitol Visitors Center. Access to the room will be via the adjoining room, HVC-117. Questions about the technical set-up in Studio A should be addressed to the House TV and Radio Galler... (Read More)


  • Barney Frank Announces that He Plans Not to Run for Re-election in 2012
    Posted in Press Releases on November 28, 2011 | Preview rr

    Congressman Barney Frank today announced that he will not run for Congress in the 2012 election. Frank began his political career in 1967 as the Executive Assistant to Mayor Kevin White of Boston. In 1971, he served as the Administrative Assistant to Congressman Michael Harrington of Massachusetts. In 1972, he was elected to the Massachusetts House of Representatives – he held that seat for eight years. In 1980, he ran successfully to succeed Father Robert Drinan as Representative of the Fourth ... (Read More)


  • Frank Urges Chairman Bachus to Take Action on the STOCK Act
    Posted in Press Releases on November 17, 2011 | Preview rr

    Congressman Barney Frank today released a letter to Spencer Baucus, Chairman of the House Financial Services Committee, urging him to take action on the STOCK Act. Click here to read the letter. (Read More)


  • Democratic Financial Services Members Call on Sen. McConnell to End Blocking of Cordray Confirmation
    Posted in Press Releases on November 17, 2011 | Preview rr

    Democratic Members of the House Financial Services Committee today released a joint letter to Senator Minority Leader Mitch McConnell (R-KY), calling for him to agree to a vote of the full Senate on the nomination of Richard Cordray as Director of the Consumer Financial Protection Bureau (CFPB). In early May, forty-four Senate Republicans vowed not to confirm anyone to head the CFPB unless certain demands are met, effectively blocking implementation of a law passed by Congress. The Wall Street R... (Read More)


  • Democrats Cite Evidence that Republicans Take Conflicting Positions on Compensation for GSE Executives
    Posted in Press Releases on November 15, 2011 | Preview rr

    During a markup in the Financial Services Committee today, Democrats cited evidence that Republicans are less committed to limiting compensation of executives of Fannie Mae and Freddie Mac than might be suggested by their support of the legislation under consideration, H.R. 1221, the “Equity in Government Compensation Act of 2011.” In 2009, the Financial Services Committee passed legislation which is very similar to the bill under consideration today, which would also restrict compensation to ex... (Read More)


  • Frank Lauds Choice of Humphrey to Head CFPB Office of Older Americans
    Posted in Press Releases on October 19, 2011 | Preview rr

    Barney Frank today released the following statement in response to the announcement by the Consumer Financial Protection Bureau that Hubert H. “Skip” Humphrey III has been chosen to head the new CFPB Office of Older Americans. “The appointment of former Minnesota Attorney General, Hubert H. Humphrey III, to head the CFPB Office of Older Americans continues a pattern of excellent choices by this important agency. I am especially pleased to note the addition of another former attorney general to t... (Read More)


  • Frank Responds to Moody’s Downgrade of Citigroup, Wells Fargo and Bank of America
    Posted in Press Releases on September 21, 2011 | Preview rr

    Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released the following statement in response to the news that Moody’s Investor Service has downgraded Bank of America, Wells Fargo, and Citigroup. “I can’t comment on the absolute value of Moody’s ratings, but I am pleased that the rating agency recognizes that such large institutions are not “too big to fail.” ### (Read More)


  • Frank Calls for Increased Democratization of the Federal Open Market Committee
    Posted in Press Releases on September 12, 2011 | Preview rr

    Congressman Barney Frank today released a detailed statement calling for increased democratization of the Federal Open Market Committee (FOMC), the body within the Federal Reserve that oversees monetary policy by setting targets for interest rates. This issue is particularly important because of the powerful role being played by the FOMC during the current period of considerable economic distress. Currently, the 12 voting members of the committee are made up of the 7 members of the Federal Reser... (Read More)


  • Frank Calls for Extension of Comment Period for Proposed Purchase of ING by Capital One
    Posted in Press Releases on August 18, 2011 | Preview rr

    Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released a letter to Federal Reserve Chairman Ben Bernanke, calling for an extension of the public comment period on the proposed purchase of ING by Capitol One. Click here to view the letter. ### (Read More)


  • Frank Responds to Reports of Campaign Contributions to Reward Opponents of Financial Reform
    Posted in Press Releases on July 26, 2011 | Preview rr

    Congressman Barney Frank today released the following statement in response to press reports that Republican leaders, who have strongly opposed Wall Street reform, are receiving greatly increased campaign contributions from Wall Street firms. An article published by Bloomberg News states that campaign contributions to House Speaker John Boehner have increased six-fold over the same period in the last election cycle, and that “three of the biggest sources of Boehner’s campaign cash are employees ... (Read More)


  • Frank Statement on the Nomination of Richard Cordray to Head the CFPB
    Posted in Press Releases on July 17, 2011 | Preview rr

    Congressman Barney Frank today released the following statement regarding the nomination of Richard Cordray to head the Consumer Financial Protection Bureau. "I have strongly supported Elizabeth Warren and she would be my first choice for the position. I regret that she has fallen victim to such wholly unjustified political attacks." "The President has made the second best appointment possible. Richard Cordray is an excellent choice as Elizabeth Warren herself indicated when she picked him to le... (Read More)


  • Frank Dismisses S&P Report on the Need for Future Bailouts
    Posted in Press Releases on July 14, 2011 | Preview rr

    Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released the attached letter to Deven Sharma, President of Standard & Poor’s regarding the credit rating agency’s July 12th report entitled “The U.S. Government Says Support For Banks Will Be Different ‘Next Time’- But Will It?” In the letter, Congressman Frank strongly rejects the claim by S&P that it is likely that there will be future bailouts of large financial institutions and suggested that “you recon... (Read More)


  • Frank Asks Acting Comptroller Walsh to Clarify Comments on “Safety Net” for Financial Institutions
    Posted in Press Releases on July 13, 2011 | Preview rr

    Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released this letter sent yesterday to John Walsh, Acting Comptroller of the Currency. In the letter, Congressman Frank asks Acting Comptroller Walsh to clarify his recent remarks in an address before the Centre for the Study of Financial Innovation, in which Walsh suggests that there should be a “public safety net” for large financial institutions. The Wall Street Reform and Consumer Protection Act which w... (Read More)


  • House Democrats Request Extension for OCC’s Proposed Rule on Preemption
    Posted in Press Releases on July 1, 2011 | Preview rr

    Five senior Members of the House Financial Services today sent a letter to John Walsh, Acting Comptroller of the Currency (OCC), requesting that he extend the comment period for the proposed rule on preemption and visitorial powers for national banks for at least 60 days. The Members, Representatives Barney Frank, Carolyn Maloney, Luis Gutierrez, Mel Watt and Brad Miller, wrote that the original 30-day comment period was "insufficient to foster a meaningful and balanced exchange of views between... (Read More)


  • In the Wake of Global Debt Crises, House Democrats Call for Implementation of Reforms in the Wall Street Reform and Consumer Protection Act
    Posted in Press Releases on June 29, 2011 | Preview rr

    Congressman Barney Frank (D- MA), along with Congresswoman Maxine Waters (D-CA), Congressman Stephen Lynch (D-MA) and Congressman Joe Courtney (D-CT) released the following statement today calling for implementation of reforms in the Wall Street Reform and Consumer Protection Act: “The possibility of default on Greek or other European debt dramatically illustrates the need for the United States to move forward rapidly to implement the reforms passed by Congress in the Wall Street Reform and Cons... (Read More)


  • Frank Remarks Supporting the Internet Poker Consumer Protect Bill
    Posted in Press Releases on June 24, 2011 | Preview rr

    The following remarks were made by Congressman Frank on June 24th at press conference in support of the Internet Poker Consumer Protection Bill sponsored by Congressman Joe Barton (R-TX) and Congresswoman Shelley Berkley (D-NV). In the previous Congress I was the main sponsor of a different version, H.R. 2267, the Internet Gambling Regulation, Consumer Protection, and Enforcement Act of 2009, but I am very happy now to join my colleague Congressman Joe Barton in co –sponsoring this bill. Since l... (Read More)


  • FSC Republicans Vote to Prohibit Implementation of Derivatives Rules Until Late 2012
    Posted in Press Releases on May 24, 2011 | Preview rr

    The House Financial Services Committee today, over the unanimous objection of committee Democrats, passed legislation to prohibit -- for more than two years after the enactment of the Wall Street Reform and Consumer Protection Act -- the implementation of provisions in the law having to do with the regulation of derivatives. The reckless use of derivatives contributed to the downfall of AIG and fueled the liquidity crisis which imperiled many of the nation’s largest financial institutions. Today... (Read More)


  • Frank Introduces Legislation to Increase Accountability on Setting of Interest Rates
    Posted in Press Releases on May 3, 2011 | Preview rr

    Congressman Barney Frank today announced that he has introduced legislation that would make one of the most important functions of the Federal Reserve – the setting of interest rates – more democratic. The bill, H.R. 1512, would remove from the twelve-member Federal Open Market Committee the five rotating members who are representatives of regional Federal Reserve Banks and chosen by the boards of private financial institutions without input or oversight by any publicly-elected body. “Now is the... (Read More)


  • Frank Releases Statement on Mortgage Servicer Agreement
    Posted in Press Releases on April 15, 2011 | Preview rr

    Congressman Barney released the following statement in response to the announcement by federal banking regulators that they had successfully negotiated a consent agreement with fourteen of the nation’s largest mortgage servicers. The agreement, which follows in the wake of examinations by the agencies of reports of widespread, potentially illegal foreclosure practices by mortgage servicers, sets down legally-enforceable orders regarding proper procedures for residential loan servicing and forecl... (Read More)


  • Frank Welcomes Progress in Efforts to Use Financial Pressure to Stop Persecution on the Basis of Sexual Orientation or Religious Belief in Developing Countries
    Posted in Press Releases on April 14, 2011 | Preview rr

    Congressman Barney Frank today released a letter from Treasury Secretary Timothy Geithner which marks a promising step in efforts to reduce violence on the basis of religious belief, sexual orientation or gender identity that is condoned by governments of developing countries. Geithner’s letter is a response to a joint letter from Congressmen Barney Frank (D-MA) and Spencer Bachus (R-AL) to the Secretary urging the Treasury Department to use its influence at the multilateral development banks, s... (Read More)


  • A Journalist's Guide to Bachus' Claims about the Financial Reform bill
    Posted in Press Releases on April 7, 2011 | Preview rr

    Congressman Barney Frank today released the following statement in response to Congressman Spencer Bachus’ most recent claims regarding alleged discussions about changes to the financial reform law. “Out of sympathy for journalists who are having trouble keeping track of Spencer Bachus’ pattern of making statements about Committee business and subsequently claiming he never said them, I offer the following guide to the most recent controversy.” “Earlier this week I read a story in Congressional ... (Read More)


  • Frank Refutes Rumor of "Technical Corrections" to Financial Reform Law
    Posted in Press Releases on April 6, 2011 | Preview rr

    Congressman Barney Frank today released the following statement in response to a story entitled “Technical Changes Planned for Financial Regulatory Act” in the April 6th edition of CQ Today. “I would like to investigate the individual who is apparently impersonating me in the Capitol and has fooled Spencer Bachus into thinking he has been dealing with me.” “I’ve read in the media that Chairman Bachus and I were discussing technical fixes to the financial reform law, including to a provision rega... (Read More)


  • Frank supports action to delay rule on interchange fees
    Posted in Press Releases on April 5, 2011 | Preview rr

    Congressman Barney Frank today announced that he would support legislative action to postpone the deadline for the Federal Reserve to issue a rule on interchange fees. Frank’s statement, which appears below, is in response to the recent announcement by the Fed that it would not be able to meet the deadline of April 21st. “The Federal Reserve’s announcement that they cannot meet the deadline on interchange fees confirms my view that this is the only part of the financial reform bill that needs to... (Read More)


  • Congresswoman Waters opening statement during markup of Fannie Mae and Freddie Mac bills
    Posted in Press Releases on April 5, 2011 | Preview rr

    Congresswoman Maxine Waters, Ranking Member on the Capital Markets and Government Sponsored Enterprises subcommittee, made the following remarks in her opening statement during the markup of eight bills related to Fannie Mae and Freddie Mac. “Mr. Chairman, I’d like to thank you for convening this mark-up this morning, and for this Subcommittee’s continued attention to the state of the Government Sponsored Enterprises (GSEs). As I have said consistently during the 112th Congress, I believe that r... (Read More)


  • Frank statement on the cost of Dodd-Frank implementation
    Posted in Press Releases on March 30, 2011 | Preview rr

    Today, the Oversight and Investigations Subcommittee of the House Financial Services Committee is debating the possible costs of implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act. The legislation was crafted as a response to the financial crisis which has cost nearly 10 million American jobs and over $10 trillion in household wealth, and has led to average lost wages of more than $3,000 per household. Congressman Barney Frank, Ranking Member of the Full Committee, releas... (Read More)


  • In the News: Frank Introduces Bill to Fund Programs Aimed at Helping Homeowners and Communities Hardest Hit by the Foreclosure Crisis
    Posted in Press Releases on March 18, 2011 | Preview rr

    Barney's big bill By MARK DeCAMBRE Updated: Fri., Mar. 18, 2011, 4:42 AM New York Post Barney Frank wants to send Jamie Dimon, Steve Cohen and other Wall Street titans an additional $2.5 billion tax bill to fund programs aimed at helping homeowners and communities hardest hit by the foreclosure crisis. The top-ranking Democratic lawmaker on the House Financial Services Committee floated a bill yesterday that would see the nation's biggest banks and hedge funds pay the huge "levy" which would fu... (Read More)


  • Internet Gambling Bill Introduced in the House
    Posted in Press Releases on March 17, 2011 | Preview rr

    The Internet Gambling Regulation, Consumer Protection, and Enforcement Act was introduced in the House today by Congressman John Campbell (R-CA) with Congressman Barney Frank (D-MA) as a leading sponsor. Congressmen Ed Perlmutter (D-CO) and Peter King (R-NY) are also leading co-sponsors. The bill is identical to H.R. 2267 that was passed out of the House Financial Services Committee on July 28, 2010 with bi-partisan support. The bill would establish a federal regulatory and enforcement framework... (Read More)


  • House to Vote on NSP Termination Act Today
    Posted in Press Releases on March 16, 2011 | Preview rr

    The U.S. House of Representatives today will consider a bill to end the Neighborhood Stabilization Program, a program which provides funding to help communities deal with large numbers of foreclosures and abandoned properties. The NSP Termination Act (H.R. 861) is the third of four bills brought to a vote by House Republicans which kill foreclosure avoidance or mitigation programs. Efforts to dismantle programs which address the effects of the foreclosure crisis follow earlier Republican efforts... (Read More)


  • Frank Responds to GOP Plans to Eliminate Housing Programs
    Posted in Press Releases on February 24, 2011 | Preview rr

    Congressman Barney Frank, Ranking Member of the House Financial Services Committee, released the following statement today: “I am very disappointed that the Republican House members who during the debate on government spending last week refused to limit agricultural subsidies to $250,000 per individual have announced that they will attempt to eliminate programs which help the victims of the financial crisis.” “The Emergency Homeowner Relief Fund provides assistance to people who are unable to pa... (Read More)


  • Wallison praises Frank’s efforts on housing legislation
    Posted in Press Releases on February 17, 2011 | Preview rr

    In a House Financial Services Committee hearing on Wednesday, February 16th, Members of the Committee questioned members of the Financial Crisis Inquiry Commission about the Commission’s report and their beliefs on the causes of the financial crisis. During an exchange with Congressman Barney Frank, Peter Wallison openly praised Frank’s effort on the Housing and Economic Recovery Act of 2008 and stated “[Frank] made a wonderful compromise with secretary Paulson and we, as a result of that, got ... (Read More)


  • Frank Introduces Amendment to 2011 CR on SEC Funding
    Posted in Press Releases on February 15, 2011 | Preview rr

    Barney Frank, Ranking Member of the House Financial Services Committee, yesterday introduced the following amendment to the 2011 Continuing Resolution: AMENDMENT TO H.R. 1 (CONTINUING APPROPRIATIONS, 2011) OFFERED BY MR. FRANK OF MASSACHUSETTS At the end of the bill (before the short title), insert the following new section: 1 SEC.____The amounts otherwise provided by this 2 Act are revised by reducing the amount made available 3 for the ‘‘Department of the Treasury, Internal Revenue 4 Service, ... (Read More)


  • Rep. Barney Frank (D-MA) and Rep. Luis V. Gutierrez (D-IL) Release Letter to the Editor of the Chicago Tribune
    Posted in Press Releases on February 14, 2011 | Preview rr

    Rep. Barney Frank, Ranking Member of the House Financial Services Committee and Rep. Luis V. Gutierrez, Ranking Member of the Subcommittee on Insurance, Housing, and Community Opportunity, today released the following letter to the Editor of the Chicago Tribune: To the Editor: In his February 7, 2011, commentary, “Some of us shouldn’t be homeowners”, Dennis Byrne attempts to lay the blame for the housing market and Wall Street collapse at the feet of middle-class and working-class homeowners by ... (Read More)


  • Frank Responds to the Administration’s White Paper on Housing Finance
    Posted in Press Releases on February 11, 2011 | Preview rr

    Congressman Barney Frank, Ranking Member of the House Financial Services Committee, released the following statement regarding the Administration’s white paper on housing finance: “The administration’s white paper is a thoughtful beginning that sets the stage for a constructive discussion of the future of housing finance.” “I am especially pleased that the paper specifically supports funding for rental housing. It is important that any new legislation include a revenue stream to support rental h... (Read More)


  • Congresswoman Waters Concerned About Future of Homeownership in GSE Reform Proposals
    Posted in Press Releases on February 11, 2011 | Preview rr

    Congresswoman Maxine Waters (D-Calif.), the Ranking Member on the Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises, released the following statement today after the Obama Administration unveiled its plan, “Reforming America’s Housing Finance Market”: “I appreciate that the Administration has presented Congress with a report that at least provides a framework and a starting point for us to begin to fix the housing industry in this country, which we all agree... (Read More)


  • Frank Responds to Inaccuracy in Wallison FCIC Dissenting Statement
    Posted in Press Releases on February 9, 2011 | Preview rr

    Barney Frank, Ranking Member of the House Financial Services Committee, today released the following response to an inaccuracy in Peter Wallison’s dissent to the Financial Crisis Inquiry Commission Report. The section appears on page 489 of the document. In the text, Mr. Wallison quotes Congressman Frank, who in an appearance on the CNBC program The Kudlow Report, said that “it was a great mistake to push lower-income people into housing they couldn’t afford…” Wallison implies that Frank was cla... (Read More)


  • Wall Street Reform Act Yields Practical Results for Community Banks
    Posted in Press Releases on February 7, 2011 | Preview rr

    The Dodd-Frank Wall Street Reform and Consumer Protection Act continues to yield practical results. Recently, the Federal Deposit Insurance Corporation (FDIC) issued a final rule, required by the new law, to achieve parity between small and large banks within the deposit-insurance system. In a press release issued today, the Independent Community Bankers of America praised the FDIC’s final approval of the rule which the association had identified as one of its key priorities in the Wall Street R... (Read More)


  • House Financial Services Committee Announces Democratic Subcommittee Membership
    Posted in Press Releases on January 20, 2011 | Preview rr

    Today, Congressman Barney Frank (D-MA), Ranking Member of the House Committee on Financial Services, announced the Committee’s six subcommittee Ranking Members. These recommendations will be forwarded to the Democratic Caucus for final approval. In addition, the Democratic membership for the six subcommittees was also announced. Subcommittee on Capital Markets and Government Sponsored Enterprises: Maxine Waters of California, Ranking Member Gary Ackerman (NY) Brad Sherman (CA) Ruben Hinojosa (TX... (Read More)


  • Frank statement on December 2010 Jobs Report
    Posted in Press Releases on January 7, 2011 | Preview rr

    Congressman Barney Frank, Ranking Member of the House Financial Services Committee, released the following statement in response to the Department of Labor’s December 2010 jobs report released today: “Today’s report, combined with the October and November revisions, shows that we are moving in the right direction and that the economic recovery has clearly begun to take hold. It is a clear refutation of the notion that our policies have been making the situation worse. But it is also demonstrates... (Read More)


  • Frank statement on Congresswoman Bachmann’s effort to repeal the Dodd-Frank Act
    Posted in Press Releases on January 6, 2011 | Preview rr

    Congressman Barney Frank, Ranking Member of the House Financial Services Committee, released the following statement in response to Congresswoman Michele Bachmann’s effort to repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act: “Michele Bachmann, the Club for Growth, and others in the right-wing coalition have now made their agenda for the financial sector very clear: they yearn to return to the thrilling days of yesteryear, so the loan arrangers can ride again – untrammeled by ... (Read More)


  • Chairman Frank responds to inaccurate press reports regarding the impact of Dodd-Frank on increased transparency at the Federal Reserve
    Posted in Press Releases on December 16, 2010 | Preview rr

    House Financial Services Chairman Barney Frank today issued the following statement: “Some recent press reports have suggested that the Dodd-Frank Act requires only a one-time audit of the Federal Reserve System. That is incorrect. In fact, the act requires an unprecedented and permanent increase in Fed transparency; new authority for the GAO to audit the Fed whenever it chooses, and a requirement that the Fed itself, on a regular basis, publically disclose detailed information about discount wi... (Read More)


  • Chairman Frank responds to recent comments from Congressman Bachus regarding government oversight of banks
    Posted in Press Releases on December 15, 2010 | Preview rr

    House Financial Services Chairman Barney Frank today issued the following statement: “Spencer Bachus’ statement to the Birmingham News that ‘Washington and the regulators are there to serve the banks,’ followed ‘later’ according to the News by a clarification, makes two things very clear. First, the assault he intends to lead against improved financial regulation is based on a seriously flawed view of the relationship that should exist between financial institutions and those who set the rules g... (Read More)


  • Chairman Frank Statement on Republican Attacks on Fed Efforts to Boost U.S. Economy
    Posted in Press Releases on November 22, 2010 | Preview rr

    House Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement today regarding Republican attacks on efforts by the Federal Reserve to use well-understood monetary policy tools in order to help boost the U.S. economy: “I was not surprised at the extreme hypocrisy of the Central Bank of China insisting that America – apparently alone among nations – has an obligation to subordinate its own legitimate economic needs to international currency movements, nor was I sur... (Read More)


  • Chairman Frank Statement on Financial Status of Federal Housing Administration
    Posted in Press Releases on November 16, 2010 | Preview rr

    House Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement today on the Federal Housing Administration’s annual report to Congress, which shows that the economic value of the FHA’s Mutual Mortgage Insurance Fund (MMIF) has improved by $1 billion since last year: “I am pleased by the news in this annual report that the FHA has made financial progress over the last year. This progress is the result of bipartisan efforts since 2008 to strengthen and modernize the... (Read More)


  • Chairmen Frank, Levin Statement on Fed’s Quantitative Easing
    Posted in Press Releases on November 10, 2010 | Preview rr

    House Financial Services Committee Chairman Barney Frank (D-MA) and House Ways and Means Committee Chairman Sander M. Levin (D-MI) issued the following statement today on the quantitative easing undertaken by the Federal Reserve. “The U.S. economy remains stuck in a slow recovery that is not producing the employment growth necessary to reduce our unacceptably high 9.6 percent unemployment rate. That picture is unlikely to change until private investment accelerates. The quantitative easing measu... (Read More)


  • Kanjorski Comments on CFTC-SEC Staff Report on Stock Market Volatility
    Posted in Press Releases on October 1, 2010 | Preview rr

    Congressman Paul E. Kanjorski (D-PA), the Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, today joined in releasing and commented on the report of the staffs of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) to the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues regarding the findings of the events of May 6, 2010, when major equities indices, individual sto... (Read More)


  • Chairman Frank Statement on Flood Insurance Program Extension
    Posted in Press Releases on September 24, 2010 | Preview rr

    The House of Representatives yesterday approved legislation (S. 3814) to extend the National Flood Insurance Program through September 30, 2011. Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement on the extension today. “In July the House passed legislation making improvements to the National Flood Insurance Program. While we are eager for the Senate to pass such legislation, I am pleased that we have sent this extension to the President. This extension wil... (Read More)


  • House Approves Legislation to Help Small Businesses and Create Jobs
    Posted in Press Releases on September 23, 2010 | Preview rr

    The House gave final approval today to key legislation that helps small businesses across the country get access to the credit they need to expand and hire new employees. The legislation, the Small Business Jobs Act (H.R. 5297), is part of the ongoing effort by Congress and the Obama administration to put Americans back to work and strengthen the economy. The legislation passed the House by a vote of 237-187, and now heads to President Obama’s desk for his signature. The House first passed the l... (Read More)


  • Chairman Frank Statement on House Passage of SEC FOIA Legislation
    Posted in Press Releases on September 23, 2010 | Preview rr

    House Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement today on House passage of S. 3717: “This provision was included in the Dodd-Frank legislation after having been public for some time. Only after Fox Business News brought its lawsuit did people become aware of the provision’s negative implications. We immediately scheduled a hearing and got bipartisan agreement that a legislative remedy was necessary. Our Senate colleagues acted first with legislation ... (Read More)


  • Chairman Frank Statement on President Obama’s Appointment of Elizabeth Warren
    Posted in Press Releases on September 17, 2010 | Preview rr

    House Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement on President Obama’s decision to appoint Elizabeth Warren as Assistant to the President: “I would like to offer three congratulations. First, I would like to congratulate the President for making this great appointment. Second, I offer my congratulations to Elizabeth Warren, both for the work that she did to create the agency and for the fact that she will now have the opportunity to make it function ... (Read More)


  • Frank, Kanjorski Release Letters Calling for FHFA to Protect Taxpayers
    Posted in Press Releases on August 20, 2010 | Preview rr

    Today, Congressman Barney Frank (D-MA), Chairman of the House Financial Services Committee, and Congressman Paul E. Kanjorski (D-PA), Chairman of the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises released letters to the White House calling for the Federal Housing Finance Administration (FHFA) to use all of its powers to recover money from companies that used fraud and deceptive practices to shift losses on to Fannie Mae and Freddie Mac. This issue will be a maj... (Read More)


  • Frank Announces Hearing on SEC FOIA Provision of Wall Street Reform Law
    Posted in Press Releases on August 4, 2010 | Preview rr

    Congressman Barney Frank, Chairman of the House Financial Services Committee, announced that the Committee will hold a hearing in September in order to explore concerns raised about the provision of the Wall Street Reform and Consumer Protection Act, which provides some exemption to the Securities and Exchange Commission regarding the Freedom of Information Act (FOIA). The provision of the new law which addresses this issue was originally requested by SEC Chairwoman Mary Schapiro and by former S... (Read More)


  • Kanjorski Announces September Hearing to Assess Limitations of the Securities Investor Protection Act
    Posted in Press Releases on July 30, 2010 | Preview rr

    Congressman Paul E. Kanjorski (D-PA), the Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, announced today that he will convene a September hearing to assess the limitations of the Securities Investor Protection Act (SIPA), a law that works to return money and securities to the customers of failed brokerages. The hearing comes at the request of Congressman Gary L. Ackerman (D-NY), the Vice Chairman of the Capital Markets S... (Read More)


  • Frank and Kanjorski Announce September Housing Finance Hearings
    Posted in Press Releases on July 29, 2010 | Preview rr

    House Financial Services Committee Chairman Barney Frank and Capital Markets, Insurance and Government Sponsored Enterprises Subcommittee Chairman Paul E. Kanjorski today announced that the committee will continue its series of hearings on the future of housing finance in September. Chairman Kanjorski will conduct an oversight hearing of the GSEs, and the full committee will continue its examination of policy options for restructuring the nation’s housing finance system. “By passing the legislat... (Read More)


  • House Financial Services Committee Approves Legislation to Legalize Internet Gaming
    Posted in Press Releases on July 28, 2010 | Preview rr

    Today, the House Financial Services Committee passed legislation to enable Americans to bet online and put an end to an inappropriate interference with their personal freedom. H.R. 2267, the Internet Gambling Regulation, Consumer Protection, and Enforcement Act of 2009 would establish a federal regulatory and enforcement framework under which Internet gambling operators could obtain licenses authorizing them to accept bets and wagers from individuals in the United States. The legislation comes i... (Read More)


  • House Financial Services Committee Advances Legislation to Revitalize Public Housing
    Posted in Press Releases on July 28, 2010 | Preview rr

    The House Financial Services Committee today passed the Public Housing Reinvestment and Tenant Protection Act (H.R. 5814), legislation introduced by Congresswoman Maxine Waters (D-CA) to preserve and revitalize the nation’s public housing. “This bill preserves public housing, strengthens neighborhoods and creates jobs,” said Congresswoman Waters. “The legislation would reverse decades of neglect of America’s public housing units, which are home to our nation’s most vulnerable populations.” The p... (Read More)


  • House Financial Services Committee Passes Measure to Preserve Affordable Rental Housing
    Posted in Press Releases on July 28, 2010 | Preview rr

    House Financial Services Committee today approved H.R. 4868, the Housing Preservation and Tenant Protection Act of 2010, comprehensive affordable housing legislation introduced by Chairman Frank that helps to stem the loss of affordable rental housing units across the country and prevent the displacement of low-income tenants, many of who are elderly or disabled. Since the 1950s, HUD has subsidized about 1.7 million rental units in over 23,000 privately-owned, multi-family properties that are ty... (Read More)


  • House Passes Flood Insurance Extension
    Posted in Press Releases on July 15, 2010 | Preview rr

    The House of Representatives today passed H.R. 5114, legislation introduced by Congresswoman Maxine Waters (D-CA) to improve the National Flood Insurance Program (NFIP) and reauthorize the program for 5 years. NFIP is the primary source of reliable, affordable flood insurance coverage for more than five million American homes and businesses. “Reauthorizing and improving the flood insurance program helps homeowners, businesses and communities throughout the country,” said Congresswoman Waters. “... (Read More)


  • Frank Announces House Offer on Derivatives
    Posted in Press Releases on June 23, 2010 | Preview rr

    Chairman Frank, on behalf of the House conferees, released the House offer on the title listed below. The title will be subject to debate when the House-Senate Conference Committee convenes in room SD-106, Dirksen Senate Office Building, at 9:30 a.m. tomorrow. Title VII: Wall Street Transparency and Accountability (Official legislative language will be available here later this afternoon) The House proposes the following amendments to the Base text: Amend base text to specifically reference CFTC... (Read More)


  • Frank Announces House Offer on Prudential Regulation
    Posted in Press Releases on June 22, 2010 | Preview rr

    Chairman Frank, on behalf of the House conferees, released the House offer on the titles listed below. The issues will be subject to debate when the House-Senate Conference Committee convenes in room SD-106, Dirksen Senate Office Building, at 1:00 p.m. tomorrow. Title VI of base text: Improvements to Regulation of Bank and Savings Association Holding Companies and Depository Institutions The House proposes the following amendments to the Base text: Amend Senate Provision regarding moratorium on ... (Read More)


  • The Wall Street Reform Bill: Tuesday, June 22nd Conference Update
    Posted in Press Releases on June 22, 2010 | Preview rr

    Today House and Senate conferees again met on the bill to bring accountability to Wall Street. The bill creates a new consumer financial protection watchdog, ends too big to fail bailouts, sets up an early warning system to predict and prevent the next crisis, and brings transparency and accountability to exotic instruments such as derivatives. A list of House and Senate offers and counter offers can be found by clicking here. Below is a list of significant issues to be considered today. TITLE X... (Read More)


  • The Wall Street Reform Bill: Conference Update
    Posted in Press Releases on June 21, 2010 | Preview rr

    Last week was a successful week for the House and Senate conferees for the bill to bring accountability to Wall Street. The bill creates a new consumer financial protection watchdog, ends too big to fail bailouts, sets up an early warning system to predict and prevent the next crisis, and brings transparency and accountability to exotic instruments such as derivatives. The following is a summary of the many provisions agreed to during the House-Senate conference last week. A list of House and Se... (Read More)


  • Frank Announces House Offer on Consumer Protection, Risk Retention, Mortgage Reform and Anti-Predatory Lending
    Posted in Press Releases on June 21, 2010 | Preview rr

    Chairman Frank, on behalf of the House conferees, released the House offer on the titles listed below. The issues will be subject to debate when the House-Senate Conference Committee convenes in room SD-106, Dirksen Senate Office Building, at 12:00 p.m. tomorrow. Title 10 of base text: Consumer financial protection Title 14 of base text: Mortgage reform and anti-predatory lending Subtitle D of title 9 of base text: Risk retention Title 10 of base text: Consumer Financial Protection The House pro... (Read More)


  • Frank Announces House Offer on Financial Stability; Orderly Liquidation Authority; Payment, Clearing, and Settlement Supervision
    Posted in Press Releases on June 16, 2010 | Preview rr

    Chairman Frank, on behalf of the House conferees, released the House offer on the titles listed below. The issues will be subject to debate when the House-Senate Conference Committee convenes tomorrow. The issues for tomorrow’s offer: Title 2: Orderly liquidation authority Title 8: Payment, clearing, and settlement supervision Title 1: Financial stability Title 2: Orderly Liquidation Authority The House proposes to accept Title II of the Base Text with the following amendments: Strike Senate pro... (Read More)


  • Frank Announces House Offer on Investor Protection, Executive Compensation, Fed and Emergency Liquidity Provisions
    Posted in Press Releases on June 15, 2010 | Preview rr

    Chairman Frank, on behalf of the House conferees, released the House offer on the titles listed below. The issues will be subject to debate when the House-Senate Conference Committee convenes in room 2128 Rayburn at 11:00 a.m. tomorrow. The issues for tomorrow’s offer: Title 9, subtitles A, B, F, H, I and J of base text: Investor protection/regulatory improvements Title 9, subtitles E and G of base text: Executive compensation/corporate governance Title 11 of base text: Fed audit and governance,... (Read More)


  • Frank Announces House Offer to Base Text on Private Funds, Credit Rating Agencies, Thrifts and Insurance
    Posted in Press Releases on June 14, 2010 | Preview rr

    Chairman Frank, on behalf of the House conferees, released the House offer on the titles listed below. The issues will be subject to debate when the House-Senate Conference Committee convenes tomorrow. The issues for tomorrow’s offer: Title 4 of base text: Private Funds Title 9, subtitle C of base text: credit rating agencies Title 3 of base text: OTS/OCC merger; thrift charter Title 5 of base text: Insurance Title IV – Regulation of Advisers to Private Funds and Others The House proposes the fo... (Read More)


  • House Passes Legislation to Help Homeowners, Reform Federal Housing Administration
    Posted in Press Releases on June 11, 2010 | Preview rr

    The U.S. House of Representatives today passed legislation introduced by Congresswoman Maxine Waters (D-CA) to help families realize the dream of homeownership, protect Americans from mortgage fraud and save taxpayers money. The FHA Reform Act of 2010 (H.R. 5072) ensures that the Federal Housing Administration (FHA) remains viable and continues its mission of insuring mortgage loans. The bill passed overwhelmingly by a vote of 406-4. For further information about the FHA Reform Act click here. “... (Read More)


  • Summary of House-passed Provisions Included in Senate Wall Street Reform Base Text
    Posted in Press Releases on June 10, 2010 | Preview rr

    Below is a summary of the House-passed H.R. 4173 provisions that have been included in the Senate Wall Street Reform and Consumer Protection Act base text: ACCESS ISSUES Provisions from House bill accepted using House language or with technical changes Financial Services Oversight Council/ Systemic Risk Determination – makes additions that emphasize consideration of impact of regulatory policies and practices on low-income, minority or underserved communities. Regulatory considerations by the Fe... (Read More)


  • Frank Sends Letter to C-SPAN Chairman On Public House-Senate Conference Meetings
    Posted in Press Releases on June 9, 2010 | Preview rr

    Yesterday, House Financial Services Committee Chairman Barney Frank sent the following letter to Brian Lamb, Chairman and CEO of C-SPAN, reiterating his call for the open, public House-Senate conference meetings to be carried on C-SPAN: June 8, 2010 Dear Mr. Lamb, Thank you for committing the necessary resources to provide gavel-to-gavel coverage of the opening day of the historic House-Senate Conference on the Wall Street Reform and Consumer Protection Act. As we move forward, I urge you to pro... (Read More)


  • Frank Statement on the Passage of the Financial Stability Bill
    Posted in Press Releases on May 20, 2010 | Preview rr

    House Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement on the passage of the Financial Stability Bill tonight in the Senate: “I congratulate Senator Dodd on an impressive act of legislative leadership, and I also congratulate Majority Leader Reid for pushing this through. The two bills are very similar, and the House is ready to go to conference to work out the remaining issues. I am confident that we can have a bill ready for President Obama’s signature v... (Read More)


  • Committee Approves President Obama’s Plan to Help America’s Small Businesses
    Posted in Press Releases on May 19, 2010 | Preview rr

    Today, the House Financial Services Committee approved key legislation designed to boost bank lending to small businesses struggling to gain access to credit due to the financial crisis. H.R. 5297, the Small Business Lending Fund Act, will establish a $30 billion fund to boost lending to small businesses looking to hire and expand their operations by providing additional capital to community banks. The program is completely separate from TARP and mandates accountability and oversight by Congress... (Read More)


  • Frank Testimony Before the Ways and Means Committee on Internet Gambling
    Posted in Press Releases on May 19, 2010 | Preview rr

    Today, House Financial Services Committee Chairman Barney Frank (D-MA) testified before the Ways and Means Committee during a hearing on tax proposals related to Chairman Frank’s legislation to license and regulate Internet gambling activities. The following is Chairman Frank’s testimony as prepared for delivery: Chairman Levin, Ranking Member Camp, thank you for the opportunity to testify today. H.R. 2267, the Internet Gambling Regulation, Consumer Protection and Enforcement Act, creates a lega... (Read More)


  • Frank Statement on April Jobs Report
    Posted in Press Releases on May 7, 2010 | Preview rr

    Today, House Financial Services Committee Chairman Barney Frank (D-MA) released the following statement on the April jobs report issued today: “The significant increase in jobs for April, added to the upward revision for March, marks the beginning of a recovery from the job-killing Bush recession. More than a half million jobs have now been created in the last two months, which if we take further steps to build on this progress means an annual job increase of well over three million. “From a pol... (Read More)


  • Frank Introduces National Flood Insurance Program Bill
    Posted in Press Releases on May 7, 2010 | Preview rr

    Today, Financial Services Committee Chairman Barney Frank (D-MA) introduced legislation that is the second piece of a two-pronged approach to assure continuity and stability in the National Flood Insurance Program (NFIP) and the nation’s housing markets while also focusing on the comprehensive reform and long-term reauthorization of the NFIP. “The flood insurance program has lapsed twice this year. For each day the program was inactive, up to 1,400 homebuyers seeking to buy homes in flood plains... (Read More)


  • Frank Statement on Citi’s Communities at Work Fund
    Posted in Press Releases on May 6, 2010 | Preview rr

    Today, Financial Services Committee Chairman Barney Frank (D-MA) commended the launch of a $200 million fund by Citigroup to help spur lending to small businesses and promote economic development in low-income communities. The Communities At Work Fund will provide financing to Community Development Financial Institution (CDFI) Loan Funds that lend and assist small businesses in underserved areas across the country. “This is a good example of how partnerships between the private and non-profit se... (Read More)


  • House Republicans Ought to be Embarrassed about their Record on Fannie and Freddie
    Posted in Press Releases on April 28, 2010 | Preview rr

    Rep. Spencer Bachus should know better. In a long op-ed in Politico, the Alabama Republican talks at length about the supposed Democratic failure to reform the GSEs, but apparently President Bush’s “ownership society” doesn’t apply to Republicans taking responsibility for their own failures. The Republican record on Fannie and Freddie is clear and embarrassing: From 1995 to 2006 when the Republicans were in charge of Congress no bill to reform the GSEs passed Congress. Republicans only held one ... (Read More)


  • Committee Passes Reforms To National Flood Insurance Program
    Posted in Press Releases on April 27, 2010 | Preview rr

    The House Financial Services Committee today passed legislation introduced by Congresswoman Maxine Waters (D-CA) to improve the National Flood Insurance Program (NFIP), the primary source of reliable, affordable flood insurance coverage for millions of American homes and businesses. The legislative reform package reauthorizes the program for 5 years. “Without being reauthorized, the flood insurance program has been relying on a series of short-term extensions but recently it expired, leaving hom... (Read More)


  • Committee Approves Homeowners’ Insurance Reform Bill
    Posted in Press Releases on April 27, 2010 | Preview rr

    Today, the House Financial Services Committee approved by a vote of 39-26 the Homeowners’ Defense Act, innovative bipartisan legislation to reduce insurance premiums for homeowners around the country. The Homeowners’ Defense Act, authored by Rep. Ron Klein (D-FL) and co-sponsored by more than 70 of his colleagues representing over 30 states, allows states that choose to participate to join a national catastrophe insurance pool that will drive down costs. The pool could include the risk for hurri... (Read More)


  • Committee Approves FHA Reform Act
    Posted in Press Releases on April 27, 2010 | Preview rr

    Today, the House Financial Services Committee approved legislation to ensure that the Federal Housing Administration (FHA) remains viable and continues its mission of insuring mortgage loans. Congresswoman Maxine Waters (D-CA), Chairwoman of the Housing and Community Opportunity Subcommittee, drafted the FHA Reform Act of 2010 (H.R. 5072) in response to recent events that caused FHA’s reserves to fall below the two percent level required in law. The Act will empower FHA to improve its financial ... (Read More)


  • Committee Approves Legislation to Promote Going Green to Save Green
    Posted in Press Releases on April 22, 2010 | Preview rr

    Today, to mark Earth Day, the House Financial Services Committee approved H.R. 2336, the GREEN Act (Green Resources for Energy Efficient Neighborhoods), by a voice vote. The bipartisan legislation, authored by Reps. Ed Perlmutter (D-CO) and Judy Biggert (R-IL), provides incentives to lenders and financial institutions which will help move our housing and building stock towards greater energy efficiency, create jobs and make places to live and work more sustainable and affordable. “In order to sa... (Read More)


  • KANJORSKI BILL PRESERVING AFFORDABLE MORTGAGES IN AMERICA’S HEARTLAND PASSES IN COMMITTEE
    Posted in Press Releases on April 22, 2010 | Preview rr

    Today, the House Financial Services Committee unanimously passed H.R. 5017, the Rural Housing Preservation and Stabilization Act of 2010, introduced by Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises. This action clears the bill for consideration by the U.S. House of Representatives, which is expected to take up the bill as early as next week. The bill ensures the continued access of r... (Read More)


  • Wall Street Reform Bill Addresses Problems Raised By Lehman Failure
    Posted in Press Releases on April 20, 2010 | Preview rr

    As the following chart demonstrates, H.R. 4173, the Wall Street Reform and Consumer Protection Act, addresses some of the most egregious problems raised by the Lehman Brothers’ failure, which precipitated the costly taxpayer bailout put forward by President Bush in 2008. For a more complete analysis of how the Republican substitute makes taxpayer bailouts more likely, click here. House Wall Street Reform Legislation Addresses Problems Raised by Lehman Failure Problem H.R. 4173 Republican “Substi... (Read More)


  • Statement by Chairman Barney Frank
    Posted in Press Releases on April 15, 2010 | Preview rr

    Today, Financial Services Committee Chairman Barney Frank (D-MA) released the following statement: “After recent hearings on the future of housing finance, two important points have emerged from those examinations. First, the major losses of Fannie and Freddie come from their pre-conservatorship activities, which were not curtailed by a Republican Congress that promoted homeownership at all costs. In fact, the federal government would have no further losses on their post-conservatorship activiti... (Read More)


  • Statement of Financial Services Committee Chairman Barney Frank on the March Job Report
    Posted in Press Releases on April 1, 2010 | Preview rr

    House Financial Services Committee Chairman Barney Frank (D-MA) today made the following statement about the March employment figures released today: “The largest growth in private employment in three years is welcome evidence that our recovery from the deep Bush recession which President Obama inherited has finally begun to provide some benefits to American workers and families. This heightens the sharp contrast in the performance of the economy, including the area of employment, between the pe... (Read More)


  • Statement of Financial Services Committee Chairman Barney Frank
    Posted in Press Releases on April 1, 2010 | Preview rr

    House Financial Services Committee Chairman Barney Frank (D-MA) today made the following statement about stories related to a recent staff departure from the House Financial Services Committee: “Several people have expressed criticism of the move by Peter Roberson from the staff of the Financial Services Committee to ICE, after he worked on the legislation relevant to derivatives. I completely agree with that criticism. When Mr. Roberson was hired, it never occurred to me that he would jump so q... (Read More)


  • Frank Statement on the Obama Administration’s Foreclosure Avoidance Program
    Posted in Press Releases on March 26, 2010 | Preview rr

    House Financial Services Committee Chairman Barney Frank (D-MA) today made the following statement on the announcement of the Administration’s new efforts to combat foreclosures: “I welcome the most recent steps by the Administration to help deal with the foreclosure crisis. It must be emphasized that this is important not just for those who are themselves facing foreclosure, but for the broader economy because this wave of foreclosures has had a general negative effect. I was particularly pleas... (Read More)


  • Subcommittee to Examine Role of Credit Scores
    Posted in Press Releases on March 23, 2010 | Preview rr

    Tomorrow, Rep. Luis Gutierrez (D-IL), Chairman of the Subcommittee on Financial Institutions and Consumer Credit, will hold a hearing to examine the role consumer credit scores and reports play in today’s economy. Credit scores and reports are ubiquitous in the current financial marketplace and are used for everything from credit card and mortgage approval to setting car insurance rates and even judging whether or not someone is employable. “Consumers’ credit scores and credit reports have becom... (Read More)


  • Frank Introduces Housing Preservation and Tenant Protection Act
    Posted in Press Releases on March 18, 2010 | Preview rr

    House Financial Services Committee Chairman Barney Frank (D-MA) yesterday introduced H.R. 4868, the Housing Preservation and Tenant Protection Act of 2010, to stem the loss of affordable rental housing units across the country. The measures will help curtail the further loss of housing and prevent the displacement of low-income tenants. “If we don’t act we will have a diminution in affordable rental housing units. Their preservation should be of the highest priority because it’s less expensive, ... (Read More)


  • Frank Sends Letter to Boehner over “Punk Staffers” Comment
    Posted in Press Releases on March 18, 2010 | Preview rr

    House Financial Services Committee Chairman Barney Frank (D-MA) today sent the following letter to Minority Leader John Boehner. Mr. Frank objected to Mr. Boehner publicly calling employees who work in the U.S. House of Representatives as “punk staffers.” The following is the text of Mr. Frank’s letter: March 18, 2010 The Honorable John A. Boehner Minority Leader U.S. House of Representatives 1011 Longworth Washington, D.C. 20515 Dear Minority Leader Boehner, I was very disappointed to read a qu... (Read More)


  • Capuano and Cleaver: Municipal Bonds to be Rated with Fairness
    Posted in Press Releases on March 17, 2010 | Preview rr

    Today, Senior House Financial Services Committee members Reps. Michael Capuano (D-MA) and Emanuel Cleaver (D-MO) made the following statements after Moody’s Investor Service yesterday changed the way municipal bonds are rated. Previously, Moody’s and others rated municipal securities, which historically have had extremely low default rates, on a different scale. As a result, this had the effect of driving up the costs to cities and states. Financial Services Committee Chairman Barney Frank and R... (Read More)


  • Frank Statement on Senator Dodd’s Financial Reform Package
    Posted in Press Releases on March 15, 2010 | Preview rr

    Today, Financial Services Committee Chairman Barney Frank (D-MA) released the following statement on Senate Banking Committee Chairman Chris Dodd’s financial reform substitute: “Senator Dodd has put forward a thoughtful, comprehensive bill which will, once the Senate has acted on it, form a very solid basis for a House-Senate conference, to produce the tough regulatory reform that President Obama has rightly asked for. There are some differences between the House-passed bill and Senator Dodd’s v... (Read More)


  • Statement by Chairman Barney Frank
    Posted in Press Releases on March 5, 2010 | Preview rr

    House Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement: “I have been asked some questions by members of the media and others about my noting the distinction between the legal status of Fannie Mae and Freddie Mac debt and the debt of the U.S. Treasury. Throughout the debate over Fannie and Freddie in past years, I have noted that Fannie and Freddie debt did not have the same legal standing as Treasury debt. This does not prevent the Treasury from treating t... (Read More)


  • Subcommittee Approves Measure to Cancel Haiti’s Debt
    Posted in Press Releases on March 4, 2010 | Preview rr
    Tags: International

    Today, the International Monetary Policy and Trade Subcommittee approved H.R. 4573, the Debt Relief for Earthquake Recovery in Haiti Act, introduced by Rep. Maxine Waters (D-CA). The bill would require the Secretary of the Treasury to instruct the U.S. Executive Directors at the International Monetary Fund (IMF), the World Bank, the Inter-American Development Bank (IDB), and other multilateral development institutions to use the voice, vote, and influence of the United States to do the following... (Read More)


  • Frank Statement on Housing Consumer Protections at the Federal Reserve
    Posted in Press Releases on March 3, 2010 | Preview rr

    House Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement to clarify comments made in today’s New York Times that he would consider a financial consumer watchdog housed in the U.S. Federal Reserve. This is not the case. “I do not support housing the Consumer Financial Protection Agency in the Federal Reserve. I continue to vigorously support the House-passed bill that establishes an independent agency with strong rule-writing authority and enforcement powers ... (Read More)


  • Frank Statement on the Credit CARD Act
    Posted in Press Releases on February 22, 2010 | Preview rr

    Today, Financial Services Committee Chairman Barney Frank (D-MA) released the following statement on the Credit Card Accountability, Responsibility and Disclosure (CARD) Act, and commented on the following letters that credit card companies have been sending to their customers as a result of the new law’s implementation. “These letters indicate that Americans are now seeing the benefits of the CARD Act. It was unfortunately the case that some banks tried to game the system after we passed the bi... (Read More)


  • Frank Statement on Consumer Protection
    Posted in Press Releases on February 9, 2010 | Preview rr

    House Financial Services Committee Chairman Barney Frank (D-MA) today made the following statement about the need for increased consumer protection in the financial industry: “I welcome Elizabeth Warren’s forceful Op-Ed in today’s Wall Street Journal making a strong case for increased consumer protection in the financial industry. No one familiar with the track record of the bank regulatory agencies with respect to protecting consumers can deny the need for an independent agency if we are going ... (Read More)


  • Financial Services Committee Postpones All Hearings this Week
    Posted in Press Releases on February 9, 2010 | Preview rr

    Due to the snow conditions in Washington, DC, the hearings originally scheduled for Wednesday, February 10 and Thursday, February 11 have been postponed. They have not been rescheduled as of this date. We will notify all hearing participants when we expect to reschedule the hearings. ### (Read More)


  • Financial Services Committee to Consider the Future of Housing Finance
    Posted in Press Releases on February 4, 2010 | Preview rr

    Financial Services Committee Chairman Barney Frank (D-MA) announced today the committee will hold a hearing on March 23rd to begin the process of considering the future of housing finance. The hearing will focus on all the private and public entities that support the mortgage market, which include the Federal Housing Administration, Ginnie Mae, Fannie Mae, Freddie Mac, Federal Home Loan Banks, and private lenders and securitizers. It is the first step in a legislative process to determine the fu... (Read More)


  • Frank Statement on Attending the World Economic Forum
    Posted in Press Releases on January 25, 2010 | Preview rr

    Today, House Financial Services Committee Chairman Barney Frank (D-MA) released the following statement: “This week, I will attend the World Economic Forum in Davos, Switzerland. The main purpose of my trip will be to talk with financial services regulators from other countries to coordinate our efforts to update and modernize financial regulations. The objections to tough restrictions in the United States are that it will put American businesses in a disadvantaged position and financial compani... (Read More)


  • Republican Description of Bill is Inaccurate
    Posted in Press Releases on January 22, 2010 | Preview rr

    In justifying Republican opposition to the bill that would have limited compensation at Fannie Mae and Freddie Mac, House Financial Services Committee Ranking Member Spencer Bachus today issued a statement where he incorrectly stated that the bill he voted against, H.R. 1664, would have “unfairly penalized small community banks with responsible compensation arrangements that had nothing to do with the excesses on Wall Street.” This is not true. The bill clearly states that: (6) COMMUNITY FINANCI... (Read More)


  • Frank Statement on the President’s Financial Reform Proposals
    Posted in Press Releases on January 21, 2010 | Preview rr

    Today, House Financial Services Committee Chairman Barney Frank (D-MA) released the following statement: “I welcome the President’s strong support for additional provisions in the financial reform legislation to address the too big to fail problem. The President’s initiatives build on provisions that originated in the House Financial Services Committee and were included in the Wall Street Reform and Consumer Protection Act, which passed the House on December 11. By adopting the amendment offered... (Read More)


  • Frank Releases Memo on CFPA
    Posted in Press Releases on January 21, 2010 | Preview rr

    Today, House Financial Services Committee Chairman Barney Frank (D-MA) released the following memo to members of the House Financial Services Committee: January 21, 2010 MEMORANDUM TO: Members, Committee on Financial Services FROM: Chairman Barney Frank RE: Inaccuracies about CFPA Exemptions Some inaccuracies have appeared in the press about institutions exempted from the reach of the Consumer Financial Protection Agency in the House-passed financial reform bill. For instance, yesterday’s New Yo... (Read More)


  • Statement of Financial Services Committee Chairman Frank
    Posted in Press Releases on January 15, 2010 | Preview rr

    Today, House Financial Services Committee Chairman Barney Frank (D-MA) released the following statement: “In an interview on CNBC on Thursday, I was inaccurate in my description of the status of Citigroup’s repayment of the financial assistance it received under the TARP program. I said that Citigroup had not repaid its TARP funds. That was partially inaccurate. In December, Citigroup did retire the $20 billion it received from the Targeted Investment Program under TARP. However, unlike some ins... (Read More)


  • Frank Responds to Ranking Member Bachus on AIG hearings
    Posted in Press Releases on January 14, 2010 | Preview rr

    Today, House Financial Services Committee Chairman Barney Frank (D-MA) sent the following response to Ranking Member Spencer Bachus (R-AL) on the issue of AIG hearings: “I continue to believe that the Financial Services Committee should give priority to pending public policy questions, and throughout last year the committee was busy on legislation responding to the financial crisis, which every Republican in the House voted against. In addition, I had not thought it useful to spend a lot of time... (Read More)


  • Frank Statement on the Financial Crisis Responsibility Fee
    Posted in Press Releases on January 14, 2010 | Preview rr

    Today, House Financial Services Committee Chairman Barney Frank (D-MA) released the following statement on President Obama’s proposal of the Financial Crisis Responsibility Fee: “President Obama’s action today complies fully with the taxpayer protection language of the original TARP bill. His decision to do this before 2013 is a good one because there is no need to wait. In fact, the TARP program has been both more successful and less expensive than many critics feared and that allows us to move... (Read More)


  • Frank Announces Hearing on Compensation
    Posted in Press Releases on January 13, 2010 | Preview rr

    Today, Chairman Barney Frank (D-MA) announced that the House Financial Services Committee will hold a hearing on Friday, January 22 at 10 a.m., to discuss the issue of compensation practices for both financial and non-financial firms. The hearing comes after the House of Representatives successfully passed compensation measures as a part of H.R. 4173, the Wall Street Reform and Consumer Protection Act. At a press conference this morning, Chairman Frank outlined what he would like to achieve in t... (Read More)


  • Frank Statement on Senator Dodd
    Posted in Press Releases on January 6, 2010 | Preview rr

    House Financial Services Committee Chairman Barney Frank released the following statement today: For the past three years, Chris Dodd has provided skillful, creative, and forceful leadership on some of the most important problems facing our country and the world. While I greatly admire his leadership on health care reform, obviously the area where we have worked together most closely is in our capacity as chairs of the House and Senate committees with jurisdiction over the financial industry and... (Read More)


  • House Approves Historic New Rules to Govern America’s Financial System
    Posted in Press Releases on December 11, 2009 | Preview rr

    Today, the House of Representatives approved sweeping new legislation to modernize America’s financial rules in response to the worst economic crisis since the Great Depression. The Wall Street Reform and Consumer Protection Act (H.R. 4173), which passed by a vote of 223-202, includes a comprehensive set of reforms that will address the myriad causes – from predatory lending to unregulated derivatives – that led to last year’s meltdown. Once signed into law, these tough new regulations will hold... (Read More)


  • Republican Response to the Worst Financial Meltdown since the Great Depression: “What, There’s a Problem?”
    Posted in Press Releases on December 10, 2009 | Preview rr

    For eight years, President Bush and his Republican allies looked the other way as Wall Street and big banks exploited loopholes, ignored growing problems and, as a result, did not protect America’s families and small businesses. Even today, after millions of Americans have lost their jobs and taxpayers have been forced to bailout Wall Street, Republicans continue to deny that there is a problem. Instead, Republican leader John Boehner, Republican Whip Eric Cantor, and the rest of the Republican ... (Read More)


  • Frank Op-ED: "A Comprehensive Solution to Combustible Markets"
    Posted in Press Releases on December 4, 2009 | Preview rr

    MANY MARKET and regulatory failures led to the collapse of the nation’s financial markets last year. That collapse has led to a steep and painful recession and placed extraordinary burdens on working families. In response, the House Financial Services Committee, which I chair, is crafting a series of measures that will produce a comprehensive response by, among other things, regulating derivatives, ensuring proper mortgage lending, and making sure taxpayers never again have to take responsibilit... (Read More)


  • Kanjorski Announces Third Madoff Ponzi Scheme Hearing
    Posted in Press Releases on December 3, 2009 | Preview rr

    Congressman Paul E. Kanjorski (D-PA), the Chairman of the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, today announced that he will convene a third proceeding looking into the $65 billion Ponzi scheme engineered by Mr. Bernard L. Madoff. The hearing will focus on a variety of policy issues involving the Securities Investor Protection Corporation (SIPC) identified as a result of the Madoff scandal, and these discussions could provide the basis for additional r... (Read More)


  • Committee Completes Work on New Rules to Govern America’s Financial System
    Posted in Press Releases on December 3, 2009 | Preview rr

    Yesterday, the House Financial Services Committee completed its work on a comprehensive set of reforms that responds to the recent economic crisis by modernizing America’s financial regulations. The Wall Street Reform and Consumer Protection Act (H.R. 4173), which will be considered on the House floor next week, incorporates nine major pieces of legislation approved by the Committee to address the myriad causes – from predatory lending to unregulated derivatives – that led to last year’s meltdow... (Read More)


  • Committee Passes Financial Stability Legislation, Ends Taxpayer Bailouts
    Posted in Press Releases on December 2, 2009 | Preview rr

    Today, the Financial Services Committee approved legislation that will put an end to “too big to fail” financial firms, help prevent the failure of large institutions from becoming a systemwide crisis, and ensure that taxpayers are never again left on the hook for Wall Street’s reckless actions. The Financial Stability Improvement Act (H.R. 3996), which passed by a vote of 31-27, marks the ninth major bill approved by the committee this year to modernize America’s financial rules. Once signed in... (Read More)


  • Frank Statement on FHA Loan Limits
    Posted in Press Releases on December 2, 2009 | Preview rr

    Today, House Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement regarding recent press reports on FHA loan limits. “Recent press reports about FHA loan limits have created the mistaken impression that federal loan limits allow for luxury home loans of up to $729,750 anywhere in the nation. This is simply not true. These reports overlook the fact that the primary factor for establishing FHA loan limits is the median home price in any given area. Thus, in a re... (