Federal Reserve

Waters Urges Regulators to Protect Americans Experiencing Financial Hardship Due to Trump Shutdown

| Posted in Press Releases

On Thursday, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, wrote a letter to Federal Reserve Chairman Jerome Powell, Federal Deposit Insurance Corporation Chairman Jelena McWilliams, Consumer Financial Protection Bureau Director Kathy Kraninger, Comptroller of the Currency Joseph Otting, and National Credit Union Administration Chairman Mark McWatters... Read more »

Waters Statement at Hearing with Vice Chairman for Supervision of the Federal Reserve

| Posted in Press Releases

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 »

Waters, Perlmutter and 17 Other Democrats Call on Fed to Maintain Capital Requirements for Megabanks

| Posted in Press Releases

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, and Congressman Ed Perlmutter (D-CO), Ranking Member of the House Committee on Financial Services Subcommittee on Terrorism and Illicit Finance, led a letter signed by 19 Members of Congress urging the Federal Reserve to maintain strong capital requirements for Global Systemically Important Bank... Read more »

Waters to Fed Chair: Trump’s Policies Threaten Economic Gains Put in Motion During the Obama Administration

| Posted in Press Releases

Today, at the semiannual Humphrey-Hawkins hearing on monetary policy and the state of the economy with Federal Reserve Chairman Jerome Powell, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following opening statement: Thank you, Mr. Chairman, and welcome Chairman Powell. Mr. Chairman, I am very concerned about the impact of the reckless economi... Read more »

Waters and Hensarling Unveil Bipartisan Capital Markets Reform Legislation

| Posted in Press Releases

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 on Federal Reserve’s Approval to Reward Wells Fargo Executives

| Posted in Press Releases

Today, in response to the Federal Reserve’s approval of Wells Fargo's capital plan to increase dividend payments by 10 percent and spend up to $24.5 billion on stock buybacks, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, made the following statement: “I am troubled by the Federal Reserve’s recent decision to approve Wells Fargo’s capital plan to ... Read more »

Waters and 42 Democrats Call for Diverse Candidates in Search for Next President of Federal Reserve Bank of San Francisco

| Posted in Press Releases

In a letter to Jerome Powell, Chairman of the Board of Governors of the Federal Reserve System, and Alex Mehran, Chair of the Federal Reserve Bank of San Francisco’s Search Committee, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services and 42 Democratic Members of Congress called for a transparent and inclusive search process to identify candidates to re... Read more »

Waters Statement at Hearing with Vice Chairman for Supervision of the Federal Reserve

| Posted in Press Releases

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 Thank you, Mr. Chairman, and welcome, Vice... Read more »

Waters Statement on the Selection of John Williams as New York Fed President

| Posted in Press Releases

Following the announcement that John Williams will serve as the next president of the Federal Reserve Bank of New York, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, made the following statement: “John Williams is an accomplished economist with a long history in public service. His wealth of experience as a leading monetary policy expert will play... Read more »

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

| Posted in Press Releases

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 in Opposition to Bill that Eases Rules for Megabanks and Predatory Lenders

| Posted in Press Releases

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following floor statement in opposition to H.R. 4607, a bill that directs regulators, including the Consumer Financial Protection Bureau, to dismantle rules considered inconvenient by the financial services industry despite the harm it may cause consumers or the economy. As Prepared for Deliv... Read more »

At Powell Hearing, Waters Warns of Republican Efforts to Undermine the Fed and Diminish Its Ability to Support American Workers

| Posted in Press Releases

Today, at the semiannual Humphrey-Hawkins hearing on monetary policy and the state of the economy with Federal Reserve Chairman Jerome Powell, 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 welcome, Chairman Powell. I look forward to your testimony today on monetar... Read more »

Waters Leads Call for Diverse Candidates in Search for Next President of Federal Reserve Bank of New York

| Posted in Press Releases

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services and 25 Democratic Members of Congress sent a letter to the Chairman of the Board of Governors of the Federal Reserve System and Co-Chairs of the Federal Reserve Bank of New York’s Search Committee, calling for their commitment to a transparent and inclusive search process to identify candidates to repl... Read more »

Waters Applauds Yellen’s Action to Penalize Wells Fargo for Widespread Consumer Abuses

| Posted in Press Releases

Today, in response to the announcement that the Federal Reserve Board has moved to restrict the growth of Wells Fargo until it sufficiently improves its governance and controls, and that the bank will replace three current board members by April and a fourth board member by the end of the year, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the foll... Read more »

Waters Thanks Janet Yellen for Her Exceptional Service as Chair of the Federal Reserve

| Posted in Press Releases

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement regarding Janet Yellen, Chair of the Board of Governors of the Federal Reserve System (Federal Reserve). Her term ends on February 3, 2018. “Janet Yellen has led the Federal Reserve with extraordinary distinction and served as a tireless champion for the interests of Ameri... Read more »

Waters: GAO Report is More Evidence That Regulators Need to Get Tougher on Megabanks

| Posted in Press Releases

Today, following the Government Accountability Office’s (GAO’s) release of a report entitled “Large Bank Supervision: Improved Implementation of Federal Reserve Policies Could Help Mitigate Threats to Independence,” Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “This report is yet more evidence that the Federal Reserve and ... 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

| Posted in Press Releases

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 Releases Staff Report on Pattern of Consumer Abuse from Wells Fargo

| Posted in Press Releases

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 Nomination of Randal Quarles for Top Federal Reserve Post

| Posted in Press Releases

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... Read more »

At Yellen Hearing, Waters Warns of Economic Harm from Trump Policies, Commends Fed Chair

| Posted in Press Releases

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 o... Read more »

Waters Opening Statement at Markup of the Wrong Choice Act

| Posted in Press Releases

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

| Posted in Press Releases

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 »

Waters Leads Call for Diverse Candidates in Search for Next Federal Reserve President

| Posted in Press Releases

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 individu... Read more »

Waters Applauds Selection of Raphael Bostic as Atlanta Fed President

| Posted in Press Releases

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 am... Read more »



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