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Waters Opening Statement at Subcommittee Hearing on the Need to Help Consumers During the Pandemic

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following statement at a Subcommittee on Consumer Protection and Financial Institutions virtual hearing entitled, “Slipping Through the Cracks: Policy Options to Help America’s Consumer During the Pandemic.”

Thank you, Chairman Perlmutter, your leadership of the Consumer Protection and Financial Institutions Subcommittee is starting off strong with your first hearing as Chair. Congratulations!

While we have reason to be hopeful about the future, the pandemic is still raging, and consumers and small business owners remain vulnerable. Under the leadership of President Biden and Vice-President Harris, Congress passed this week H.R. 1319, the American Rescue Plan Act to boost the pandemic response and provide additional support for workers, consumers, and small businesses. 

However, additional borrower protections could not be included in the bill given the limitations of the reconciliation process, and Congress and the Administration have lots more work to do to help consumers and small businesses who are most in need, especially those in communities of color, which have been hit the hardest by the pandemic crisis. 
 
So, I look forward to hearing from our witnesses, and I yield back the balance of my time.

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