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 WEEKLY ROUNDUP
February 20, 2022

        

Waters Chairs Full Committee Hearing Evaluating Steps to Further Support MDIs and CDFIs

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following statement at a full Committee virtual hearing entitled, “An Unprecedented Investment for Historic Results: How Federal Support for MDIs and CDFIs Have Launched a New Era for Disadvantaged Communities.”

“Minority depository institutions, or MDIs, and community development financial institutions, or CDFIs, are lifelines to our communities. According to the latest data, there are 146 MDI banks, 518 MDI credit unions, and 1,333 CDFIs, including nearly 600 non-depository loan funds. At a time when the pandemic placed many businesses owned by people of color at the brink of closing or permanently being closed down, MDIs and CDFIs jumped into action and provided much needed support and relief. When millions of Black and Latino Americans found themselves shut out of traditional financial institutions, CDFIs and MDIs provided fundamental support to the long-term financial well-being of many…”

Read Chairwoman Waters’ full statement HERE.


Chairwoman Maxine Waters and Representative Jimmy Gomez Send Letter with 36 Members of California Congressional Delegation to Treasury Secretary Janet Yellen About Unused Emergency Rental Assistance

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, and Congressman Jimmy Gomez (D-CA) co-led a letter with 36 Members of California’s Congressional delegation to Treasury Secretary Janet Yellen urging the Department of the Treasury to reallocate unused Emergency Rental Assistance Program (ERA) funds to states with the highest need for such aid.

“As the U.S. Department of the Treasury reallocates unused Emergency Rental Assistance (ERA) program funds, we write to encourage the Department to deploy resources in an equitable and expeditious manner to grantees with the highest proportion of the program’s target population,” wrote the lawmakers. “Californians continue to struggle with immense economic challenges brought on by the coronavirus pandemic. Without urgent action from the Treasury to provide additional ERA funding to California, some of the nation’s highest-need and most vulnerable renters will be at-risk of losing their homes.”

See the full text of the letter HERE.



Waters Delivers Opening Statement at a Subcommittee Hearing on the IMF’s Role Amid Global Challenges

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following statement at a Subcommittee on National Security, International Development and Monetary Policy hearing entitled, “The Role of the International Monetary Fund in a Changing Global Landscape.”

“As Thank you, Chairman Himes. The International Monetary Fund has long been criticized for its willingness to impose painful reforms on countries in crisis with little concern for how the burden of these painful economic adjustments were distributed in society. In many cases, the effect was to undermine democracy itself as the people who were made to bear the short-term pain began to associate the IMF’s imposed austerity with their democratic government. While there’s been some improvement recently, I look forward to hearing from our witnesses today, not only on the issue of conditionality but also the increasing levels of debt distress many countries now face, and how we should best address these challenges…”

Read Chairwoman Waters’ full statement HERE.


                                                                     
Tweets of the Week: Valentine’s Day #ShowHousingLove Tweetstorm Edition









Member Spotlight

Congressman Michael F.Q. San Nicolas (D-GU)

Congressman San Nicolas (D-GU) is a member of the Financial Services Committee and was Vice Chairman of the Committee during the 116th Congress. Congressman San Nicolas is a member of the following subcommittees and task forces:

  • Subcommittee on Investor Protection, Entrepreneurship and Capital Markets
  • Subcommittee on National Security, International Development and Monetary Policy
  • Subcommittee on Consumer Protection and Financial Institutions
  • Task Force on Financial Technology

This week, Rep. San Nicolas participated in the subcommittee virtual hearing entitled, “The Role of the International Monetary Fund in a Changing Global Landscape.”


 

Weekend Reads


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Committee Hearings



The full Committee convened a virtual hearing this week entitled, “An Unprecedented Investment for Historic Results: How Federal Support for MDIs and CDFIs Have Launched a New Era for Disadvantaged Communities,” which focused on minority depository institutions (MDIs) and community development financial institutions (CDFIs), which are lifelines to our communities.


Read the Chairwoman’s full opening statemen
t for this hearing HERE.


The Subcommittee on National Security, International Development, and Monetary Policy convened a virtual hearing this week entitled, “The Role of the International Monetary Fund in a Changing Global Landscape,” examining the evolving role the International Monetary Fund (IMF), which is a central pillar of global economic cooperation, and is responsible for monitoring and preserving the stability of the international financial system.

Read the Chairwoman’s full opening statement for this hearing HERE.




The Subcommittee on Consumer Protection and Financial Institutions convened a virtual hearing this week entitled, “Small Businesses, Big Impact: Ensuring Small and Minority-Owned Businesses Share in the Economic Recovery.”

Read the Chairwoman’s full opening statement HERE.




Upcoming Committee Dates

  • March 2 at 10:00 AM ET: The full Committee will convene for a hybrid hearing entitled, “Monetary Policy and the State of the Economy.”

All hearings are livestreamed on https://financialservices.house.gov/live/.



Chairwoman’s Corner

Waters Statement on Reta Jo Lewis Becoming President and Chair of EXIM Bank

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, released the following the statement on confirmation of Reta Jo Lewis as President and Chair of the Board of Directors of the Export-Import Bank of the United States (EXIM):

“I want to congratulate Reta Jo Lewis on her historic confirmation as President and Chair of EXIM. As the first Black woman to serve in this capacity, her confirmation is a shining example of what it looks like to break glass ceilings. This moment also marks the beginning of a new chapter for EXIM Bank and businesses across the country.

“Ms. Lewis is a public servant with a proven track record of supporting American businesses and building strong international partnerships. Her wealth of international and business-related expertise will be vital to EXIM’s mission of helping US exporters compete in the global markets and to create and preserve jobs at home. I am especially pleased with Ms. Lewis’ record on a key priority of my Committee—strengthening small, women- and minority-owned businesses. Throughout her career, she’s successfully supported these businesses by connecting them with both the resources and the networks they need to foster strategic alliances and opportunities…”

Read Chairwoman Waters’ full statement HERE.

Sent from the Committee on Financial Services

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