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Waters Applauds Selection of Yellen as Treasury Secretary Nominee

| Posted in Press Releases

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, applauded President-elect Biden’s historic announcement that he will nominate Janet Yellen to serve as Secretary of the U.S. Department of the Treasury. “Janet Yellen will make an exceptional Treasury Secretary who I know will work diligently to tackle this pandemic crisis and ensure that individual...

Waters, House Chairs Seek Accounting of Political Appointees Burrowing into Career Positions at Dozens of Agencies

| Posted in Press Releases

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, and other House Committee Chairs sent a letter to 61 federal agencies requesting information on conversions of political appointees to civil service positions during the Trump Administration. “Protecting the nonpartisan expertise of the career civil service is essential to the safety and security of...

Waters Announces December Hearing Schedule

| Posted in Press Releases

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced the following hearing schedule for the month of December: December 2 at 10:00 AM ET: The full Committee will convene for a hybrid hearing entitled, “Oversight of the Treasury Department’s and Federal Reserve’s Pandemic Response.” All hearings are livestreamed on https://financialservices.h...

Waters Blasts the Trump Administration’s Move to Shut Down Key CARES Act Facilities Put in Place to Support Economy During the Pandemic

| Posted in Press Releases

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services Committee, blasted the Trump Administration for the announcement that it is attempting to shut down key emergency lending programs created by the CARES Act to support the economy during the COVID-19 pandemic: “It is clear that Trump and Mnuchin are willing to spitefully destroy the economy and make i...

Waters to Regulators: President-Elect Biden Has a Mandate to Protect Consumers and End Trump's Wall Street First Agenda

| Posted in Press Releases

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee gave the following statement at a full Committee hearing entitled, “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions during the Pandemic.” On November 3, America decisively rejected President Trump, his harmful policies, and his...

Waters, House Committee Chairs Send Dozens of Letters Directing White House and Federal Agencies to Preserve Documents

| Posted in Press Releases

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, and other Committee Chairs across the House of Representatives sent letters directing the White House and more than 50 federal agencies within their jurisdictions to comply with federal record-keeping laws and preserve information responsive to congressional subpoenas and investigations. “As the Tru...

Waters at Oversight Hearing on Pandemic Response: The Trump Administration Has Utterly Failed in Its Economic Response to This Virus

| Posted in Press Releases

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, gave the following statement at a full Committee hearing entitled, “Oversight of the Treasury Department’s and Federal Reserve’s Pandemic Response.” Welcome back, Chair Powell and Secretary Mnuchin. Since you last testified before this Committee in June, the coronavirus crisis has continued to have a c...

Chairwoman Waters Announces September Hearing Schedule

| Posted in Press Releases

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced the following virtual and hybrid hearings for the month of September: September 8 at 12:00 PM – The Subcommittee on Diversity and Inclusion will convene for a virtual hearing entitled, “Holding Financial Regulators Accountable for Diversity and Inclusion: Perspectives from the Offices of M...

Waters, Warren and Gillibrand Introduce Legislation Requiring the Fed to Close Racial Employment and Wage Gaps

| Posted in Press Releases

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, Senator Elizabeth Warren (D-MA), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee Subcommittee on Financial Institutions and Consumer Protection, and Senator Kirsten Gillibrand (D-NY), introduced legislation to require the Federal Reserve to use its existing authorities to clo...

Waters at Hearing with Powell and Mnuchin on Pandemic Response: We Cannot Endure Another Unequal Crisis or Unequal Recovery

| Posted in Press Releases

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following opening statement at a full Committee hearing entitled, “Oversight of the Treasury Department's and Federal Reserve's Pandemic Response.” Secretary Mnuchin, Chair Powell, welcome back. The pandemic continues to have a terrible impact. More than 126,000 people have lost their lives...

Waters Sends Letter to Energy Secretary Condemning Redlining Comments, Pushing Back Against Preferential Treatment for Oil and Gas Sector

| Posted in Press Releases

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, sent a letter to Energy Secretary Dan Brouillette regarding comments he made inappropriately comparing decisions by commercial banks not to finance drilling in the Arctic National Wildlife Refuge to redlining. The letter also addresses Brouillette’s assertion that the Trump Administration is working...

Waters Announces Addition to the June Committee Calendar

| Posted in Press Releases

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced the following addition to the June Committee calendar: June 30 at 12:30 PM: The full Committee will hold a hearing entitled, “Oversight of the Treasury Department’s and Federal Reserve’s Pandemic Response.” This hearing will convene in a “hybrid” format, which provides for remote Member pa...

Waters at Hearing with Fed Chair: Communities of Color Suffering Disproportionately During Pandemic Crisis

| Posted in Press Releases

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, made the following opening statement at today’s hearing, “Monetary Policy and the State of the Economy.” Chair Powell, the law that required the Federal Reserve Chair to testify before Congress twice each year was established in 1978. However, no Fed Chair has ever testified before this Committee wi...

In Letter to Fed and Treasury, Waters Presses for Emergency Lending Programs Not to Support Predatory Lenders

| Posted in Press Releases

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, sent a letter to Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, and Steven Mnuchin, Secretary of the U.S. Department of the Treasury, following up on conversations to ensure that the Federal Reserve and Treasury programs and facilities to respond to the COVID-19 crisis...

Committee Holds Bipartisan Virtual Roundtable with Prudential Regulators

| Posted in Press Releases

Yesterday, the Consumer Protection and Financial Institutions Subcommittee held a virtual roundtable with prudential regulators entitled, “Update from Prudential Regulators.” The virtual roundtable panelists included: The Honorable Rodney Hood, Chairman, National Credit Union Administration The Honorable Jelena McWilliams, Chairman, Federal Deposit Insurance Corporation The Honorable Joseph Otting...

Committee to Hold Bipartisan Virtual Roundtable with Financial Regulators

| Posted in Press Releases

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced that on Wednesday, May 13, Consumer Protection and Financial Institutions Subcommittee Chairman Gregory Meeks (D-NY) and Ranking Member Blaine Luetkemeyer (R-MO) will host a virtual roundtable discussion entitled, “Update from Prudential Regulators.” Panelists for the virtual roundtable in...

Waters Urges Fed to Address Concerns Regarding COVID-19 Programs and Facilities Needed to Support Small Businesses and the Economy

| Posted in Press Releases

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, sent a letter to Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, urging him to address concerns regarding the implementation of programs and facilities authorized by the CARES Act. In the letter, the Chairwoman outlined numerous issues including the Federal Reserve’s narro...

Chairwoman Waters, Ranking Member Brown Call on Administration to Stabilize the Housing Market During the Coronavirus Pandemic

| Posted in Press Releases

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, and Senator Sherrod Brown (D-OH), Ranking Member of the Senate Banking, Housing and Urban Affairs Committee, sent a letter to Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin urging them to ensure the stability of the housing market in the face of the Coronavirus pandemic. T...

Waters Statement on Wells Fargo’s Asset Cap

| Posted in Press Releases

Following the announcement by the Federal Reserve that it will “temporarily and narrowly modify the growth restriction on Wells Fargo so that it can provide additional support to small businesses,” Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, made the following statement: “The economic crisis resulting from the coronavirus pandemic is a unique and un...

Committee Democrats Call on Regulators to Suspend CRA and Other Rulemakings Unrelated to COVID-19

| Posted in Press Releases

This week, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, led a letter to Joseph Otting, Comptroller of the Currency, and Jelena McWilliams, Chairman of the Federal Deposit Insurance Corporation, urging them to prioritize a strong response to the COVID-19 pandemic and suspend efforts to revise the Community Reinvestment Act (CRA) and any unrelated rulemak...

Waters Asks for Briefing on Whether the Fed is Considering Removing Wells Fargo’s Asset Cap

| Posted in Press Releases

Following reports that Wells Fargo & Company has requested that the Federal Reserve remove an asset cap imposed in response to widespread consumer abuses and compliance breakdowns, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, wrote a letter to Jerome H. Powell, Chairman of the Board of Governors of the Federal Reserve System, requesting additional infor...

Waters Statement on Federal Reserve Response to Coronavirus

| Posted in Press Releases

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, issued the following statement regarding the Federal Reserve’s (Fed) recent actions to increase liquidity to the financial system in response to the pandemic coronavirus (COVID-19) crisis: “The global spread of the novel coronavirus has adversely impacted the lives of millions of Americans, the economy...

Waters Leads Letters Calling on Regulators and Financial Institutions to Protect Americans and the Financial System from Impact of Coronavirus

| Posted in Press Releases

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, led six letters to Administration officials, prudential regulators, financial services organizations and credit reporting agencies expressing concerns about risks related to coronavirus disease 2019 (COVID-19) and the steps they are taking to prevent Americans and the financial system from being harmed...

Waters to Wells Fargo Board Members: Resignations Do Not Absolve You of Your Failures

| Posted in Press Releases

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, delivered the following opening statement at a full Committee hearing entitled, “Holding Wells Fargo Accountable: Examining the Role of the Board of Directors in the Bank’s Egregious Pattern of Consumer Abuses.” As Prepared for Delivery Today, we receive testimony from Elizabeth Duke and James Quigley,...

Waters to Wells Fargo CEO: The Bank You Inherited is Essentially a Lawless Organization

| Posted in Press Releases

Following the release of a Majority staff report entitled, “The Real Wells Fargo: Board & Management Failures, Consumer Abuses, and Ineffective Regulatory Oversight,” Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, convened a full Committee hearing with Charles W. Scharf, Chief Executive Officer (CEO) and President of Wells Fargo & Company. See the Chai...

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