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Dodd–Frank Wall Street Reform and Consumer Protection Act

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 ...

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

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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...

Waters Grills Mnuchin about Trump Administration’s Financial Ties to Russia, Mnuchin Filibusters

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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. ...

Waters Demands Answers from Treasury Secretary Mnuchin

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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 hi...

ICYMI: Waters Joins Pelosi, Warren in Fight Against Republican Attempts to Repeal Forced Arbitration Rule

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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...

Waters Condemns Republican Effort to Repeal Forced Arbitration Rule

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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...

Waters Opening Floor Statement in Opposition to Republican Resolution to Repeal Forced Arbitration Rule

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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 ...

Democratic Staff Report Documents Successes of Consumer Financial Protection Bureau, Importance of Rulemaking on Forced Arbitration

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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...

Waters Blasts Republican Effort to Use Congressional Review Act to Repeal Forced Arbitration Rule

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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 t...

Waters Fights to Preserve New Rule that Protects Retirees and Savers

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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 Republi...

Waters Slams Republicans for Taking Harmful Steps Towards Another Financial Crisis

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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 ...

Waters and Hultgren Introduce Bipartisan Bill to Continue the Term of the FSOC Independent Member with Insurance Expertise

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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 ...

Waters Blasts Inclusion of Wall Street Deregulation Measures in FSGG Appropriations Bill

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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...

ICYMI: Democrats Stand United Against the Wrong Choice Act

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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 oppos...

Waters Slams Treasury Report

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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 an...

Waters Statement on House Passage of the Wrong Choice Act

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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 financ...

Republican Staff Report Praises Wells Fargo, Criticizes Agency that Held it Accountable

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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 coopera...

Waters Op-Ed: Why We Need the Consumer Financial Protection Bureau and Why Republicans Want It Dead

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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...

Waters: Trump Budget is Extremely Harmful

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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 mirro...

ICYMI: House Committee Ranking Members Request Review of the Wrong Choice Act

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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 ...

Democrats Fight Into the Night to Protect Consumers, Homeowners

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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...

Waters Opening Statement at Markup of the Wrong Choice Act

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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...

ICYMI: Financial Services Committee Dems Fight Back Against the Wrong Choice Act

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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 60...

Trump’s 100 Days: Broken Promises to Main Street, Giveaways to Wall Street

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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 Fe...

ICYMI: Wave of Opposition to the Wrong Choice Act

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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 a...

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