Dodd–Frank Wall Street Reform and Consumer Protection Act

Waters Statement on FY19 Financial Services Funding Bill

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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 »

Waters Statement on Mulvaney’s Reorganization of the Consumer Financial Protection Bureau

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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 »

Waters Statement on Regulators’ Enforcement Action Against Wells Fargo

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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 »

Waters, Scott, Brown and Murray Statement on the SEC’s Fiduciary Rule Proposal

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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 »

Waters: H.R. 4061 Hamstrings Efforts to Rein in the Next AIG Before a Financial Crisis

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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 »

Waters Statement in Opposition to Bill That Weakens Stress Tests for Wall Street Banks

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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 »

Waters Sends Letter to Bank of America on Ending Free “eBanking” Service

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Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, sent a letter to Brian Moynihan, Chairman and CEO of Bank of America, about the bank’s recent decision to eliminate free checking accounts for “eBanking” customers. Ranking Member Waters noted the potential impact of the decision on the unbanked population, which comes at a time of record bank profits... Read more »

Waters Statement in Opposition to Bill that Forces Regulators to Put Industry Profits over Consumer Protections

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Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following floor statement in opposition to H.R. 1116, the so-called “Taking Account of Institutions with Low Operation Risk Act of 2017” or the TAILOR Act, a bill that directs financial regulators to prioritize reducing costs for financial institutions, including megabanks, over protecting co... Read more »

Waters Statement on Senate Passage of Harmful Dodd-Frank Rollback Bill

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Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, issued the following statement in response to the passage of S. 2155, a harmful bank deregulation bill that would roll back important reforms put in place by the Dodd-Frank Wall Street Reform and Consumer Protection Act: “As I have said before, this bill repackages harmful provisions from Financ... Read more »

Waters: S.2155 Is a Harmful Bill and House Republicans Are Determined to Make It Worse

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As the U.S. Senate debates S.2155, a bill that would roll back important reforms put in place by the Dodd-Frank Wall Street Reform and Consumer Protection Act, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, issued the following statement: “As I have said before, this bill repackages harmful provisions from Financial Services Committee Chairman Jeb ... Read more »

At Markup of Budget Views, Waters Blasts Harmful Republican Agenda

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Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following statement at a full Committee markup to consider the Majority's Views and Estimates on the Budget for FY 2019: As Prepared for Delivery Thank you, Mr. Chairman. Mr. Chairman, Committee Democrats are committed to advancing policies that create shared prosperity and economic opportuni... Read more »

Waters Statement in Opposition to Bill that Rolls Back Post-Crisis Protections and Undermines Bank Stability

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Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following floor statement in opposition to H.R. 4296, a bill to decrease operational risk capital requirements for the nation’s largest banks: As Prepared for Delivery Mr. Speaker, I rise in strong opposition to H.R. 4296. This bill is simply another rollback of rules put in place after the f... Read more »

Waters Floor Statement in Opposition to Bill Undermining Dodd-Frank Mortgage Protections

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Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following floor statement in opposition to H.R. 1153, the so-called Mortgage Choice Act of 2017: As Prepared for Delivery Thank you Madam Speaker. I rise today in opposition to H.R. 1153, the so-called “Mortgage Choice Act of 2017”. Unfortunately, this bill is yet another attempt to undermine... Read more »

Waters Applauds Court Decision Reaffirming the Independence of the Consumer Financial Protection Bureau

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Today, in response to a decision by the full U.S. Court of Appeals for the District of Colombia Circuit upholding the constitutionality of the structure of the Consumer Financial Protection Bureau (Consumer Bureau), Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “Today, the full U.S. Court of Appeals for the District of Colo... Read more »

Waters Opening Statement at Markup of 17 Bills

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Today, at a House Financial Services Committee markup of 17 bills, 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, here we are yet again marking up a large number of bills, many of which could be harmful to consumers, investors, and our economy. Once agai... Read more »

Waters Statement in Opposition to Bill that Rolls Back Important Dodd-Frank Rules for Large Banks

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Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following floor statement in opposition to H.R. 3312, a bill that would deregulate some of the largest banks: Mr. Chairman, I rise in strong opposition to H.R. 3312, the Systemic Risk Designation Improvement Act. At a time when big banks are doing very well and the industry made record profi... Read more »

Waters Floor Statement in Opposition to Bill to Remove Consumer Protections for Mortgages

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Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following floor statement in opposition to H.R. 3971, a bill that would allow mortgage servicers to drop important consumer protections put in place by the Dodd-Frank Wall Street Reform and Consumer Protection Act: As Prepared for Delivery I rise today in opposition to H.R. 3971. Contrary to ... Read more »

Waters Statement in Opposition to Senate Bill to Weaken Key Dodd-Frank Reforms

| Posted in Press Releases

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, made the following statement in opposition to S.2155, a bill that would roll back important reforms put in place by the Dodd-Frank Wall Street Reform and Consumer Protection Act: “This bill simply repackages harmful provisions from Chairman Hensarling’s Wrong Choice Act, and it must not become l... Read more »

Waters Floor Statement in Opposition to Bill to Remove Protections for Manufactured Housing Consumers

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Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following floor statement in opposition to H.R. 1699, a bill that would remove important protections for consumers of manufactured housing: As Prepared for Delivery Thank you Mr. Chairman. I rise today in opposition to H.R. 1699, which would undermine the Dodd-Frank Wall Street Reform and Con... Read more »

Waters Statement on Trump’s Attempt to Install Mick Mulvaney as Acting CFPB Director

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Today, in response to President Trump’s attempt to appoint Mick Mulvaney to serve as Acting Director of the Consumer Financial Protection Bureau, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “Richard Cordray appointed Leandra English as Deputy Director of the Consumer Bureau to ensure a smooth transition and operational st... Read more »

Waters Opening Statement at Markup of 23 Bills

| Posted in Press Releases

Today, at a House Financial Services Committee markup of 23 bills, 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, I must admit I’m disappointed that the Committee is moving forward today with marking up a large number of bills that could be harmful to co... Read more »

Waters Statement on Trump’s Decision Not to Renominate Janet Yellen as Fed Chair

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Today, in response to President Trump’s decision not to renominate Janet Yellen as Chair of the Federal Reserve Board of Governors, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “Janet Yellen, who is the first woman to lead the Board of Governors of the Federal Reserve System, has done a masterful job as steward of the U.S.... Read more »

Waters Blasts Treasury Report Recommending Rollback of Dodd-Frank Capital Market Rules

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Today, in response to a report released by the U.S. Department of the Treasury that calls for the rollback of Dodd-Frank capital markets regulations, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement: “The report released by the Treasury Department today is nothing less than a blueprint for dismantling strong reforms that Demo... Read more »

Waters Releases Staff Report on Pattern of Consumer Abuse from Wells Fargo

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Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released a Democratic staff report detailing a pattern of abusive business practices by Wells Fargo and finding that prudential regulators have failed to utilize the full extent of their authorities to end unlawful practices at megabanks like Wells Fargo. “Last September, our country first learned of ... Read more »

Waters Statement on the Signing of U.S. – E.U. Covered Agreement on Insurance Matters on Insurance Matters

| Posted in Press Releases

Following the announcement that representatives from the United States and European Union signed a covered agreement, a mechanism established by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), on international insurance and reinsurance matters, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement: “I c... Read more »



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