Press Releases

Waters Demands Regulators Cease and Desist from Finalizing Midnight Rules Until President-Elect Biden Assumes Presidency

Cites the American Peoples’ Resounding Rejection of Trump’s Deregulatory Agenda

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the Committee on Financial Services, sent a letter to agencies within the Committee’s jurisdiction calling on them to cease and desist from finalizing any “midnight rulemakings” or other administrative actions until President-Elect Joseph R. Biden is sworn into office on January 20, 2021. 

“On November 3, 2020, the American people spoke with their votes at the ballot box and delivered a clear mandate that the Trump deregulatory era is over,” wrote Chairwoman Waters. “As such, it is incumbent upon each of you to recognize the will of the American people and cease and desist from finalizing any “midnight rules” or other administrative actions until President-Elect Joseph R. Biden is sworn into office on January 20, 2021 and his Administration can review. Such rulemaking and actions undermine our country’s regulatory process, and indeed our democracy, by rushing through controversial policies that could have sweeping effects on families and our economy without transparency, rigor, and legitimacy. Moreover, because President Trump and your agencies had barred access to President-Elect Biden’s transition team unnecessarily for 20 days, flouting precedence and undermining our democratic traditions, any actions taken by your agencies before inauguration will be met with heavy scrutiny and may be overturned under the Congressional Review Act during the next Congress.” 

The letter was sent to:

  • Stephen Mnuchin, Secretary of the U.S. Department of the Treasury;
  • Ben Carson, Secretary of the U.S. Department of Housing and Urban Development;
  • Sonny Perdue, Secretary of the U.S. Department of Agriculture;
  • Jerome Powell, Chair of the Board of Governors of the Federal Reserve System;
  • Jelena McWilliams, Chairman of the Federal Deposit Insurance Corporation;
  • Kathy Kraninger, Director of the Consumer Financial Protection Bureau;
  • Rodney Hood, Chairman of the National Credit Union Administration;
  • Jay Clayton, Chairman of the U.S. Securities and Exchange Commission; and
  • Brian Brooks, Acting Comptroller of the Office of the Comptroller of the Currency.

See here or below for the full letter text.

The Honorable Steven Mnuchin
Secretary
U.S. Department of the Treasury
1500 Pennsylvania Ave, NW
Washington, DC 20220

The Honorable Sonny Perdue
Secretary of Agriculture
U.S. Department of Agriculture
1400 Independence Ave, SW
Washington, DC 20250

The Honorable Jelena McWilliams
Chairman
Federal Deposit Insurance Corporation
550 17th Street, NW
Washington, DC 20429

The Honorable Rodney Hood
Chairman
National Credit Union Administration
1775 Duke Street
Alexandria, VA 22314

Mr. Brian Brooks
Acting Comptroller of the Currency
Office of the Comptroller of the Currency
400 7th Street, SW
Washington, DC 20219

The Honorable Benjamin S. Carson
Secretary
U.S. Department of Housing and
Urban Development
451 7th Street, SW
Washington, DC 20410

The Honorable Jerome H. Powell
Chair
Board of Governors of
the Federal Reserve System
20th Street & Constitution Ave, NW
Washington, DC 20551

The Honorable Kathy Kraninger
Director
Consumer Financial Protection Bureau
1700 G Street, NW
Washington, DC 20552

The Honorable Walter J. Clayton III
Chairman
U.S. Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549

Secretary Mnuchin, Secretary Carson, Secretary Perdue, Chair Powell, Chairman McWilliams, Director Kraninger, Chairman Hood, Chairman Clayton, and Acting Comptroller Brooks:

On November 3, 2020, the American people spoke with their votes at the ballot box and delivered a clear mandate that the Trump deregulatory era is over. As such, it is incumbent upon each of you to recognize the will of the American people and cease and desist from finalizing any “midnight rules” or other administrative actions until President-Elect Joseph R. Biden is sworn into office on January 20, 2021 and his Administration can review. Such rulemaking and actions undermine our country’s regulatory process, and indeed our democracy, by rushing through controversial policies that could have sweeping effects on families and our economy without transparency, rigor, and legitimacy. Moreover, because President Trump and your agencies had barred access to President-Elect Biden’s transition team unnecessarily for 20 days, flouting precedence and undermining our democratic traditions, any actions taken by your agencies before inauguration will be met with heavy scrutiny and may be overturned under the Congressional Review Act during the next Congress.

Sincerely,
MAXINE WATERS
Chairwoman

cc: The Honorable Patrick McHenry, Ranking Member 

###



Subscribe for Updates

Twitter Feed