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 WEEKLY ROUNDUP
October 29, 2021

        

Chairwoman Waters Testifies on Need for Long Overdue Housing Investments in the Build Back Better Act Before the House Rules Committee

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, delivered testimony at the House Committee on Rules meeting on H.R. 5376, the Build Better Act. The following is an excerpt from Chairwoman Waters’ testimony:

Thank you very much, Mr. Chairman, Ranking Member Cole, and Members of the Rules Committee.

I am very pleased to be here today to discuss the Build Back Better Act of 2021 and to speak in support of key provisions under the jurisdiction of the Financial Services Committee.

Housing is the foundation for every household’s well-being, and it is a crucial component of our national economy. I know that there are many competing priorities that we have been negotiating in this package—but I’ve really been amazed just how difficult it has been to get people to really care about housing. To be honest, the road leading to this moment has been disappointing at times. But my Committee, and my staff have worked around the clock the past few weeks to make the case that we can only build back better by starting with the foundation of affordable housing. Whether your priority is health care, education, childcare, economic stimulus, job growth, or climate change, housing is a necessary component of progress in all of these areas…

Watch Chairwoman Waters’ full House Rules Committee testimony HERE.


 
Tweets of the Week

















Member Spotlight

Congressman Michael San Nicolas (D-Guam)

Congressman Michael San Nicolas (D-Guam) serves on the Subcommittee on Investor Protection, Entrepreneurship and Capital Markets, the Subcommittee on Consumer Protection and Financial Institutions, the Subcommittee on National Security, International Development and Monetary Policy, and the Task Force on Financial Technology.


Weekend Reads


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Committee Hearings

 From left to right: Rep. Jake Auchincloss, Chairwoman Maxine Waters, CFPB Director Rohit Chopra, Rep. Sylvia Garcia.

The Committee convened two hearings this week: a Subcommittee on Investor Protection, Entrepreneurship and Capital Markets hearing entitled, “Taking Stock of ‘China, Inc.’: Examining Risks to Investors and the U.S. Posed by Foreign Issuers in U.S. Markets,” and a full Committee hearing entitled, “Bringing Consumer Protection Back: A Semi-Annual Review of the Consumer Protection Bureau,” in which the Committee welcomed newly-confirmed CFPB Director, Rohit Chopra.

Upcoming Hearing Dates

  • November 2 at 10:00 AM ET: The Task Force on Financial Technology will convene for a hybrid hearing entitled, “Buy Now, Pay More Later? Investigating Risks and Benefits of BNPL and Other Emerging Fintech Cash Flow Products.”

  • November 3 at 10:00 AM ET: The Subcommittee on Consumer Protection and Financial Institutions will convene for a hybrid hearing entitled, “Cyber Threats, Consumer Data, and the Financial System”

  • November 4 at 10:00 AM ET: The Subcommittee on National Security, International Development and Monetary Policy will convene for a hybrid hearing entitled, “From Timber to Tungsten: How the Exploitation of Natural Resources Funds Rogue Organizations and Regimes.”

  • November 9 at 12:00 PM ET: The Subcommittee on Diversity and Inclusion will convene for a virtual hearing entitled, “There's No Pride in Prejudice: Eliminating Barriers to Full Economic Inclusion for the LGBTQ+ Community.”

  • November 16 at 10:00 AM ET: The full Committee will convene for a hybrid markup

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

For virtual hearings, all Members and witnesses participate remotely with no in-person participation in the hearing room. Hybrid hearings will take place in 2128 Rayburn House Office Building with a virtual option for all Members and witnesses to participate remotely.

Committee activities are finalized once an official notice is issued by the House Financial Services Committee.

Visit https://financialservices.house.gov/calendar/ for the most up-to-date Committee schedule.


Chairwoman’s Corner

Waters Delivers Opening Statement at Semi-Annual Oversight Hearing of the Consumer Financial Protection Bureau

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following statement at a full Committee hearing entitled, “Bringing Consumer Protection Back: A Semi-Annual Review of the Consumer Financial Protection Bureau.”

Good Morning. Today, we welcome Mr. Rohit Chopra the newly confirmed Director of the Consumer Financial Protection Bureau (CFPB) before our Committee.

Director Chopra, you have inherited an agency that was undermined by the Trump Administration, which actively worked to reduce consumer protections and enable predatory behavior against the most vulnerable. For example, Mick Mulvaney and Kathy Kraninger weakened the CFPB’s Office of Fair Lending and Equal Opportunity. During their tenure, only a total of four CFPB fair lending enforcement actions were taken, and regulator referrals to the Department of Justice for potential Equal Credit Opportunity Act violations declined by 58 percent.

Thankfully, their efforts to eliminate the CFPB were unsuccessful. The CFPB was founded on the principles of protecting consumers from unfair, deceptive, or abusive acts or practices in the financial marketplace. Since its inception, the CFPB has uncovered illegal, predatory, and discriminatory conduct toward consumers, returning over $13.4 billion to over 175 million consumers taken advantage of by bad actors…

Read Chairwoman Waters’ full opening statement HERE.

Sent from the Committee on Financial Services

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