Today, following the release of a Federal Deposit Insurance Corporation (FDIC) proposal to eliminate the requirement that banks collect initial margin when transacting with their affiliates, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, issued the following statement: “The rollback of this important safeguard has been on Wall Street’s wishlist since the ... Read more »
Following up on full Committee hearings in March and April where Committee Democrats asked megabank CEOs hard-hitting questions on issues including their alarming CEO-to-worker pay ratio despite making record profits in recent years, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, and Committee Democrats asked megabanks for more information on their CEO co... Read more »
Following the announcement that Robert Cameron, former head of compliance and risk mitigation at the Pennsylvania Higher Education Assistance Agency (PHEAA/FedLoan Servicing), will serve as the Private Education Loan Ombudsman at the Consumer Financial Protection Bureau (CFPB), Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, issued the following statement.... Read more »
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, issued the following statement on the decision by the Federal Deposit Insurance Corporation (FDIC) and approval of the Office of the Comptroller of the Currency (OCC) to weaken the Volcker Rule, which stops banks from gambling with taxpayer money. “The Volcker Rule is a cornerstone of Wall Street refor... Read more »
On Tuesday, the U.S. House of Representatives passed the following bills, offered by House Financial Services Committee Members, and managed on the House floor by Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee. H. Res. 456, Emphasizing the Importance of State Regulators, a bipartisan resolution emphasizing the investor protection and education missions of ... Read more »
Yesterday, at a hearing entitled, “Holding Megabanks Accountable: A Review of Global Systemically Important Banks 10 years after the Financial Crisis,” Committee Democrats asked the Chief Executive Officers (CEOs) of seven of the nation’s largest financial institutions tough questions on behalf of hardworking consumers. Read below for 10 tough questions Committee Democrats asked the CEOs to answer... Read more »
Today, at a full Committee hearing with the CEOs of seven of the nation’s largest financial institutions, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, called for megabanks to craft a solution to help Americans saddled with student loan debt to achieve economic goals such as homeownership. “I’m going to ask you in all that you do to think about all that ... Read more »
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following opening statement at hearing entitled, “Holding Megabanks Accountable: A Review of Global Systemically Important Banks 10 years after the Financial Crisis.” Today, this Committee convenes for a hearing on the U.S. Global Systemically Important Banks (GSIBs). Before us today as wit... Read more »
Following her first policy speech as Chairwoman of the House Financial Services Committee, Congresswoman Maxine Waters (D-CA), sat down for a brief discussion where she outlined her plans as Chairwoman in the 116th Congress and addressed a wide range of important issues, including consumer protection, affordable housing, diversity and inclusion, working across the aisle, and the racial wealth gap.... Read more »
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, delivered the following remarks during her first policy speech in the 116th Congress: As Prepared for Delivery Thank you for the very warm welcome, and to the Center for American Progress for holding this event. CAP’s research and policy work are highly respected and a valued resource for Members of... Read more »
Today, Congresswoman Maxine Waters (D-CA) released the following statement after being approved by the Democratic Caucus to serve as the first woman and the first African American Chair of the House Financial Services Committee: “I am honored to have been selected by my colleagues to be the first Chairwoman of the House Financial Services Committee in the 116th Congress. Since 1995, I have served ... Read more »
Today, in response to a Freedom of Information Act (FOIA) disclosure revealing a previously unreleased Consumer Financial Protection Bureau (Consumer Bureau) analysis on excessive account fees charged to students by large banks, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “It is deeply troubling that a previously unpublis... Read more »
Following her historic nomination by the House Democratic Steering and Policy Committee as the first woman and African American to chair the House Committee on Financial Services, Congresswoman Maxine Waters (D-CA), issued the following statement: “I am honored to have been nominated by the Democratic Steering and Policy Committee to serve as Chairwoman of the House Financial Services Committee in... Read more »
Following the U.S. Senate confirmation of OMB Associate Director Kathy Kraninger to serve as Director of the Consumer Financial Protection Bureau (Consumer Bureau), Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement: “The Consumer Financial Protection Bureau was specifically designed by Congress to be an independent watchdog fo... Read more »
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following statement at a full Committee hearing on the Federal Reserve’s supervision and regulation of the financial system with Randal Quarles, Vice Chairman for Supervision, Board of Governors of the Federal Reserve System. As Prepared for Delivery Mr. Chairman, this is the first hearing si... Read more »
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services and 12 Members of Congress, sent a letter to Congressman Jeb Hensarling (R-TX), Chairman of the House Financial Services Committee, urging him to use the full range of the Committee’s oversight authorities to conduct a formal investigation into allegations raised by Seth Frotman, former Assistant... Read more »
Today, in commemoration of the 10th anniversary of the 2008 financial crisis, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, made the following statement: “The 2008 financial crisis was the worst financial disaster since the Great Depression, inflicting widespread, devastating costs on millions of American families,” said Ranking Member Waters. “Al... Read more »
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, gave the following floor statement in support of S.488, the JOBS and Investor Confidence Act of 2018, a bipartisan bill that facilitates access to capital for small businesses, increases protections for consumers and investors, fights the scourge of drug and human trafficking, and promotes finan... Read more »
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, and Congressman Jeb Hensarling (R-TX), Chairman of the House Committee on Financial Services, announced that they have reached an agreement on a package of strong, bipartisan capital-formation legislation to help America’s small businesses and entrepreneurs and to protect investors. The package,... Read more »
Today, in response to the House Committee on Appropriations markup of the fiscal year 2019 Financial Services and General Government Appropriations bill, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, made the following statement: “The Trump Administration and Congressional Republicans are shameless in their attempts to rollback consumer protection... Read more »
Today, in response to Director of the Office of Management and Budget Mick Mulvaney’s announcement that the Consumer Financial Protection Bureau (Consumer Bureau) will dramatically reorganize its operational structure, creating new offices and closing existing ones, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, made the following statement: “This ... Read more »
Today, in response to the announcement that the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency will each impose a $500 million penalty against Wells Fargo for its auto insurance and mortgage lending abuses, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “Wells Fargo has a terrible trac... Read more »
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services; Congressman Bobby Scott (D-VA), Ranking Member of the House Committee on Education and the Workforce; Senator Sherrod Brown (D-OH), Ranking Member of the Senate Banking Committee, and Senator Patty Murray (D-WA), Ranking Member of the Senate Health, Education, Labor and Pensions Committee, made ... Read more »
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following floor statement on H.R. 4061, the so-called “Financial Stability Oversight Council Improvement Act. This bill would undermine efforts mandated in the Dodd-Frank Act to mitigate the risks posed to the economy by large nonbank firms, like AIG, Lehman Brothers and Bear Stearns. As Prep... Read more »
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following floor statement on H.R. 4293, another Dodd-Frank rollback bill that would make it easy for Wall Street banks to get a passing grade on their stress tests. H.R. 4293 would effectively weaken a critical tool that protects Americans by ensuring large banks are adequately capitalized an... Read more »
