SEC

House Passes Seven Financial Services Bills

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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 »

Waters to SEC: Put the Interests of Savers and Retirees First

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Tags: SEC

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, issued the following statement on the announcement of the Securities and Exchange Commission’s (SEC) final rule governing the standards of care owed by broker-dealers when providing retail investors with personalized investment recommendations: “The SEC’s final rule ignores the explicit will of Congres... Read more »

Committee Passes Bills to Promote Innovation, Strengthen the Financial System and Protect Consumers, Small Businesses and Investors

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This week, the House Financial Services Committee, held a markup of five bills and two resolutions to promote responsible innovation through financial technology, crack down on money laundering and illicit finance, protect small businesses and investors, and uphold consumer protections. See the legislation below. HR 1988, the Protect Affordable Mortgages for Veterans Act of 2019, bipartisan legisl... Read more »

House Passes Bipartisan Financial Services Bills

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Tags: SEC

Today, the U.S. House of Representatives passed the following bipartisan bills, offered by House Financial Services Committee Members in recognition of Financial Literacy Month. H. Res. 327, Encouraging Greater Public-Private Sector Collaboration to Promote Financial Literacy for Students and Young Adults, a resolution to encourage financial planning efforts among students and young adults. This l... Read more »

Chairwoman Waters on Why Tim Sloan’s Departure from Wells Fargo Is Long Overdue

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Tags: CFPB, SEC, OCC

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, released the following statement in response to an announcement by Wells Fargo & Company that Tim Sloan would step down as CEO, President, and Board member, effective immediately. “I agree with Tim Sloan that it is best that he steps down. Tim Sloan has a 31-year history at Wells Fargo, and oversaw the... Read more »

Committee Passes Bills to End Homelessness, Benefit Consumers and Investors and Help Small Businesses and Financial Institutions

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This week, the House Financial Services Committee, held a markup of five bills to crack down on foreign corruption, uphold consumer protections, increase access to the financial system, protect retirement savers, and address the national homelessness crisis. See the legislation below. HR 389, Kleptocracy Asset Recovery Rewards Act, legislation that establishes a rewards program to incentivize indi... Read more »

Waters Floor Statement on Her Bipartisan Legislation to Curb Illegal Insider Trading

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Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, gave the following floor statement on H.R. 624, the Promoting Transparent Standards for Corporate Insiders Act, bipartisan legislation which requires the Securities and Exchange Commission (SEC) to consider certain types of amendments to Rule 10b5-1 that would ensure corporate insiders are unable to in... Read more »

Waters and McHenry Introduce Bipartisan Legislation to Curb Illegal Insider Trading

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Tags: SEC

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, and Congressman Patrick McHenry (R-NC), Ranking Member of the House Committee on Financial Services, announced the introduction of H.R. 624, the Promoting Transparent Standards for Corporate Insiders Act, bipartisan legislation which requires the Securities and Exchange Commission (SEC) to consider ... Read more »

Waters: Trump Shutdown is Jeopardizing Integrity of our Financial Markets

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Tags: SEC, Budget

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee of Financial Services, made the following floor statement in support of H.R. 264, the Financial Services and General Government Appropriations Act of 2019, which would restore funding for federal government agencies to continue their important work on behalf of the American public: Thank you very much Mr. Speaker and Memb... Read more »

Waters, Scott, Brown and Murray Call on SEC to Increase Investor Protections

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Tags: SEC

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, sent ... Read more »

Waters Statement on Bipartisan Legislation to Help Small Businesses and Protect Investors

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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 »

Waters and Hensarling Unveil Bipartisan Capital Markets Reform Legislation

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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 »

Waters Statement at Bipartisan Committee Markup

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Today, at a House Committee on Financial Services markup of bipartisan legislation, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, gave the following statement: As Prepared for Delivery Thank you, Mr. Chairman. Mr. Chairman, I want to thank you and Members of the Committee for considering six Democratic bills today that will ensure small businesses... Read more »

Waters Highlights Need for Protections for Investors and Retirement Savers at Hearing with SEC Chairman

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Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, gave the following statement at a full Committee hearing entitled, “Oversight of the U.S. Securities and Exchange Commission (SEC)” with SEC Chairman Jay Clayton. Thank you very much, Mr. Chairman, and welcome back, Chairman Clayton. Mr. Chairman, given recent developments regarding the Volcker ... Read more »

At Committee Markup, Waters Calls on Chairman to Consider Democratic Legislation and Prioritize the Nation’s Most Vulnerable Families

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Today, at a House Financial Services Committee markup of 7 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 understand that this is likely the first of several markups this month, as part of an effort to move forward a package of capital markets b... 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 Statement in Opposition to Bill That Undermines Protections for Mom and Pop Investors

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Tags: SEC

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following floor statement in opposition to H.R. 4263, the so-called Regulation A+ Improvement Act, a bill that could harm retail investors and weaken the integrity of the U.S. capital markets. As Prepared for Delivery H.R. 4263, the so-called Regulation A+ Improvement Act, is a solution in se... Read more »

Waters Floor Statement on the Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act

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Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, gave the following floor statement on H.R. 477, the Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017: H.R. 477 seeks to provide a statutory exemption from registration with the Securities and Exchange Commission, or S.E.C., for certain brokers who facilitate ... Read more »

Waters Opening Statement at Markup of 23 Bills

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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 Floor Statement Opposing Legislation to Weaken Investor Protections for Microcap Offerings

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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. 2201, the Micro Offering Safe Harbor Act: As Prepared for Delivery Mr. Speaker, H.R. 2201 would create an unnecessary and potentially dangerous loophole in federal and state securities laws by allowing companies to sell unregistered securities w... Read more »

Waters and Moore Call on SEC to Enforce Conflict Minerals Rule

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Tags: SEC

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, and Congresswoman Gwen Moore (D-WI), Ranking Member of the Subcommittee on Monetary Policy and Trade, sent a letter to U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton calling on the SEC to enforce Rule 13p-1 of the Securities Exchange Act, also known as the Conflict Minerals Rule. T... Read more »

Waters Introduces Legislation to Improve SEC Process for Holding Bad Actors Accountable

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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 c... Read more »

Waters Statement on SEC Request for Comment on Standards of Conduct for Financial Advisers

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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 busin... Read more »

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... Read more »

Waters: Dodd-Frank Rollback Bill Would Result in Disaster

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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 ... Read more »



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