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Waters Statement at First Committee Markup of 116th Congress

Today, after commencing the first official meeting of the House Financial Services Committee in the 116th Congress, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, gave the following opening statement.

As Prepared for Delivery

Today marks the first official meeting of the Committee on Financial Services in the 116th Congress, convened to adopt the Committee rules and appoint Majority and Minority Members to Subcommittees.

With a new Congress and a new Democratic Majority, there will be a new agenda for this Committee, focused on fairness and policies to benefit consumers, investors, small businesses and our economy.

The issues before this Committee are critically important for the economic wellbeing of millions of Americans and our whole economy. Under my leadership, this Committee will focus on protecting consumers from harmful financial practices, ensuring that there are strong safeguards in place to prevent a financial crisis, expanding and supporting affordable housing and tackling the homelessness crisis, encouraging responsible innovation in financial technology, promoting diversity and inclusion in the financial services sector , and making sure that hardworking Americans and small businesses have fair access to the financial system and opportunities to thrive.

We will also exercise responsible and diligent oversight relating to the issues under the Committee’s jurisdiction.

As a first step in taking on the important issues before the Committee, I have proposed a series of changes to the Committee rules to make updates to its Subcommittees, among other changes.

Most notably, I have proposed the creation of a new Subcommittee on Diversity and Inclusion, which will be dedicated to examining diversity and inclusion issues under the Committee’s jurisdiction. I am very proud to say that this will be the first Subcommittee of its kind in Congress.

In addition to the creation of the new Subcommittee on Diversity and Inclusion, I have proposed modifying the names of several Subcommittees, to reflect and guide their important work on issues such as consumer and investor protection, community development, international development and national security.

Today the Committee will also consider a resolution appointing Members to Subcommittees. I am pleased to welcome the new Members of the Committee, and to welcome back returning Members. In a reflection of the historically diverse Democratic caucus elected this Congress, the Democratic Members of the Committee come from diverse backgrounds and bring a wide range of perspectives and ideas.

With that, I look forward to the adoption of the rules and the appointment of Members to Subcommittees, and to working this Congress with Members on both sides of the aisle on commonsense solutions to benefit hardworking Americans and protect vulnerable families.

And now, the Chair recognizes the Ranking Member, Mr. McHenry, for five minutes for any opening remarks he may have.


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