Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released a statement following the announcement of the newly appointed Democratic Members to the Committee, who will serve for the 115th Congress: “Democrats are now the last line of defense to fight the onslaught of Wall Street Reform rollbacks and deregulatory bills the Republicans will try to rush to President-elect Trump’s desk. But we are more than up to the challenge,” said Congresswoman Waters. “I w... (Read More)
Today, Financial Services Committee Democrats, led by Congresswoman Maxine Waters (D-CA), demanded that President-elect Donald Trump reject any attempts to deregulate Wall Street by removing the Director of the Consumer Financial Protection Bureau (CFPB), Richard Cordray, prior to the expiration of his term in July 2018. In a letter to President-elect Trump, the Members said they will strongly oppose any action towards removing Director Cordray from his position as CFPB Director. In addition, th... (Read More)
In response to the U.S. Department of Housing and Urban Development’s (HUD) notice earlier today announcing the reduction of annual insurance premiums on most mortgages insured by the Federal Housing Administration (FHA), Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, praised HUD Secretary Julián Castro for his leadership in strengthening the FHA to carry out its mission to expand homeownership to low income borrowers, minority families, and first-time ho... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement in response to a report published today by the U.S. Government Accountability Office (GAO) discussing the compensation paid to Write-Your-Own (WYO) companies that administer to the National Flood Insurance Program (NFIP). In 2014, Ranking Member Waters called on the GAO to study federal payments to WYO insurers and how they relate to actual expenses incurred by those insurers... (Read More)
Following her statement denouncing President-elect Trump’s nomination of Steve Mnuchin as Treasury Secretary, Congresswoman Maxine Waters (D-CA) called on the Department of Housing and Urban Development (HUD) and the Department of Justice (DOJ) to immediately release documents pertaining to investigations into any fraudulent or discriminatory activities committed by Mnuchin’s bank, OneWest. Congresswoman Waters underscored the urgency behind releasing these documents due to the conflict of inter... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released the following statement in response to a memo leak documenting widespread misconduct at OneWest, a bank that was headed by President-elect Trump’s Treasury nominee, Steve Mnuchin. The leaked memo exposes the bank’s violation of notice and waiting period statues, which subsequently forced struggling homeowners out of their homes, resulting in tens of thousands of foreclosures in California at the h... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued a statement following President-elect Trump’s nomination of Wall Street lawyer and Goldman Sachs adviser Jay Clayton as the head of the Securities and Exchange Commission (SEC), a major regulator of banks and Wall Street: “With this latest pick, Donald Trump is fervently continuing his campaign of nominating Wall Street insiders to regulate Wall Street. Jay Clayton is just the latest addition to the... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released the following statement on the Federal Reserve’s decision today to raise the target range for the federal funds rate: “While I don’t agree with the Fed’s decision to raise rates, I am a strong advocate of an independent Federal Reserve free of political interference. I am concerned that under the new administration and with the support of a Republican-controlled House and Senate, the days of an in... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, spoke on the House floor opposing H.R. 5143 as the next bill in the Trump agenda that would benefit Wall Street at the expense of financial stability. “This week’s gift is less oversight of the largest insurers in the U.S., which will put us at risk for another AIG,” Waters said, noting the global insurer was a poster child of the financial crisis and was bailed out to the tune of $182 billion. Waters expl... (Read More)
Today, leading Democratic lawmakers called on the Department of Labor (DOL) to hold a public hearing on its recent proposals to let five megabanks with a history of criminal misconduct to continue managing assets of U.S. pension funds under the preferred status of “qualified professional asset manager” (QPAMs). The letter was signed by Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services; Senator Elizabeth Warren (D-MA); and Reps. Bobby Scott (D-VA), Ranking... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement after President-elect Trump announced he will nominate Dr. Ben Carson to serve as Secretary of the Department of Housing and Urban Development (HUD): “Dr. Carson’s nomination to lead the Department of Housing and Urban Development (HUD) is frightening. He may be a brain surgeon but he is not qualified to run HUD. Donald Trump knows this. During the Republican primary, he call... (Read More)
Today, Congresswoman Maxine Waters (D-CA) was re-elected unanimously by the Democratic Caucus to serve as Ranking Member of the Committee on Financial Services for her third term. She released the following statement: “I am honored to have been re-elected to lead the House Financial Services Committee in the 115th Congress. We face many challenges in the years ahead, with President-elect Trump threatening to dismantle Dodd-Frank, putting our financial stability and consumer protections at risk. ... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, spoke on the House floor opposing H.R. 6392, a bill that would let President-elect Trump’s Wall Street-friendly administration deregulate 27 of the largest banks in the country. “H.R. 6392 would repeal Dodd-Frank’s $50 billion threshold, above which banks are subject to closer regulatory scrutiny, and prevent the Federal Reserve Board from regulating these banks,” Waters said. “Instead, it would hand over ... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement on reports that President-elect Trump will nominate Steven Mnuchin to serve as the next Treasury Secretary: “Donald Trump ran a campaign on anti-Wall Street rhetoric, but appointing a former hedge fund manager, Goldman Sachs executive, and bank CEO as Treasury Secretary shows his true colors. Mr. Mnuchin is a Wall Street insider with ties to big banks that have a troubling pa... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, signed onto an amicus brief filed today with the D.C. Circuit Court of Appeals in support of the Consumer Financial Protection Bureau’s petition to have the entire court revisit an earlier decision by a three-judge panel that struck down the Bureau’s structure. Waters was joined by 20 current and former Members of Congress in supporting the CFPB’s appeal in PHH Corp. v. CFPB, including Sen. Sherrod Brown (... (Read More)
Today, top Democrats on the House Financial Services Committee sent a letter to Inspectors General at federal financial services agencies, the Department of Housing and Urban Development, and the Department of Justice, calling on them to root out any potential conflicts of interests in President-elect Donald Trump’s administration. Led by Ranking Member Maxine Waters (D-CA), the letter was also signed by Ranking Members Carolyn Maloney (D-NY), Subcommittee on Capital Markets and Government Spons... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, spoke on the House floor opposing H.R. 5711, a bill that would undermine the Iran nuclear deal, thereby jeopardizing both U.S. and global security. “I am particularly concerned that this bill comes at a time of deep global uncertainty about U.S. foreign policy," Waters said. "We have a President-elect whose talk on foreign policy has ranged from vague and contradictory in some areas to utterly incoherent e... (Read More)
The leading Democrats on the Senate Banking and House Financial Services Committees today urged Congressional leaders to reject any attempts to use must-pass government funding legislation to repeal, weaken, or delay financial reforms and consumer protections. In a letter to Senate and House leaders, Sen. Sherrod Brown (D-OH) and Rep. Maxine Waters (D-CA) said they will oppose ideological policy riders to year-end funding legislation aimed at rolling back protections of the Dodd-Frank Wall Stree... (Read More)
Today, Senator Sherrod Brown (D-OH), Ranking Member of the Committee on Banking, Housing, and Urban Affairs; Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services; Senator Elizabeth Warren (D-MA); and Congressman Keith Ellison (D-MN) sent an open letter to financial services trade groups demanding that they condemn the appointment of Stephen Bannon to President-elect Donald Trump’s administration. The Members noted that the Mr. Bannon’s track record of bigotry... (Read More)
In her opening statement at a full committee hearing with Securities and Exchange Commission Chair Mary Jo White, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, denounced President-elect Trump’s stances on financial services and Congressional Republicans’ deregulatory Wall Street agenda. “The demise of the regulations that Wall Street is cheering are the very regulations that have made our consumers, investors and economy safer and more resilient.” Wat... (Read More)
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, sent a letter to the Office of the Comptroller of the Currency (OCC) expressing serious concern over a seven-year delay in the public availability of Wells Fargo’s performance evaluation under the Community Reinvestment Act (CRA). The letter is the latest in Waters’ ongoing efforts to hold Wells Fargo accountable for its fraudulent activity following its settlement with regulators last month over th... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released the following statement today in response to an announcement by Wells Fargo & Company saying that Chairman and Chief Executive Officer John G. Stumpf would retire from the company, effective immediately: “Given Mr. Stumpf’s failure of oversight at Wells Fargo, I believe it is more than appropriate that he today decided to retire from the company, effective immediately. Wells Fargo’s misconduct, in... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement on the DC Circuit Court of Appeals’ decision today regarding the structure of the Consumer Financial Protection Bureau (CFPB): “The CFPB is a critical part of the Dodd-Frank Act and has returned nearly $12 billion to more than 27 million consumers by going after fraud at large banks like Wells Fargo. After years of industry and Republican attacks falsely claiming that the CFP... (Read More)
In light of more than 2 million fraudulent deposit and credit card account openings at Wells Fargo, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, and 10 Committee Democrats urged financial regulators to strengthen a proposed “clawback” rule regarding when a financial institution must revoke senior executives’ bonuses. In their letter, the Members underscored the need to strengthen rules regarding incentive-based compensation at financial institutions,... (Read More)
In her opening statement at a full committee hearing on the unauthorized accounts at Wells Fargo, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, urged Chairman and CEO John Stumpf to tell the truth about the fraudulent activity that occurred and take full responsibility. “We still do not have the information we need to understand how this happened, when the sales culture turned toxic, and who knew about it and when,” Waters said. Waters called for a th... (Read More)
Today, 104 House Democrats, led by Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, sent a letter to the Consumer Financial Protection Bureau (CFPB) urging it to adopt a strong final payday lending rule and close loopholes that harm consumers. Congress gave the CFPB the authority to study and regulate the payday lending industry to curb its predatory practices, which trap consumers in an endless cycle of debt. On June 2, the CFPB released a proposed rule... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, stressed the need for robust regulatory oversight of financial institutions in her opening statement at a hearing today with Federal Reserve Chair Janet Yellen. “The Dodd-Frank Act has required regulators to increase capital and liquidity standards, reduce interconnection in the financial markets, and more closely scrutinize large financial firms’ risk management,” Waters said. “However, there is much work... (Read More)
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement on Republicans’ continuing resolution (CR) that would fund the government until December: “Republicans have proposed a continuing resolution to fund our government and services to the American people that is simply unacceptable. This CR is an insult to the people of Flint, Mich., where thousands of children have been poisoned by lead in their drinking water and many st... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, discussed the importance of the Financial Stability Oversight Council (FSOC) in keeping our financial system safe at a hearing today with Treasury Secretary Jacob J. Lew on the FSOC’s annual report to Congress. “With Wall Street reform, we created the FSOC to look across the entire financial system, identify gaps that may exist between regulators, and take action to prevent another meltdown,” Waters said i... (Read More)
Delivering remarks on the House floor in opposition to H.R. 5461 today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, denounced the “Iranian Leadership Asset Transparency Act” as an attempt to threaten the viability of the Iran nuclear deal. In her remarks, Waters noted that this bill is the “latest in a series of Republican efforts aimed at undermining the landmark nuclear agreement reached last year by Iran and the world’s six major powers.” For exa... (Read More)
Today, Reps. Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services; Emanuel Cleaver (D-MO), Ranking Member of the Subcommittee on Housing and Insurance; and Cedric Richmond (D-LA), reiterated their call for Committee Republicans to hold a field hearing in Baton Rouge, La., so that Members can fully understand the devastation from the recent flooding in the area and issues surrounding the National Flood Insurance Program (NFIP) ahead of its reauthorization. The lawmakers sen... (Read More)
During committee consideration of H.R. 5983, Democrats expressed their grave concerns with the bill and noted that it was simply so toxic that it was unamenable. Democrats moved for an immediate vote on the measure in the face of Republican inaction on a host of other issues facing the committee. Ranking Member Waters said: "Mr. Chairman, this bill is so bad that it simply cannot be fixed. This markup is not a serious attempt to move thoughtful legislation, evidenced by the fact that we only ha... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, derided Republicans’ reckless plan to repeal Wall Street Reform during Committee consideration of H.R. 5983. In her opening statement, Waters noted that “nearly all the rules we enacted to make banks safer and stronger would be repealed, and replaced by a phony choose-your-own regulatory regime that puts the banks in the driver’s seat.” She added that, considering the massive fraud scheme that the Consumer... (Read More)
A growing number of groups submitted letters opposing House Republicans’ Wrong Choice Act ahead of a Committee markup of the bill, H.R. 5983, which would gut the Dodd-Frank Wall Street Reform and Consumer Protection Act. The letters can be found below: AFL-CIO Americans For Financial Reform CalSTRS Center for American Progress Center for Popular Democracy’s Fed Up Coalition The Center for Responsible Lending Consumer Federation of America Council of Institutional Investors Fair Arbitration Now G... (Read More)
In the wake of a settlement between Wells Fargo and the City and County of Los Angeles, as well as federal regulators including the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC), Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement: “Yesterday, we learned that Wells Fargo perpetrated widespread, illegal conduct, including secretly opening an estimated 1.5 million deposit and... (Read More)
During general debate on H.R. 5424 on the House floor today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, led opposition to the measure, which would roll back Dodd-Frank’s much-needed oversight and transparency measures for private equity funds, hedge funds, and others in the shadow banking industry. In her remarks, Waters lamented that the Republican-led House is focusing on protecting “Wall Street profits,” rather than working in a bipartisan manne... (Read More)
During floor consideration of H.R. 2357, Congresswoman Maxine Waters (D-CA), Ranking Member of Committee on Financial Services, urged rejection of the bill, which would harm American investors and small businesses and thwart regulators’ abilities to police the markets against fraud. In her remarks, Ranking Member Waters criticized House Republicans for “prioritizing a bill that would make it easier for companies to scam investors by escaping regulatory scrutiny,” instead of addressing “a host of... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, today introduced a bill, H.R. 5953, to forgive the $23 billion in debt at the National Flood Insurance Program (NFIP) and place the program on a path toward solvency and affordability ahead of its reauthorization in fiscal 2017. The NFIP provides flood insurance to more than 5 million households and businesses in the United States, providing more than $1 trillion in coverage. The program is also an integra... (Read More)
In the wake of historic flooding in the Baton Rouge, La., area, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services and long-time friend to the Louisiana area, visited the disaster-affected region. Rep. Waters met with local officials as well as affected residents to review the damage, assess the federal government’s response thus far, and understand key issues ahead of the need to reauthorize the National Flood Insurance Program (NFIP) by September 30, 2017... (Read More)
Today, in the face of the historic flooding in Louisiana, a trio of House Democratic lawmakers called on Republican leadership of the Financial Services Committee to hold a field hearing in Baton Rouge, Louisiana, to examine the government’s response to the recent flooding in that area, and to better inform the Committee as it prepares to consider the reauthorization of the National Flood Insurance Program (NFIP), which is set to expire on September 30, 2017. In the letter to Committee Chairman ... (Read More)
Following historic flooding in Louisiana and the President’s disaster declaration leaving open the possibility that the state may have to cover 25 percent of public assistance funds, Congresswoman Maxine Waters (D – CA), Ranking Member of the Committee on Financial Services sent a letter to President Obama and called on him to use his authority to provide relief for the state and require the federal government to pay for 100 percent of public assistance. Due to the low take up rates of the Natio... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement in the wake of historic flooding in Baton Rouge, Louisiana: “As the devastating flooding in Baton Rouge, Louisiana demonstrates, too many Americans receive outdated and incorrect signals from the National Flood Insurance Program (NFIP). Only a small fraction of residents who found themselves in harm's way were considered to be in a flood zone and therefore most did not purcha... (Read More)
Today, 65 House Democrats, led by Reps. Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services; John Conyers, Jr. (D-MI), Ranking Member of the Committee on the Judiciary; and Henry C. “Hank” Johnson, Jr. (D-GA), Ranking Member of the Subcommittee on Regulatory Reform, Commercial and Antitrust Law, sent a letter to the Consumer Financial Protection Bureau expressing strong support for its proposal to limit forced arbitration in consumer contracts. The rule would ban class-ac... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement on the sixth anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act, highlighting the successes of the Consumer Financial Protection Bureau as it celebrates five years of working for consumers: “In the six years since we enacted Wall Street Reform, we have seen a financial system that works better for consumers and an economy that is stronger because of ... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement on Senate passage of H.R. 3700, “The Housing Opportunity Through Modernization Act of 2015,” that will make improvements to federal housing programs: “I am pleased that Congress has come together to improve some of our most important federal housing programs. The Senate cleared legislation, H.R. 3700, that will make modest, incremental reforms to help these programs better op... (Read More)
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, sent a letter urging the Department of Justice to pursue prosecution of HSBC employees over alleged financial crimes related to money laundering. Waters opposed the approach the Justice Department took in 2012 when allegations surfaced that HSBC failed to prevent money laundering by international drug cartels and helped clients to move hundreds of millions of dollars to several countries under U.... (Read More)
As the House considered H.R. 4992, the so-called “United States Financial System Protection Act,” Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, called out Republicans for rushing a harmful bill to the floor on the last day of session as part of their “reckless and politically driven ‘Iran week’ agenda.” In floor remarks opposing the bill, Waters noted that it would violate the Iran nuclear deal by reapplying secondary sanctions that had been lifted as... (Read More)
In opening remarks during a Financial Services Committee markup today, Congresswoman Maxine Waters (D-CA), the Committee’s Ranking Member, expressed concern with legislation that would violate or undermine the U.S.’s commitments under the Iran nuclear deal. “We are considering two pieces of legislation today that would have serious consequences for our ability to uphold the Iran nuclear deal and a third bill which reflects the latest in a long string of baseless and politically motivated attacks... (Read More)
In opening remarks at a House Financial Services Committee hearing today with Secretary of Housing and Urban Development Julián Castro, Ranking Member Maxine Waters (D-CA) criticized Republicans for “hijacking a very important topic in order to launch attacks on the Secretary, and the Department, rather than substantively examine the issues impacting working people in this country.” Waters highlighted the need for changes to the HUD’s Distressed Asset Stabilization Program so that it can better ... (Read More)
Today, the House Financial Services Committee held a hearing on the Republican plan to gut the Dodd-Frank Act. Committee Democrats and the Democratic witness, Georgetown University Law Professor Adam Levitin, explained how this plan would benefit special interests and expose us to another financial crisis. “The Choice Act is a bad choice, is a recipe for financial disaster. It prioritizes ideologically driven positions over careful and serious policy analysis and reasoning, and the fate of the U... (Read More)
In opening remarks during a Financial Services Committee hearing today, Congresswoman Maxine Waters (D-CA), the Committee’s Ranking Member, denounced Republicans’ deregulatory agenda that puts the needs of special interests above working Americans. Waters noted that Chairman Hensarling’s legislation, the “Wrong Choice Act,” to gut Dodd-Frank would make “radical changes to our financial regulatory framework that would harm consumers and the greater economy.” This would include giving banks a “hal... (Read More)
Tomorrow, the House Financial Services Committee will hold a hearing on Chairman Hensarling’s plan to gut Wall Street Reform. Here’s why repealing Dodd-Frank is the Wrong Choice for consumers, investors, and the entire financial system: For more information on the legislation: Summary of the “Wrong Choice Act” Opposition to the “Wrong Choice Act” Waters: We Must Build on Wall Street Reform, Not Dismantle It ### (Read More)
Today, Congressman Frank Pallone, Jr. (NJ-06), Congresswoman Maxine Waters (CA-43), and 21 of their colleagues sent a bipartisan letter asking that FEMA fulfill its legal obligation to provide oversight of the private insurance companies that participate in the National Flood Insurance Program (NFIP). In the wake of Superstorm Sandy and other recent disasters, FEMA and NFIP have faced accusations of incompetence and fraud. A recent PBS Frontline documentary entitled, “The Business of Disaster” e... (Read More)
Last night, the House of Representatives passed a harmful Republican spending bill, H.R. 5485, which would underfund the nation’s financial services regulators for fiscal year 2017 and put consumer protection and financial stability at risk. Despite Democratic efforts to improve the bill through the amendment process, Republicans pushed through this legislation, which would make it harder for financial regulators to protect consumers, investors, and the entire financial system. The bill “so grav... (Read More)
Sen. Sherrod Brown (D-OH) and Rep. Maxine Waters (D-CA) – the leading Democrats on the Senate Banking and House Financial Services Committees – issued the following statement after the U.S government removed GE Capital’s designation as “systemically important” to the financial system. The Financial Stability Oversight Council (FSOC), which includes the Treasury Department and Federal Reserve, rescinded GE Capital’s designation for stricter oversight after the firm made changes to reduce its thr... (Read More)
As a massive overhaul of the World Bank’s long-standing social and environmental safeguard policies moves to its final stage, two leading House members on international development issues expressed concern over the Bank’s proposed safeguards on worker rights. In a letter to Treasury Secretary Jacob J. Lew, Reps. Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, and Gwen Moore (D-WI), Ranking Member of the Subcommittee on Monetary Policy and Trade, said they were con... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, released the following statement on legislation Chairman Hensarling unveiled yesterday to repeal critical parts of the Dodd-Frank Act, which would make financial markets less safe and put consumers at risk: “Chairman Hensarling’s plan to kill Wall Street Reform puts special interests ahead of American consumers,” Rep. Waters said. “The Wrong Choice Act would allow megabanks and other financial instituti... (Read More)
Yesterday, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, spoke at a press conference about the harms caused by predatory payday loans and the need for strong rules to protect victims from abusive practices. Waters spoke alongside advocates from consumer, civil rights and faith-based groups to urge the Consumer Financial Protection Bureau to finalize strong rules to rein in payday lenders, following a proposal the Bureau released earlier this month.... (Read More)
In opening remarks during today’s semi-annual Humphrey-Hawkins hearing with Federal Reserve Chair Janet Yellen, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, lauded the Federal Reserve Chair’s cautious approach to raising rates and her work to increase economic inclusion. Waters touted the actions taken by the Fed, the Administration and Democrats in Congress, which have led to “the longest-ever streak of private-sector job growth, rising home pric... (Read More)
State-level regulation of the payday lending industry is insufficient in protecting consumers, a House Financial Services Committee Democratic staff report revealed, underscoring the need for strong federal consumer protections. Because of the history of abuse in payday lending, many states have attempted to restrict these kinds of loans in order to protect consumers. However, the report released today, “Skirting the Law: Five Tactics Payday Lenders Use to Evade State Consumer Protection Laws,” ... (Read More)
In opening remarks during a Financial Services Committee markup today, Congresswoman Maxine Waters (D-CA), the Committee’s Ranking Member, pushed back against Republican efforts to dismantle Wall Street reforms, including much-needed investor and consumer protections. Waters noted that while she supports some of the measures under consideration, she is dismayed by broader Republican attempts to undercut Dodd-Frank and the protections put in place to prevent another financial crisis. “This markup... (Read More)
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, issued the following statement on House Republicans’ so-called regulatory reform agenda: “House Republicans are once again making it clear that they do not care. Last week, they showed America that they don’t care about people living in poverty by releasing a fake poverty agenda that would punish and blame the poor instead of investing in critical resources like housing. This week, they are focus... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, today delivered a major speech at an AFL-CIO conference on monetary policy in the United States. In her remarks, Ranking Member Waters said the Federal Reserve should pay due consideration to the needs of workers when setting interest rate policy and expressed concerns about the impact of any premature rate increases on workers as well as low-income and minority communities. “The Fed’s decisions have serio... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, spoke on the House floor today about the state of homelessness in the United States and how the Republican poverty plan does nothing to address this crisis. In her remarks, Ranking Member Waters noted that the recently introduced Republican poverty agenda, “would only exacerbate homelessness and punish the poor.” To that end, Waters urged support for her bill H.R. 4888, the Ending Homelessness Act of 2016 ... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, issued the following statement on legislation that would fund financial services agencies for fiscal 2017, which the House Appropriations Committee approved today: “Republicans, once again, are using every tool at their disposal to push an agenda that would hurt consumers and threaten the stability of our financial system. The spending bill approved by the Appropriations Committee today would underfund ... (Read More)
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, issued the following statement after President Obama vetoed legislation that would overturn the Labor Department’s fiduciary duty rule: “I am pleased that President Obama has vetoed harmful legislation that would overturn the Labor Department’s efforts to protect seniors from conflicted financial advice that costs them $17 billion a year in retirement savings. The Labor Department’s rule to prote... (Read More)
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, issued the following statement on House Republicans’ harmful plan that would exacerbate poverty in this country: “Today, Republicans have unveiled a fake poverty program that shows, yet again, they are out of touch with the realities of poverty in America. This is nothing more than a weak attempt by Republicans to make it look as if they really care about the problems they have long ignored. But ... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, denounced Chairman Jeb Hensarling’s proposal to weaken our country’s financial and consumer protections: “Today, just steps from Wall Street, Chairman Hensarling unveiled a special interest wish list that would deregulate the financial sector to the detriment of consumers and investors. In the six years since Democrats saved our economy from the worst financial crisis since the Great Depression, Republi... (Read More)
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, issued the following statement on the Consumer Financial Protection Bureau’s efforts to protect consumers from abusive lending practices: “The CFPB has taken an important step today to rein in payday lenders that prey on financially vulnerable Americans. These loans often come with outrageous terms, such as interest rates that can top 1,000 percent, and trap millions of Americans a year in a cycl... (Read More)
WASHINGTON -- Today, Reps. Maxine Waters, Elijah E. Cummings, and Bobby Scott, Ranking Members of the House Committees on Financial Services, Oversight and Government Reform, and Education and Workforce, issued the following statement on news that the U.S. Chamber of Commerce, Securities Industry and Financial Markets Association, and other industry groups have filed a lawsuit to overturn the Department of Labor’s conflict of interest rule: “Quite simply, the Department of Labor's new rule helps... (Read More)
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, introduced landmark legislation to overhaul the American credit reporting system so that it is fairer, more accurate, and less confusing for consumers. Consumer reporting agencies compile and maintain files for about 200 million adults. These reports play an important role in Americans’ lives as most creditors use them to make decisions about whether to extend credit and on what terms. These repo... (Read More)
Congresswoman Member Maxine Waters, Ranking Member of the House Financial Services Committee, spoke on the House floor today about the state of homelessness in our country and sent a letter to Congressional Appropriators urging an extension of the U.S. Interagency Council on Homelessness (USICH). In her letter to the House Appropriations Subcommittee on Transportation, Housing and Urban Development, Waters requested that the sunset date for USICH -- which is scheduled for Oct. 1, 2017 – be repea... (Read More)
Congresswoman Member Maxine Waters, Ranking Member of the House Financial Services Committee, submitted the following statement for the record at a Monetary Policy and Trade Subcommittee hearing titled “Interest on Reserves and the Fed’s Balance Sheet”: Thank you Chairman Huizenga and Ranking Member Moore for organizing today’s hearing. As we look at the Fed’s implementation of monetary policy in the post-crisis environment I think it’s important to look at the circumstances that have brought us... (Read More)
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, issued the following statement on an announcement from Google that it will ban ads for short-term loans with high interest rates: “Today, Google announced an initiative to protect consumers from predatory payday lending by banning ads for short-term loans with high rates. After studying the data, Google found that some credit products trap consumers in a never-ending cycle of debt. According to G... (Read More)
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, introduced legislation with 14 other California Democrats representing the County of Los Angeles to address concerns with the Department of Housing and Urban Development’s (HUD) initiative to consolidate its multifamily offices, known as the “Multifamily Transformation.” The initiative is currently being implemented in certain regions across the country and the Los Angeles field office will be affec... (Read More)
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, issued the following statement on the Obama Administration’s new rules and proposals to fight money laundering: “I welcome the Administration’s announcement today of a major package of initiatives designed to help fight financial crime, protect the integrity of the U.S. financial system, and give law enforcement more effective tools to trace the activities of terrorist groups and help stop the fl... (Read More)
Today, Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, issued the following statement applauding the Consumer Financial Protection Bureau’s (CFPB) proposed rule on forced arbitration: “Everyday contracts, such as credit card agreements and checking accounts, should not use fine print to automatically deny consumers the right to access the civil justice system when they have been harmed by financial corporations. Today, the Consumer Financial Protection Bure... (Read More)
WASHINGTON -- Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, released the following statement today regarding an announcement from the Department of Housing and Urban Development (HUD) that it will allocate $174 million to states from the National Housing Trust Fund: “There is a serious lack of affordable housing units in this country, causing undue hardships for many Americans who have trouble paying their rent. We created the National Housing Trus... (Read More)
In remarks on the House floor today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, took a strong stand against H.J. Res. 88, a Republican measure that seeks to dismantle the Labor Department’s recently finalized rule governing investment advice for retirement accounts. In her remarks, Ranking Member Waters noted that resolution would invalidate a carefully crafted rule that would close loopholes and gaps in the law and require all advisers to put thei... (Read More)
During floor consideration of H.R. 4498, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, said the measure could lead to unnecessary and harmful loopholes in our securities laws. The measure would roll back a requirement enacted under the JOBS Act for companies selling private offerings to first verify that a purchaser is an accredited investor during sales events sponsored by groups such as colleges, non-profits, trade associations or angel investor gr... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, today introduced legislation that would remove unfair barriers to obtaining federal housing assistance, such as Public Housing and the Section 8 Housing Choice Voucher program. The proposal – unveiled during National Fair Housing Month and National Reentry Week – would reform eviction and screening policies so that individuals with criminal backgrounds have a second chance and fair shot at housing assistan... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, applauded an announcement today from the Department of Housing and Urban Development (HUD) and the Department of Justice (DOJ) that it will award $100,000 to the Housing Authority of the City of Los Angeles (HACLA) through DOJ’s Juvenile Reentry Assistance Program (JRAP). HACLA has partnered with Public Counsel, a non-profit law firm in Los Angeles County and the largest in the country, to administer th... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, today announced that the State of California has been awarded $169.8 million through a competitive grant under the Hardest Hit Fund, a federal program that provides targeted aid to mortgage borrowers to prevent avoidable foreclosures. In February, the Treasury Department allocated $213.5 million to California under a separate award from the Hardest Hit Fund distributed on a formula basis. The funding an... (Read More)
Ranking Member Maxine Waters (D-CA) responded to a Government Accountability Office (GAO) report released today on the Federal Emergency Management Agency’s (FEMA) rate-setting methods under the National Flood Insurance Program (NFIP) and the Agency’s progress in ensuring that full-risk rates accurately reflect flood risk. Waters requested the report in 2014 when Congress was working to address the unintended consequences of premium increases under the 2012 Biggert-Waters Flood Insurance Reform ... (Read More)
During floor consideration of H.R. 3340, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, urged rejection of the bill, which would undermine the Financial Stability Oversight Council (FSOC) and the Office of Financial Research (OFR) by subjecting their funding to Congressional appropriations and interfering with their research. The OFR and the FSOC are funded by fees on the largest financial institutions, similar to how the banking regulators set and fu... (Read More)
In remarks on the House floor today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, led Democrats in opposition to H.R. 3791, which would increase by fivefold the asset threshold under the Small Bank Holding Company Policy Statement, encouraging more consolidation of small community banks and endangering their safety and soundness. In her remarks, Waters noted that this bill reneges on a bipartisan compromise enacted just over a year ago that raised th... (Read More)
Today, Democrats on the Financial Services Committee voted against Republican attempts to weaken consumer protection and Wall Street reform in effort to produce illusory budget savings as part of the Majority’s failed budget process. The party-line votes were as follows: H.R. 1486, the Taking Account of Bureaucrats’ Spending Act (33-20): The bill would repeal the current independent funding of the Consumer Financial Protection Bureau (CFPB) and instead subject the Bureau to the annual Congressio... (Read More)
At a Financial Services Committee markup of two bills designed to undercut the Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, denounced the measures as efforts to disarm our financial regulators and weaken reforms established after the 2008 crisis. Waters criticized both measures as “budget gimmicks to generate illusory savings.” For example, H.R. 1486 would only generate savings if Congr... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, issued the following statement on the Labor Department’s final rule on investment advice for retirement assets that was released today: “I am pleased that after five years of thoughtful consideration, thousands of letters, and over one hundred meetings the Labor Department has released a final rule to better protect Americans from conflicted retirement advice. I commend Secretary Perez for his exemplary... (Read More)
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee led 32 colleagues in a letter calling on Congress to forgive $23 billion in debt at the National Flood Insurance Program (NFIP) during the fiscal year 2017 appropriations process. “The NFIP’s current debt is the direct result of Congressional design and it is time that Congress takes responsibility for it,” the Members wrote. The NFIP is funded by insurance premiums and fees paid by policyholders.... (Read More)
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, introduced landmark legislation that would provide significant resources to end homelessness in America. The measure is a bold effort to declare what is really needed to address this crisis. The legislation provides $13.27 billion in new funding over five years to several programs and initiatives that will help the nearly 600,000 Americans who are currently homeless -- over 170,000 of whom are unshe... (Read More)
At today’s Financial Services Committee hearing with Treasury Secretary Jack Lew, Ranking Member Maxine Waters (D-CA) lauded the efforts of U.S. Treasury officials and Democratic congressional leaders on the recent ratification of the International Monetary Fund (IMF) quota reform package, after a 5-year delay due to Republican obstruction. Waters delivered these remarks during today’s hearing on “The State of the International Financial System.” Thank you, Mr. Chairman. I would like to thank Se... (Read More)
This week, Reps. Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, and Carolyn Maloney, Ranking Member of the Subcommittee on Capital Markets and Government Sponsored Enterprises, led 47 colleagues in urging additional funding for the Securities Exchange Commission (SEC) for fiscal year 2017. In a letter to the House Appropriations Committee, the Members requested $1.78 billion for the SEC next year, which would be an 11 percent increase from its current amount. Tha... (Read More)
This week, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee that oversees federal housing programs, urged her colleagues to meet the housing needs of the country’s most vulnerable populations during the federal appropriations process for fiscal 2017. She proposed funding increases for a variety of federal housing programs, notably the Department of Housing and Urban Development’s (HUD’s) McKinney Vento Homeless Assistance Grants (McKinney Vento), in fo... (Read More)
In opening remarks during today’s full Committee hearing with Consumer Financial Protection Bureau Director Richard Cordray, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, praised the agency’s work to diligently protect consumers and ensure fairness in the financial system, even in the face of Republican efforts to undermine, eliminate and render the agency ineffective. Waters noted in her remarks the agency’s tremendous track record, delivering $11.2 bil... (Read More)
Leading Democrats today requested that the U.S. Government Accountability Office (GAO) update an April 2013 study on diversity in the financial services industry and agencies. In a letter to GAO, House Financial Services Committee Ranking Member Maxine Waters (D-CA), Senate Banking Committee Ranking Member Sherrod Brown (D-OH), and House Financial Services Oversight and Investigations Subcommittee Ranking Member Al Green (D-TX) expressed their concern that the financial services industry has bee... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, released the following statement in response to the Committee Chairman’s dangerous plan to roll back the Wall Street Reform and Consumer Protection Act: “This is just another attempt by the majority to gut administration policies that have helped millions of Americans. The Dodd-Frank law was enacted on the heels of the worst financial crisis our generation has seen. In the five-plus years since, our fin... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, responded to two separate reports released today from the Government Accountability Office and the Federal Emergency Management Agency on flood insurance affordability and options for providing assistance to policyholders. Waters requested the GAO report in 2014 after FEMA failed to complete a congressionally-mandated affordability study. As a result, when FEMA increased premiums pursuant to the 2012 Bi... (Read More)
In opening remarks during a Financial Services Committee markup today, Congresswoman Maxine Waters (D-CA), the Committee’s Ranking Member, both scolded Committee Republicans on their attempts to once again roll back investor protections and also called for the Committee to focus on addressing poverty and homelessness in the United States. Waters noted that while some of the measures under consideration today were brought forward in good faith, concerns remain that Committee Republicans’ ultimate... (Read More)
Leading Democratic lawmakers today urged the Securities and Exchange Commission to speed up its review of a proposal that would require companies to provide more specific details about the diversity of their corporate boards. The proposal, which nine public pension fund administrators submitted to the SEC almost a year ago, encourages the agency to require companies to disclose board nominees’ gender, racial, and ethnic diversity. In a letter to SEC Chair Mary Jo White, the lawmakers pressed the... (Read More)
Today, Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, sent a letter to Julián Castro, Secretary of the U.S. Department of Housing and Urban Development (HUD), urging the Department to seriously reconsider the punitive approach outlined in its proposal to ban smoking in all public housing developments across the country. Ranking Member Waters’ letter follows the Department’s solicitation of comments from the public regarding its proposed plan to institute a... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today announced that the State of California has been awarded $213.5 million under the Hardest Hit Fund, a federal program that provides targeted aid to mortgage borrowers in order to prevent avoidable foreclosures. Through her leadership role in the House of Representatives, Congresswoman Waters led the effort to secure these funds, which were provided under the government funding bill signed into law in Dece... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, sent a letter to Craig Fugate, Administrator of the Federal Emergency Management Agency (FEMA), urging him to provide Congress a robust affordability framework in a timely manner so that proposals can be considered ahead of the 2017 reauthorization of the National Flood Insurance Program (NFIP). Ranking Member Waters’ letter comes as the National Academy of Sciences (NAS) recently completed its affordability s... (Read More)
In opening remarks during a Financial Institutions and Consumer Credit Subcommittee hearing, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, associated the hazards of previously unregulated financial products, such as payday lending, to the water crisis in Flint, Michigan. As the Consumer Financial Protection Bureau is preparing regulations for payday lenders, Waters underscored the important role that financial products play in the life of everyday consum... (Read More)
In opening remarks during today’s semi-annual Humphrey-Hawkins hearing with Federal Reserve Chair Janet Yellen, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, commended the progress made under the leadership of the Federal Reserve, Democrats in Congress, and the Obama administration, but noted that “significant work remains” to elevate the needs of the most vulnerable populations. In her remarks, Waters also raised concerns with the Federal Reserve'... (Read More)
In remarks on the House floor today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, led Democrats in opposition to H.R. 766, the so-called “Financial Institution Customer Protection Act of 2015”, a dangerous measure that would severely limit the Justice Department’s ability to investigate and prosecute bank fraud. In her remarks, Waters underscored that this measure would eliminate core provisions of the Financial Institutions Reform, Recovery and Enfo... (Read More)
Delivering remarks on the House floor in opposition to H.R. 1675 today, Congresswoman Maxine Waters (D-CA), Ranking Member of Committee on Financial Services, led Democrats in denouncing the inaptly-named “Capital Markets Improvement Act of 2016,” a bill that includes several provisions that instead of improving our capital markets, would actually harm investors, the SEC and small businesses in our country. In her remarks, Ranking Member Waters noted that H.R. 1675 will reduce corporate transpar... (Read More)
During floor consideration of H.R. 3700, the Housing Opportunity Through Modernization Act of 2015, Congresswoman Maxine Waters (D-CA), Ranking Member of Financial Services Committee, urged support of the bill, which seeks to enact several incremental changes across a number of federal housing programs that will allow affordable housing providers to better serve low-income families in need of housing assistance. H.R. 3700 includes text of Legislation introduced earlier this year by Ranking Membe... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, rebuked Committee Republicans for putting forth budget views that ignore the significant progress that has been made since the 2008 crisis. Waters highlighted that the Republican budget failed to provide real solutions that will address the problems of the racial wealth gap, homelessness, consumer protection, investor protection and a stable financial system. She released the following statement, which ... (Read More)
At today’s Financial Services Committee hearing entitled, “How to Create a More Robust and Private Flood Insurance Marketplace,” Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, discussed private sector involvement in the flood insurance market. Ranking Member Waters was encouraged by the discussion to improve the Flood Insurance Market Parity and Modernization Act, H.R. 2901, but underscored some concerns she has, while advocating for a bipartisan bill ... (Read More)
Ranking Member Maxine Waters (D-CA) and Representatives Keith Ellison (D-MN), Emanuel Cleaver (D-MO), and Michael Capuano (D-MA) are calling for a joint Department of Justice (DOJ) and Consumer Financial Protection Bureau (CFPB) investigation in response to the Seattle Times and Buzzfeed News’ investigative series concerning allegations of discriminatory lending and collection practices by Warren Buffett-led Berkshire Hathaway subsidiaries Clayton Homes, Vanderbilt Mortgage, and 21st Mortgage. T... (Read More)
In response to a Democratic staff report highlighting shortcomings in personnel diversity policies and practices at seven major financial regulators, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, along with senior members of the panel and members of the Tri-Caucus, released the agencies’ responses to the report’s recommendations for enhancing diversity in the workplace and improving compliance with diversity statutes, particularly section 1116 of the ... (Read More)
Following the vote by the Federal Open Market Committee (FOMC) to raise the federal funds rate target by 25 basis points, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, cautioned policymakers to carefully consider the adverse impact that further rate increases would entail for low income Americans and minority communities. Ranking Member Waters released the following statement: “Today’s decision by the Federal Open Market Committee to increase rates re... (Read More)
In response to recent violent attacks in San Bernardino, CA and abroad, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, has re-introduced legislation to heighten accountability on financial institutions to improve anti-money laundering and counter-terrorism safeguards. By holding bank executives personally liable and increasing penalties for willful and negligent violations of the Bank Secrecy Act, the measure would encourage banks to take appropriate s... (Read More)
During a hearing where members of the Financial Stability Oversight Council, or FSOC, appeared before the full Committee, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, underscored the need for a coordinating regulatory body in the wake of the financial crisis and highlighted its work to provide stability to investors, consumers and our national economy. Waters reminded Members of the damage caused by the crisis, while noting that repeated attempts by ... (Read More)
As the House completed votes on final passage of H.R. 22, and with it the four-year reauthorization of the Export-Import Bank, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, hosted a press conference to mark the long-awaited renewal of the export credit agency. Waters discussed the many ways she and other supporters have worked to achieve reauthorization of the Bank, which has helped support hundreds of thousands of American jobs and enabled thousands ... (Read More)
During floor consideration of H.R. 3189, the so-called FORM Act, Congresswoman Maxine Waters (D-CA), Ranking Member of Financial Services Committee, urged rejection of the bill, which seeks to hamstring the Federal Reserve’s ability respond to variable market conditions, limit its independence, and undercut its efforts to fulfill its dual mandate. H.R. 3189 also adds an additional layer of bureaucracy to monetary policy making, establishing a Monetary Policy Commission that would review and make... (Read More)
During general debate on the Portfolio Lending and Mortgage Access Act, H.R. 1210, on the House floor today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, led opposition to the measure, which would allow the largest banks in the country to make the sorts of predatory and risky loans that left the American economy on the brink of collapse. The top Democrat went on to underscore the most harmful aspects of H.R. 1210, as it would scale back the ability-t... (Read More)
Delivering remarks on the House floor in opposition to H.R. 1737 today, Congresswoman Maxine Waters (D-CA), Ranking Member of Committee on Financial Services, denounced efforts to undermine policies to root out longstanding discriminatory lending practices in auto financing. Waters specifically pointed to the consequences of the bill, which would nullify critical guidance to prevent auto-lending discrimination and leave minority buyers exposed to undisclosed mark-ups and higher interest rates. S... (Read More)
Following the release of the results of the most recent independent actuarial analysis, which indicate that the Mutual Mortgage Insurance Fund (MMIF) has reached its Congressionally mandated capital reserve ratio, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, applauded FHA’s efforts to both strengthen the MMIF and expand access to homeownership for low-to-moderate income working families in the wake of the worst financial crisis in a generation. In pa... (Read More)
In response to a solicitation by House Financial Services Committee Chairman Jeb Hensarling (R-TX) for the public to offer ideas on alleviating poverty and housing affordability in light of the Department of Housing and Urban Development’s (HUD) 50th anniversary, Ranking Member Maxine Waters (D-CA), outlined a number of existing, proven approaches that already are helping to improve HUD’s efforts to provide the nation’s most vulnerable with housing that is safe, decent and affordable. In the let... (Read More)
United States Senators Elizabeth Warren (D-Mass.), Chris Murphy (D-Conn.), and Senate Committee on Health, Education, Labor and Pensions (HELP) Ranking Member Patty Murray (D-Wash.), along with House Committee on Financial Services Ranking Member Maxine Waters (D-Calif.), House Committee on Education and the Workforce Ranking Member Bobby Scott (D-Va.), and 12 other congressional leaders on college accountability today sent a bicameral letter urging the Department of Education (ED) to grant imme... (Read More)
Financial Services Committee Democrats, led by Ranking Member Maxine Waters (D-CA), participated in a Subcommittee field hearing, requested by Democrats, held today at the Port of New Orleans to commemorate the 10-year anniversary of Hurricane Katrina and review Federal efforts to support the City’s recovery. Several officials participated in the day’s events, including Housing and Insurance Subcommittee Chairman Blaine Luetkemeyer (D-MO), Subcommittee Ranking Member Rep. Emanuel Cleaver (D-MO),... (Read More)
Following passage today of H.R. 22, the DRIVE Act, by a vote of 371 – 54, which included a hard-fought, long-term reauthorization of the Export-Import Bank, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, praised colleagues, exporters, workers and business owners, and a broad coalition of advocacy groups on their tireless efforts to revive the export credit agency. The vote culminated more than two years of advocacy by House Democrats, both in leadershi... (Read More)
Federal financial services agencies have yet to reflect the racial and ethnic diversity of the American population in their workforces – this according to a Democratic Financial Services Committee staff report released during a press conference today led by Rep. Maxine Waters (D-CA), Ranking Member of the Financial Services Committee. Senior Democratic Members in attendance included the Chairs of the Congressional Black Caucus, Rep. G.K. Butterfield (D-NC) and Congressional Asian Pacific America... (Read More)
In advance of testimony by Chair Janet Yellen to discuss the Federal Reserve Board’s implementation of Dodd- Frank rules, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, pointed out the importance of the Fed’s supervisory role in preventing large banks and firms like AIG from ever destabilizing the American financial system again. The top Democrat praised the Fed’s efforts to stabilize the economy and implement broad reforms to the banking industry, and... (Read More)
On Thursday, November 5, 2015 at 10:00 a.m., Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, will join representatives and chairs of the tri-caucus to unveil a report, highlighting federal financial services agencies’ current compliance with federal diversity provisions, trends in performance review evaluations and workforce diversity throughout these agencies. During the event, participants will discuss their reaction to the data, which was compiled ov... (Read More)
Following the release of a new Department of Education rule this week, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, joined Committee on Education and the Workforce Ranking Member Rep. Bobby Scott (D-VA) and Rep. Peter Welch (D-VT) in expressing their support for critical protections that would put an end to financial companies steering college students to abusive, predatory financial products. In 2009, President Obama signed the CARD Act into law, banni... (Read More)
In remarks on the House floor today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, led Democrats in opposition to H.R. 1090, the so-called Retail Investor Protection Act, a measure that would stall the Department of Labor’s rulemaking establishing critical consumer protections from conflicted investment advice. The top Democrat outlined the Department’s efforts to address concerns from the general public, including a 164-day comment period, four days ... (Read More)
In an effort to address a rapid decline in the availability of affordable housing, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, today introduced the Project Based Voucher Improvement Act. The bill would allow public housing authorities (PHAs) increased flexibility to develop new units of housing to serve vulnerable populations, including the homeless, the elderly, and persons with disabilities, and to create housing opportunities in areas where vouch... (Read More)
In opening remarks during a hearing in observance of the 50th anniversary of the U.S. Department of Housing and Urban Development (HUD), Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, outlined the accomplishments of the agency and the impact HUD has had in the lives of America’s most vulnerable individuals and families. Waters also focused on the need for more robust support for HUD programs, highlighting a visit to N Street Village, a homeless service... (Read More)
The leading Democrats on the Senate Banking and House Financial Services Committees today voiced their strong objections to Republican efforts to use must-pass government funding legislation to repeal, undermine, or delay financial reforms and consumer protections. In a letter to Congressional leaders, Sen. Sherrod Brown (D-OH) and Rep. Maxine Waters (D-CA) said they will oppose efforts to use ideological policy riders to jam financial deregulation proposals through the appropriations process. B... (Read More)
In advance of a Committee hearing on the 50th anniversary of the Department of Housing and Urban Development (HUD), Congresswoman Maxine Waters (D-CA), Ranking Member of the U.S. House of Representatives’ Committee on Financial Services, joined by Committee colleagues Rep. Emanuel Cleaver (D-MO), Ranking Member of the Subcommittee on Housing and Insurance, and Rep. Al Green (D-TX), Ranking Member of the Subcommittee on Oversight and Investigations, for a visit to N Street Village, a homeless pr... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Democrat on the Financial Services Committee in the U.S. House of Representatives, offered the following statement for the record in response to a special meeting of the Los Angeles County Board of Supervisors earlier today with Mayor Eric Garcetti and U.S. Department of Housing and Urban Development Secretary Juliàn Castro to address the City and County of Los Angeles’ ongoing efforts to address homelessness: “As Ranking Member of the Financial Servic... (Read More)
In advance of a hearing to examine the effectiveness of the Department of Housing and Urban Development in light of its 50th anniversary, Ranking Member Maxine Waters (D-CA), will lead a group of Financial Services Committee Members on a tour of the N Street Village – a homeless service provider for low-income and homeless women in Washington, D.C. – to highlight the critical need for investment in programs that support our nation’s most vulnerable populations, and the many ways these programs l... (Read More)
As a majority of the House of Representatives, Democrats and Republicans, came together today to gather enough signatures on a discharge petition to force a vote on the reauthorization of the Export-Import Bank, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, provided the 218th signature required by House rules to move the historic process forward. The discharge process has only been used five times in U.S. history successfully, and Waters’ signature re... (Read More)
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued letters to the Government Accountability Office (GAO) urging the agency to review two controversial demonstration programs at the U.S. Department of Housing and Urban Development (HUD): Moving to Work (MTW) and the Rental Assistance Demonstration (RAD). The letters come as Congress considers a significant expansion to the MTW program and as HUD oversees the implementation of a recently approv... (Read More)
In opening remarks during a Financial Services Committee markup today, Congresswoman Maxine Waters (D-CA), the Committee’s Ranking Member, outlined the negative impacts of the group of bills under consideration and stressed the need to revive export credit financing for American businesses and workers. Specifically, the Ranking Member pointed out that the measures threaten to hamper efforts to boost protections for the retirements savings of hardworking Americans, increase transparency in our ma... (Read More)
In opening remarks during today’s full Committee hearing with Consumer Financial Protection Bureau Director Richard Cordray, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services panel, commended the results outlined in the agency’s semi-annual report. Waters also underscored the importance of the agency’s work to develop rules on payday lending, debt collection and mortgage lending. This critical work has continued despite incessant attacks and failed constitutional chall... (Read More)
In response to G.E.’s second major announcement in the past two weeks that it will expand its operations in Europe where export credit financing is made readily available, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released the following statement: “I am disappointed that as another day has passed without action from House Republican Leadership to revive the Export-Import Bank, more American jobs will be lost to countries that have well-functioning... (Read More)
Following the announcement of a decision today by the Federal Open Markets Committee to hold off on raising interest rates, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, commended the cautious and prudent approach to ensuring continued economic growth of the U.S. economy. In the statement, Waters noted global market volatility and the fact that many families in minority communities have yet to fully benefit from the progress the economy has made, and ... (Read More)
In response to General Electric’s announcement of relocation of its production and jobs to France, Hungary, and China in the wake of the expiration of the Export-Import Bank’s charter, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, underscored the negative impacts of Republican’s obstruction on communities across the nation. The ranking Democrat went on to urge Republicans in leadership to bring Ex-Im reauthorization legislation up for a vote before th... (Read More)
During floor debate on H.R. 3461, a resolution to approve the Joint Comprehensive Plan of Action, the deal struck between Iran and six world powers in July, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, led several Democrats in expressing their support for the deal on the House floor. Waters remarks also emphasized growing support for the deal and touted it as the best alternative to any potential military action in Iran. She delivered the following r... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Democrat on the Committee on Financial Services, hosted an in-depth discussion today with actor, activist, and philanthropist Richard Gere and a panel of policy experts on the state of homelessness in America, focusing on the need for additional resources, coordination, and attention to help prevent and end homelessness in America. In addition to Gere, the panel of homelessness policy experts included Nan Roman, President and CEO of the National Allia... (Read More)
Today, September 9, 2015, marks the 50th anniversary of the U.S. Department of Housing and Urban Development’s (HUD) founding. In commemoration of this milestone, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, commended HUD for its unparalleled work expanding opportunity and providing safe, decent, and affordable housing for millions of families across the country. Congresswoman Waters also reiterated the importance of HUD, noting that the agency’s ... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of Committee on Financial Services, will participate in the observance of the 10th Anniversary of Hurricane Katrina to highlight the progress made since the depths of the storm and underscore the remaining work that must be done to ensure full recovery in the Gulf. Congresswoman Waters played an instrumental role in the post-storm recovery, leading the subcommittee charged with oversight of the Department of Housing and Urban Development (HUD). ... (Read More)
Following an announcement of several hundred layoffs planned at Boeing’s satellite factory in southern California, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, underscored the very real impact the Export-Import Bank’s shut down is having on American workers. The layoffs add to the growing number of jobs at risk as a result of the export credit agency’s inability to generate and negotiate new deals on behalf of American exporters. Further, the announc... (Read More)
Following an announcement of a settlement agreement between the U.S. Department of Justice (DOJ) and the Housing Authority of the County of Los Angeles (HACoLA) to resolve allegations that it collaborated with the cities of Lancaster and Palmdale, as well as the County’s Sheriff’s Department to discourage low-income African American residents from utilizing Section 8 Housing Choice vouchers, Congresswoman Maxine Waters (CA-43), Ranking Member of the Committee on Financial Services, expressed her... (Read More)
As House Republicans prepare to leave town for a nearly six-week summer recess, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, took the party to task for failing to take any action to re-open the Export-Import Bank, which has been shut down for nearly a month. Waters blasted Republicans for voting against a procedural motion called the “previous question,” which would have forced a vote on legislation to extend the Bank’s charter through 2019. The legisla... (Read More)
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, introduced legislation to reform a controversial demonstration program at the U.S. Department of Housing and Urban Development (HUD) known as the “Moving to Work” (MTW) program. The measure, entitled the “Moving to Work Reform Act,” seeks to address many of the known shortcomings of the current demonstration program by requiring HUD to subject all future MTW agreements to several new terms and condi... (Read More)
At the second in a series of hearings on the fifth anniversary of the Dodd-Frank Act, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, noted that while Dodd-Frank has done much to stabilize our financial system, the devastating effects of the crisis continue to affect some of the most vulnerable segments of our population. She also underscored the importance of focusing on public housing, the cities and towns still devastated from the foreclosure crisis, an... (Read More)
At a hearing to discuss the Dodd-Frank Wall Street Reform Act's increased capital and liquidity requirements for the nation's biggest banks, Congresswoman Maxine Waters (D-CA), Ranking Member of Financial Services Committee, strongly rebuked critics by showing how these requirements have effectively stabilized and strengthened financial markets. The top Democrat pointed to reports of record profits for banks and increases in lending as clear signals that Dodd-Frank has made our financial system ... (Read More)
Following a meeting at the White House with President Obama and small business owners affected by the shutdown of the Export-Import Bank, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, underscored Democrats’ commitment to passage of a long-term reauthorization of the export credit agency. She issued the following statement: “I am pleased to join President Obama in continuing to bring attention to the need for the immediate reauthorization of the Export... (Read More)
Today, a broad and diverse group of House Democrats expressed their strong support for a rule proposed by the Department of Labor (DOL) that seeks to ensure those providing investment advice are actually working in the best interest of retirement savers. In a letter led by Reps. Maxine Waters (D-CA), Ranking Member of the Financial Services Committee and Bobby Scott (D-VA), Ranking Member of the Education and Workforce Committee, the lawmakers praised the DOL’s efforts, led by Labor Secretary Th... (Read More)
Five years after its passage, a new report has concluded that while the Dodd-Frank Wall Street Reform Act has been successful in the face of constant Republican attack, more must be done to ensure all Americans can benefit from our nation's recovery. The findings were announced today as part of a comprehensive report released by Democratic staff on the Financial Services Committee, at the direction of Ranking Member Maxine Waters (D-CA). The report highlights the law’s accomplishments since its ... (Read More)
Leading House Democrats today sent a letter urging United States Trade Representative (USTR) Michael Froman to negotiate provisions in the upcoming Trans-Pacific Partnership (TPP) trade agreement that provide governments the flexibility to help protect and strengthen the stability of their financial systems by implementing measures that would stem flows of speculative capital. The letter, led by House Ways and Means Committee Ranking Member Sander M. Levin (D-MI) and House Financial Services Com... (Read More)
At the conclusion of a first-of-its-kind Capitol Hill gathering of lawmakers and religious leaders to discuss the impact predatory payday and small-dollar lending practices are having in communities across America, Congresswoman Maxine Waters (D-CA) announced she will be calling on some of the country’s most notable endowments and state retirement plans to begin to take steps to divest their interests in one of the country’s largest payday lenders. The announcement came at an Interfaith Payday L... (Read More)
Five leading Democratic lawmakers today called on President Obama to urge the International Monetary Fund (IMF) to revisit the terms of Jamaica’s current economic program, which to date has been characterized by continued low growth, a decline in social indicators, high unemployment and threats to social cohesion. The House lawmakers did so in a letter led by Congresswoman Maxine Waters (D-CA), the Ranking Member of the House Financial Services Committee, which has jurisdiction over U.S. partici... (Read More)
In opening remarks during today’s semi-annual Humphrey-Hawkins hearing with Federal Reserve Chair Janet Yellen, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, urged caution as the Federal Reserve considers raising interest rates before the end of the year. Waters touted the importance of the Dodd-Frank Wall Street Reform Act in ensuring stability in our financial system, and mentioned the significant work that needs to be done to ensure that communi... (Read More)
Congresswoman Maxine Waters (D-CA), the Ranking Democrat on the House Committee on Financial Services, is raising serious objections to what she characterized as a “harmful” Senate proposal to expand the Moving to Work (MTW) Program at the Department of Housing and Urban Development (HUD). In a letter addressed to leaders on the House and Senate Appropriations Committees, Ranking Member Waters urged the removal of language in the fiscal year 2016 Senate Transportation and Housing and Urban Devel... (Read More)
Leading Democrats on the Senate Banking and House Financial Services Committees today urged the Obama Administration to reconsider a proposal that would make it easier for lenders that have engaged in criminal behavior to keep accessing taxpayer-backed mortgage insurance. Sen. Sherrod Brown (D-OH), the Banking Committee’s senior Democrat, Rep. Maxine Waters (D-CA), the senior Democrat on Financial Services, and Sen. Elizabeth Warren (D-MA) outlined their concerns in a letter to the leaders of th... (Read More)
This Thursday, July 16, 2015, at 2:30 p.m., Congresswoman Maxine Waters(D-CA), Ranking Member of the Committee on Financial Services, will convene leaders from Muslim, Christian and Jewish communities to highlight the moral and religious objections that faith leaders have raised in response to predatory payday and small-dollar lending practices in communities across America. The roundtable will address the impact of these harmful products on the communities that these faith leaders serve, and de... (Read More)
Today, four leading Democratic members of Congress hosted Chief Investment Officers (CIOs) from some of the largest federal pension plans and senior executives from the nation’s leading minority and women-owned asset management firms for a half-day summit to discuss the underutilization of these firms in the management of federal retirement plan assets. Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, U.S. Senators Cory Booker (D-NJ), Elizabeth Warren (D-MA... (Read More)
At a hearing to commemorate the five year anniversary of the Dodd-Frank Wall Street Reform Act, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, issued a strong rebuke to Republican attacks on the landmark law, recounting the devastation of the crisis, the success of the law thus far, and documenting Republicans’ efforts to return to the practices that brought the economy to its knees in the first place. Her opening statement follows: “Thank you, Mr. Chairman. Tod... (Read More)
Today, several leading Democrats on the Financial Services Committee urged two federal agencies to “immediately” begin rulemaking to implement a key civil rights provision of the Dodd-Frank Wall Street Reform Act. In a letter led by Committee Ranking Member Maxine Waters (D-CA), 13 lawmakers urged Consumer Financial Protection Bureau (CFPB) Director Richard Cordray and Federal Reserve Chair Janet Yellen to begin the rulemaking process to implement a provision of Dodd-Frank that creates new colle... (Read More)
Following today’s announcement by the U.S. Department of Housing and Urban Development (HUD) of a final rule that will provide communities with data, tools and guidance to help them meet long-standing fair housing obligations, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, praised the measure as critical to address the effects of the segregation and inequality across our nation. She released the following statement on the rule, which strengthens the Affirmativel... (Read More)
Mere hours before the Export-Import Bank’s charter is set to expire at midnight, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, joined Democratic Whip Steny Hoyer (D-MD), Monetary Policy and Trade Subcommittee Ranking Member Gwen Moore (D-WI) and Congressman Denny Heck (D-WA) in expressing their disappointment about the Republican-driven shutdown of America’s export credit agency. In remarks addressed to media, Waters outlined the immediate effects of ... (Read More)
As the House of Representatives leaves town for a week-long recess without taking up legislation to extend the Export-Import Bank’s charter just days before it is set to shut down, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement: “Today, Speaker Boehner and House Republicans have chosen once again to govern by crisis, leaving town without taking a single step to prevent the Export-Import Bank from shutting down. While I re... (Read More)
Following the Supreme Court’s decision to uphold the doctrine of disparate impact under the Fair Housing Act, which allows courts to hold defendants liable for the discriminatory effects of its actions, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, praised the decision. The standard was challenged under the case entitled Texas Department of Housing and Community Affairs, et al. v. Inclusive Communities Project, Inc., et al. For years, disparate impact ha... (Read More)
Following a House panel’s approval of legislation to fund the Departments of Labor, Education, and Health and Human Services, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, criticized Republicans for advancing legislation that would undermine a broad swath of the American people, from seniors and students to those investing in their retirement. Waters criticized two central tenets of the measure that undercut important protections for hardworking American... (Read More)
With just one day remaining for Congress to act before the Export-Import Bank shuts down, a wide array of Democrats took to the House floor asking for unanimous consent to extend its charter by bringing up H.R. 1031 – a bill sponsored by Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, Monetary Policy and Trade Subcommittee Ranking Member Gwen Moore (D-WI), Reps. Denny Heck (D-WA) and Democratic Whip Steny Hoyer (D-MD). Waters and Heck also led an attempt to force a vote... (Read More)
Today, two leading Democratic Members of Congress are raising concerns with the release of final diversity assessment standards by six federal financial regulators, which were called for by the Dodd-Frank Wall Street Reform Act. In a joint statement Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee and chief architect of the provision, known as “Section 342” joined Congresswoman Joyce Beatty (D-OH), a leading Democrat overseeing its implementation, in express... (Read More)
Today, with just five days for Congress to act before the Export-Import Bank shuts down, Democrats on the Financial Services Committee took to the House floor in an attempt to force a vote to bring legislation to reauthorize, reform and re-energize the Export-Import Bank up for a vote. Using a parliamentary procedure called the "previous question," Democrats are pressing for consideration of H.R. 1031, the “Promoting U.S. Jobs through Exports Act of 2015,” as part of the debate over legislation ... (Read More)
Following a House panel’s approval of a financial services spending bill, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, criticized Republicans for advancing legislation that would undermine consumer protection, weaken important Wall Street reforms and hurt regulators’ ability to protect our economy. She released the following statement: “This legislation is just the latest Republican gift to Wall Street Banks at the expense of American consumers and taxp... (Read More)
During today’s full committee hearing to discuss the Financial Stability Oversight Council’s annual report with Treasury Secretary Jack Lew, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee applauded the critical work of the Council in identifying risks to the financial system and protecting American consumers and the overall stability of the economy. The top Democrat criticized efforts by Republicans to undermine the Council, noting that a major contributin... (Read More)
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, praised the Department of Housing and Urban Development (HUD) for its announcement to provide reverse mortgage servicers the discretion to allow surviving spouses to stay in their homes in instances where the borrower passes away. Ranking Member Waters has been a leader on this issue, in May calling on HUD Secretary Castro to provide meaningful relief and increased transparency for seniors participatin... (Read More)
During today’s full Committee hearing featuring Department of Housing and Urban Development (HUD) Secretary Julian Castro, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, highlighted the critical importance of HUD and underscored the need to provide robust funding for the agency’s programs. In opening remarks, the top Democrat noted that Republicans have no interest in strengthening the national housing system, criticizing their repeated efforts to underfu... (Read More)
With just ten days left for Congress to act before the Export-Import Bank shuts down, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, took to the House floor to call on House Republican leadership to bring renewal legislation to a vote. Stressing the importance of the agency to creating and sustaining American jobs in every corner of the nation, Waters outlined the shortsightedness of allowing the Bank to expire, which would put hundreds of thousands of... (Read More)
Following the House’s passage of a measure to fund the nation’s housing programs, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, blasted Republicans for undercutting important housing programs that protect our most vulnerable populations. Waters also expressed her disappointment with GOP efforts to bury the debate on the housing title of the legislation, which was held late into the night on two separate occasions. She released the following statement: “I... (Read More)
Following the House of Representatives’ passage of a bill to renew the Commodity Futures Trading Commission (CFTC), Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, criticized the measure as an effort to hamstring regulators’ ability to regulate the complex and important derivatives marketplace. Waters blasted the legislation as a multifaceted Republican attempt to roll back Wall Street Reform by opening up overseas loopholes for big banks, imposing heavy a... (Read More)
As the White House intensifies its push for Trade Promotion Authority from Congress so it can conclude talks on the 12-nation Trans-Pacific Partnership (TPP), yesterday Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, expressed concern that the TPP could undermine essential financial reforms, including those passed as part of the Dodd-Frank Wall Street Reform Act. In a letter sent to President Obama, the senior Democrat underscored the limitations and inter... (Read More)
As American export businesses continue facing uncertainty regarding the Export-Import Bank’s charter, top Democrats on Thursday continued to press the Republican Majority to bring a legislative proposal to renew and reform the agency to a vote. Financial Services Committee Ranking Member Maxine Waters (D-CA) joined Democratic Whip Steny Hoyer (D-MD), Monetary Policy and Trade Subcommittee Ranking Member Gwen Moore (D-WI) and Rep. Denny Heck (D-WA) to highlight the increasingly vocal support for ... (Read More)
In the wake of five megabanks pleading guilty to felony charges, a number of prominent Democratic lawmakers are calling on the Department of Labor (DOL) to carefully consider whether to waive sanctions that would be automatically imposed on these institutions stemming from their guilty pleas. The lawmakers today called on DOL to hold a public hearing on any waivers requested by the banks, to promote transparency in DOL’s decision-making. The request was made in a letter to Labor Secretary Thomas... (Read More)
Leading Democrats on the Senate Banking and House Financial Services Committees today announced the broad support of Democratic Members for legislation to provide targeted relief to small financial institutions and protect consumers. The measure, which was introduced in both the House of Representatives and the United States Senate, has the unanimous support of Democratic Members of the respective committees. Entitled the “Community Lender Regulatory Relief and Consumer Protection Act of 2015,” ... (Read More)
As Republicans in Congress continue to run out the clock on the Export-Import Bank, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, condemned the Majority’s continued ideological attacks in the face of bipartisan support from a majority of the House of Representatives. Waters underscored that just 14 legislative days remain until this economic engine for growth shuts down, and levied criticism at Chair Hensarling (R-TX) for eleventh-hour brinksmanship t... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, is calling on the Department of Housing and Urban Development (HUD) to provide meaningful relief and increased transparency for seniors participating in its reverse mortgage program, knowns as the Home Equity Conversion Mortgage program (HECM). Waters expressed concern that many senior citizens are facing foreclosure, or will face foreclosure due to deceptive lending practices and previous HUD protocol for... (Read More)
Following Financial Services Committee Chairman Hensarling’s announcement of the issuance of a subpoena for Federal Reserve documents related to the leak of market-sensitive Fed deliberations, Congresswoman Maxine Waters (D-CA), the Committee’s Ranking Member, released the following statement: “The unauthorized disclosure of confidential information is a serious matter, and the Federal Reserve’s Inspector General has joined with the Department of Justice to conduct a thorough inquiry. The politi... (Read More)
Today, Democrats on the Financial Services Committee upended a markup of 13 measures focused on capital formation for American small businesses to demand immediate action to renew the Export –Import Bank (Ex-Im). Led by Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee, Democrats highlighted the benefits of the Bank in their districts, while noting that with only 18 legislative days until it expires, the Republicans have yet even hold a hearing on legislation to renew the Bank.... (Read More)
Following guilty pleas by five of the largest banks to criminal violations, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, expressed her disappointment with the Department of Justice’s failure to hold any individuals criminally accountable. In addition, Waters expressed her concern with reports that the Securities and Exchange Commission (SEC) will allow these banks to continue doing business as usual, by waiving certain bad actor disqualifications in the securi... (Read More)
During a markup of 13 legislative proposals focused on capital formation for small businesses, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, led her fellow Democrats in criticizing Republicans for failing to consider legislation to renew the charter Export-Import Bank, an entity that helps American businesses grow and create jobs. With only 18 legislative days until the Export-Import Bank shuts down, the top Democrat expressed concern with the uncerta... (Read More)
Following reports that five of the largest banks will soon plead guilty to criminal antitrust violations and pay several billion dollars for rigging foreign currencies, the top Democrat on the Financial Services Committee is raising concerns about the possibility that the Securities and Exchange Commission (SEC) will allow these banks to continue doing business as usual, by waiving certain bad actor disqualifications in the securities laws. In a letter to SEC Chair Mary Jo White, Congresswoman M... (Read More)
At today’s Financial Services committee hearing on data security breaches, Ranking Member Maxine Waters (D-CA) cautioned lawmakers to ensure that any Congressional effort to set national enforcement and notification standards provide a strong federal minimum, ensure flexibility for states to build on those minimum standards and avoid hamstringing their ability to adapt and strengthen them as new technologies emerge. Waters underscored the importance of this issue, and called for a bipartisan app... (Read More)
As the House Agriculture Committee considers legislation that would renew the Commodity Futures Trading Commission (CFTC), Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, expressed concern over provisions that would make changes to the Dodd-Frank Wall Street Reform Act, and weaken derivatives rules. Waters released the following statement: “This harmful proposal is an obvious attempt to hamstring an already underfunded agency charged with the critical over... (Read More)
At a subcommittee hearing related to the Dodd-Frank Wall Street Reform Act, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, reminded her colleagues as to why bold action was needed in the aftermath of the worst crisis since the Great Depression. She also underscored Dodd-Frank’s popularity with the American public and reiterated the few legislative days left until the Export-Import Bank closes its doors. Her statement follows: “Thank you, Mr. Chairman. Before I b... (Read More)
Following today’s announcement of subpoenas for three federal agencies by Financial Services Committee Chairman Jeb Hensarling (R-TX), Congresswoman Maxine Waters, the Committee’s Ranking Member, released the following letter laying out her strong objections to the process by which the subpoenas were issued. The letter was sent on Friday, May 8, after she was notified of the Chairman’s intentions. The Ranking member raised concerns over the unilateral issuance of subpoenas without getting consen... (Read More)
In less than 24 hours, an effort to bypass House Republican leadership and force a vote on legislation to extend the Export-Import Bank’s charter has garnered the support of 179 Members of Congress. Led by three key Democratic members of the Financial Services Committee, the lawmakers have signed a discharge petition; a procedure that, if supported by a majority of the House, would bring legislation to reauthorize and reform the Export-Import Bank up for a vote. Rep. Denny Heck (D-WA), Ranking M... (Read More)
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, introduced legislation to comprehensively address chronic underfunding of the public housing program in the United States to ensure access to housing that is safe, decent and affordable for the 1.2 million vulnerable families who rely on it. The measure, entitled the Public Housing Tenant Protection and Reinvestment Act, seeks to preserve public housing and transform extremely impoverished neighborh... (Read More)
Following comments by Speaker Boehner that, “there are thousands of jobs on the line that would disappear pretty quickly if the [Export-Import] Bank were to disappear," Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, urged the Republicans on the Committee to stand up for American jobs and businesses by taking action to renew and reform the Export-Import Bank, which is set to expire June 30. The remarks were delivered during a joint hearing today with th... (Read More)
With just 26 legislative days left until the Export-Import Bank closes its doors on June 30, House Democrats today initiated an effort to bypass House Republican leadership that would force a vote on legislation to extend the Bank’s charter. Three key Democratic members of the Financial Services Committee have joined with Democratic Leader Nancy Pelosi and Whip Steny Hoyer to sign a discharge petition; a procedure that, if supported by a majority of the House, would bring legislation to reauthor... (Read More)
Following a House Appropriations subcommittee’s approval of a measure to fund the nation’s housing programs, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, blasted Republicans for undercutting important housing programs that protect our most vulnerable populations. The legislation, known as the Transportation, Housing and Urban Development and Related Agencies (THUD) Appropriations bill, slashes or provides insufficient funding for a number of the Departm... (Read More)
As the House considers H.R. 1195, legislation related to advisory boards at the Consumer Financial Protection Bureau (CFPB), Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, lamented yet another underhanded attempt by the Republican majority to undermine the consumer watchdog by significantly cutting its budget. As originally written, the once-bipartisan measure would codify two of the advisory boards that CFPB voluntarily created to address the concerns... (Read More)
Two leading Democrats on the Financial Services Committee are urging the Federal Retirement Thrift Investment Board (Board) to incorporate and prioritize diversity as it considers the creation of a mutual fund window within the $439 billion Federal Thrift Savings Plan (TSP). In a letter addressed to head of the Board today, Congresswoman Maxine Waters (D-CA), the Committee’s Ranking Member and Rep. Gregory Meeks (D-NY), a senior member of the panel, stressed the importance of ensuring greater mi... (Read More)
With the Export-Import Bank’s charter set to expire in just 32 legislative days, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, today blasted House Republicans for wasting time hosting a hearing on the implementation of the 2012 reauthorization – and called on them to instead focus on ensuring its doors remain open. In a joint hearing between subcommittees of both the Financial Services and Oversight and Government Reform Committees, Waters pointed to ... (Read More)
In advance of final votes today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, led efforts to oppose the so-called “Mortgage Choice Act,” (H.R. 685) a measure that would weaken vital consumer protections for low-income Americans looking to purchase a home, exponentially increase mortgage costs, and undo the critical work of the Consumer Financial Protection Bureau (CFPB) by allowing a return to the practices frequently used in the period prior to the ... (Read More)
Leading opposition to final passage of the “Preserving Access to Manufactured Housing Act” on the House Floor, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, criticized the measure for rolling back critical borrower protections put in place by the Consumer Financial Protection Bureau, undercutting the Dodd-Frank Wall Street Reform Act and encouraging the kind of predatory lending practices that previously brought the American economy to the brink of co... (Read More)
Following an announcement from the Department of Labor (DOL) that it has proposed for public comment rules on the provision of investment advice for retirement assets, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued a statement in strong support of the Administration’s move to modernize its “fiduciary duty” rule, which seeks to ensure that those providing investment advice are actually working in the best interest of retirement savers. Waters app... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, today delivered testimony in front of the House Rules Committee, stating her strong opposition to two measures, the “Preserving Access to Manufactured Housing Act,” (H.R. 650) and the “Mortgage Choice Act,” (H.R. 685) . In her testimony, the top Democrat described the consequences of enacting these measures, stating that they would rollback critical consumer protections enacted under Dodd-Frank and leave ... (Read More)
Following an announcement by the Consumer Financial Protection Bureau (CFPB) of its intent to draft rules to deter payday lending abuse, and in advance of President Obama’s trip to Birmingham, Alabama to speak about the matter, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, underscored her support for the Bureau’s action. Waters, a strong advocate of the agency’s successful work to protect American consumers, offered the following statement: “I join th... (Read More)
Following the Securities and Exchange Commission’s (SEC) vote to finalize a rule expanding an exemption allowing businesses to raise up to $50 million from the public markets, six leading Democratic lawmakers on the Financial Services Committee expressed concern with the consequences of preempting critical investor protections at the state level. Led by Congressman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee and Congressman Stephen Lynch (D-MA) the members voiced the... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, today called on the Department of Housing and Urban Development (HUD) to issue formal guidance amending previous guidance that explicitly encouraged the “one strike and you’re out” policy, in which Public Housing Authorities evict residents on the basis of criminal activity that may, or may not, be under their control. The policy, first promulgated during the now debunked “War on Drugs,” encourages hardlin... (Read More)
During opening remarks at a Financial Services Committee markup of nearly a dozen legislative proposals today, Congresswoman Maxine Waters (D-CA), the Committee’s Ranking Member, outlined a number of areas where Democrats are willing to with Republicans to find bipartisan compromise. However, the Ranking Member also stressed that while Democrats are willing to work with their Republican colleagues, concerns remain that the members of the majority will continue their attempts to undercut Dodd-Fra... (Read More)
Today, as the House of Representatives considered the Republican budget proposal on the House Floor, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, waged a devastating critique of the proposal as harmful to our nation’s economic stability, to our housing market and to American consumers. Waters criticized the shortsightedness of a Republican budget that would invite a return to the risky days that led to the crisis, by repealing important prohibitions aga... (Read More)
Today, the Ranking Member of the Financial Services Committee strongly defended the right of American workers and retirees to receive honest financial advice free of double dealing and conflicts of interests. At the second in a series of congressional forums designed to address issues facing America’s middle class, Congresswoman Maxine Waters (D-CA) defended the Obama Administration’s forthcoming fiduciary duty rule, and pledged to oppose Republican efforts to undermine it. The series of forums,... (Read More)
In remarks prior to testimony from Securities Exchange Commission (SEC) Chairwoman Mary Jo White, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, discussed her recently released draft legislation, the “Bad Actor Disqualification Act.” The proposal would increase transparency by establishing a more vigorous, fair and public process for granting waivers of bad actor disqualifications at the SEC. The measure, which already boasts the support of labor, consume... (Read More)
Washington, D.C. – As Securities and Exchange Commission (SEC) Chair Mary Jo White prepares to testify before the Financial Services Committee today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, has unveiled a proposal to increase transparency and establish a more vigorous, fair and public process for granting waivers of bad actor disqualifications. Certain provisions in securities laws allow law-abiding companies to engage in routine activities with le... (Read More)
A coalition of nearly every Democratic Member of the House Financial Services Committee is calling on Republicans to make good on their pledge to address poverty by holding hearings on ending homelessness in America. In a letter sent today to Chairman Jeb Hensarling (D-TX), 25 Committee Democrats requested the majority pay increased attention to the issue by hosting a series of hearings on the status of homelessness in our nation. Led by Congresswoman Maxine Waters (D-CA), the Committee’s Rankin... (Read More)
For the second time this week, House Republicans today rejected a Democratic motion to bring legislation to reauthorize, reform and re-energize the Export-Import Bank up for a vote. Congressman Denny Heck (D-WA) joined Congressman Al Green (D-TX) in leading the effort to bring the measure, H.R. 1031, to the Floor of the House using a parliamentary procedure called the "previous question." Entitled the “Promoting U.S. Jobs through Exports Act of 2015,” the legislation would create and sustain cri... (Read More)
At a hearing to consider Republican proposals to “preserve consumer choice” today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, expressed skepticism with the majority’s assertion that these proposals would accomplish anything for our nation’s consumers. Waters pointed out the irony of the hearing’s theme, noting that most proposals to be discussed are harmful to consumers and actually weaken Wall Street watchdogs like the Consumer Financial Protectio... (Read More)
Today, Congressional Progressive Caucus (CPC) Co-Chairs Reps. Raúl Grijalva (D-AZ) and Keith Ellison (D-MN) joined Financial Services Committee Ranking Member Maxine Waters (D-CA) in calling on the Securities and Exchange Commission (SEC) to finalize its rule requiring publicly-traded corporations to publicly disclose the ratio of the compensation for their CEO to the compensation of their median worker. The three lawmakers urged completion of the so-called “Median Worker Pay Ratio Rule” via a l... (Read More)
Today, House Republicans rejected a Democratic motion to bring legislation to reauthorize, reform and re-energize the Export-Import Bank up for a vote. Using a parliamentary procedure called the "previous question," House Republicans blocked an effort to bring H.R. 1031, the “Promoting U.S. Jobs through Exports Act of 2015” to the House floor. This legislation, which has 190 Democratic cosponsors, extends Ex-Im’s charter for seven years, increases its lending authority, and modernizes the Bank’s... (Read More)
At today’s Financial Services Committee hearing with Treasury Secretary Jack Lew, Ranking Member Maxine Waters (D-CA) continued to express her disappointment with the Republican refusal to ratify the International Monetary Fund (IMF) quota reform package. In her remarks, Waters underscored the importance of approving the package, and laid out the harmful impact delaying these reforms will have on global stability. Waters delivered these remarks during today’s hearing on “The State of the Interna... (Read More)
Following the release of a report she requested, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, reacted to findings related to diversity and inclusion at the Consumer Financial Protection Bureau (CFPB). Last year, Waters led eight other Democratic members of the Subcommittee on Oversight and Investigations in requesting reports by Inspectors General at the CFPB and all other financial regulators, to assess whether any personnel practices and policies have... (Read More)
During today’s hearing to review the semi-annual report of the Consumer Financial Protection Bureau (CFPB), Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, praised the agency’s work to diligently protect consumers and ensure fairness in the financial system, even in the face of historic Republican efforts to undermine, eliminate and render the agency ineffective. Waters noted in her remarks the agency’s tremendous track record, delivering $5.3 billion in r... (Read More)
As the Director of the Consumer Financial Protection Bureau (CFPB) testifies on Capitol Hill today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, is raising serious concerns about the Republican majority’s newest effort to undermine the consumer agency through its unilateral subpoena authority. In a letter to Committee Chairman Jeb Hensarling (R-TX), Waters raised concerns with a new policy regarding the issuance of subpoenas that affords the CFPB onl... (Read More)
Today, Congresswoman Maxine Waters (CA-43), Ranking Member of the Committee on Financial Services, announced that the Housing Authority of the County of Los Angeles (HACoLA) will receive a $738,000 federal grant to continue employing its “Resident Service Coordinators” who are integral in connecting public housing residents with much-needed supportive services and resident empowerment activities in the community. Even more important, these coordinators link the County’s seniors to resources and ... (Read More)
Less than one day after four leading Democratic lawmakers introduced legislation to reauthorize, reform and re-energize the Export-Import Bank, support for the bill has dramatically intensified. A growing total of more than 190 Democratic members of the House of Representatives have signed on to cosponsor the legislation, entitled the “Promoting U.S. Jobs through Exports Act of 2015,” (H.R. 1031). The surging support for the Democratic measure, in addition to the 58 Republicans who have supporte... (Read More)
In opening remarks during today’s semi-annual Humphrey-Hawkins hearing with Federal Reserve Chair Janet Yellen, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, touted the effectiveness of the Federal Reserve’s post-crisis monetary policy and outlined the remaining work left to do to close the wealth gap – which has been exacerbated by the devastating effects of the recent financial crisis. Waters asserted that while our economy continues to witness u... (Read More)
Four leading Democratic lawmakers have introduced legislation to reauthorize, reform and re-energize the Export-Import Bank, an agency that supports hundreds of thousands of U.S. jobs and levels the playing field so that American businesses are able to compete successfully in global markets. Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, joined Congresswoman Gwen Moore (D-WI), Ranking Member of the Subcommittee on Monetary Policy and Trade, Congressman De... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, released the following statement in reaction to President Obama’s announcement that he is directing his administration to move forward with a proposed rulemaking that will protect families by imposing a “fiduciary standard” on retirement advisors, which will ensure they put the interest of average Americans ahead of their profits. She released the following statement. “I’m pleased that President Obama is focu... (Read More)
In the aftermath of an agreement to provide $480 million in financial relief to students wrestling with predatory loans from now-defunct Corinthian colleges, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, has called for greater clarity surrounding the student loan servicers who are charged with forgiving the debt. In letters sent Wednesday to Consumer Financial Protection Bureau Director Richard Cordray and David Hawn, President and CEO of Education Credi... (Read More)
Over the course of a two-day markup of Republican fiscal year 2016 budgetary priorities in the financial services sector, Financial Services Committee Democrats fought back against a Republican effort to eliminate taxpayer protections and undermine the social safety net. Led by Ranking Member Maxine Waters (D-CA), Democrats fiercely opposed rampant mischaracterizations of critical federal agencies and initiatives, including the Consumer Financial Protection Bureau, Section 8 public housing progr... (Read More)
In a highly charged meeting of the Financial Services Committee to consider the fiscal year 2016 “Budget Views and Estimates” Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, chastised Committee Republicans for putting forth a budget that fails to provide real solutions that will address the problems of income inequality, the racial wealth gap, slow wage growth, unemployment and a secure social safety net. She released the following statement, which can be ... (Read More)
Following an announcement made today by Financial Services Committee Chairman Jeb Hensarling that the Committee will embark upon “an extensive review and thorough examination of the successes and failures” of the Department of Housing and Urban Development, Ranking Member Congresswoman Maxine Waters (D-CA) issued the following statement: “I’m so pleased that Mr. Hensarling and his fellow Republicans suddenly seem to want to focus on the needs of Americans in poverty. Last year, Democrats request... (Read More)
At today’s Full Committee hearing on the Federal Housing Administration (FHA), Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, praised Housing and Urban Development Secretary Julián Castro for his recent decision to lower FHA premiums. Over the next three years, the decision will provide an average of $900 in annual savings for approximately 2 million future homeowners and extend the possibility of homeownership to another 250,000 hardworking Americans cur... (Read More)
In response to recent revelations that HSBC, the second largest commercial bank in the world, committed numerous violations of U.S. and international tax and finance laws, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, expressed her concern at the continued lack of accountability for the individuals associated with providing financial services for some of the world’s worst criminals and tax evaders. Waters, a fierce advocate for Wall Street accountability... (Read More)
As the House of Representatives considered legislation weakening Wall Street’s cash-strapped regulators, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, delivered sharp remarks rebuking H.R. 50, the Unfunded Mandates Information and Transparency Act of 2015. Dubbing it as ‘anti-consumer,’ Waters criticized the burdensome, time-consuming rulemaking requirements outlined in the bill, which would make it harder for regulators to act independently and in the b... (Read More)
Following the Securities and Exchange Commission’s decision to waive sanctions against Oppenheimer & Co., today Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, expressed her disappointment that the SEC issued such a broad waiver of sanctions to a company with an extensive recidivist history. Waters’ comments come as SEC Commissioners Aguilar and Stein today released a dissent to the SEC’s order. She released the following statement. “I am deeply disappoint... (Read More)
Following the release of newly drafted non-bank servicer requirements today, Congresswoman Member Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, commended the Federal Housing Finance Agency for taking positive steps toward establishing protections to prevent American homeowners and taxpayers from falling victim to fraud and abuse. Waters, a strong advocate for safe, decent, affordable housing for all Americans, offered the following statement: “I commend Director... (Read More)
In advance of testimony by Federal Housing Finance Agency (FHFA) Director Mel Watt before the House Financial Services Committee, Ranking Member Maxine Waters (D-CA) commended the Agency’s efforts to ensure that America’s housing market remains affordable and works for everyone. At a hearing to receive an “An Update from the Director of the Federal Housing Finance Agency,” which is charged with overseeing Fannie Mae and Freddie Mac, Waters acknowledged the Government-Sponsored Enterprises’ (GSEs... (Read More)
Ranking Member Maxine Waters (D-CA) today announced subcommittee assignments for the Democratic Members of the House Financial Services Committee. The Ranking Members of each subcommittee were chosen through a selection process based on seniority, with the confirmation of all Committee members. Positions on each subcommittee were secured through an open-bidding process in which all members of the Democratic caucus participate. Factors guiding the process included members’ years of service as wel... (Read More)
In remarks at the Financial Services Committee markup of its Oversight Plan, which is required by House rules to outline Committee work during the 114th session of Congress, Ranking Member Maxine Waters underscored some of her top priorities for the coming two years. Acknowledging a modest departure from the more contentious oversight plan of the 113th Congress, the Ranking Member highlighted areas of importance to prevent the mistakes that led to the financial crisis of 2008. Waters focused on ... (Read More)
Following President Obama’s State of the Union address, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, praised the President for underscoring the importance of the Wall Street Reform Act and making clear he will veto any legislative effort to undermine it. Waters, a tireless advocate for protection the law, also praised the President for his proposal to levy a fee on the largest financial institutions designed to discourage them from accumulating de... (Read More)
In advance of the Department of Labor’s (DOL) historic hearing on Credit Suisse’s petition to continue managing certain assets following a criminal conviction, Congresswoman Maxine Waters (D-CA), who requested the hearing, commended the Department and urged it to deny the bank’s waiver. At the rare public hearing, Credit Suisse’s affiliated qualified professional asset managers (QPAMs) stand to lose their beneficial legal status after pleading guilty to helping clients evade tax debts. Last Octo... (Read More)
Democrats, led by Congresswoman Maxine Waters (D-CA) Ranking Member of the Financial Services Committee garnered 154 “no” votes against H.R. 37, a controversial Republican package of 11 bills that will roll back certain portions of the Wall Street Reform Act. Last week, House Democrats defeated Republican efforts to fast track the same measure through a process known as suspension of the rules, by denying them the two-thirds vote they needed they need for passage. She released the following stat... (Read More)
During a debate that did not begin until well into the evening, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, led House Democratic members in strong opposition to H.R. 37, a harmful package of 11 bills that will roll back certain portions of the Wall Street Reform Act. The legislation contains harmful provisions that undermine Dodd-Frank, which was passed in response to the worst financial crisis in a generation. These include a newly introduced me... (Read More)
Today, Congressman Stephen F. Lynch (D-MA) and Ranking Member Maxine Waters (D-CA), two prominent members of the Financial Services Committee, issued a statement regarding the announcement that Direct Edge will pay a $14 million fine to settle charges by the Securities and Exchange Commission that they failed to disclose how some order types, created at the behest of high frequency trading firms, were being employed on their exchanges. Lynch and Waters applauded the SEC for taking action against... (Read More)
Following the news that the State of California is seeking to suspend Ocwen Financial Corp's license to operate in the state, Congresswoman Maxine Waters (CA-43), Ranking Member of the House Financial Services Committee, praised the action, which was taken following Ocwen’s failure to respond to requests for information from state regulators. She released the following statement: “For years I have been critical of the many abuses some mortgage servicers have heaped on consumers and the woefully ... (Read More)
Today, as the House Financial Services Committee met for the first time in the 114th Congress to consider its rules, Ranking Member Maxine Waters (D-CA) criticized a proposal by Chairman Jeb Hensarling (R-TX) to dramatically change the Committee’s rules. Of the many proposed changes, the most egregious include providing unilateral authority to the Chairman to issue and authorize subpoenas. Although the Committee approved a Waters Amendment requiring the Chairman to provide the Ranking Member not... (Read More)
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, gave the following testimony before the House Rules Committee on H.R. 37, a package of 11 bills designed to undermine the Dodd-Frank Wall Street Reform Act. She also spoke out against H.R. 185 which, among other provisions, places onerous cost-benefit analysis requirements on federal financial regulators. Last week, House Democrats defeated Republican efforts to fast track the same measure throug... (Read More)
As 2014 came to a close, Financial Services Committee Ranking Member Maxine Waters (D-CA) joined with the American Civil Liberties Union (ACLU), the National Fair Housing Alliance (NFHA) and 22 other current and former lawmakers to support a doctrine that for years has been used to end discriminatory practices that create barriers to housing based on race, color, national origin, religion, sex, familial status or handicap. Waters and the two civil rights groups brought together a bipartisan coal... (Read More)
Following the announcement by the House Rules Committee that on Monday it will consider H.R. 37, a package of 11 bills designed to undermine important Wall Street regulation, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, criticized House Republicans for continuing to push legislation benefitting Wall Street at the hands of American consumers. This week, House Democrats defeated Republican efforts to fast track the same measure through a process known as ... (Read More)
Congresswoman Maxine Waters(D-CA), Ranking Member of the Committee on Financial Services, issued the following statement following Senate passage of legislation to renew the Terrorism Risk Insurance Act (TRIA), a critical insurance backstop that provides important protections for construction jobs, venues and regional economies across America: “ I applaud the U.S. Senate for swiftly addressing renewal of the Terrorism Risk Insurance Act. Today’s vote will ensure TRIA returns to its established r... (Read More)
Following President Obama’s announcement that the Federal Housing Administration (FHA) will reduce annual mortgage insurance premiums, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, praised the action as critical for the nation’s homebuyers. In October, 2014, Waters and Rep. Michael Capuano (D-MA), Ranking Member of the Subcommittee on Housing and Insurance, called on Secretary Julian Castro to provide relief from FHA’s mortgage insurance premiums, citing... (Read More)
Upon passage of legislation to renew the expired Terrorism Risk Insurance Act (TRIA), Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Committee and a strong advocate for the program’s renewal, released the following statement: “I’m pleased that House Republicans have recognized the damage caused by the 11th hour brinksmanship that led to TRIA’s expiration. I thank House leadership for heeding the calls of myself and others to make the program’s renewal the first order o... (Read More)
Today, after leading the effort to oppose House Republicans’ renewed attack on the Dodd-Frank Wall Street Reform Act, Ranking Member Maxine Waters (D-CA), praised Democrats for standing strong to oppose, and ultimately defeat, the measure. Republicans attempted to move a package of 11 bills that contained controversial changes to provisions relating to derivatives and Volcker rule. The legislation was voted on under suspension of the rules, which provides no opportunity for transparency, robust ... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, today released the following statement on the passing of Senator Edward Brooke, the first African American elected to the U.S. Senate post-reconstruction: “I join a grateful nation in mourning the loss of a great public servant, Senator Edward Brooke. As the first African American popularly-elected to the U.S. Senate post-reconstruction, and the first elected African American state Attorney General, Mr. Brook... (Read More)
Upon the news of the U.S. Senate’s failure to reauthorize the critical Terrorism Risk Insurance Act, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, released the following statement: "I'm saddened and disappointed that the U.S. Senate was unable to renew the critical Terrorism Risk Insurance Act. The death of TRIA is the direct result of Chairman Hensarling's 11th hour brinksmanship in the House of Representatives. Democrats repeatedly pointed out the diff... (Read More)
The top Democrat on the House Financial Services Committee is calling on President Barack Obama and his administration to “rethink its current strategy for preserving public housing,” raising significant concerns with its current approach. In a Letter to the President, Congresswoman Maxine Waters (D-CA), the Committee’s Ranking Member, expressed concern about the expansion of what has become known as the “Rental Assistance Demonstration,” or RAD, a controversial new demonstration program that al... (Read More)
The top Democrat on the House Financial Services Committee, Congresswoman Maxine Waters (D-CA), today took her opposition to a provision that could bring back an era of Wall Street bailouts to the House floor. In a fiery speech, Waters expressed her concerns with a Wall Street-authored provision that repeals important taxpayer protections against reckless bank activity enacted as part of the Dodd-Frank Wall Street Reform Act. The provision was jammed into the must-pass government funding package... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, said today that she is “increasingly optimistic” that her Democratic colleagues will join together to halt a Wall Street-authored provision that repeals important taxpayer protections against reckless bank activity enacted as part of the Dodd-Frank Wall Street Reform Act. The provision was jammed into the must-pass government funding package at the 11th hour. She released the following statement: “I am ... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, praised today’s announcement by Federal Housing Finance Agency (FHFA) Director Mel Watt that he will finally fund the Housing Trust Fund, a permanent federal fund that focuses on providing support to states to build, preserve and ultimately increase the supply of affordable rental housing for extremely low- and very low-income families, including homeless families. Waters, a coauthor of the legislation ... (Read More)
Following reports of the possible inclusion of a provision to roll back key taxpayer protections against derivatives trading in the soon to be released government funding package, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Service Committee, expressed her extreme disappointment with efforts to undermine the Dodd-Frank Act. She released the following statement on the provision to repeal the so-called “swaps push-out” rule: “I am disgusted that in a back room deal, s... (Read More)
Today on the House Floor, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, criticized House Republican leadership and committee Chairman Jeb Hensarling (R-TX) for a bad faith negotiation on the renewal of the Terrorism Risk Insurance Act (TRIA). Waters, a strong supporter of TRIA, objected to the troubling process by which unrelated legislation making changes to the Dodd Frank Wall Street Reform Act was inserted into the TRIA renewal at the eleventh h... (Read More)
As Congress works to pass legislation that will continue funding federal agencies for next year, fourteen representatives of the Greater Los Angeles Area have called on House appropriators to use that process to halt the closure of the Department of Housing and Urban Development’s (HUD) Multifamily field office in Los Angeles. In a letter to House appropriators led by Congresswoman Maxine Waters (CA-43), the Ranking Member of the Financial Services Committee, and Congressman Xavier Becerra (CA-3... (Read More)
Two prominent members of the Financial Services Committee, Ranking Member Maxine Waters (D-CA) and Congressman Stephen Lynch (D-MA), are calling on the Securities and Exchange Commission (SEC) to study the North American Securities Administrators Association’s (NASAA) new Coordinated Review program, and not “undermine crucial investor protections by preempting the states’ regulators.” The lawmakers pointed to a comment letter by Groundfloor Finance Inc., the first securities issuer to participat... (Read More)
Today, in a press conference at the U.S. Capitol, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, led members of the Democratic caucus in calling for a long-term renewal of the Terrorism Risk Insurance Act, which is set to expire at the end of 2014. The Ranking Member was joined by key members of Democratic House leadership, Leader Nancy Pelosi (D-CA), Whip Steny Hoyer (D-MD), and Democratic Caucus Vice Chair Joe Crowley (D-NY). Also in attendance were pro... (Read More)
This week, Democratic leaders of the House Financial Services Committee and the Congressional Progressive Caucus expressed concern that a trade deal currently under negotiation between the U.S. and the European Union could restrict the ability of Congress to enact measures aimed at promoting growth and stability and protecting the rights of consumers. In a letter led by Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, four Democratic lawmakers warned ... (Read More)
Today, as the House of Representatives considered the Native American Housing Assistance and Self-Determination Reauthorization Act of 2014 (H.R. 4329), Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, expressed serious concerns about the legislation, which would reauthorize the Native American Housing Assistance and Self-Determination Act (NAHASDA). Specifically, Waters cited the legislation’s failure to protect the Cherokee Freedmen, a population that is ... (Read More)
Following the passage of H.R. 5421, the Financial Institution Bankruptcy Act of 2014, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, made clear her position that this technical change to the federal bankruptcy code does not mean we should revisit or fundamentally change the important protections enacted under the Dodd-Frank Wall Street Reform Act. The bill, which would simply give bankruptcy courts additional authorities when resolving large, complex fina... (Read More)
U.S. leadership critical to preserving global economic order As the 113th Congress prepares to adjourn, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, is calling on Committee Chairman Jeb Hensarling (R-TX) to take action to affirm U.S. support for international entities that support projects to combat hunger, poverty and inequality in the world’s poorest countries. In a letter sent yesterday, Waters urged the Chairman to support the Administration’s reque... (Read More)
Following today’s release of the Federal Housing Administration’s actuarial report, the Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following remarks: “Today’s announcement makes clear that FHA is on the right track, and is appropriately recovering from its unprecedented work keeping our housing market afloat during the worst economic crisis in a generation. While the FHA has not made full recovery, it’s important to remember that it is far... (Read More)
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, released the following statement in reaction to the announcement that the Department of Labor (DOL) will grant a hearing to examine its proposal to waive sanctions imposed on Credit Suisse. Credit Suisse recently pled guilty for conspiring to aid tax evasion. In October, Waters joined George Miller (D-CA), Ranking Member of the Education and the Workforce Committee, and Stephen F. Lynch (D-MA), in call... (Read More)
At today’s Financial Services Committee Hearing focused on Terrorist Financing and the Islamic State, Ranking Members Maxine Waters (D-CA) discussed the seriousness of the threat from ISIL and the challenges to curtailing its current, largely internal funding stream. However, the Ranking Member also underscored importance of strengthening our counter-terrorism and anti-money laundering laws, particularly as ISIL’s internal sources of funding dry up. Waters also alluded her proposal to strengthen... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, today released the following statement in support of the Consumer Financial Protection Bureau’s (CFPB) newly proposed federal consumer protections for prepaid cards. Waters praised the action, citing an increased reliance on alternatives by the unbanked and underbanked. The Ranking Member also expressed her commitment to working with the CFPB to ensure the rule is finalized in a timely manner. She released th... (Read More)
Today, eight Democratic members of House Committees on Financial Services and Oversight and Government Reform (OGR) called on the Securities and Exchange Commission (SEC) to send a strong message that corporate practices to deter whistleblowers from reporting violations of securities laws will not be tolerated. In a letter to SEC Chair Mary Jo White, Financial Services Ranking Member Maxine Waters (D-CA) joined with Oversight and Government Reform Ranking Democrat Elijah Cummings (D-MD) and six ... (Read More)
Following President Obama’s announcement of a new initiative designed to provide consumers with more tools to assist victims of identity theft, improve the government’s payment security, and accelerate the transition to stronger security technologies, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, released the following statement of support: “I hope the steps announced today will accelerate the private sector’s adoption of stronger security measures for payment ... (Read More)
Today, two key lawmakers on the House Financial Services Committee unveiled a bipartisan discussion draft of legislation to renew and reform the charter of the Export-Import Bank (Ex-Im Bank), an agency that supports hundreds of thousands of jobs and levels the playing field so that American businesses are able to compete successfully in global markets. Rep. Gary Miller (R-CA), Vice Chairman of the Financial Services Committee and Rep. Maxine Waters (D-CA), the Committee’s Ranking Member, releas... (Read More)
Today, three prominent members of the House of Representatives expressed serious concern with, and called for a hearing to examine, a proposal by the Department of Labor to waive sanctions imposed on Credit Suisse stemming from its guilty plea for conspiring to aid tax evasion for over two decades. In a strongly-worded letter to Labor Secretary Thomas Perez, Reps. Maxine Waters (D-CA), Ranking Member of the Financial Services Committee; George Miller (D-CA), Ranking Member of the Education and t... (Read More)
Following yesterday’s announcement that the recent data breach at JP Morgan compromised contact information for about 76 million households and 7 million small businesses, Congresswoman Maxine Waters (D-CA) Ranking Member of the Financial Services Committee, today released the following statement, expressing concern and calling on Committee Republicans to make the issue an immediate priority: “The massive data breach announced yesterday at JP Morgan Chase serves as a pressing reminder that more ... (Read More)
Today, a trio of House Democratic lawmakers called on Republican leadership of the Financial Services Committee to hold a hearing to review the culture and management practices within the Federal Reserve Bank of New York. Citing a September 26 media report that indicated a risk averse culture where the Federal Reserve was deferential to the very entities it was charged with supervising, Financial Services Committee Ranking Member Maxine Waters (D-CA), Oversight & Investigations Subcommittee Rank... (Read More)
Following the House of Representatives vote on a spending measure that extends government funding through December 11th, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, expressed disappointment with a provision to extend the Export-Import Bank’s Charter for only nine months, and explained how it is an unfortunate step toward its possible demise. She released the following statement: “I have supported this continuing resolution because I believe we cannot allow Re... (Read More)
Following the news that the U.S. District Court for the District of Columbia largely rejected a challenge to the way the Commodity Futures Trading Commission applies its derivatives rules overseas, Congresswoman Maxine Waters (D-CA) Ranking Member of the Financial Services Committee, released the following statement: “Today, proponents of financial reform secured a major victory as a U.S. district court rejected industry attempts to vacate the Commodity Futures Trading Commission’s (CFTC) guidan... (Read More)
Today, Congresswoman Maxine Waters (D-CA-43), Ranking Member of the Financial Services Committee, expressed support for the Consumer Financial Protection Bureau's announcement that it would take legal action against Corinthian Colleges, Inc. for its predatory lending practices. Upon hearing the news, Rep. Waters reiterated her support for an unqualified ability for all students enrolled at Corinthian to withdraw and receive a refund. Currently, unqualified refunds are only provided to a small gr... (Read More)
WASHINGTON, DC – Citing abuse of the legislative process by House Republicans, Congresswoman Maxine Waters (D-CA) Ranking Member of the Financial Services Committee, voiced her strong opposition to two measures that came before the House tonight. Waters expressed her frustration with the circumventing of the legislative process to bring large and controversial measures to the floor through the expedited procedure known as “suspension,” which truncates debate for legislation that is generally non... (Read More)
WASHINGTON, D.C. – At today’s subcommittee hearing to examine our nation’s credit reporting system, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, commented on the release of her proposal to comprehensively reform our nation’s consumer reporting system. She gave the following statement: “Chair Capito, I’d like to thank you and Chairman Hensarling for granting my request for this important hearing. Our nation’s credit reporting system impacts almost all Americans... (Read More)
WASHINGTON, D.C. – Citing the countless Americans who have experienced heartbreak, frustration and devastation as a result of incomplete or erroneous information on their credit reports, today Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, released a proposal that would make sweeping reforms to our nation’s consumer reporting system. The draft proposal, entitled the “Fair Credit Reporting Improvement Act of 2014,” will enhance requirements on the consumer report... (Read More)
Los Angeles, CA– At a recent community event to educate Californians about homeownership, Congresswoman Maxine Waters (CA-43) spoke to hundreds about the importance of responsibly owning a home, and discussed the wide array of federal, state and local resources available for those looking to buy or refinance a home. Waters delivered the remarks at the Korean Churches for Community Development’s (KCCD) 13th Annual Homeownership Fair. The annual event provides the community access to valuable reso... (Read More)
Wednesday, July 30, 2014, Democratic members of the Financial Services Committee took to the floor of the House of Representatives to speak about the importance of the Export-Import Bank, the need to renew its charter, and the outpouring of support from businesses across the country for the continuation of the Bank. The Export-Import Bank supports hundreds of thousands of jobs and levels the playing field so that American businesses large and small can compete successfully in global markets. Fol... (Read More)
Following a meeting with National Credit Union Administration (NCUA) Board Chairman Debbie Matz, Congresswoman Member Maxine Waters, Ranking Member of the Financial Services Committee, shared views with NCUA’s proposed risk-based capital rule for federally-insured credit unions. In a letter to Matz, Waters underscored her support for NCUA’s efforts to revise its capital rules, but also expressed concerns with the unintended consequences of the proposed rule. Specifically, the Ranking Member stat... (Read More)
WASHINGTON, D.C. – At today’s press conference discussing House Democrats' “Make It In America” jobs legislation, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, blasted Republicans refusal to take action to renew the Export-Import Bank’s charter. Waters criticized Republicans for heading into a five week Congressional recess without moving legislation to renew the Bank, and pointed out that upon Congress’ return, there remains only 10 legislative days lef... (Read More)
At the last markup before the Congress breaks for August recess, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, criticized Republicans for wasting time while a number of major issues remain unresolved. The full Committee markup included six bills, the majority of which would be harmful to consumers and the economy. They include measures that would hamstring the Federal Reserve, water down important consumer protections in Dodd-Frank, place additional adm... (Read More)
At today’s Financial Services Committee Hearing entitled, “Assessing the Impact of the Dodd-Frank Act Four Years Later” Ranking Member Maxine Waters (D-CA) issued a strong rebuke to Republican attacks on the landmark law, recounting the devastation of the crisis, the success of the law thus far, and documenting Republicans’ efforts to return to the practices that brought the economy to its knees in the first place. The hearing follows Monday’s release of a Democratic staff report that documents ... (Read More)
Following the Securities and Exchange Commission’s (SEC) approval of its long awaited rules for money market mutual funds, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, released the following statement noting the SEC’s progress and underscoring the importance of the Financial Stability Oversight Council in moving these rules toward completion. "I'm pleased that today, the Securities and Exchange Commission has moved forward with reforms intended to preve... (Read More)
Following allegations of discrimination and unfair treatment of women at Goldman Sachs Group, and in light of a continuing examination of similar claims at the Consumer Financial Protection Bureau (CFPB), two senior Democratic members of the House Financial Services Committee are calling on Republican leadership to examine the matter. In a letter to Committee Chairman Jeb Hensarling (R-TX) and Patrick McHenry (R-NC), Chair of the Oversight and Investigations (OI) Subcommittee, Ranking Members M... (Read More)
WASHINGTON, D.C. – On the fourth anniversary of the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Financial Services Committee Ranking Member Maxine Waters (D-CA) released a Democratic staff report that documents the important progress regulators have made in implementing Dodd-Frank, as well as the unyielding Republican effort to undercut it. The report highlights the significant milestones achieved by regulators, while underscoring there is much more to do. It provid... (Read More)
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, announced that former Chairman Barney Frank (D-MA) will return to Congress this Wednesday to testify at a hearing to assess “the Impact of the Dodd-Frank Act Four Years Later.” “For 20 years, Barney Frank and I worked together closely on the Financial Services Committee, but never more closely than during Wall Street Reform,” said Waters, top Democrat on the panel. “I’m pleased Barney has agreed to ret... (Read More)
Today, Congressmen Elijah E. Cummings (D-MD), Ranking Member of the House Committee on Oversight and Government Reform, Senator Ed Markey (D-MA) and Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee announced the release of a Government Accountability Office (GAO) report on medical credit cards and related products, including installment loans, offered by financial institutions. Cummings, Markey and Waters requested a GAO study in 2013 in response to co... (Read More)
Following the United States Senate’s passage of legislation to extend the Terrorism Risk Insurance Act for seven years, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, praised the chamber’s action, and its strong bipartisan vote of 93-4. Over the past several weeks, Waters has been engaged in productive discussions with Democrats, Republicans and President Obama on the importance of renewing the program. She released the following statement: “Once again, t... (Read More)
Growing support for legislation that would provide the Securities and Exchange Commission (SEC) with the ability to expand its oversight of investment advisers today hit a bipartisan milestone. Senior House Republican and former Chairman of the Financial Services Committee Rep. Spencer Bachus(R-AB) has thrown his support behind the measure, known as the Investment Adviser Examination Improvement Act (H.R. 1627). The legislation provides the SEC with the authority to impose and collect user fees ... (Read More)
Following reports that House Republicans lack the votes to pass the harmful TRIA Reform Act, Congresswoman Maxine Waters (D-CA), Ranking Democrat on the Financial Services Committee, called on members of both parties to work together to achieve consensus on the renewal of the Terrorism Risk Insurance Act. She released the following statement: “The TRIA Reform Act does not ensure our largest venues, businesses and employers have affordable access to terrorism insurance coverage. The lack of suppo... (Read More)
As Federal Reserve Chair Janet Yellen returned to testify before the House Financial Services Committee today, Congresswoman Maxine Waters (D-CA), the Ranking Democrat, laid out the significant challenges that lie ahead for the Fed, underscored the need to continue the unfinished business of Wall Street Reform and criticized Republican efforts to undermine the independence of the central bank. Waters noted that as the Fed winds down its large-scale asset purchasing program, significant economic ... (Read More)
As House Republicans prepare to set parameters for the upcoming debate over legislation to fundamentally change the Terrorism Risk Insurance Act (TRIA), 27 Democrats on the Financial Services Committee have called for a full, open debate on the legislation. In a letter to Speaker John Boehner (R-OH) and Rules committee Chairman Pete Sessions (R-TX), the lawmakers renewed their concerns with the Republican TRIA proposal, known as the TRIA Reform Act, and asked for the opportunity to address those... (Read More)
As the House of Representatives considers the harmful Republican financial services and general government appropriations proposal, Congresswoman Maxine Waters (D-CA), Ranking Democrat on the Financial Services Committee, offered three amendments designed to provide adequate resources to our financial regulators. The amendments build off concerns raised by Waters last week, when she criticized Republicans for attempting to use an appropriations measure to make controversial legislative changes t... (Read More)
Citing the Securities and Exchange Commission’s (SEC) “abysmal” number of annual investment advisor examinations, the top Democrat on the House Financial Services Committee is calling on its Chairman to consider legislative proposals that would increase these reviews. In a letter to Committee Chairman Jeb Hensarling (R-TX), Ranking Member Maxine Waters (D-CA) noted that despite consumers’ growing reliance on advisers for investment decisions related to college tuition and retirement, less than 1... (Read More)
At today’s full committee hearing to discuss legislation purported to “reform” the Federal Reserve, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, expressed serious concerns with the proposal’s impact on the Fed’s ability to promote growth, stabilize the economy and take decisive action to avoid an economic collapse. Citing provisions within the bill that would prescribe monetary policy based on a rigid set of circumstances and factors, the Ranking ... (Read More)
As the House of Representatives moves toward consideration of a financial services spending bill, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, criticized Republicans for attempting to use an appropriations measure to make controversial legislative changes that would undermine consumer protection, weaken important Wall Street reforms and hurt regulators’ ability to protect our economy. In a letter to Rep. Pete Sessions (R-TX), Chairman of the House Rules... (Read More)
WASHINGTON, D.C. – In the aftermath of a divisive Export-Import Bank hearing for the Republican Party, Congresswoman Maxine Waters (D-CA) called on Financial Services Committee Chairman Jeb Hensarling (R-TX) to heed the calls of his Republican caucus and strike a deal on the Bank. “It is clear from yesterday’s hearing that not only does a majority of the House of Representatives support renewing the Export-Import Bank’s charter, but so does a majority of Chairman Hensarling’s own Committee,” sai... (Read More)
In response to the Department of Housing and Urban Development’s (HUD) solicitation of comment on its controversial “Promise Zones” program, Congresswoman Maxine Waters (D-CA-43) expressed her deep concerns with the proposed selection process and called on the Department to ensure that it does not leave our nation’s hardest hit communities behind. In a letter to HUD Secretary Shaun Donovan, Waters, the top Democrat on the Financial Services Committee, expressed concern that the Department’s curr... (Read More)
At today’s full committee hearing to discuss the future of the Export-Import Bank,Congresswoman Maxine Waters (D-CA) blasted Republicans for giving in to the extremist element of the Republican party in pushing to end the Bank. The Ranking Member of the Financial Services Committee underscored the importance of the Bank to American jobs, small businesses and the economy, as well as to keep our nation competitive. Waters again expressed her disappointment with the flip-flip of majority leader-ele... (Read More)
Following the release of a report from the Federal Housing Finance Agency (FHFA) Office of Inspector General (OIG) urging officials to take legal action against servicers and insurers over practices related to force-placed insurance, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, praised the FHFA for investigating the issue, and raised concerns about the report’s “staggering” findings that the government-sponsored enterprises are estimated to have overpaid for i... (Read More)
In the aftermath of a divisive Export-Import Bank hearing for the Republican Party,Congresswoman Maxine Waters (D-CA) called on Financial Services Committee Chairman Jeb Hensarling (R-TX) to heed the calls of his Republican caucus and strike a deal on the Bank. “It is clear from yesterday’s hearing that not only does a majority of the House of Representatives support renewing the Export-Import Bank’s charter, but so does a majority of Chairman Hensarling’s own Committee,” said Rep. Waters, Rank... (Read More)
At today’s full committee hearing to discuss the Financial Stability Oversight Council (FSOC) with Treasury Secretary Jack Lew, Congresswoman Maxine Waters (D-CA) highlighted the important work of the Council in identifying systemic risk and protecting American homeowners, consumers, and the economy. Specifically, the Ranking Member of the Committee on Financial Services reminded FSOC’s critics that a contributing factor to the severity of the crisis was a lack of oversight throughout the entire... (Read More)
In response to statements made by Rep. Kevin McCarthy regarding his newfound opposition to the Export-Import Bank, a critical lifeline for countless American businesses, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, blasted the newly-elected leader’s reversal of position on the Bank’s future. The comments come just one day before the Financial Services Committee will hold its first hearing on the renewal of the bank “Just days after being elected Majorit... (Read More)
As the House of Representatives considers a bill to renew the Commodities Futures Trading Commission (CFTC), Congresswoman Maxine Waters (D-CA), criticized provisions that would hamstring regulators’ ability to regulate the complex and important derivatives marketplace. The Ranking Member of the Committee on Financial Services criticized the provisions as a multifaceted Republican attempt to roll back Wall Street Reform, by opening up overseas loopholes for big banks, imposing heavy administrati... (Read More)
In today’s full committee markup, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, voiced her strong opposition to Republican measures to radically change the Terrorism Risk Insurance Act (TRIA) and undercut the Financial Stability Oversight Council (FSOC). On TRIA, Waters blasted Republicans for drafting legislation that jeopardizes a program that has created jobs, spurred economic growth, and protected our nation’s economy from the costs of a terror... (Read More)
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, commended Consumer Financial Protection Bureau (CFPB) Director Richard Cordray for the Bureau’s significant accomplishments in protecting our nation’s consumers and service members who have been victimized by unscrupulous corporations and financial institutions. At today’s full committee hearing to discuss “The Semi-Annual Report of the Consumer Financial Protection Bureau,” Waters cited the impr... (Read More)
In the wake of recent reports that U.S. banks are restructuring overseas derivatives transactions to sidestep critical protections enacted under the Wall Street Reform Act, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, has called on the top U.S. derivatives regulator to “thoroughly investigate” the removal of U.S. guarantees from arrangements between U.S. banks and their foreign affiliates. In a letter to new Commodities Futures Trading Commission (CFTC)... (Read More)
Following the release of the Securities and Exchange Commission’s (SEC) new anticipated agenda, which includes a commitment to propose a rule on extractive industry transparency within the next ten months, a coalition of 58 Democratic House members yesterday called on the Commission to initiate the rulemaking on a faster, more definite timeline. The rule is mandated by Section 1504 of the Dodd-Frank Act, which requires all extractive companies listed on U.S. exchanges to report all payments made... (Read More)
As the House of Representatives considers a funding bill for the nation’s agriculture programs, Congresswoman Maxine Waters (D-CA) took a strong stand against Republican efforts to weaken the important role of the Commodity Futures Trading Commission (CFTC) in protecting American consumers and the economy itself. The Ranking Member of the Financial Services Committee and Rep. Jim Himes (D-CT) joined Rep. Rosa DeLauro (D-CT), who offered an amendment that would halt Republican efforts to restrict... (Read More)
Following the House of Representatives’ approval of a measure to fund the nation’s housing and transportation programs, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, blasted Republicans for undercutting a number of important programs that protect our nation’s seniors, veterans, families and persons with disabilities. Waters criticized House Republicans for dramatic cuts to important public and assisted housing programs, for limiting funding to improve transport... (Read More)
The House of Representatives has adopted a measure authored by Congresswoman Maxine Waters (CA-43) that would halt the closure of the Department of Housing and Urban Development’s (HUD) multifamily field office in Los Angeles. The measure, which was adopted during debate over a housing and transportation funding bill, prohibits HUD from using funds appropriated to relocate asset management staff as part of the controversial Multifamily Housing Transformation Initiative, thereby preventing the cl... (Read More)
In today’s full Committee markup, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, blasted Republicans for continuing to waste the Committee’s time and resources on measures that weaken important consumer protections, undo transparency and accountability measures for Wall Street’s biggest actors and carve out major exceptions for large public companies. Waters criticized Republicans for continuing to delay consideration of reauthorization of the Terrorism Risk Ins... (Read More)
Following the U.S. Senate’s confirmation of three new Commissioners to the Commodities Futures Trading Commission (CFTC), Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, applauded the chamber’s action on these long-overdue nominees. The action by the Senate now gives the CFTC a full, five-member commission. She released the following statement: “I’m pleased that, for the first time in nearly a year, the Commodities Futures Trading Commission will have a ful... (Read More)
Following the Senate Banking Committee’s markup of legislation to reauthorize the Terrorism Risk Insurance Act (TRIA), Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, applauded the committee’s progress and called on House Republicans to swiftly act to renew the program. Waters released the following statement. “The Senate Banking Committee’s unanimous action on legislation to extend the Terrorism Risk Insurance Act (TRIA) is a critical step toward reauthori... (Read More)
At a time when student debt has reached record levels, and studies show those with excessive debt may be unable to gain access to credit for important purposes like a home purchase, Congresswoman Maxine Waters (CA-43) is taking steps to ensure that predatory financial products are not taking additional dollars out of the pockets of our nation’s graduates. In the midst of graduation season Waters, the Ranking Member of the Financial Services Committee, has joined with lawmakers in the House of Re... (Read More)
Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, gave the following remarks at today’s Subcommittee on Oversight and Investigations hearing to discuss “Allegations of Discrimination and Retaliation within the Consumer Financial Protection Bureau.” At the hearing, Waters continued to underscore the seriousness of the allegations at the CFPB, and again called on Republicans to commit to addressing similar issues at all federal financial regulators. Waters also ackno... (Read More)
Following the House Appropriations Committee’s approval of a measure to fund the nation’s housing programs, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, blasted Republicans for undercutting important housing programs that protect our most vulnerable populations. The legislation, known as the Transportation, Housing and Urban Development and Related Agencies (THUD) Appropriations bill, slashes or provides insufficient funding for a number of the Department of H... (Read More)
Following today’s report by the Consumer Financial Protection Bureau (CFPB) finding that consumers’ credit scores may be overly penalized for medical debt, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, welcomed the Bureau’s findings and called upon Committee Chairman Jeb Hensarling to hold a hearing on the issue, and on legislation Waters has introduced to address the problem. Waters released the following statement. “I welcome today’s report by the Consumer Fi... (Read More)
Today, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, reiterated her strong support for the Export-Import Bank and the quick renewal of its charter. Waters’ comments come in reaction to remarks made by Committee Chairman Jeb Hensarling during a speech today at the conservative Heritage Foundation, in which he once again expressed his longstanding opposition to the Bank. “I am disappointed, but not surprised, by Chairman Hensarling’s statements disparaging the Ex... (Read More)
At today’s full Committee hearing on the Financial Stability Oversight Council’s (FSOC) designation process, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, discussed the importance of the FSOC process in giving Congress and regulators the comprehensive view of the entire market necessary to identify and mitigate systemic risks. Waters also reminded the Committee of the failure of markets to police themselves in the lead up to the financial crisis, as well as the... (Read More)
Today, Rep. Maxine Waters, Ranking Member of the House Committee on Financial Services, announced the appointment of Charla Ouertatani as the Committee’s Staff Director. Ms. Ouertatani has held several positions under Rep. Waters during her seven years on Capitol Hill, including Deputy Staff Director, Deputy Chief of Staff/Legislative Director, Staff Director of the Housing and Insurance Subcommittee, and Professional Staff Member. “I’m very pleased that Charla is now the Committee’s staff direc... (Read More)
Ranking Member Supports HUD’s Fair Housing Rule As a longstanding supporter of efforts to prohibit housing discrimination and promote fair housing choice, today Congresswoman Maxine Waters (D-CA), top Democrat on the Financial Services Committee, called on the Department of Housing and Urban Development (HUD) to assert that continued investment in high-poverty, high-minority neighborhoods is consistent with its goal of furthering fair housing. In a strongly worded letter to HUD Secretary Shaun D... (Read More)
At today’s Financial Services Committee hearing with Secretary Jack Lew, Ranking Member Maxine Waters expressed her disappointment that House Republicans have refused to ratify the International Monetary Fund (IMF) quota reform package, she underscored its importance, and laid out the harmful impact delaying these reforms will have on global stability. Waters delivered these remarks during today’s hearing on “The State of the International Financial System.” Her full remarks are below. "Mr. Secr... (Read More)
At today’s full Committee markup on a number of pieces of legislation related to capital markets and financial institutions, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, laid out a number of concerns with the measures being considered. Waters criticized the capital markets bills for eroding transparency and investor protections, while also preempting state efforts to regulate securities. The Ranking Member also criticized the legislation related to financial i... (Read More)
Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, today announced changes in the Democratic membership of the Financial Services’ subcommittees. Changes were necessary due to the departure of former Rep. Mel Watt (D-NC) to head the Federal Housing Finance Agency, and the appointment of Rep. Steven Horsford (D-NV) to the Committee. Ranking Members of the various subcommittees have not changed. The new subcommittee memberships are listed below. The assignments will b... (Read More)
At today’s full Committee hearing on “Oversight of the SEC's Agenda, Operations, and FY 2015 Budget Request” Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, praised Securities and Exchange Commission (SEC) Chair Mary Jo White for the Commission’s progress implementing the Dodd Frank Wall Street Reform Act. She also underscored the need to accomplish a number of outstanding measures, such as the adoption of final versions of a number of swap rules under Dodd-Frank... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, released the following statement in response to today’s GAO report on the Independent Foreclosure Review (IFR). The study was conducted as the result of a 2012 request by Congresswoman Waters, Senator Robert Menendez (D-NJ) and Reps. Brad Miller (D-NC) and Luis Gutierrez (D-IL). Waters released the following statement: “I’m troubled by the recent GAO report, which shows that just as the Department of Justice d... (Read More)
Following the news that members of the Senate Banking Committee have reached an agreement on legislation to reauthorize the Terrorism Risk Insurance Act (TRIA), Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, applauded their progress and lamented the lack of action in the House of Representatives. Waters has been outspoken in her support for a TRIA’s renewal, and led a panel discussion on its importance of the program earlier this year. The legislation was announ... (Read More)
At today’s press conference to discuss, among other issues, the need for action to reauthorize the Export-Import Bank, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, underscored the importance of a quick renewal of the Bank’s charter to create and sustain American jobs. At the press conference, Waters and Financial Services Committee member Rep. Denny Heck (D-WA) talked about yesterday’s panel discussion on the importance of reauthorization of the Bank’s ... (Read More)
At today’s Financial Services Committee hearing with regulatory officials to discuss “government red tape,” Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, applauded regulators for putting the financial system on more stable footing after the worst economic crisis in a generation, and criticized the majority for continuing to push an ideologically-driven agenda focused on deregulation. Waters also criticized Republicans for continuing to avoid real, ... (Read More)
Urges speedy reauthorization of Bank’s charter At a Panel Discussion sponsored today by Congresswoman Maxine Waters (D-CA) on the importance of the Export-Import Bank, the Congresswoman underscored the importance of a quick reauthorization of the Bank’s charter to create and sustain American jobs. The event featured the perspectives of a diverse array of business owners, large and small, unions and key members of Congress. In addition to Waters, attendees included Democratic Whip Steny Hoyer (D-... (Read More)
On Tuesday, April 8, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, will host a panel discussion on the importance to U.S. workers and economic growth of a timely reauthorization of the Export-Import Bank. Since the announcement of the panel, Committee Republicans have incorrectly asserted that a hearing on this year’s Ex-Im reauthorization took place in June, 2013. However, that hearing was not focused on renewal of the Bank’s charter, but rather o... (Read More)
At today’s Financial Services’ Subcommittee on Oversight and Investigations hearing to discuss allegations of discrimination and retaliation at the Consumer Financial Protection Bureau (CFPB), Congresswoman Maxine Waters (D-CA) and Congressman Al Green (D-TX) expressed serious concern over the revelations of the witnesses and underscored the need for senior Bureau officials to come before the Committee and testify. At the hearing, Waters expressed her concern that inviting a witness with a pendi... (Read More)
Lawmakers call for hearing to be cancelled Following the announcement that the Consumer Financial Protection Bureau (CFPB) and the National Treasury Employees Union (NTEU) will not participate in a House Financial Services Subcommittee on Oversight and Investigations hearing to discuss ongoing claims of a single employee, two key Democratic members have raised concerns about the repercussions of holding such a hearing. In a letter to Chairman Jeb Hensarling (R-TX), Reps. Maxine Waters (D-CA) and... (Read More)
Today, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, released a comprehensive legislative proposal to reform the housing finance market. Known as the Housing Opportunities Move the Economy (HOME) Forward Act of 2014, the legislation ends Fannie Mae and Freddie Mac, and creates a new, cooperative-owned securities issuer. For months, Waters has been working with her Committee colleagues, outside stakeholders, and consumer and affordable housing advocates to craft... (Read More)
Subcommittee on Oversight asks inspectors general to review workplace discrimination Democratic members of the Financial Services Committee Subcommittee on Oversight and Investigations have called on inspectors general at the Consumer Financial Protection Bureau (CFPB) and all other financial regulators to assess whether any personnel practices and policies have created an unfair or discriminatory workplace for minorities and women employees. The requests were conveyed in a series of letters led... (Read More)
Multilateral approach necessary to meet the urgent needs of Ukraine Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, urged Senate Majority Leader Harry Reid (D-NV) to retain the International Monetary Fund (IMF) provisions in the Ukraine package expected to be considered this week. She released the following statement: “I strongly urge Majority Leader Reid to keep the IMF quota provision in the Senate aid package for Ukraine. In the midst of the curr... (Read More)
In today’s Financial Services Committee hearing on “Why Debt Matters,” Ranking Member Maxine Waters (D-CA), underscored the importance of promoting growth and reducing income inequality through short-term increases in discretionary fiscal stimulus in order to reduce the nation’s debt and deficit. In her remarks, Waters criticized austerity measures such as the Sequester for impeding economic growth – particularly during a recession. She also pointed to the obvious political motivation behind the... (Read More)
Reform legislation signed today by the President Today, President Barack Obama signed into law comprehensive legislation designed to end unaffordable flood insurance rate hikes. Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, lauded the enactment of H.R. 3370, the Homeowner Flood Insurance Affordability Act into law. For months, Waters led a Democratic effort to provide homeowners with flood insurance rate relief and to bring accountability to the Fe... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, today gave the following opening statement at today’s full committee markup of five bills intended to promote economic growth and the majority’s Budget Views and Estimates for fiscal year 2015. Her remarks are below. ) As prepared for delivery: Thank you Mr. Chairman. Promoting economic growth and reducing income inequality are critically important to ensure opportunity for every American. Today we are ... (Read More)
In an overwhelmingly bipartisan vote of 72-22, today the U.S. Senate approved comprehensive legislation designed to end unaffordable flood insurance rate hikes. Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, lauded passage of H.R. 3370, the Homeowner Flood Insurance Affordability Act. For months, Waters led a Democratic effort to provide homeowners with important flood insurance rate relief and to bring accountability to the Federal Emergency Manage... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, today applauded Senators Tim Johnson (D-SD) and Mike Crapo (R-ID) for reaching agreement on an effort to reform the housing finance system. She released the following statement: “I am encouraged by the news that Senators Johnson and Crapo have reached agreement on principles for the reform of Fannie Mae and Freddie Mac. Reforming a 10 trillion dollar housing finance market is an immense undertaking that... (Read More)
As part of a hearing to investigate data security following breaches at large commercial retailers, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, pointed to the emerging epidemic of cyber crimes and called on legislators to ensure the safety and security of critical consumer financial information. Waters raised concerns about the frequency of data breaches and the length of time they often go undetected. She also called on law enforcement, regulators and... (Read More)
In an overwhelmingly bipartisan vote of 301-91, today the U.S. House of Representatives passed comprehensive legislation designed to end unaffordable flood insurance rate hikes. Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, today lauded passage of H.R. 3370, the Homeowner Flood Insurance Affordability Act. For months, Waters led a Democratic effort to provide homeowners with important flood insurance rate relief and to bring accountability to the F... (Read More)
Following weeks of negotiations between members of the House of Representatives and the U.S. Senate, Congresswoman Maxine Waters (D-CA), top Democrat on the Financial Services Committee and Congressman Cedric Richmond (D-LA) today threw their support behind comprehensive legislation designed to end unaffordable flood insurance rate hikes. For months, Waters led a Democratic effort to provide homeowners with important flood insurance rate relief and to bring accountability to the Federal Emergenc... (Read More)
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, released the following statement on the progress of negotiations with GOP leader Eric Cantor regarding legislation to address rising flood insurance premiums. "We have made important progress on legislation that will provide relief to those facing unaffordable flood insurance premiums. I continue to work with Leader Cantor to finalize the details of this important bill. We are taking this matter ... (Read More)
Waters leads effort to oppose measure weakening CFPB Today, the Republican-led House of Representatives approved H.R. 3193, legislation that would undermine consumer protection by weakening the Consumer Financial Protection Bureau’s ability to be an effective, independent advocate for consumers. Democratic opposition was led by Congresswoman Maxine Waters (D-CA) Ranking Member of the House Financial Services Committee. Waters condemned the legislation for making drastic changes that weaken the B... (Read More)
As Republicans in the House of Representatives release legislation intended to address dramatic flood insurance premium increases, Congresswoman Maxine Waters (D-CA), a leader of the effort to stop the problem, expressed her concerns with the legislation as currently written. “Although there have been productive conversations with Republican leadership, I still have significant concerns that the measure will not provide the necessary relief to those facing skyrocketing flood insurance premiums,”... (Read More)
Today, Government Sponsored Enterprise (GSE) Fannie Mae announced it has earned a fourth quarter profit of $6.5 billion in 2013 and will repay $7.2 billion to the U.S. Department of the Treasury in March. The payment will mean the company has returned $121.1 billion back to the taxpayers –returning even more than the $116.1 billion it received after being taken over by the government in 2008. This comes following a similar announcement by Freddie Mac late last year. Congresswoman Maxine Waters,... (Read More)
Following widespread concern over the actions of a number of independent mortgage servicers, Congresswoman Maxine Waters (D-CA), top Democrat on the Financial Services Committee, has called on government regulators to take action that will protect homeowners from abuses that have led to stalled modifications, excess fees and even foreclosure. In a letter to Comptroller of the Currency Thomas Curry and Monitor of the National Mortgage Settlement (Settlement) Joseph Smith, Waters urged careful scr... (Read More)
Legislation could pass today if brought up for a vote Over the past several days, the effort to delay unaffordable flood insurance premiums has reached a boiling point. Today, in the face of two weeks of significant obstruction by Republican leadership, Congresswoman Maxine Waters (D-CA) announced that a substantial majority of the House of Representatives – 231 members – have signed on to bipartisan, bicameral flood relief legislation as coauthors. This significant achievement means that H.R. 3... (Read More)
As Federal Reserve Chair Janet Yellen made her first appearance before Congress, Congresswoman Maxine Waters (D-CA), top Democrat on the House Financial Services Committee, congratulated Yellen on her historic appointment and record of accomplishment. Waters also praised Yellen’s support for bold action to stabilize the economy and underscored her belief that more needs to be done to address the unemployment crisis and income inequality. The Ranking Member also urged Yellen’s continued vigilance... (Read More)
As the House of Representatives stood poised to approve legislation to increase the government’s borrowing authority, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, urged passage of the measure. Waters underscored the importance of the “clean” debt ceiling increase as critical to avoiding economic catastrophe. She also pointed out that once again, the Democratic party had to supply the votes necessary to protect the nation’s well-being. In remarks g... (Read More)
For the third time in two weeks, House Republicans rejected a Democratic procedural motion to bring bipartisan legislation that would delay the implementation of flood insurance increases up for a vote. Using a parliamentary procedure to order the "previous question," Republicans blocked an effort to bring H.R. 3370, the bipartisan Homeowner Flood Insurance Affordability Act, to the House floor. Over the past week, momentum on the flood bill has increases, with the measure now having 207 cospons... (Read More)
In the face of a Republican agenda that seeks to erode consumer protection and undermine Wall Street reform, Democratic members of the Financial Services Committee have called for a renewed focus on a legislative goal that is proven to preserve and create U.S. jobs by helping American businesses compete internationally for opportunities to export goods and services. In a letter to Committee Chairman Jeb Hensarling (R-TX) and Subcommittee Chair John Campbell (R-CA), 26 Democratic members of the C... (Read More)
For the second straight day, House Republicans rejected a Democratic procedural motion to bring bipartisan legislation that would delay the implementation of flood insurance increases up for a vote. Again using a parliamentary procedure to order the "previous question," Republicans blocked an effort to bring H.R. 3370, the bipartisan Homeowner Flood Insurance Affordability Act, to the House floor. This legislation, which has 182 cosponsors from both sides of the aisle, recently passed the U.S. S... (Read More)
At today’s Financial Services Committee hearing featuring the five agencies charged with promulgating the Volcker Rule, Congresswoman Maxine Waters (D-CA), top Democrat on the Committee, commended regulators for working to put forth a strong rule that will ensure a more stable financial system. Passed as part of the Wall Street Reform Act, the Volcker Rule ensures taxpayer dollars are no longer used to protect banks from risky trading losses. In her opening remarks, Waters underscored the impor... (Read More)
At today’s hearing to review the Treasury Department’s Federal Insurance Office’s (FIO) Report on Modernizing Insurance Regulation, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, applauded the Office for its efforts to oversee the insurance marketplace and protect consumers. She also called for improved access to insurance in underserved communities, and noted the importance of renewing the Terrorism Risk Insurance Act (TRIA), which is set to expire at th... (Read More)
Waters Calls for Immediate Passage of Legislation to Delay Flood Insurance Rate Hikes Today, House Republicans rejected a Democratic procedural motion to bring bipartisan legislation that would delay the implementation of flood insurance increases up for a vote. Using a parliamentary procedure called the "previous question," House Republicans blocked an effort to bring H.R. 3370, the bipartisan Homeowner Flood Insurance Affordability Act, to the House floor. This legislation, which has 182 cospo... (Read More)
Waters Calls for Immediate Action by the House Following Senate passage of bipartisan, bicameral legislation to fix the National Flood Insurance Program (NFIP), Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, released the following statement: “This is a huge step toward providing much needed relief for our nation’s homeowners. Yet the thousands of families reeling from flood insurance hikes will see no assistance unless the House of Representatives b... (Read More)
Today, Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, commended Consumer Financial Protection Bureau (CFPB) Director Richard Cordray for the Bureau’s significant accomplishments in protecting our nation’s consumers and service members who have been victimized by unscrupulous corporations and financial institutions. At today’s full committee hearing to discuss “The Semi-Annual Report of the Consumer Financial Protection Bureau,” Waters cited the impressive ... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, lauded tonight’s Senate vote to move forward with debate on the Homeowner Flood Insurance Affordability Act, bipartisan legislation introduced in the House and Senate to fix the National Flood Insurance Program (NFIP). The Senate voted 86-13 on the procedural motion, which would delay increases in flood insurance premiums until the Federal Emergency Management Agency (FEMA) puts in place a plan to ensur... (Read More)
Last week, a diverse group of insurance experts, policyholders and industry professionals joined with Members of Congress to discuss the importance of the Terrorism Risk Insurance Act (TRIA), an important federal program which, for more than a decade, has created jobs and ensured our largest venues, businesses and employers have affordable access to terrorism insurance coverage. Enacted in 2002, the TRIA program was a response to the terrorist attacks of September 2001, when many insurers and re... (Read More)
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, touted the importance of the recently-released Volcker Rule for ensuring taxpayer dollars are no longer used to protect banks from risky trading losses. In a statement delivered in a hearing of the full Financial Services Committee on the measure, Waters underscored that a strongly implemented and enforced Volcker rule will protect the U.S. economy from suffering another debilitating financial c... (Read More)
Financial Services Committee Ranking Member Maxine Waters discusses data breaches at Target and Neiman Marcus as well as reports that other retailers, whose names have not been disclosed, have been hacked. Waters led a call by Financial Services Committee Democrats for Republicans to hold hearings on the data breach. (Read More)
Following the release of an interim rule by regulators making changes to a provision of the “Volcker Rule” related to the treatment of investments in Collateralized Debt Obligations (CDOs) backed by Trust Preferred Securities (TruPS), Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, released the following statement supporting the decision to provide regulatory relief to the community banking sector. “Today’s announcement will provide important relief to community... (Read More)
As the nation commemorates the 50th anniversary of President Johnson’s call for a “War on Poverty,” Democratic members of the Financial Services Committee are calling on Republican Leadership to explore strategies that can further reduce or eliminate the number of impoverished children and families living in the United States. In a letter to Committee Chairman Jeb Hensarling (R-TX), the Democrats highlighted the growing gap between rich and poor in the United States and urged a series of hearing... (Read More)
As Janet Yellen prepares to assume leadership of the Federal Reserve Board of Governors, a number of prominent Democrats on the Financial Services Committee have called on her to ensure the Fed’s policymaking and regulatory agenda take into account the unique challenges facing our nation’s community banks. In a letter to Yellen, the current Vice Chair, 14 Democratic Committee members underscore the importance of smaller institutions, the vital financial services they provide and the manner in wh... (Read More)
Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, released the following statement regarding the omnibus appropriations legislation. “While this agreement is an improvement from the harmful funding levels called for by the sequester, I’m disappointed that the omnibus appropriations legislation fails to adequately fund our financial regulators, shortchanges many of our housing programs and declines to promote a strong global economy. The financial reforms passed as ... (Read More)
On Wednesday, January 15, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, will moderate a bipartisan panel discussion on the reauthorization of the Terrorism Risk Insurance Act (TRIA), which for nearly 12 years has provided the nation’s largest venues, businesses and employers with affordable access to terrorism insurance coverage. This panel, which will be attended by Members of Congress, will facilitate a robust discussion from policyholders, indus... (Read More)
In the wake of the massive Target data breach that compromised more than 40 million credit and debit card accounts as well as the personally identifiable information of as many as 70 million consumers, Democratic members of the Financial Services Committee have called for an inquiry into the problem. In a letter to Financial Services Committee Chairman Jeb Hensarling (R-TX), 17 Democrats asked for a full Committee hearing to explore the recent data breach, review current law designed to protect ... (Read More)
As regulators contemplate changes to a provision of the “Volcker Rule” related to the treatment of investments in Collateralized Debt Obligations (CDOs) backed by Trust Preferred Securities (TruPS), 22 Democratic members of the Financial Services Committee have expressed their support for providing important regulatory relief to the community banking sector while preserving strong controls on banks’ investments. In a letter to the heads of the relevant regulatory agencies, the wide array of Demo... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, released the following statement upon the confirmation of Janet Yellen as Chairman of the Board of Governors of the Federal Reserve. “In confirming Janet Yellen, the U.S. Senate has not only made history, but has put in place a Federal Reserve leader who will be a careful steward of our nation’s economy. Ms. Yellen’s unique understanding of the impact of the Federal Reserve’s policies on the middle clas... (Read More)
A coalition of Democratic lawmakers on the House Financial Services Committee today called on the Federal Trade Commission (FTC) to review the online marketing practices of nationwide Consumer Reporting Agencies, or CRAs. Specifically of concern are the offers of purported “free” services that often put consumers at risk of inadvertently purchasing expensive products and services, such as credit monitoring or identity theft services. The concerns were expressed in a letter to FTC Chairwoman Edit... (Read More)
Congresswoman Maxine Waters (D-CA) Ranking Member of the House Financial Services Committee, today congratulated Donna Gambrell, Director of the Community Development Financial Institutions Fund (CDFI Fund), on her 37 years of public service. Gambrell recently announced her retirement, effective on December 28, 2013. Waters released the following statement: “For six years, Donna Gambrell has ushered the Community Development Financial Institutions Fund (CDFI Fund) into a new era of success and a... (Read More)
Congresswoman Maxine Waters, Ranking Member of the Committee on Financial Services, released the following statement in response to the release of the Federal Housing Administration’s fiscal year 2013 Annual Report: “Although the Federal Housing Administration is not completely out of the woods, today’s numbers show crucial improvements in its solvency and stability. FHA’s Mutual Mortgage Insurance Fund is heading in the right direction after a significant rebound. In total, FHA’s deficit was re... (Read More)
At today’s Financial Services Committee hearing with Secretary Jack Lew, Ranking Member Maxine Waters discussed the issue of growing income inequality and called for action by increasing the minimum wage, extending unemployment insurance, and providing trade adjustment and other assistance for those in the U.S. clustered in the low-skill end, who are disadvantaged by globalization. She delivered these remarks during today’s hearing on “The State of the International Financial System.” Her full r... (Read More)
Today, at a hearing to examine the mandates of the Federal Reserve, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, underscored the success of the Fed in stabilizing markets and reducing unemployment in the wake of the financial crisis. She also cautioned lawmakers seeking to make legislative changes to the Fed or its mandate that Congress should allow it to finalize the important reforms included in the Dodd-Frank act that reduce the likelihood of future financi... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, today commented on the release of the U.S. Department of the Treasury’s Federal Insurance Office (FIO) report to Congress on “How to Modernize and Improve the System of Insurance Regulation in the United States.” The FIO was created by the Dodd-Frank Wall Street Reform Act of 2010, and makes recommendations in the areas of insurance sector solvency and marketplace regulation. She made the following stat... (Read More)
In reaction to legislation introduced by Rep. Bill Cassidy (R-LA), Congresswoman Maxine Waters (D-CA) the top Democrat on the Financial Services Committee and co-author of the Biggert-Waters flood insurance bill, today expressed her strong opposition to the measure. “Time and again, I have made clear that I am committed to resolving the problems that have resulted from the implementation of the Biggert-Waters Act, and we have brought together a board, bipartisan coalition of the House and Senate... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, released the following statement following the approval of the “Volcker Rule,” which bans proprietary trading by banks. “A seminal component of the 2010 Wall Street Reform Act was the inclusion of the ‘Volcker Rule,’ designed to stop banks from using taxpayer-backed customer deposits for trades intended to only benefit the bank itself. With the release of today’s rule, our regulators have made significant prog... (Read More)
Following the confirmation of Congressman Mel Watt (D-NC) as Director of the Federal Housing Finance Agency, Congresswoman Maxine Waters¸ Ranking Member of the House Financial Services Committee, offered the following statement in strong support. “I am elated that after months of uncertainty and obstruction, the U.S. Senate has finally confirmed Congressman Mel Watt to head the Federal Housing Finance Agency. Mel has over 40 years of experience on issues related to housing – 20 as my friend and ... (Read More)
As the U.S. Senate prepares to vote on the nomination of Congressman Mel Watt (D-NC) to be Director of the Federal Housing Finance Agency (FHFA), the Democratic members of the House Committee on Financial Services have expressed their strong support for his nomination and urged his immediate confirmation. In a letter to Senate leaders Harry Reid (D-NV) and Mitch McConnell (R-KY), Watt’s 27 Committee colleagues underscored his more than 40 years of experience and knowledge working on housing and ... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, released the following statement in reaction to the agenda of the Securities and Exchange Commission (SEC), which was released last week. “While I’m pleased to see the SEC will be dealing with a number of important issues next year, including derivatives regulation and measures to increase investor protections for private securities offerings, I’m disappointed that a number of rules are absent from its ... (Read More)
At a Financial Services Committee markup of six bills designed to undermine the Consumer Financial Protection Bureau (CFPB), Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee, blasted the measures as efforts to weaken CFPB’s ability to be an effective, independent advocate for consumers. Waters highlighted the CFPB’s remarkable record of success in just over two years, pointing to enforcement actions that have resulted in $750 million being directly refunded to over 7.9 million... (Read More)
Today, at a hearing to examine the National Flood Insurance Program (NFIP), Congresswoman Maxine Waters¸ Ranking Member of the House Financial Services Committee, asked FEMA administrator Craig Fugate tough questions about its implementation of the NFIP, and why he had not notified lawmakers of dramatic rate increases that many are experiencing as a result of changes to the Program. Waters also discussed bipartisan, bicameral legislation that will ensure FEMA engages in an accurate, responsible ... (Read More)
As the House and Senate work to reconcile differing versions of legislation to implement an Obama Administration deal with Mexico to develop oil and gas resources in the Gulf of Mexico, three leading House Democratic lawmakers called on Senate Majority Leader Harry Reid (D-NV) to reject House Republican efforts to waive a provision in the Dodd-Frank Wall Street Reform and Consumer Protection Act that requires extractive companies listed on U.S. exchanges to disclose the payments they make to gov... (Read More)
Waters, Warren, Cummings Call on OCC, Fed to Release Information on Mortgage Servicing Settlement strongIn the absence of a long-promised public report, leading Democratic Members of Congress have called on federal regulators to disclose critically important information related to the Independent Foreclosure Review (IFR) process for 14 mortgage servicers and the $9.3 billion settlement that abruptly replaced it in January of this year. In a letter to Federal Reserve Chair Ben Bernanke and Comptr... (Read More)
Financial Services Committee Holds Markup of Five Bills Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, delivered the following remarks as part of a Committee markup on five pieces of legislation aimed to assist small businesses and provide relief to small financial institutions. In her statement, Waters applauded the bipartisan manner in which the Committee worked to ensure regulatory relief for small financial institutions, though expressed reg... (Read More)
Financial Services Subcommittee Holds Hearing on TRIA Program Today, at a Committee on Financial Services’ Housing and Insurance Subcommittee hearing, Ranking Member Maxine Waters (D-CA) called for the quick, clean and long-term renewal of the Terrorism Risk Insurance Act, known as TRIA. At the hearing, entitled “The Future of Terrorism Insurance: Fostering Private Market Innovation to Limit Taxpayer Exposure,” Waters noted that an overwhelming number of stakeholders from a wide range of industr... (Read More)
Congresswoman Maxine Waters (D-CA) Ranking Member of the Financial Services Committee, has been named a 2013 “Woman of Influence” by HousingWire, a leading news outlet covering the U.S. housing economy, spanning mortgage lending, servicing, investments and real estate operations. Waters was recognized for her efforts to ensure American families are provided adequate consumer protections, as well as for her longstanding support for minority rights to affordable housing and responsible lending. “I... (Read More)
Outlines priorities for new sovereign debt restructuring framework Today, at a Capitol Hill briefing on “Responsible Lending and Borrowing and the Impact of Holdout Creditors for the Extreme Poor,” Congresswoman Maxine Waters, in a statement, called for the establishment of a formal, institutionalized, and politically recognized mechanism for restructuring the debt of bankrupt nations. Waters, the top Democrat on the House Financial Services Committee, is a long-time leader in the House of Repre... (Read More)
Upon news of the passing of D. Michael ‘Mickey’ Collins, Congresswoman Maxine Waters, Ranking Member of the Committee on Financial Services, released the following statement. “I am deeply saddened to hear of the passing of D. Michael ‘Mickey’ Collins. From 1999 until earlier this year, Mickey was a tireless advocate at the Federal Deposit Insurance Corporation (FDIC) for diversity in the workforce and the inclusion of minority and women-owned businesses. He served for many years as the Director ... (Read More)
Congresswoman Maxine Waters¸ Ranking Member of the House Financial Services Committee, offered the following statement in reaction to the failure of the U.S. Senate to invoke cloture on Melvin L. Watt as Director of the Federal Housing Finance Agency. “I am extremely disappointed that the U.S. Senate has blocked the nomination of Mel Watt to head the Federal Housing Finance Agency. Mel has over four decades of experience on issues related to housing and housing finance. He is highly respected on... (Read More)
At a press conference calling on the U.S. Senate to confirm Melvin L. Watt as Director of the Federal Housing Finance Agency, Congresswoman Maxine Waters¸ Ranking Member of the House Financial Services Committee, offered the following statement in strong support. “I am pleased that the U.S. Senate is moving forward with the nomination of Representative Mel Watt to head the Federal Housing Finance Agency. I have worked very closely with Representative Watt on the Financial Services Committee for ... (Read More)
Congresswoman Maxine Waters (D-CA) and Former Representatives Barney Frank today released the statements in opposition to H.R. 992, the Swaps Regulatory Improvement Act. Waters led opposition on the House Floor and expressed her concerns about weakening of Dodd-Frank reforms before regulators have completed them. Waters stated: “The financial crisis of 2008 wreaked untold havoc on the US economy. This disaster, which was intensified by the use of derivatives, set back hard-working Americans for ... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, delivered the following opening statement at today's full Committee hearing on the Federal Housing Administration’s reserves shortfall: As prepared for delivery: Thank you, Mr. Chairman. Commissioner Galante, I am very pleased you have appeared before this committee today. I would like to applaud your work in managing the Federal Housing Administration, which has provided an affordable pathway to homeownership... (Read More)
On the one year anniversary of Superstorm Sandy, a broad, bipartisan coalition of over 80 Members of the House of Representatives have introduced a legislative solution to fix the National Flood Insurance Program (NFIP) and ensure changes are implemented affordably. The legislation, led by Representatives Maxine Waters (D-CA), Michael Grimm (R-NY) and Cedric Richmond (D-LA), calls for a four-year delay to the program, requires the Federal Emergency Management Agency (FEMA) to complete an afforda... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, today released the following statement regarding her opposition to H.R. 2374, the Retail Investor Protection Act. Waters led opposition on the House Floor and expressed her concerns about how the deceptively-titled legislation would undermine protections for those trying to save for retirement. Waters stated: “This legislation is overly broad and would prevent our regulators from protecting Americans tr... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, has announced a bipartisan legislative solution to fix the National Flood Insurance Program (NFIP) and ensure changes are implemented affordably. In essence, the legislation calls for a four-year delay to the program and requires FEMA to complete an affordability study and propose regulations that address affordability issues. The bipartisan deal comes after several weeks of negotiations with Democrats and Rep... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today released the following statement in response to news that the U.S. Export-Import Bank generated a profit of more than $1 billion in fiscal year 2013, which was reported on Wednesday: “I am very pleased with yesterday’s news that the Export-Import Bank has delivered more than $1 billion in revenue to U.S. taxpayers. I wish to commend the Bank for its fiscal standing and its extraordinary low default rate ... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today released the following statement in response to news that the Commodities Future Trading Commission will be forced to furlough personnel for as many as 14 days in 2014 because of cutbacks in funding due to the sequester: “I’m deeply troubled, though not surprised, to learn that the Commodity Futures Trading Commission will need to furlough staff for as many as 14 days during fiscal year 2014 because of t... (Read More)
In the wake of massive money laundering scandals at U.S. banks that allowed terrorist, drug and other illicit money to flow through the economy, two leading Democratic lawmakers introduced two measures to crack down on misconduct and help clean up the system. Rep. Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, and Rep. Carolyn Maloney (D-NY), the ranking member on the Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises, each ... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, released the following statement following the House of Representatives vote on legislation to raise the debt limit and end the government shutdown. “I’m pleased that Congress has finally voted to end this unnecessary government shutdown and debt limit crisis. However, I remain concerned that the resolution passed today only opens the government and extends the debt ceiling for a precious few months. The resol... (Read More)
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, hosted a bipartisan panel discussion on the implications of a U.S. debt limit default on the American economy and global financial markets. The panel, entitled “On the Brink: Implications of U.S. Default on the Economy and Global Financial Markets” painted a bleak picture about how defaulting on the debt could adversely affect the U.S. economy, financial stability, investors and consumers. Modera... (Read More)
Waters leads 30 Democrats in House Resolution Today, leading Democratic lawmakers called on financial institutions to work proactively with their customers facing financial distress as a result of the shutdown of the Federal Government. Fourteen days into the shutdown, many employees have now seen their first diminished paycheck, leaving them facing short-term financial hardship and possible long-term damage to their creditworthiness through no fault of their own. Led by Congresswoman Maxine Wat... (Read More)
As the keynote speaker today at the launch of a civil society report on global financial governance, Congresswoman Maxine Waters discussed the challenges of globalization, the importance of the international financial institutions, and the problem of growing inequality in both advanced and some emerging market countries. In a speech that touched upon a range of issues related to the World Bank and the International Monetary Fund (IMF), Waters also discussed some of the challenges posed by the in... (Read More)
As many employees prepare to miss their first paycheck as a result of the Federal Government shutdown, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, lauded the action of five federal financial services agencies that today called on financial institutions to work with customers that have been affected. In a letter to the heads of the Federal Reserve, Federal Deposit Insurance Corporation, Consumer Financial Protection Bureau, Comptroller of the Curr... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, released the following statement in anticipation of the nomination of Janet Yellen as Chairman of the Board of Governors of the Federal Reserve. “President Obama’s choice in nominating Janet Yellen to lead the Fed is both historic and important for our nation’s economy. Ms. Yellen’s experience as a former Chair of the Council of Economic Advisers, Regional Fed Bank President, and Vice-Chair of the Feder... (Read More)
In a speech on the floor of the House of Representatives, Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today highlighted the serious consequences of the U.S. defaulting on its debt. Waters also urged Republicans to stop using the debt ceiling to push extremist ideology, calling for a vote on a clean debt-limit increase. She delivered the following remarks. As prepared for delivery: “Thank you, Mr. Speaker. I rise today to discuss the irresponsibility of ... (Read More)
With only 13 days until the nation reaches its debt limit, and in the aftermath of the Department of Treasury’s report on the impact of defaulting on our debt, Congresswoman Maxine Waters (D-CA) today called on Republicans to stop threatening the nation’s economy to move their ideological priorities. She released the following statement: “As if the consequences of a government shutdown are not bad enough, Republicans are now threatening to hold the full faith and credit of the United States host... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, released the following statement in reaction to a Consumer Financial Protection Bureau (CFPB) report on the early success of the Credit Card Accountability Responsibility and Disclosure Act (CARD Act). The report finds that protections under the Act benefitted consumers by reducing unfair and excessive late fees and providing clearer disclosures about the cost of credit cards. “Today, the Consumer Financial Pr... (Read More)
Congresswoman Maxine Waters, Ranking Member of the Committee on Financial Services, released the following statement on the Republican-imposed government shutdown. “The irresponsibility of the Republican Party cannot be overstated. As we slowly emerge from the worst economic crisis in over 70 years, I am saddened that ideological extremism has led to another self-inflicted wound that could have dire consequences for our fragile recovery. Even a short shutdown threatens job creation, harms small ... (Read More)
Bipartisan letter backed by 73 Member of Congress In a bipartisan letter, 73 Members of the House of Representatives called on Speaker John Boehner and Minority Leader Nancy Pelosi to take immediate action to address affordability issues surrounding the National Flood Insurance Program. Spearheaded by Congresswoman Maxine Waters (D-CA), top Democrat on the Financial Services Committee and Congressman Bill Cassidy (R-LA), the letter calls for the House to provide relief to flood insurance policyh... (Read More)
On the eve of a multi-state rally to “Stop the Exorbitant Rise in Flood Insurance Premiums,” Congresswoman Maxine Waters, Ranking Member of the House Committee on Financial Services, released the following statement: “I am outraged by the increased costs of flood insurance premiums that have resulted from the Biggert-Waters Act. I certainly did not intend for these types of outrageous premiums to occur for any homeowner. When I agreed to coauthor this legislation, our goal was to create a bipart... (Read More)
Democratic lawmakers in the House and Senate today expressed deep concern over financial arrangements between colleges and banks that could steer financially-strapped students into fee-laden debit cards that increase the costs of college. In letters sent to some of the nation’s largest banks, the legislators ask bank executives to explain the scope of any such arrangements, how much money the deals pay to colleges, and how much in fees are charged to students. Policymakers question whether these... (Read More)
Congresswoman Maxine Waters, Ranking Member of the Committee on Financial Services, released the following statement in response to reports of a likely shortfall in capital reserve funds at the Federal Housing Administration: “During the worst of the crisis, when the private sector virtually left the market, the Federal Housing Administration stepped up and provided the liquidity that kept our struggling housing market afloat. This is the countercyclical role of FHA, as it has been throughout th... (Read More)
Letters in Support of extending TRIA House Financial Services Committee Holds First in a Series of Hearings on TRIA Program Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, delivered the following opening statement at today's full Committee hearing on the Terrorism Risk Insurance Act, known as TRIA. TRIA was enacted in the aftermath of the terrorist attacks of September 11, 2001, which caused estimated insured losses of $40 billion in current dollars – the l... (Read More)
Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, released the following statement in response to actions by U.S. and UK regulators to levy a nearly $1 billion fine against JP Morgan. “Today’s announcement of fines levied against JP Morgan validates Congress’ decision to provide our regulators with broad authority to regulate derivatives trading whenever it affects the US economy, including overseas. These actions, as well as those expected by the CFTC... (Read More)
Congresswoman Maxine Waters, Ranking Member of the Committee on Financial Services, released the following statement upon the announcement of the continuation of the Federal Reserve’s asset purchase program known as “quantitative easing.” “I am a strong supporter of the actions that Chairman Ben Bernanke and members of the Federal Open Market Committee (FMOC) have taken over the last several years in the face of the most serious financial crisis this country has faced since the Great Depression.... (Read More)
House Financial Services Committee Reviews Agency’s Semi-Annual Report Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, delivered the following opening statement at today's full Committee hearing to discuss “The Semi-Annual Report of the Consumer Financial Protection Bureau (CFPB).” The hearing featured CFPB Director Richard Corday. Ranking Member Waters commended Director Cordray for the CFPB’s significant success thus far, as well as his commitment to work... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today released the following statement expressing her continued commitment to the people of the Gulf Region, many of whom are still dealing with the aftermath of Hurricane Katrina. “On the eighth anniversary of the landfall of Hurricane Katrina, I stand with the people of the Gulf Region in remembrance of this terrible day, as I have stood with them since those first painful days after the storm hit. I have be... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today released the following statement in response to President Barack Obama’s speech outlining his plan for housing finance reform in Phoenix. “I’m pleased that the President is making housing finance reform a top priority, and has outlined an approach that is consistent with our recently-released House Financial Services Committee Democratic Principles. Democrats in the House have been taking this effort ver... (Read More)
Financial Services Committee Ranking Member Maxine Waters, today joined by 37 of her fellow Democrats, delivered a letter urging President Obama to nominate Janet Yellen, current Vice Chairman of the Board of Governors of the Federal Reserve System, to replace Ben Bernanke as Chairman of the Federal Reserve when his term expires. The letter notes that Vice Chairman Yellen has “demonstrated a unique understanding of the impact of the Federal Reserve’s policies on the middle-class” and that, “duri... (Read More)
Today, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee released the following statement in response to committee passage of the inaptly-named “Protecting American Taxpayers and Homeowners Act” or “PATH Act” (H.R. 2767). H.R. 2767 is a Republican bill that would unwind Fannie Mae and Freddie Mac and remove any government support from the secondary mortgage market. However, because the bill would remove a government guarantee, it would end the affordable 30-year fix... (Read More)
House Democrats, led by Financial Services Committee Ranking Member Maxine Waters, today released a “set of critical core principles” they believe should be part of legislative efforts to address the future of housing finance reform. Since the beginning of the 113th Congress, Democrats on the Financial Services Committee have held a series of briefings, roundtables, and caucuses on housing finance reform. As a result of this work, Committee Democrats have developed principles to guide their cons... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, delivered the following opening statement at today's full Committee hearing. The hearing, entitled, “A Legislative Proposal to Protect American Taxpayers and Homeowners by Creating a Sustainable Housing Finance System,” examined draft legislation proposed by Republicans to “reform” our nation’s housing finance system. However, the bill, inaptly named the Protecting American Taxpayers and Homeowners or PATH Act... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, delivered the following statement at today's full Committee hearing with Federal Reserve Chairman Ben Bernanke: As prepared for delivery: Thank you Mr. Chairman, and thank you Chairman Bernanke for being here with us again today. Chairman Bernanke, under your leadership and through the actions taken by the FOMC, the recovery continues to strengthen. Treasury yields and mortgage rates have fallen to their lowes... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, released the following statement today in response to the Senate’s vote to confirm Richard Cordray as the director of the Consumer Financial Protection Bureau (CFPB): “It is with great pleasure that I congratulate Richard Cordray on his long overdue confirmation as Director of the CFPB. Under his leadership, the CFPB has been praised by industry representatives as both “effective” and “accessible.” In addition... (Read More)
Today, in response to Financial Services Chairman Jeb Hensarling’s release of a proposal to reform the nation’s housing finance system, Financial Services Committee Ranking Member Maxine Waters released the following statement: “I am strongly disappointed in the Chairman’s legislation, which is little more than an attempt to reinvent America’s housing finance system using the same kind of right-wing ideology that has eroded America’s middle class for decades. This bill eliminates the 30-year fix... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, commended Federal Banking regulators for adopting final rules implementing the Basel III International Regulatory Framework. The rule was unanimously accepted by the Board of Governors of the Federal Reserve and is expected to be adopted by other banking regulators in the coming weeks. “I am very pleased with the efforts of the Board of Governors of the Federal Reserve who have addressed many of the concerns c... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, along with 26 colleagues sent a bipartisan letter to Craig Fugate, Administrator of the Federal Emergency Management Agency (FEMA), urging him to use any discretionary authority available to address an unintended consequence of the Biggert-Waters Flood Insurance Reform Act. Ranking Member Waters’ letter comes as FEMA moves forward with the implementation of Biggert-Waters, landmark legislation designed to help... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, convened her second bipartisan panel this morning on Capitol Hill to discuss various proposals for reform of the Government-Sponsored Enterprises and the secondary mortgage market. Today’s discussion, builds on the April session by providing an opportunity for industry stakeholders to share their point of view on how to approach reform. “I convened this discussion today because I believe it is essential for th... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, offered the following statement today in response to the Senate Banking Committee hearing on the nomination of Congressman Melvin L. Watt to be Director of the Federal Housing Finance Agency. Ranking Member Waters previously endorsed Congressman Watt’s nomination stating that he is an individual that is “accepting, open-minded and collaborative – and he gets things done.” “Today, Congressman Melvin Watt demons... (Read More)
Legislators Laud Consumer Agency’s Progress on Student Loan Debt Two senior Democratic lawmakers from the House- Congresswoman Maxine Waters (D-Calif.), Ranking Member on the Financial Services Committee, and Congressman George Miller (D-Calif.), the senior Democratic Member on the Education and the Workforce Committee, today released a joint letter to Director Richard Cordray commending the Consumer Financial Protection Bureau (CFPB) for its proposed rule to subject certain nonbank education lo... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, led committee Democrats today in encouraging Financial Services Committee Members to, “read the law,” in hopes to “facilitate a rational discussion based on actual provisions within the law.” During the full committee hearing titled, “Examining How the Dodd-Frank Act Could Result in More Taxpayer-Funded Bailouts,” Waters said, “I have found that not enough attention has been paid to the actual legislative text... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, will moderate her second bipartisan panel discussion on plans to reform the nation’s secondary mortgage market. The panel discussion will be held on Friday, June 28th on Capitol Hill. In April, Ranking Member Waters hosted the first in a series of panel discussions on the topic of how to best provide safe, decent, and affordable rental and homeownership options to American families, while taking steps to preve... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, made the following statement today at the portrait unveiling ceremony of former Chairman Barney Frank. The portrait will hang in the main Financial Services Committee hearing room, located in the Rayburn House Office Building. Barney Frank served as a Member of the U.S. House of Representatives, representing the state of Massachusetts, from 1981 to 2013; and served as Chairman of the House Financial Services C... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, made the following statement today at a meeting of the Committee held to mark up the following legislation: H.R. 2374, the Retail Investor Protection Act H.R. 1135, the Burdensome Data Collection Relief Act H.R. 1105, the Small Business Capital Access and Job Preservation Act H.R. 1564, the Audit Integrity and Job Protection Act Click here to view the video of Ranking Member Waters opening statement. As delive... (Read More)
As the Administration moves to begin negotiations with Europe on a wide-ranging trade deal with the European Union, Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, sent a letter today to President Obama urging him to leave the issue of financial reform out of the trade talks. Ranking Member Waters, a long-time supporter of efforts to foster international economic cooperation in a number of areas, states, “that a trade agreement with the E.U., if properly ex... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, sent a letter today to Christy L. Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP), calling for an investigation of Bank of America or any other mortgage servicer, who allegedly benefited by misleading borrowers eligible for the Home Affordable Modification Program (HAMP). Ranking Member Waters’ letter comes after an article in Bloomberg cited court documents in which former lo... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee and 13 Members of the California Congressional Delegation, released the following letter yesterday to Attorney General Eric Holder calling for the U.S. Department of Justice to investigate JPMorgan Chase, the nation’s largest bank, for alleged fraudulent schemes that resulted in $83 million in overcharges to Michigan and California for energy purchases. The letter comes after an article in The New York Times ci... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, made the following statement today on the floor of the U.S. House of Representatives. Ranking Member Waters opposed the passage of H.R. 1256, the Swap Jurisdiction Certainty Act, under closed rule. Ranking Member Waters led the debate noting that H.R. 1256 handcuffs our regulators reach overseas, and instead forces the U.S. taxpayer to rely on foreign regulators to protect them from institutions that bet the h... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, made the following opening statement today at the full committee hearing, titled “Beyond the GSEs: Examples of Successful Housing Finance Models without Explicit Government Guarantees.” Ranking Member Waters in her statement reveals “that while other countries may invest fewer resources in homeownership than the U.S., these foreign nations also make more significant investments in public and assisted rental ho... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, made the following statement yesterday on the floor of the U.S. House of Representatives. Ranking Member Waters called for bipartisan support to an amendment, offered by Rep. Bill Cassidy (R-LA) that would delay implementation of Section 207 of the Biggert-Waters Flood Insurance Reform Act of 2012, and provide relief for many homeowners across the nation facing significant increases in their flood insurance pr... (Read More)
Today, Ranking Member Maxine Waters (D-Calif.), joined U.S. Senator Richard Blumenthal (D-Conn.) and Lois Capps (D-Calif.), in sending a letter to eight executive agencies urging them to protect surviving spouses from foreclosure. This segment of the homeowner population – often women in their later years – faces unique circumstances that unfairly deprive them of opportunities to avoid losing their home. "Surviving spouses throughout the country have found themselves in this troubling situation,... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, lit up a committee hearing Wednesday by calling for aggressive prosecution of financial institutions involved in the laundering of illegal drug money. The hearing, held by the Oversight and Investigations Subcommittee of the House Committee on Financial Services, focused on the question of whether large financial institutions are immune from federal prosecution. Mythili Raman, Acting Assistant Attorney General... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, delivered the following statement at today's full Committee hearing with Treasury Secretary Lew: Thank you very much Mr. Chairman. I am very pleased to welcome Secretary Lew to his first appearance before the Financial Services Committee to deliver the annual report of the Financial Stability Oversight Council as required by the Dodd-Frank Act. We are aware of your tremendous responsibility, we are very please... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today made the following statement on the House Floor: I rise to strongly oppose HR 1062. This bill places significant additional requirements for economic analysis by the Securities and Exchange Commission (SEC), effectively bringing any efforts at rulemaking to a standstill. Let’s be clear: the purpose of this legislative effort is to stop implementation of the Dodd-Frank Wall Street Reform and Consumer Prot... (Read More)
The U.S. House of Representatives today passed the “SEC Regulatory Accountability Act” (H.R. 1062), a Republican bill which despite its common-sense title would greatly restrict the ability of the Securities and Exchange Commission (SEC) to protect millions of American investors. Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, led debate for the Democrats. She told colleagues that the bill would make it easier for special interests to sue the SEC to block r... (Read More)
Two senior Democratic lawmakers from the House – U.S. Rep. George Miller (D-Calif.), the senior Democrat on the Education and the Workforce Committee, and U.S. Rep. Maxine Waters (D-Calif.), Ranking Member on the Financial Services Committee – released the following joint statement today after the Consumer Financial Protection Bureau (CFPB) published a report highlighting ways in which student loan debt can have a domino effect on other financial decisions for consumers. For example, the report ... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, made the following statement at a meeting of the Committee held today to mark up legislation addressing the nation’s derivatives markets: Mr. Chairman, thank you for holding this mark-up this morning on a broad package of bills related to a wide-range of issues facing this Committee. Let me open this mark-up discussion by repeating what I have consistently said: I’m open to pieces of legislation that truly rep... (Read More)
Congresswoman Maxine Waters offered the following statement today in response to news that President Barack Obama will nominate Congressman Melvin L. Watt to be Director of the Federal Housing Finance Agency. It is with high regard and great respect that I endorse the nomination of Representative Mel Watt to head the Federal Housing Finance Agency. We are at a crossroads in our economic recovery, and the FHFA must play a leading role in laying the groundwork for the long-term stability of the ho... (Read More)
Also Joins Call for Increased Scrutiny of the Third-Party Medical Financing Market Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today took steps to comprehensively address the impact that medical debt has on consumers by introducing legislation which would require consumer reporting agencies to remove any information related to fully paid or settled medical debt from a consumer’s credit report within 45 days. At the same time she joined two other senior... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today sent a letter to Treasury Secretary Jack Lew, Chairman of the Financial Stability Oversight Council (FSOC), seeking to elicit his views on the progress of the “living wills” provision of the Wall Street Reform and Consumer Protection Act of 2010. The provision requires the nation’s largest bank holding companies and other systemically important financial firms as designated by the FSOC to file Orderly Re... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today released the following statement in reaction to the annual report of the Financial Stability Oversight Council (FSOC). Waters praises the FSOC’s work to monitor systemic risk and identify potential vulnerabilities in the financial system. Ranking Member Waters also calls on members of the Council to pay close attention to a series of bills which will soon be considered by the House Financial Services Com... (Read More)
In her opening statement today at a hearing of the House Committee on Financial Services, Congresswoman Maxine Waters, Ranking Member of the Committee, contested the notion that regulatory oversight is an impediment to recovery in the housing finance market. The title of the hearing called by the Republican majority is “Building a Sustainable Housing Finance System: Examining Regulatory Impediments to Private Investment Capital”. Waters repeatedly has urged her Republican colleagues to take up t... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today sent the attached letter to Chairman Jeb Hensarling, responding to his refusal to allow Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB), to testify before the Committee. Mr. Hensarling declared his intention to block Director Cordray in a letter released yesterday in which he claims that President Obama’s recess appointment of Cordray was unconstitutional. In her letter to Ch... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, joined by Representative Michael E. Capuano and 65 of their Democratic House colleagues, has released a letter to key Members of the House Committee on Appropriations urging adequate funding for critical community development and housing programs in the Fiscal Year 2014 Transportation, Housing and Urban Development (THUD) appropriations bill. The letter to THUD Appropriations Subcommittee Chairman Tom Latham a... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, joined by Representative Carolyn Maloney and 51 other Members of Congress, has released a letter to key Members of the House Committee on Appropriations calling for full funding of the Securities and Exchange Commission (SEC) at the amount requested by the Obama administration for fiscal year 2014. The SEC is responsible for ensuring that the nation’s capital markets are fair, orderly and efficient, and that i... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, has introduced legislation to provide the U.S. Securities and Exchange Commission (SEC) with the authority to impose and collect user fees on investment advisors. The Investment Adviser Examination Improvement Act of 2013 (H.R. 1627) would provide the SEC with a dedicated funding source in order to make possible a more robust investment adviser oversight program. Since the financial crisis five years ago, publ... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, and Congressman Collin C. Peterson, Ranking Member of the House Committee on Agriculture have submitted a motion for leave to file an amicus brief with the U.S. Court of Appeals focusing on the position limits rule promulgated by the Commodity Futures Trading Commission (CFTC). The CFTC’s rule would limit the amount of certain commodity futures, options or swaps that an investor (who does not make any use of t... (Read More)
Ranking Member Waters opening statement at 4-16-2013 Financial Institutions Subcommittee Hearing titled, “Examining Community Bank Regulatory Burdens” I want to thank the witnesses for taking time to come talk to us today. I know it’s still a challenging time for community sized institutions such as yourselves and it can’t be easy to take time away from your businesses. And I want to get you all back home as soon as possible because we really need you to be out there lending in your communities ... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today released the following statement in response to testimony by Daniel Stipano, deputy chief counsel of the Office of the Comptroller of the Currency (OCC), in his appearance before the Senate Banking Committee. In his testimony, Stipano stated that the OCC “would welcome a legislative change” regarding the use of independent contractors. “I’m pleased to hear the OCC say that it would welcome legislation to... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, convened a bipartisan panel this morning on Capitol Hill to discuss various proposals for reform of the Government-Sponsored Enterprises and the secondary mortgage market. “The goal of this panel is to emphasize the imperative for reform, inform our members, and hopefully spur the Financial Services Committee to continue this dialogue through the hearing and mark-up process,” said Waters in her opening remarks... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, announced today that she has introduced legislation to reform the use of independent consultants in banking regulation and enforcement processes. She is joined by Representatives Elijah E. Cummings, Al Green and John Conyers, Jr. as original cosponsors. The Stop Outsourcing Banking Enforcement and Examination Act would impose significant transparency measures on banking enforcement by requiring that consent or... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, will moderate a bipartisan panel discussion on plans to reform the nation’s secondary mortgage market. The discussion will consider the lingering challenges facing the housing market, the principles that should frame Congress’s consideration of housing finance reform, and various approaches to ensure access to and affordability of mortgage credit. What: Panel discussion: A Way Forward For Housing Finance Refor... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, congratulated Mary Jo White today on her swearing in as Chairman of the Securities and Exchange Commission. “I am pleased to have her on the job,” said Waters. “I am sure that her reputation as a tough federal prosecutor will assist us in overcoming any attempts to slow implementation of the Wall Street reform law.” ### (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, spoke before the U.S. Chamber of Commerce Center for Capital Markets Competitiveness today. Waters’ 30 minute speech outlines policy areas such as regulatory relief for community banks in which she is optimistic about working with the Republican majority on the Committee. However, she made clear that despite her willingness to consider technical fixes to Dodd Frank, she will strongly oppose efforts to repeal t... (Read More)
Plans to Introduce Legislation to Address the Use of Consultants Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, released the following statement today in response to a GAO report on the Independent Foreclosure Review. The study was conducted as the result of a request by Congresswoman Waters, Senator Robert Menendez, Congressman Brad Miller, and Congressman Luis Gutierrez, which was made to the GAO in January 2012. The report, titled Foreclosure Review: Le... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Committee on Financial Services, today commended a proposal by the Federal Housing Finance Agency (FHFA) that would ban the payment of lucrative commissions and reinsurance fees to banks in return for their purchase of “force-placed” insurance. Currently, mortgage servicers are permitted to require homeowners to purchase property and casualty insurance when their policies lapse. Servicers and banks often benefit from arranging this insura... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Committee on Financial Services, introduced the Project Rebuild Act of 2013 on Thursday afternoon. This legislation would provide funding for the rehabilitation of foreclosed and abandoned properties, helping to prevent the deterioration of neighborhoods which leads to plummeting housing prices and lower quality of life for residents. The new legislation builds on the success of the Neighborhood Stabilization Program (NSP), authored by Con... (Read More)
Rep. Carolyn Maloney (D-NY), senior member of the House Financial Services Committee, along with Rep. Maxine Waters and 44 other cosponsors, today announced the introduction of the “Overdraft Protection Act”, H.R. 1261, at an event outside the House chambers. The bill would require a bank or other financial institution to obtain a consumer’s affirmative opt-in to any overdraft protection plan and also require clear disclosure of coverage and “reasonable and proportional” fees, would ban the mani... (Read More)
(As Prepared) I’d like to thank my colleague on the Financial Services Committee, Congresswoman Carolyn Maloney, for organizing this press conference. She was a leader in passing the “Credit Card Accountability, Responsibility and Disclosure Act” -- otherwise known as the CARD ACT. I was proud to work with her on that legislation as an original co-sponsor. Now we have turned our attention to areas not covered in that bill – debit cards, checking accounts and transfers. I will do everything I can... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today made the following statement on the House Floor: Thank you Mr. Speaker, and I thank Mr. Van Hollen for yielding me time. Today I rise in strong opposition to the Republican’s Budget, a budget that makes absurd claims to reducing the deficit by repealing crucial government authority to protect our economy—lest we forget that Lehman’s disorderly bankruptcy sparked the worst financial crisis since the Great... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today made the following opening statement at the full committee hearing on the Federal Housing Finance Agency (FHFA). The FHFA is conservator of the Government Sponsored Enterprises, Fannie Mae and Freddie Mac. Edward DeMarco, Acting Director of the FHFA, will appear before the committee as a witness today. Thank you, Mr. Chairman for holding this hearing this morning on oversight of the Federal Housing Finan... (Read More)
Today Congresswoman Maxine Waters, Ranking Member of the House Committee on Financial Services, reintroduced the FHA Emergency Fiscal Solvency Act. The legislation, co-sponsored by Representative Michael E. Capuano, Ranking Member of the Subcommittee on Housing and Insurance, is designed to strengthen FHA and to help ensure its long-term solvency. In recent years, the agency has stepped into the void, providing crucial liquidity as private firms have retreated from writing mortgage insurance pol... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today released a letter to Edward DeMarco, Acting Director of the Federal Housing Finance Agency (FHFA) raising questions about FHFA’s recent decision to prohibit Fannie Mae from moving forward with a plan to save taxpayers and borrowers from unnecessarily high costs related to force-placed insurance (FPI). FPI is insurance placed on a borrower’s home when the borrower fails to maintain their own insurance pol... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today welcomed the testimony of Ben Bernanke, Chairman of the Federal Reserve Board of Governors. Mr. Bernanke appears before the Committee today as required by the Humphrey-Hawkins Full Employment and Balanced Growth Act of 1978. The complete text of Ranking Member Waters’ opening statement follows. I am very pleased to welcome Chairman Bernanke before the Committee to receive his report on the conduct of mon... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, led committee Democrats today in calling for an open debate on the effects of sequestration, requesting that all Committee members put aside theoretical discussions of “Budget Views and Estimates.” The complete text of her opening statement follows. Thank you, Mr. Chairman. The Committee is supposed to meet today to discuss its views on the federal government’s budget for fiscal year 2014. However, given the l... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today released a letter to Ben Bernanke, Chairman of the Federal Reserve, and Thomas Curry, Comptroller of the Currency, seeking additional, detailed information from the regulators about the termination of the Independent Foreclosure Review (IFR). Ranking Member Waters has been a leading advocate for foreclosure prevention, and has closely monitored the IFR since its inception in early 2011. Designed to inves... (Read More)
Congresswoman Maxine Waters, ranking member of the House Financial Services Committee, today released a letter to Attorney General Eric Holder commending recent work by the Department of Justice (DOJ), the Commodity Futures Trading Commission (CFTC), and banking regulators in investigating and prosecuting wrongdoing related to LIBOR manipulation, money laundering and violations of the Bank Secrecy Act. Ranking Member Waters has been outspoken about the need for increased enforcement activity and... (Read More)
Congresswoman Maxine Waters, ranking member of the House Financial Services Committee, today released the following statement in response to the announcement by the Department of Justice that it has filed a civil suit against Standard & Poor’s Rating Services (S&P): “I want to commend the Justice Department for taking long overdue action to hold S&P accountable for its conduct leading up to the 2008 financial crisis. For years, credit ratings agencies artificially inflated the housing market by ... (Read More)
Congresswoman Maxine Waters, ranking member of the House Financial Services Committee, today sent the attached letter to Jeb Hensarling, chairman of the committee, requesting that he hold a hearing about the abrupt end of the Independent Foreclosure Review (IFR) process. On Jan. 7, the Office of the Comptroller of the Currency and the Federal Reserve Board announced a settlement in which 14 mortgage servicing companies agreed to replace the process with an $8.5 billion settlement, effectively t... (Read More)
Congresswoman Maxine Waters, ranking member of the House Financial Services Committee, today released a letter to Ben Bernanke, chairman of the Federal Reserve, and Thomas Curry, comptroller of the currency, asking for detailed information about the abrupt termination of the Independent Foreclosure Review (IFR) process. Ranking Member Waters, a leading advocate for foreclosure prevention, has closely monitored the IFR process since its inception in early 2011. Designed to investigate abuses by ... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee (HFSC), today released the following statement in response to the news that President Barack Obama will nominate Richard Cordray to head the Consumer Financial Protection Bureau (CFPB). The CFPB was established by the Wall Street Reform and Consumer Protection Act, which was drafted and signed into law during the period in which Ms. Waters was Chairwoman of the HFSC Subcommittee on Housing and Community Opport... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today welcomed President Obama’s nomination of Mary Jo White to be the next chairman of the United States Securities and Exchange Commission (SEC), stating: I offer my congratulations to Mary Jo White on being nominated to chair the SEC. Ms. White has had a very distinguished record serving as U.S. Attorney in the Southern District of New York. This very important position will afford her the opportunity to d... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today released the following statement after the Committee’s first markup. In her statement, she praises the bipartisan tone of the markup but also responds to a claim by the Committee majority made in a press release strong issued last night. I appreciate the bipartisan nature of today’s Financial Services Committee markup in which we formally organized the Committee by adopting rules and appointing Members t... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, released the following statement today in response to the announcement by the Consumer Financial Protection Bureau of a rule governing actions by mortgage servicers: The rule is a strong first step towards limiting widespread predatory practices by the mortgage servicing industry, which have led to many American families needlessly losing their homes. It establishes rules that provide lenders with clear guidan... (Read More)
(January 16, 2013) – A contingent of 12 Members of the House of Representatives today filed an amicus brief in the United States Court of Appeals for the District of Columbia Circuit in support of the Securities and Exchange Commission’s Resource Extraction Rule. The rule is based on a provision in the Dodd-Frank Wall Street Reform and Consumer Protection Act. The rule is designed to help investors and ensure more stable and growing capital markets through transparency while also combating the d... (Read More)
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today announced the Democratic Members of the subcommittees of the FSC. The memberships of the subcommittees were determined by an open bidding process within the Democratic caucus of the committee. The process was guided in part by Members’ years of service to the committee, but it also gave all Members a chance to express their preferences for subcommittee assignments. The memberships of the subcommittees ar... (Read More)
Congresswoman Maxine Waters (CA-43), Ranking Member of the Financial Services Committee, released the following statement today in response to reports that the American International Group Inc. (AIG) is considering joining a lawsuit against the U.S. government claiming that the terms of the bailout were unfair: “It is simply outrageous that the board of the American International Group, Inc. (AIG) would even consider suing the federal government after America’s taxpayers stepped up and bailed th... (Read More)
Congresswoman Maxine Waters (CA-43), Ranking Member of the Financial Services Committee, issued the following statement today regarding the $8.5 billion foreclosure review settlement between the OCC, the Federal Reserve Board and ten mortgage servicers: "The settlement announced today between the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board and ten major mortgage servicers appears to mark an end to what was a deeply problematic Independent Foreclosure Review (IFR... (Read More)
Congressman Barney Frank and Congressman Mike Capuano today introduced legislation which would merge the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). "The existence of a separate SEC and CFTC is the single largest structural defect in our regulatory system," said Frank. "Unfortunately, this is deeply rooted in major cultural, economic and political factors in America. Had we sought to merge those institutions in the overall financial reform bill, ... (Read More)
Congressman Barney Frank today released the following statement in response to the news that Mary Schapiro plans to step down from her position as Chairman of the Securities and Exchange Commission. Mary Schapiro took over the chairmanship of an agency that was failing in its job and she has made major strides towards establishing it as an effective regulator. She has had the difficult job of implementing the financial reform law, with its significant grant of new powers to the agency she chairs... (Read More)
Congressman Barney Frank today released the following statement in response to the announcement by the Federal Open Market Committee that it would continue its program of quantitative easing. In its statement, the FOMC specifically points to its statutory dual mandate to “foster maximum employment and price stability.” I am pleased about today’s decision by the Federal Open Market Committee and Chairman Bernanke, who is one of the genuinely bi-partisan figures of our times. To their great credit... (Read More)
Congressman Barney Frank today issued the following statement calling on federal and state officials to reconsider decisions to prosecute financial institutions for wrongdoing committed by smaller institutions which the larger institutions absorbed at the urging of federal officials during the financial crisis. A recent example is the decision by New York Attorney General Schneiderman along with members of the federal-state task force to take action against J.P. Morgan Chase for potentially crim... (Read More)
Congressman Barney Frank today released the following statement thanking the Consumer Financial Protection Bureau (CFPB) for proposing regulatory changes that will eliminate an unintended ambiguity in the Credit Card Act that could have worked to the disadvantage of stay-at-home spouses or partners applying for credit cards. The CFPB obtained jurisdiction of this issue in July, 2011, when regulatory supervision of Truth and Lending Act functions were transferred to the new agency. Until the rece... (Read More)
Congressman Barney Frank today released an analysis of the provisions in the Wall Street Reform and Consumer Protection Act which address the issue of financial institutions which were thought to be “too big to fail.” The research was conducted at Mr. Frank’s request by the minority staff of the House Financial Services Committee. The paper is presented in response to assertions that the Wall Street reform law perpetuates “too big to fail” and taxpayer bailouts of large financial institutions. I... (Read More)
Congressman Barney Frank today issued the following statement in response to recent inaccurate claims by Mitt Romney about the Wall Street Reform and Consumer Protection Act. During the Presidential debate on Wednesday, Romney asserted that the financial reform law “designates a number of banks as too big to fail, and they're effectively guaranteed by the federal government.” Romney also claimed that “banks are reluctant to make loans” because of a provision of the law which calls for a rule on ... (Read More)
Congressman Barney Frank today praised the announcement by the Consumer Financial Protection Bureau that it has taken an enforcement action against three subsidiaries of American Express. The companies will refund 250,000 customers a total of approximately $85 million dollars and will pay an additional $27.5 million in civil penalties. The enforcement action was taken jointly with three federal bank regulators – the Federal Deposit Insurance Corporation, the Federal Reserve, and the Office of th... (Read More)
February 9, 2011: Holly Petraeus before the House Committee on Veterans Affairs March 16, 2011: Elizabeth Warren before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit April 12, 2011: Holly Petraeus before the Senate Homeland Security and Governmental Affairs Subcommittee on Oversight of Government Management, the Federal Workforce, and the District of Columbia May 24, 2011: Elizabeth Warren before the House Oversight and Government Reform Subcommittee on... (Read More)
Congressman Barney Frank today released the following statement in response to the announcement by the Federal Reserve that it would take further action to aid economic recovery. It is welcome and entirely appropriate that the Federal Reserve acted today to take aggressive additional steps to support economic recovery. Unemployment is still much too high and, as the Open Market Committee noted, the economy still faces strong headwinds. But it is unfortunate that Republicans already have expresse... (Read More)
Congressman Barney Frank today released the following statement about FHFA Acting Director Edward DeMarco’s decision not to allow principal reductions on mortgages backed by Fannie Mae and Freddie Mac: The refusal by Federal Housing Finance Agency (FHFA) Administrator Edward DeMarco to include the use of principal reduction to help deal with the housing problem that continues to hold back our economy is deeply disappointing. Mr. DeMarco acknowledges that the government sponsored enterprises (GSE... (Read More)
Congressman Barney Frank spoke out yesterday against an amendment introduced by Representative Bill Posey, calling it “A tax evader’s bill of rights”, which if enacted and signed into law would seriously undermine U.S. efforts to crack down on offshore tax evasion. The Posey Amendment would prevent the Treasury Department from requiring US banks to report the interest they pay to foreign depositors holding accounts in the US. Speaking from the House floor, Congressman Frank criticized the Posey ... (Read More)
Rep. Frank's opening statement at FSC Hearing entitled “The Annual Report of the Financial Stability Oversight Council” Click here for a PDF transcript of his opening statement. CONGRESSMAN BARNEY FRANK OPENING STATEMENT HEARING OF THE HOUSE FINANCIAL SERVICES COMMITTEE: “THE ANNUAL REPORT OF THE FINANCIAL STABILITY OVERSIGHT COUNCIL” WITNESS: TIMOTHY GEITHNER, SECRETARY OF THE TREASURY JULY 25, 2012 As my retirement approaches a certain amount of nostalgia is inescapable and I try not to indulg... (Read More)
CONGRESSMAN BARNEY FRANK SPEECH ON THE FLOOR OF THE U.S. HOUSE OF REPRESENTATIVES DURING DEBATE ON THE FEDERAL RESERVE TRANSPARENCY ACT JULY 24, 2012 THE SPEAKER PRO TEMPORE: The gentleman from Massachusetts is recognized for four minutes. FRANK, B. (D-MA): Thank you, Mr. Speaker. I think this is a bad idea and I’m somewhat confused. By the way, we will be debating tomorrow a bill which restricts rulemaking and it exempts the Federal Reserve as I read it. So we're kind of on again, off again ab... (Read More)
Opening statement at the Hearing of the House Financial Services Committee, “Who’s in Your Wallet? Dodd-Frank’s Impact on Families, Communities and Small Businesses” By Congressman Barney Frank June 19, 2012 As delivered Thank you Mr. Chairman. I am struck by what seems to me to be a nice irony in the title, “Who’s in your wallet?” borrowing given the looseness of intellectual property constraints here from Capitol One’s slogan, “What’s in your wallet?” And we learned from one of the agencies, m... (Read More)
Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released the following statement about the settlement announced on July 13th in which Visa, Mastercard and some large banks agreed to pay retailers $6 billion to resolve a lawsuit concerning the amount retailers pay to accept credit cards. I welcome the proposed settlement. I believe that a free market approach in this area will be better for the economy and all concerned parties than the current system. I ... (Read More)
The Department of the Treasury today released an overview of the status of the Wall Street Reform and Consumer Protection Act. The second anniversary of the signing of the law will be this Saturday, July 21st. Click herestrongto view the Treasury press release and report. ### (Read More)
Congressman Barney Frank today released the following statement in response to the announcement by the Commodity Futures Trading Commission (CFTC) that its commissioners have voted to approve a definition of the term “swap” for the purpose of administering the Wall Street Reform and Consumer Protection Act. This rule was jointly written with the Securities and Exchange Commission, which adopted it last Friday. The CFTC also approved exemptions for end-users and for some transactions executed by ... (Read More)
Congressman Barney Frank today released the following statement about the necessity of adequate funding for the Commodity Futures Trading Commission (CFTC). The argument for adequate funding has been strengthened recently by the announcement of a settlement with Barclays Bank over allegations that the bank had manipulated interest rates, and by the revelation that losses at JPMorgan Chase from a series of derivatives transactions may grow to as much as $9 billion. The persistence of opposition b... (Read More)
Congressman Barney Frank today released the following statement in response to news that the Commodity Futures Trading Commission, the U.S. Justice Department, and the British Financial Services Authority have reached a settlement with Barclays Bank over allegations that the bank had manipulated interest rates. Barclays has agreed to pay more than $450 million in total, including a $200 million penalty levied by the CFTC. The success of the Commodity Futures Trading Commission in conjunction wit... (Read More)
Congressman Barney Frank released the following statement today clarifying a comment he made during the House Financial Services Committee hearing on the more than $3 billion trading loss by JPMorgan Chase. I said during the hearing today, in a discussion of the consolidation of agencies overseeing the banking industry, that “I am aware of no proposal that came from either side to go beyond where we already were” in 2010 during the conference committee for the financial reform law. At the time, ... (Read More)
Barney Brooksley Born, former chairwoman of the Commodity Futures Trading Commission, will be the featured speaker tomorrow at a press conference on funding for the CFTC. In the late 1990s, Born was one of the first public officials to recognize the dangers of unregulated derivatives markets. Her warnings were largely ignored and over the next several years the growing use of unregulated derivatives contracts became a central cause of the financial crisis. The press conference comes on the heels... (Read More)
Congressman Barney Frank is joined by leading members of Congress and former Commodities Futures Trading Commission (CFTC) Chairwoman Brooksley Born in denouncing recent action by the House Appropriations committee to underfund the Securities and Exchange Commission and the CFTC. In his remarks, Congressman Frank emphasized that having these financial regulator "referees on the field" is essential to ensuring the fair operation of the nation's securities markets. (Read More)
Congressman Barney Frank today provided the following statement in response to the release by the House Appropriations Committee of two spending bills which govern funding for the Securities and Exchange Commission and the Commodity Futures Trading Commission. The Financial Services and General Government Appropriations bill for fiscal year 2013 includes $1.371 billion for the SEC -- $195 million below the President’s request. The bill mandates that $50 million of that amount be spent on informa... (Read More)
Congressman Barney Frank today announced that he has introduced legislation that would prevent officers, directors and employees of financial firms from purchasing insurance to prevent them from having to pay a compensation clawback or a civil penalty when their actions harm their companies. Congressman Henry A. Waxman, Ranking Member of the House Committee on Energy and Commerce, and Congressman Collin C. Peterson, Ranking Member of the Committee on Agriculture, are original cosponsors of this ... (Read More)
Congressman Barney Frank, Ranking Member of the House Committee on Financial Services, and Congressman Sander Levin, Ranking Member of the House Committee on Ways and Means, today released a letter to Treasury Secretary Timothy Geithner, expressing concern over future U.S. free trade agreements if the very important subject of capital controls is not addressed. Levin and Frank are leaders in the U.S. House on trade and international economic issues. In their letter to the Administration, Frank a... (Read More)
Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released the following statement regarding the announcement yesterday by JPMorgan Chase that it will lose $2 billion due to trading on credit derivatives. This regrettable news from JPMorgan Chase obviously goes counter to the bank’s narrative blaming excessive regulation for the woes of financial institutions. Interestingly, in the Economist’s long attack on the financial reform bill, one of their leading ... (Read More)
Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released the following statement about the recent agreement to reauthorize funding of the Export-Import Bank. I appreciate the work of Democratic Whip Steny Hoyer and others in forging an agreement on this strong authorization of the Export-Import Bank through 2014. I only regret that the right-wing ideologues in the Republican caucus made it take so long to accomplish, and I find it ironic that the uncerta... (Read More)
Congressman Barney Frank today announced that the U.S. District Court for the District of Columbia has agreed to permit filing of an amicus brief submitted by House Democrats concerning the ability of the Commodities Futures Trading Commission to issue rules which would limit speculation in commodities markets. In their formal submission to the Court, Democrats state that the clear intent of Congress in enacting the 2010 Wall Street Reform and Consumer Protection Act of was to require the Commod... (Read More)
Democratic Members of the House Financial Services Committee today issued dissenting views to the budget reconciliation legislative recommendations which passed the committee last week on a straight party line vote. Republican Members of the committee claim that the legislation will cut the deficit by approximately $35 billion over a 10-year period. However, independent observers have called the savings a “wild assumption” and “bogus.” One section of the budget reconciliation language would repe... (Read More)
Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released the following statement about the announcement by the Federal Reserve Board concerning implementation of the Volcker Rule. The guidance issued today by the Federal Reserve regarding the Volker Rule is an appropriate and reasoned approach to the implementation of this important provision. As the statute requires, the Board’s position gives the affected institutions time to come into compliance, with... (Read More)
Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released the following statement in response to reports that the shareholders of Citigroup have rejected the executive pay packages put forth by its board. The vote by the shareholders of Citigroup to disapprove the pay package for its top executive is one more piece of evidence of the beneficial effect of the Wall Street Reform and Consumer Protection Act which Congress passed in 2010. The say-on-pay provi... (Read More)
The House Financial Services Committee will today consider legislation which would eliminate an entire title of the 2010 Wall Street Reform and Consumer Protection Act and also hobble the Consumer Financial Protection Bureau. The legislative language crafted by Committee Republicans lays out recommendations for deep budget cuts in areas under the Committee’s jurisdiction. The House Republican leadership had requested that the Financial Services Committee find $29.8 billion in savings over a 10-y... (Read More)
Click below for text of amendments offered (and vote tallies recorded) at the April 18th mark -up of the House Financial Services Committee to consider budget reconciliation legislative recommendations. Final House Financial Services Committee budget reconciliation legislative recommendations AGREED TO, as amended, by a recorded vote of 31 ayes and 26 nays, FC-76. An amendment offered by Ms. Moore, (Striking the language which repeals Order Liquidation Authority) no. 1, was NOT AGREED TO by a re... (Read More)
Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released the following statement in response to the announcement by the Obama administration that it would take further steps to restrict speculation in oil markets. Click here to view the White House fact sheet on this issue. Congressman Frank’s statement appears below: The package of measures the President has proposed to deal with the oil speculation that has been a significant contributor to higher oil ... (Read More)
Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released the following statement vowing to fight Republican efforts to substantially weaken provisions of the 2010 Wall Street Reform and Consumer Protection Act. In his statement, Frank strongly criticizes two bills which would create substantial loopholes in parts of the law dealing with the regulation of derivatives. Republicans who defeated in the Financial Services Committee Democratic-sponsored amendm... (Read More)
Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released a statement regarding the implementation of the Volcker Rule. The Volcker Rule is a provision of the Wall Street Reform and Consumer Protection Act which would prohibit banks and their affiliates from conducting proprietary trading – speculative investments for their own profit in hedge funds, private equity funds, and other investment vehicles. According to the financial reform law, the specific l... (Read More)
Democratic Members of the House Financial Services Committee sent a letter to Chairman Spencer Bachus, requesting that he call a legislative hearing on a bill introduced by Rep. Kevin Brady (R-TX) which would strip the legal mandate that the Federal Reserve pursue policies that seek to sustain maximum employment. All twenty-seven Democratic Members of the Financial Services Committee signed the letter. In their letter, they stress that they do not support the Brady legislation, but they believe ... (Read More)
Republican Members of the House Financial Services Committee today voted to reject an amendment which calls for fully meeting the President’s funding request for the Securities and Exchange Commission. Twenty-five Republicans voted against the amendment and seventeen Democrats voted in favor of it. The amendment was introduced by Congressman Barney Frank, Ranking Member of the Financial Services Committee. In his remarks, Frank pointed out that the amendment would be budget neutral because the S... (Read More)
(February 29, 2012) – Reps. Ed Markey (D-Mass.), Barney Frank (D-Mass.), Henry Waxman (D-Calif.) and Elijah Cummings (D-Md.) today assailed efforts by financial trade organizations to undermine current law which, if fully implemented, would help to restrict speculation in oil prices. Most economists agree that speculation in oil markets is part of the reason for spikes in the price of oil. Meanwhile, American families and businesses are paying record prices for gas for this time of year, in part... (Read More)
Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released the following statement about a recent op-ed in Politico co-authored by conservative economist Glenn Hubbard. In the article, Hubbard and his colleagues argue that the Federal Housing Finance Agency (FHFA), the government conservator of Fannie Mae and Freddie Mac, should take a much more active role in helping to refinance mortgages and thus accelerate economic recovery. I was pleased to note that ... (Read More)
The House Financial Services Committee today passed four bills, including controversial legislation (H.R. 2308) which would require the Securities and Exchange Commission to conduct cost-benefit analyses and periodic reviews on all rulemakings and most orders that it issues. The effect of the legislation would be to cripple the ability of the SEC to carry out its regulatory functions, and make it difficult to protect investors even when the SEC has evidence of wrong-doing. The bill would also in... (Read More)
The House Financial Services Committee will mark up four bills this morning beginning at 10 a.m. At least one of these bills will draw significant controversy, the “SEC Regulatory Accountability Act” (H.R. 2308) introduced by Congressman Scott Garrett. The bill would greatly increase requirements on the Security and Exchange Commission to conduct cost-benefit analyses and periodic reviews on all rulemakings and most orders it issues. The effect of the bill would be to cripple the ability of the ... (Read More)
Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released the following statement regarding news reports that Chairman Spencer Bachus will be investigated by the Office of Congressional Ethics. I do not believe that Members of Congress should comment on specific ongoing ethics investigations. In my dealings over the years with Spencer Bachus, with whom I disagree on a number of policy issues, I have found him to be honorable and straightforward. (Read More)
Congressmen Barney Frank, Michael Capuano and Stephen Lynch – all three Members of the House Financial Services Committee representing Congressional districts in the state of Massachusetts – today released the attached letter to Ed DeMarco, Director of the Federal Housing Finance Agency. The FHFA is the federal agency which is the regulator and conservator of Fannie Mae and Freddie Mac. Congressmen Barney Frank, Michael Capuano and Stephen Lynch – all three Members of the House Financial Servic... (Read More)
Congressman Barney Frank today released the following statement about President Obama’s plan to help homeowners and to hasten recovery in the housing market. The administration’s comprehensive plan for dealing with the housing crisis is very important from both an economic and a social standpoint. Economically, alleviating the current situation in which so many Americans are in distressed conditions regarding their homes is essential to completing a recovery from the terrible recession that this... (Read More)
Congresswoman Maxine Waters, ranking member of the House Financial Services Committee, today released a letter to Ben Bernanke, chairman of the Federal Reserve, and Thomas Curry, comptroller of the currency, asking for detailed information about the abrupt termination of the Independent Foreclosure Review (IFR) process. Ranking Member Waters, a leading advocate for foreclosure prevention, has closely monitored the IFR process since its inception in early 2011. Designed to investigate abuses by m... (Read More)
Congressman Barney Frank, Ranking Member of the House Financial Services Committee, released the following statement about the announcement made yesterday by Federal Reserve Chairman Ben Bernanke on behalf of the Federal Open Market Committee. Yesterday’s decision by the Federal Open Market Committee to “maintain a highly accommodative stance for monetary policy” and to extend the period for that policy is welcome and appropriate. In the Federal Open Market Committee’s statement the importance o... (Read More)
The President’s appointment of Richard Cordray to be the Director of the Consumer Financial Protection Bureau calls for congratulations – both to the President, and to American consumers who will now get the fullest measure of the protection promised to them in the Financial Reform bill which we passed last year. Republican’s complaints about the President’s decision to make this recess appointment are equivalent to objections leveled by arsonists at people who use the fire door to escape a bur... (Read More)
Congressman Barney Frank today released the following statement in the wake of the passage on Wednesday evening of two bills in the Capital Markets Subcommittee of the House Financial Services Committee which would eviscerate two important provisions of the Wall Street Reform and Consumer Protection Act. The Private Mortgage Investment Act, introduced by Congressman Scott Garrett (R-NJ), passed the subcommittee by a vote of 18-15, with every Democrat and only one Republican opposing the bill. T... (Read More)
Congressman Barney Frank today released the following statement about the successful Republican efforts in the Senate to block the nomination of Richard Cordray to head the Consumer Financial Protection Bureau: The Republican filibuster blocking a vote on the nomination of Richard Cordray to be the Director of the Consumer Financial Protection Bureau (CFPB) is an outrageous expression of disrespect both for the interests of American consumers and for the U.S. Constitution. Substantively, Richar... (Read More)
Congressman Barney Frank today urged Financial Services Committee Chairman Spencer Bachus to hold a hearing on allegations of misconduct by Ally Financial in its dealings with homeowners. In his letter to Mr. Bachus, Frank expressed his support for a request for a hearing on Ally Financial by Massachusetts Attorney General Martha Coakley. Yesterday, Coakley sent a letter to House Financial Services Committee Chairman Bachus and to Senate Banking Committee Chairman Tim Johnson, summarizing a comp... (Read More)
On Tuesday at 2:30 PM, Congressman Barney Frank will hold a press conference to answer questions about his recent announcement that he will not run for re-election in 2012. Note that the event was originally planned for 10:30 AM but that it has been moved to 2:30 PM. The event will be held in HVC Studio A in the Capitol Visitors Center. Access to the room will be via the adjoining room, HVC-117. Questions about the technical set-up in Studio A should be addressed to the House TV and Radio Galler... (Read More)
Congressman Barney Frank today announced that he will not run for Congress in the 2012 election. Frank began his political career in 1967 as the Executive Assistant to Mayor Kevin White of Boston. In 1971, he served as the Administrative Assistant to Congressman Michael Harrington of Massachusetts. In 1972, he was elected to the Massachusetts House of Representatives – he held that seat for eight years. In 1980, he ran successfully to succeed Father Robert Drinan as Representative of the Fourth ... (Read More)
Congressman Barney Frank today released a letter to Spencer Baucus, Chairman of the House Financial Services Committee, urging him to take action on the STOCK Act. Click here to read the letter. (Read More)
Democratic Members of the House Financial Services Committee today released a joint letter to Senator Minority Leader Mitch McConnell (R-KY), calling for him to agree to a vote of the full Senate on the nomination of Richard Cordray as Director of the Consumer Financial Protection Bureau (CFPB). In early May, forty-four Senate Republicans vowed not to confirm anyone to head the CFPB unless certain demands are met, effectively blocking implementation of a law passed by Congress. The Wall Street R... (Read More)
During a markup in the Financial Services Committee today, Democrats cited evidence that Republicans are less committed to limiting compensation of executives of Fannie Mae and Freddie Mac than might be suggested by their support of the legislation under consideration, H.R. 1221, the “Equity in Government Compensation Act of 2011.” In 2009, the Financial Services Committee passed legislation which is very similar to the bill under consideration today, which would also restrict compensation to ex... (Read More)
Barney Frank today released the following statement in response to the announcement by the Consumer Financial Protection Bureau that Hubert H. “Skip” Humphrey III has been chosen to head the new CFPB Office of Older Americans. “The appointment of former Minnesota Attorney General, Hubert H. Humphrey III, to head the CFPB Office of Older Americans continues a pattern of excellent choices by this important agency. I am especially pleased to note the addition of another former attorney general to t... (Read More)
Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released the following statement in response to the news that Moody’s Investor Service has downgraded Bank of America, Wells Fargo, and Citigroup. “I can’t comment on the absolute value of Moody’s ratings, but I am pleased that the rating agency recognizes that such large institutions are not “too big to fail.” ### (Read More)
Congressman Barney Frank today released a detailed statement calling for increased democratization of the Federal Open Market Committee (FOMC), the body within the Federal Reserve that oversees monetary policy by setting targets for interest rates. This issue is particularly important because of the powerful role being played by the FOMC during the current period of considerable economic distress. Currently, the 12 voting members of the committee are made up of the 7 members of the Federal Reser... (Read More)
Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released a letter to Federal Reserve Chairman Ben Bernanke, calling for an extension of the public comment period on the proposed purchase of ING by Capitol One. Click here to view the letter. ### (Read More)
Congressman Barney Frank today released the following statement in response to press reports that Republican leaders, who have strongly opposed Wall Street reform, are receiving greatly increased campaign contributions from Wall Street firms. An article published by Bloomberg News states that campaign contributions to House Speaker John Boehner have increased six-fold over the same period in the last election cycle, and that “three of the biggest sources of Boehner’s campaign cash are employees ... (Read More)
Congressman Barney Frank today released the following statement regarding the nomination of Richard Cordray to head the Consumer Financial Protection Bureau. "I have strongly supported Elizabeth Warren and she would be my first choice for the position. I regret that she has fallen victim to such wholly unjustified political attacks." "The President has made the second best appointment possible. Richard Cordray is an excellent choice as Elizabeth Warren herself indicated when she picked him to le... (Read More)
Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released the attached letter to Deven Sharma, President of Standard & Poor’s regarding the credit rating agency’s July 12th report entitled “The U.S. Government Says Support For Banks Will Be Different ‘Next Time’- But Will It?” In the letter, Congressman Frank strongly rejects the claim by S&P that it is likely that there will be future bailouts of large financial institutions and suggested that “you recon... (Read More)
Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released this letter sent yesterday to John Walsh, Acting Comptroller of the Currency. In the letter, Congressman Frank asks Acting Comptroller Walsh to clarify his recent remarks in an address before the Centre for the Study of Financial Innovation, in which Walsh suggests that there should be a “public safety net” for large financial institutions. The Wall Street Reform and Consumer Protection Act which w... (Read More)
Five senior Members of the House Financial Services today sent a letter to John Walsh, Acting Comptroller of the Currency (OCC), requesting that he extend the comment period for the proposed rule on preemption and visitorial powers for national banks for at least 60 days. The Members, Representatives Barney Frank, Carolyn Maloney, Luis Gutierrez, Mel Watt and Brad Miller, wrote that the original 30-day comment period was "insufficient to foster a meaningful and balanced exchange of views between... (Read More)
Congressman Barney Frank (D- MA), along with Congresswoman Maxine Waters (D-CA), Congressman Stephen Lynch (D-MA) and Congressman Joe Courtney (D-CT) released the following statement today calling for implementation of reforms in the Wall Street Reform and Consumer Protection Act: “The possibility of default on Greek or other European debt dramatically illustrates the need for the United States to move forward rapidly to implement the reforms passed by Congress in the Wall Street Reform and Cons... (Read More)
The following remarks were made by Congressman Frank on June 24th at press conference in support of the Internet Poker Consumer Protection Bill sponsored by Congressman Joe Barton (R-TX) and Congresswoman Shelley Berkley (D-NV). In the previous Congress I was the main sponsor of a different version, H.R. 2267, the Internet Gambling Regulation, Consumer Protection, and Enforcement Act of 2009, but I am very happy now to join my colleague Congressman Joe Barton in co –sponsoring this bill. Since l... (Read More)
The House Financial Services Committee today, over the unanimous objection of committee Democrats, passed legislation to prohibit -- for more than two years after the enactment of the Wall Street Reform and Consumer Protection Act -- the implementation of provisions in the law having to do with the regulation of derivatives. The reckless use of derivatives contributed to the downfall of AIG and fueled the liquidity crisis which imperiled many of the nation’s largest financial institutions. Today... (Read More)
Congressman Barney Frank today announced that he has introduced legislation that would make one of the most important functions of the Federal Reserve – the setting of interest rates – more democratic. The bill, H.R. 1512, would remove from the twelve-member Federal Open Market Committee the five rotating members who are representatives of regional Federal Reserve Banks and chosen by the boards of private financial institutions without input or oversight by any publicly-elected body. “Now is the... (Read More)
Congressman Barney released the following statement in response to the announcement by federal banking regulators that they had successfully negotiated a consent agreement with fourteen of the nation’s largest mortgage servicers. The agreement, which follows in the wake of examinations by the agencies of reports of widespread, potentially illegal foreclosure practices by mortgage servicers, sets down legally-enforceable orders regarding proper procedures for residential loan servicing and forecl... (Read More)
Congressman Barney Frank today released a letter from Treasury Secretary Timothy Geithner which marks a promising step in efforts to reduce violence on the basis of religious belief, sexual orientation or gender identity that is condoned by governments of developing countries. Geithner’s letter is a response to a joint letter from Congressmen Barney Frank (D-MA) and Spencer Bachus (R-AL) to the Secretary urging the Treasury Department to use its influence at the multilateral development banks, s... (Read More)
Congressman Barney Frank today released the following statement in response to Congressman Spencer Bachus’ most recent claims regarding alleged discussions about changes to the financial reform law. “Out of sympathy for journalists who are having trouble keeping track of Spencer Bachus’ pattern of making statements about Committee business and subsequently claiming he never said them, I offer the following guide to the most recent controversy.” “Earlier this week I read a story in Congressional ... (Read More)
Congressman Barney Frank today released the following statement in response to a story entitled “Technical Changes Planned for Financial Regulatory Act” in the April 6th edition of CQ Today. “I would like to investigate the individual who is apparently impersonating me in the Capitol and has fooled Spencer Bachus into thinking he has been dealing with me.” “I’ve read in the media that Chairman Bachus and I were discussing technical fixes to the financial reform law, including to a provision rega... (Read More)
Congressman Barney Frank today announced that he would support legislative action to postpone the deadline for the Federal Reserve to issue a rule on interchange fees. Frank’s statement, which appears below, is in response to the recent announcement by the Fed that it would not be able to meet the deadline of April 21st. “The Federal Reserve’s announcement that they cannot meet the deadline on interchange fees confirms my view that this is the only part of the financial reform bill that needs to... (Read More)
Congresswoman Maxine Waters, Ranking Member on the Capital Markets and Government Sponsored Enterprises subcommittee, made the following remarks in her opening statement during the markup of eight bills related to Fannie Mae and Freddie Mac. “Mr. Chairman, I’d like to thank you for convening this mark-up this morning, and for this Subcommittee’s continued attention to the state of the Government Sponsored Enterprises (GSEs). As I have said consistently during the 112th Congress, I believe that r... (Read More)
Today, the Oversight and Investigations Subcommittee of the House Financial Services Committee is debating the possible costs of implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act. The legislation was crafted as a response to the financial crisis which has cost nearly 10 million American jobs and over $10 trillion in household wealth, and has led to average lost wages of more than $3,000 per household. Congressman Barney Frank, Ranking Member of the Full Committee, releas... (Read More)
Barney's big bill By MARK DeCAMBRE Updated: Fri., Mar. 18, 2011, 4:42 AM New York Post Barney Frank wants to send Jamie Dimon, Steve Cohen and other Wall Street titans an additional $2.5 billion tax bill to fund programs aimed at helping homeowners and communities hardest hit by the foreclosure crisis. The top-ranking Democratic lawmaker on the House Financial Services Committee floated a bill yesterday that would see the nation's biggest banks and hedge funds pay the huge "levy" which would fu... (Read More)
The Internet Gambling Regulation, Consumer Protection, and Enforcement Act was introduced in the House today by Congressman John Campbell (R-CA) with Congressman Barney Frank (D-MA) as a leading sponsor. Congressmen Ed Perlmutter (D-CO) and Peter King (R-NY) are also leading co-sponsors. The bill is identical to H.R. 2267 that was passed out of the House Financial Services Committee on July 28, 2010 with bi-partisan support. The bill would establish a federal regulatory and enforcement framework... (Read More)
The U.S. House of Representatives today will consider a bill to end the Neighborhood Stabilization Program, a program which provides funding to help communities deal with large numbers of foreclosures and abandoned properties. The NSP Termination Act (H.R. 861) is the third of four bills brought to a vote by House Republicans which kill foreclosure avoidance or mitigation programs. Efforts to dismantle programs which address the effects of the foreclosure crisis follow earlier Republican efforts... (Read More)
Congressman Barney Frank, Ranking Member of the House Financial Services Committee, released the following statement today: “I am very disappointed that the Republican House members who during the debate on government spending last week refused to limit agricultural subsidies to $250,000 per individual have announced that they will attempt to eliminate programs which help the victims of the financial crisis.” “The Emergency Homeowner Relief Fund provides assistance to people who are unable to pa... (Read More)
In a House Financial Services Committee hearing on Wednesday, February 16th, Members of the Committee questioned members of the Financial Crisis Inquiry Commission about the Commission’s report and their beliefs on the causes of the financial crisis. During an exchange with Congressman Barney Frank, Peter Wallison openly praised Frank’s effort on the Housing and Economic Recovery Act of 2008 and stated “[Frank] made a wonderful compromise with secretary Paulson and we, as a result of that, got ... (Read More)
Barney Frank, Ranking Member of the House Financial Services Committee, yesterday introduced the following amendment to the 2011 Continuing Resolution: AMENDMENT TO H.R. 1 (CONTINUING APPROPRIATIONS, 2011) OFFERED BY MR. FRANK OF MASSACHUSETTS At the end of the bill (before the short title), insert the following new section: 1 SEC.____The amounts otherwise provided by this 2 Act are revised by reducing the amount made available 3 for the ‘‘Department of the Treasury, Internal Revenue 4 Service, ... (Read More)
Rep. Barney Frank, Ranking Member of the House Financial Services Committee and Rep. Luis V. Gutierrez, Ranking Member of the Subcommittee on Insurance, Housing, and Community Opportunity, today released the following letter to the Editor of the Chicago Tribune: To the Editor: In his February 7, 2011, commentary, “Some of us shouldn’t be homeowners”, Dennis Byrne attempts to lay the blame for the housing market and Wall Street collapse at the feet of middle-class and working-class homeowners by ... (Read More)
Congressman Barney Frank, Ranking Member of the House Financial Services Committee, released the following statement regarding the Administration’s white paper on housing finance: “The administration’s white paper is a thoughtful beginning that sets the stage for a constructive discussion of the future of housing finance.” “I am especially pleased that the paper specifically supports funding for rental housing. It is important that any new legislation include a revenue stream to support rental h... (Read More)
Congresswoman Maxine Waters (D-Calif.), the Ranking Member on the Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises, released the following statement today after the Obama Administration unveiled its plan, “Reforming America’s Housing Finance Market”: “I appreciate that the Administration has presented Congress with a report that at least provides a framework and a starting point for us to begin to fix the housing industry in this country, which we all agree... (Read More)
Barney Frank, Ranking Member of the House Financial Services Committee, today released the following response to an inaccuracy in Peter Wallison’s dissent to the Financial Crisis Inquiry Commission Report. The section appears on page 489 of the document. In the text, Mr. Wallison quotes Congressman Frank, who in an appearance on the CNBC program The Kudlow Report, said that “it was a great mistake to push lower-income people into housing they couldn’t afford…” Wallison implies that Frank was cla... (Read More)
The Dodd-Frank Wall Street Reform and Consumer Protection Act continues to yield practical results. Recently, the Federal Deposit Insurance Corporation (FDIC) issued a final rule, required by the new law, to achieve parity between small and large banks within the deposit-insurance system. In a press release issued today, the Independent Community Bankers of America praised the FDIC’s final approval of the rule which the association had identified as one of its key priorities in the Wall Street R... (Read More)
Today, Congressman Barney Frank (D-MA), Ranking Member of the House Committee on Financial Services, announced the Committee’s six subcommittee Ranking Members. These recommendations will be forwarded to the Democratic Caucus for final approval. In addition, the Democratic membership for the six subcommittees was also announced. Subcommittee on Capital Markets and Government Sponsored Enterprises: Maxine Waters of California, Ranking Member Gary Ackerman (NY) Brad Sherman (CA) Ruben Hinojosa (TX... (Read More)
Congressman Barney Frank, Ranking Member of the House Financial Services Committee, released the following statement in response to the Department of Labor’s December 2010 jobs report released today: “Today’s report, combined with the October and November revisions, shows that we are moving in the right direction and that the economic recovery has clearly begun to take hold. It is a clear refutation of the notion that our policies have been making the situation worse. But it is also demonstrates... (Read More)
Congressman Barney Frank, Ranking Member of the House Financial Services Committee, released the following statement in response to Congresswoman Michele Bachmann’s effort to repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act: “Michele Bachmann, the Club for Growth, and others in the right-wing coalition have now made their agenda for the financial sector very clear: they yearn to return to the thrilling days of yesteryear, so the loan arrangers can ride again – untrammeled by ... (Read More)
House Financial Services Chairman Barney Frank today issued the following statement: “Some recent press reports have suggested that the Dodd-Frank Act requires only a one-time audit of the Federal Reserve System. That is incorrect. In fact, the act requires an unprecedented and permanent increase in Fed transparency; new authority for the GAO to audit the Fed whenever it chooses, and a requirement that the Fed itself, on a regular basis, publically disclose detailed information about discount wi... (Read More)
House Financial Services Chairman Barney Frank today issued the following statement: “Spencer Bachus’ statement to the Birmingham News that ‘Washington and the regulators are there to serve the banks,’ followed ‘later’ according to the News by a clarification, makes two things very clear. First, the assault he intends to lead against improved financial regulation is based on a seriously flawed view of the relationship that should exist between financial institutions and those who set the rules g... (Read More)
House Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement today regarding Republican attacks on efforts by the Federal Reserve to use well-understood monetary policy tools in order to help boost the U.S. economy: “I was not surprised at the extreme hypocrisy of the Central Bank of China insisting that America – apparently alone among nations – has an obligation to subordinate its own legitimate economic needs to international currency movements, nor was I sur... (Read More)
House Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement today on the Federal Housing Administration’s annual report to Congress, which shows that the economic value of the FHA’s Mutual Mortgage Insurance Fund (MMIF) has improved by $1 billion since last year: “I am pleased by the news in this annual report that the FHA has made financial progress over the last year. This progress is the result of bipartisan efforts since 2008 to strengthen and modernize the... (Read More)
House Financial Services Committee Chairman Barney Frank (D-MA) and House Ways and Means Committee Chairman Sander M. Levin (D-MI) issued the following statement today on the quantitative easing undertaken by the Federal Reserve. “The U.S. economy remains stuck in a slow recovery that is not producing the employment growth necessary to reduce our unacceptably high 9.6 percent unemployment rate. That picture is unlikely to change until private investment accelerates. The quantitative easing measu... (Read More)
Congressman Paul E. Kanjorski (D-PA), the Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, today joined in releasing and commented on the report of the staffs of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) to the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues regarding the findings of the events of May 6, 2010, when major equities indices, individual sto... (Read More)
The House of Representatives yesterday approved legislation (S. 3814) to extend the National Flood Insurance Program through September 30, 2011. Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement on the extension today. “In July the House passed legislation making improvements to the National Flood Insurance Program. While we are eager for the Senate to pass such legislation, I am pleased that we have sent this extension to the President. This extension wil... (Read More)
The House gave final approval today to key legislation that helps small businesses across the country get access to the credit they need to expand and hire new employees. The legislation, the Small Business Jobs Act (H.R. 5297), is part of the ongoing effort by Congress and the Obama administration to put Americans back to work and strengthen the economy. The legislation passed the House by a vote of 237-187, and now heads to President Obama’s desk for his signature. The House first passed the l... (Read More)
House Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement today on House passage of S. 3717: “This provision was included in the Dodd-Frank legislation after having been public for some time. Only after Fox Business News brought its lawsuit did people become aware of the provision’s negative implications. We immediately scheduled a hearing and got bipartisan agreement that a legislative remedy was necessary. Our Senate colleagues acted first with legislation ... (Read More)
House Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement on President Obama’s decision to appoint Elizabeth Warren as Assistant to the President: “I would like to offer three congratulations. First, I would like to congratulate the President for making this great appointment. Second, I offer my congratulations to Elizabeth Warren, both for the work that she did to create the agency and for the fact that she will now have the opportunity to make it function ... (Read More)
Today, Congressman Barney Frank (D-MA), Chairman of the House Financial Services Committee, and Congressman Paul E. Kanjorski (D-PA), Chairman of the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises released letters to the White House calling for the Federal Housing Finance Administration (FHFA) to use all of its powers to recover money from companies that used fraud and deceptive practices to shift losses on to Fannie Mae and Freddie Mac. This issue will be a maj... (Read More)
Congressman Barney Frank, Chairman of the House Financial Services Committee, announced that the Committee will hold a hearing in September in order to explore concerns raised about the provision of the Wall Street Reform and Consumer Protection Act, which provides some exemption to the Securities and Exchange Commission regarding the Freedom of Information Act (FOIA). The provision of the new law which addresses this issue was originally requested by SEC Chairwoman Mary Schapiro and by former S... (Read More)
Congressman Paul E. Kanjorski (D-PA), the Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, announced today that he will convene a September hearing to assess the limitations of the Securities Investor Protection Act (SIPA), a law that works to return money and securities to the customers of failed brokerages. The hearing comes at the request of Congressman Gary L. Ackerman (D-NY), the Vice Chairman of the Capital Markets S... (Read More)
House Financial Services Committee Chairman Barney Frank and Capital Markets, Insurance and Government Sponsored Enterprises Subcommittee Chairman Paul E. Kanjorski today announced that the committee will continue its series of hearings on the future of housing finance in September. Chairman Kanjorski will conduct an oversight hearing of the GSEs, and the full committee will continue its examination of policy options for restructuring the nation’s housing finance system. “By passing the legislat... (Read More)
Today, the House Financial Services Committee passed legislation to enable Americans to bet online and put an end to an inappropriate interference with their personal freedom. H.R. 2267, the Internet Gambling Regulation, Consumer Protection, and Enforcement Act of 2009 would establish a federal regulatory and enforcement framework under which Internet gambling operators could obtain licenses authorizing them to accept bets and wagers from individuals in the United States. The legislation comes i... (Read More)
The House Financial Services Committee today passed the Public Housing Reinvestment and Tenant Protection Act (H.R. 5814), legislation introduced by Congresswoman Maxine Waters (D-CA) to preserve and revitalize the nation’s public housing. “This bill preserves public housing, strengthens neighborhoods and creates jobs,” said Congresswoman Waters. “The legislation would reverse decades of neglect of America’s public housing units, which are home to our nation’s most vulnerable populations.” The p... (Read More)
House Financial Services Committee today approved H.R. 4868, the Housing Preservation and Tenant Protection Act of 2010, comprehensive affordable housing legislation introduced by Chairman Frank that helps to stem the loss of affordable rental housing units across the country and prevent the displacement of low-income tenants, many of who are elderly or disabled. Since the 1950s, HUD has subsidized about 1.7 million rental units in over 23,000 privately-owned, multi-family properties that are ty... (Read More)
The House of Representatives today passed H.R. 5114, legislation introduced by Congresswoman Maxine Waters (D-CA) to improve the National Flood Insurance Program (NFIP) and reauthorize the program for 5 years. NFIP is the primary source of reliable, affordable flood insurance coverage for more than five million American homes and businesses. “Reauthorizing and improving the flood insurance program helps homeowners, businesses and communities throughout the country,” said Congresswoman Waters. “... (Read More)
Chairman Frank, on behalf of the House conferees, released the House offer on the title listed below. The title will be subject to debate when the House-Senate Conference Committee convenes in room SD-106, Dirksen Senate Office Building, at 9:30 a.m. tomorrow. Title VII: Wall Street Transparency and Accountability (Official legislative language will be available here later this afternoon) The House proposes the following amendments to the Base text: Amend base text to specifically reference CFTC... (Read More)
Chairman Frank, on behalf of the House conferees, released the House offer on the titles listed below. The issues will be subject to debate when the House-Senate Conference Committee convenes in room SD-106, Dirksen Senate Office Building, at 1:00 p.m. tomorrow. Title VI of base text: Improvements to Regulation of Bank and Savings Association Holding Companies and Depository Institutions The House proposes the following amendments to the Base text: Amend Senate Provision regarding moratorium on ... (Read More)
Today House and Senate conferees again met on the bill to bring accountability to Wall Street. The bill creates a new consumer financial protection watchdog, ends too big to fail bailouts, sets up an early warning system to predict and prevent the next crisis, and brings transparency and accountability to exotic instruments such as derivatives. A list of House and Senate offers and counter offers can be found by clicking here. Below is a list of significant issues to be considered today. TITLE X... (Read More)
Last week was a successful week for the House and Senate conferees for the bill to bring accountability to Wall Street. The bill creates a new consumer financial protection watchdog, ends too big to fail bailouts, sets up an early warning system to predict and prevent the next crisis, and brings transparency and accountability to exotic instruments such as derivatives. The following is a summary of the many provisions agreed to during the House-Senate conference last week. A list of House and Se... (Read More)
Chairman Frank, on behalf of the House conferees, released the House offer on the titles listed below. The issues will be subject to debate when the House-Senate Conference Committee convenes in room SD-106, Dirksen Senate Office Building, at 12:00 p.m. tomorrow. Title 10 of base text: Consumer financial protection Title 14 of base text: Mortgage reform and anti-predatory lending Subtitle D of title 9 of base text: Risk retention Title 10 of base text: Consumer Financial Protection The House pro... (Read More)
Chairman Frank, on behalf of the House conferees, released the House offer on the titles listed below. The issues will be subject to debate when the House-Senate Conference Committee convenes tomorrow. The issues for tomorrow’s offer: Title 2: Orderly liquidation authority Title 8: Payment, clearing, and settlement supervision Title 1: Financial stability Title 2: Orderly Liquidation Authority The House proposes to accept Title II of the Base Text with the following amendments: Strike Senate pro... (Read More)
Chairman Frank, on behalf of the House conferees, released the House offer on the titles listed below. The issues will be subject to debate when the House-Senate Conference Committee convenes in room 2128 Rayburn at 11:00 a.m. tomorrow. The issues for tomorrow’s offer: Title 9, subtitles A, B, F, H, I and J of base text: Investor protection/regulatory improvements Title 9, subtitles E and G of base text: Executive compensation/corporate governance Title 11 of base text: Fed audit and governance,... (Read More)
Chairman Frank, on behalf of the House conferees, released the House offer on the titles listed below. The issues will be subject to debate when the House-Senate Conference Committee convenes tomorrow. The issues for tomorrow’s offer: Title 4 of base text: Private Funds Title 9, subtitle C of base text: credit rating agencies Title 3 of base text: OTS/OCC merger; thrift charter Title 5 of base text: Insurance Title IV – Regulation of Advisers to Private Funds and Others The House proposes the fo... (Read More)
The U.S. House of Representatives today passed legislation introduced by Congresswoman Maxine Waters (D-CA) to help families realize the dream of homeownership, protect Americans from mortgage fraud and save taxpayers money. The FHA Reform Act of 2010 (H.R. 5072) ensures that the Federal Housing Administration (FHA) remains viable and continues its mission of insuring mortgage loans. The bill passed overwhelmingly by a vote of 406-4. For further information about the FHA Reform Act click here. “... (Read More)
Below is a summary of the House-passed H.R. 4173 provisions that have been included in the Senate Wall Street Reform and Consumer Protection Act base text: ACCESS ISSUES Provisions from House bill accepted using House language or with technical changes Financial Services Oversight Council/ Systemic Risk Determination – makes additions that emphasize consideration of impact of regulatory policies and practices on low-income, minority or underserved communities. Regulatory considerations by the Fe... (Read More)
Yesterday, House Financial Services Committee Chairman Barney Frank sent the following letter to Brian Lamb, Chairman and CEO of C-SPAN, reiterating his call for the open, public House-Senate conference meetings to be carried on C-SPAN: June 8, 2010 Dear Mr. Lamb, Thank you for committing the necessary resources to provide gavel-to-gavel coverage of the opening day of the historic House-Senate Conference on the Wall Street Reform and Consumer Protection Act. As we move forward, I urge you to pro... (Read More)
House Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement on the passage of the Financial Stability Bill tonight in the Senate: “I congratulate Senator Dodd on an impressive act of legislative leadership, and I also congratulate Majority Leader Reid for pushing this through. The two bills are very similar, and the House is ready to go to conference to work out the remaining issues. I am confident that we can have a bill ready for President Obama’s signature v... (Read More)
Today, the House Financial Services Committee approved key legislation designed to boost bank lending to small businesses struggling to gain access to credit due to the financial crisis. H.R. 5297, the Small Business Lending Fund Act, will establish a $30 billion fund to boost lending to small businesses looking to hire and expand their operations by providing additional capital to community banks. The program is completely separate from TARP and mandates accountability and oversight by Congress... (Read More)
Today, House Financial Services Committee Chairman Barney Frank (D-MA) testified before the Ways and Means Committee during a hearing on tax proposals related to Chairman Frank’s legislation to license and regulate Internet gambling activities. The following is Chairman Frank’s testimony as prepared for delivery: Chairman Levin, Ranking Member Camp, thank you for the opportunity to testify today. H.R. 2267, the Internet Gambling Regulation, Consumer Protection and Enforcement Act, creates a lega... (Read More)
Today, House Financial Services Committee Chairman Barney Frank (D-MA) released the following statement on the April jobs report issued today: “The significant increase in jobs for April, added to the upward revision for March, marks the beginning of a recovery from the job-killing Bush recession. More than a half million jobs have now been created in the last two months, which if we take further steps to build on this progress means an annual job increase of well over three million. “From a pol... (Read More)
Today, Financial Services Committee Chairman Barney Frank (D-MA) introduced legislation that is the second piece of a two-pronged approach to assure continuity and stability in the National Flood Insurance Program (NFIP) and the nation’s housing markets while also focusing on the comprehensive reform and long-term reauthorization of the NFIP. “The flood insurance program has lapsed twice this year. For each day the program was inactive, up to 1,400 homebuyers seeking to buy homes in flood plains... (Read More)
Today, Financial Services Committee Chairman Barney Frank (D-MA) commended the launch of a $200 million fund by Citigroup to help spur lending to small businesses and promote economic development in low-income communities. The Communities At Work Fund will provide financing to Community Development Financial Institution (CDFI) Loan Funds that lend and assist small businesses in underserved areas across the country. “This is a good example of how partnerships between the private and non-profit se... (Read More)
Rep. Spencer Bachus should know better. In a long op-ed in Politico, the Alabama Republican talks at length about the supposed Democratic failure to reform the GSEs, but apparently President Bush’s “ownership society” doesn’t apply to Republicans taking responsibility for their own failures. The Republican record on Fannie and Freddie is clear and embarrassing: From 1995 to 2006 when the Republicans were in charge of Congress no bill to reform the GSEs passed Congress. Republicans only held one ... (Read More)
The House Financial Services Committee today passed legislation introduced by Congresswoman Maxine Waters (D-CA) to improve the National Flood Insurance Program (NFIP), the primary source of reliable, affordable flood insurance coverage for millions of American homes and businesses. The legislative reform package reauthorizes the program for 5 years. “Without being reauthorized, the flood insurance program has been relying on a series of short-term extensions but recently it expired, leaving hom... (Read More)
Today, the House Financial Services Committee approved by a vote of 39-26 the Homeowners’ Defense Act, innovative bipartisan legislation to reduce insurance premiums for homeowners around the country. The Homeowners’ Defense Act, authored by Rep. Ron Klein (D-FL) and co-sponsored by more than 70 of his colleagues representing over 30 states, allows states that choose to participate to join a national catastrophe insurance pool that will drive down costs. The pool could include the risk for hurri... (Read More)
Today, the House Financial Services Committee approved legislation to ensure that the Federal Housing Administration (FHA) remains viable and continues its mission of insuring mortgage loans. Congresswoman Maxine Waters (D-CA), Chairwoman of the Housing and Community Opportunity Subcommittee, drafted the FHA Reform Act of 2010 (H.R. 5072) in response to recent events that caused FHA’s reserves to fall below the two percent level required in law. The Act will empower FHA to improve its financial ... (Read More)
Today, to mark Earth Day, the House Financial Services Committee approved H.R. 2336, the GREEN Act (Green Resources for Energy Efficient Neighborhoods), by a voice vote. The bipartisan legislation, authored by Reps. Ed Perlmutter (D-CO) and Judy Biggert (R-IL), provides incentives to lenders and financial institutions which will help move our housing and building stock towards greater energy efficiency, create jobs and make places to live and work more sustainable and affordable. “In order to sa... (Read More)
Today, the House Financial Services Committee unanimously passed H.R. 5017, the Rural Housing Preservation and Stabilization Act of 2010, introduced by Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises. This action clears the bill for consideration by the U.S. House of Representatives, which is expected to take up the bill as early as next week. The bill ensures the continued access of r... (Read More)
As the following chart demonstrates, H.R. 4173, the Wall Street Reform and Consumer Protection Act, addresses some of the most egregious problems raised by the Lehman Brothers’ failure, which precipitated the costly taxpayer bailout put forward by President Bush in 2008. For a more complete analysis of how the Republican substitute makes taxpayer bailouts more likely, click here. House Wall Street Reform Legislation Addresses Problems Raised by Lehman Failure Problem H.R. 4173 Republican “Substi... (Read More)
Today, Financial Services Committee Chairman Barney Frank (D-MA) released the following statement: “After recent hearings on the future of housing finance, two important points have emerged from those examinations. First, the major losses of Fannie and Freddie come from their pre-conservatorship activities, which were not curtailed by a Republican Congress that promoted homeownership at all costs. In fact, the federal government would have no further losses on their post-conservatorship activiti... (Read More)
House Financial Services Committee Chairman Barney Frank (D-MA) today made the following statement about the March employment figures released today: “The largest growth in private employment in three years is welcome evidence that our recovery from the deep Bush recession which President Obama inherited has finally begun to provide some benefits to American workers and families. This heightens the sharp contrast in the performance of the economy, including the area of employment, between the pe... (Read More)
House Financial Services Committee Chairman Barney Frank (D-MA) today made the following statement about stories related to a recent staff departure from the House Financial Services Committee: “Several people have expressed criticism of the move by Peter Roberson from the staff of the Financial Services Committee to ICE, after he worked on the legislation relevant to derivatives. I completely agree with that criticism. When Mr. Roberson was hired, it never occurred to me that he would jump so q... (Read More)
House Financial Services Committee Chairman Barney Frank (D-MA) today made the following statement on the announcement of the Administration’s new efforts to combat foreclosures: “I welcome the most recent steps by the Administration to help deal with the foreclosure crisis. It must be emphasized that this is important not just for those who are themselves facing foreclosure, but for the broader economy because this wave of foreclosures has had a general negative effect. I was particularly pleas... (Read More)
Tomorrow, Rep. Luis Gutierrez (D-IL), Chairman of the Subcommittee on Financial Institutions and Consumer Credit, will hold a hearing to examine the role consumer credit scores and reports play in today’s economy. Credit scores and reports are ubiquitous in the current financial marketplace and are used for everything from credit card and mortgage approval to setting car insurance rates and even judging whether or not someone is employable. “Consumers’ credit scores and credit reports have becom... (Read More)
House Financial Services Committee Chairman Barney Frank (D-MA) yesterday introduced H.R. 4868, the Housing Preservation and Tenant Protection Act of 2010, to stem the loss of affordable rental housing units across the country. The measures will help curtail the further loss of housing and prevent the displacement of low-income tenants. “If we don’t act we will have a diminution in affordable rental housing units. Their preservation should be of the highest priority because it’s less expensive, ... (Read More)
House Financial Services Committee Chairman Barney Frank (D-MA) today sent the following letter to Minority Leader John Boehner. Mr. Frank objected to Mr. Boehner publicly calling employees who work in the U.S. House of Representatives as “punk staffers.” The following is the text of Mr. Frank’s letter: March 18, 2010 The Honorable John A. Boehner Minority Leader U.S. House of Representatives 1011 Longworth Washington, D.C. 20515 Dear Minority Leader Boehner, I was very disappointed to read a qu... (Read More)
Today, Senior House Financial Services Committee members Reps. Michael Capuano (D-MA) and Emanuel Cleaver (D-MO) made the following statements after Moody’s Investor Service yesterday changed the way municipal bonds are rated. Previously, Moody’s and others rated municipal securities, which historically have had extremely low default rates, on a different scale. As a result, this had the effect of driving up the costs to cities and states. Financial Services Committee Chairman Barney Frank and R... (Read More)
Today, Financial Services Committee Chairman Barney Frank (D-MA) released the following statement on Senate Banking Committee Chairman Chris Dodd’s financial reform substitute: “Senator Dodd has put forward a thoughtful, comprehensive bill which will, once the Senate has acted on it, form a very solid basis for a House-Senate conference, to produce the tough regulatory reform that President Obama has rightly asked for. There are some differences between the House-passed bill and Senator Dodd’s v... (Read More)
House Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement: “I have been asked some questions by members of the media and others about my noting the distinction between the legal status of Fannie Mae and Freddie Mac debt and the debt of the U.S. Treasury. Throughout the debate over Fannie and Freddie in past years, I have noted that Fannie and Freddie debt did not have the same legal standing as Treasury debt. This does not prevent the Treasury from treating t... (Read More)
Today, the International Monetary Policy and Trade Subcommittee approved H.R. 4573, the Debt Relief for Earthquake Recovery in Haiti Act, introduced by Rep. Maxine Waters (D-CA). The bill would require the Secretary of the Treasury to instruct the U.S. Executive Directors at the International Monetary Fund (IMF), the World Bank, the Inter-American Development Bank (IDB), and other multilateral development institutions to use the voice, vote, and influence of the United States to do the following... (Read More)
House Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement to clarify comments made in today’s New York Times that he would consider a financial consumer watchdog housed in the U.S. Federal Reserve. This is not the case. “I do not support housing the Consumer Financial Protection Agency in the Federal Reserve. I continue to vigorously support the House-passed bill that establishes an independent agency with strong rule-writing authority and enforcement powers ... (Read More)
Today, Financial Services Committee Chairman Barney Frank (D-MA) released the following statement on the Credit Card Accountability, Responsibility and Disclosure (CARD) Act, and commented on the following letters that credit card companies have been sending to their customers as a result of the new law’s implementation. “These letters indicate that Americans are now seeing the benefits of the CARD Act. It was unfortunately the case that some banks tried to game the system after we passed the bi... (Read More)
House Financial Services Committee Chairman Barney Frank (D-MA) today made the following statement about the need for increased consumer protection in the financial industry: “I welcome Elizabeth Warren’s forceful Op-Ed in today’s Wall Street Journal making a strong case for increased consumer protection in the financial industry. No one familiar with the track record of the bank regulatory agencies with respect to protecting consumers can deny the need for an independent agency if we are going ... (Read More)
Due to the snow conditions in Washington, DC, the hearings originally scheduled for Wednesday, February 10 and Thursday, February 11 have been postponed. They have not been rescheduled as of this date. We will notify all hearing participants when we expect to reschedule the hearings. ### (Read More)
Financial Services Committee Chairman Barney Frank (D-MA) announced today the committee will hold a hearing on March 23rd to begin the process of considering the future of housing finance. The hearing will focus on all the private and public entities that support the mortgage market, which include the Federal Housing Administration, Ginnie Mae, Fannie Mae, Freddie Mac, Federal Home Loan Banks, and private lenders and securitizers. It is the first step in a legislative process to determine the fu... (Read More)
Today, House Financial Services Committee Chairman Barney Frank (D-MA) released the following statement: “This week, I will attend the World Economic Forum in Davos, Switzerland. The main purpose of my trip will be to talk with financial services regulators from other countries to coordinate our efforts to update and modernize financial regulations. The objections to tough restrictions in the United States are that it will put American businesses in a disadvantaged position and financial compani... (Read More)
In justifying Republican opposition to the bill that would have limited compensation at Fannie Mae and Freddie Mac, House Financial Services Committee Ranking Member Spencer Bachus today issued a statement where he incorrectly stated that the bill he voted against, H.R. 1664, would have “unfairly penalized small community banks with responsible compensation arrangements that had nothing to do with the excesses on Wall Street.” This is not true. The bill clearly states that: (6) COMMUNITY FINANCI... (Read More)
Today, House Financial Services Committee Chairman Barney Frank (D-MA) released the following statement: “I welcome the President’s strong support for additional provisions in the financial reform legislation to address the too big to fail problem. The President’s initiatives build on provisions that originated in the House Financial Services Committee and were included in the Wall Street Reform and Consumer Protection Act, which passed the House on December 11. By adopting the amendment offered... (Read More)
Today, House Financial Services Committee Chairman Barney Frank (D-MA) released the following memo to members of the House Financial Services Committee: January 21, 2010 MEMORANDUM TO: Members, Committee on Financial Services FROM: Chairman Barney Frank RE: Inaccuracies about CFPA Exemptions Some inaccuracies have appeared in the press about institutions exempted from the reach of the Consumer Financial Protection Agency in the House-passed financial reform bill. For instance, yesterday’s New Yo... (Read More)
Today, House Financial Services Committee Chairman Barney Frank (D-MA) released the following statement: “In an interview on CNBC on Thursday, I was inaccurate in my description of the status of Citigroup’s repayment of the financial assistance it received under the TARP program. I said that Citigroup had not repaid its TARP funds. That was partially inaccurate. In December, Citigroup did retire the $20 billion it received from the Targeted Investment Program under TARP. However, unlike some ins... (Read More)
Today, House Financial Services Committee Chairman Barney Frank (D-MA) sent the following response to Ranking Member Spencer Bachus (R-AL) on the issue of AIG hearings: “I continue to believe that the Financial Services Committee should give priority to pending public policy questions, and throughout last year the committee was busy on legislation responding to the financial crisis, which every Republican in the House voted against. In addition, I had not thought it useful to spend a lot of time... (Read More)
Today, House Financial Services Committee Chairman Barney Frank (D-MA) released the following statement on President Obama’s proposal of the Financial Crisis Responsibility Fee: “President Obama’s action today complies fully with the taxpayer protection language of the original TARP bill. His decision to do this before 2013 is a good one because there is no need to wait. In fact, the TARP program has been both more successful and less expensive than many critics feared and that allows us to move... (Read More)
Today, Chairman Barney Frank (D-MA) announced that the House Financial Services Committee will hold a hearing on Friday, January 22 at 10 a.m., to discuss the issue of compensation practices for both financial and non-financial firms. The hearing comes after the House of Representatives successfully passed compensation measures as a part of H.R. 4173, the Wall Street Reform and Consumer Protection Act. At a press conference this morning, Chairman Frank outlined what he would like to achieve in t... (Read More)
House Financial Services Committee Chairman Barney Frank released the following statement today: For the past three years, Chris Dodd has provided skillful, creative, and forceful leadership on some of the most important problems facing our country and the world. While I greatly admire his leadership on health care reform, obviously the area where we have worked together most closely is in our capacity as chairs of the House and Senate committees with jurisdiction over the financial industry and... (Read More)
Today, the House of Representatives approved sweeping new legislation to modernize America’s financial rules in response to the worst economic crisis since the Great Depression. The Wall Street Reform and Consumer Protection Act (H.R. 4173), which passed by a vote of 223-202, includes a comprehensive set of reforms that will address the myriad causes – from predatory lending to unregulated derivatives – that led to last year’s meltdown. Once signed into law, these tough new regulations will hold... (Read More)
For eight years, President Bush and his Republican allies looked the other way as Wall Street and big banks exploited loopholes, ignored growing problems and, as a result, did not protect America’s families and small businesses. Even today, after millions of Americans have lost their jobs and taxpayers have been forced to bailout Wall Street, Republicans continue to deny that there is a problem. Instead, Republican leader John Boehner, Republican Whip Eric Cantor, and the rest of the Republican ... (Read More)
MANY MARKET and regulatory failures led to the collapse of the nation’s financial markets last year. That collapse has led to a steep and painful recession and placed extraordinary burdens on working families. In response, the House Financial Services Committee, which I chair, is crafting a series of measures that will produce a comprehensive response by, among other things, regulating derivatives, ensuring proper mortgage lending, and making sure taxpayers never again have to take responsibilit... (Read More)
Congressman Paul E. Kanjorski (D-PA), the Chairman of the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, today announced that he will convene a third proceeding looking into the $65 billion Ponzi scheme engineered by Mr. Bernard L. Madoff. The hearing will focus on a variety of policy issues involving the Securities Investor Protection Corporation (SIPC) identified as a result of the Madoff scandal, and these discussions could provide the basis for additional r... (Read More)
Yesterday, the House Financial Services Committee completed its work on a comprehensive set of reforms that responds to the recent economic crisis by modernizing America’s financial regulations. The Wall Street Reform and Consumer Protection Act (H.R. 4173), which will be considered on the House floor next week, incorporates nine major pieces of legislation approved by the Committee to address the myriad causes – from predatory lending to unregulated derivatives – that led to last year’s meltdow... (Read More)
Today, the Financial Services Committee approved legislation that will put an end to “too big to fail” financial firms, help prevent the failure of large institutions from becoming a systemwide crisis, and ensure that taxpayers are never again left on the hook for Wall Street’s reckless actions. The Financial Stability Improvement Act (H.R. 3996), which passed by a vote of 31-27, marks the ninth major bill approved by the committee this year to modernize America’s financial rules. Once signed in... (Read More)
Today, House Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement regarding recent press reports on FHA loan limits. “Recent press reports about FHA loan limits have created the mistaken impression that federal loan limits allow for luxury home loans of up to $729,750 anywhere in the nation. This is simply not true. These reports overlook the fact that the primary factor for establishing FHA loan limits is the median home price in any given area. Thus, in a re... (Read More)
Today, the House Financial Services Committee passed by a unanimous voice vote H.R. 2609, the Federal Insurance Office Act, introduced by Congressman Paul E. Kanjorski (D-PA), Chairman of the Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises. “Today, the Financial Services Committee completed its initial work to reform the regulatory structure of the financial services industry by passing my Federal Insurance Office Act,” said Chairman Kanjorski.... (Read More)
House Financial Services Committee Chairman Barney Frank today made the following statement after the announcement by the Treasury Department and the Federal Reserve that it would delay implementation of the Unlawful Internet Gambling Enforcement Act (UIGEA) for six months: “The Department of the Treasury and the Federal Reserve Board of Governor’s deserve a great deal of credit for suspending these midnight regulations promulgated by the Bush administration which would curtail the freedom of Am... (Read More)
Today, House Financial Services Committee Communications Director Steve Adamske released the following statement after reading the Nov. 21 National Journal article, “End of the Beginning,” written by John Maggs: “You have got to be kidding.” On page 54 of the November 21 edition, reporter John Maggs invents a “question and answer” article that discusses the status of financial regulatory reform. The article has several errors and misrepresentations that have been corrected below: National Journa... (Read More)
Today, the House Financial Services Committee passed an amendment offered by Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, to the Financial Stability Improvement Act by a vote of 38-29. The Kanjorski amendment would empower federal regulators to rein in and dismantle financial firms that are so large, inter-connected, or risky that their collapse would put at risk the entire America... (Read More)
Today, House Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement on the introduction of draft financial reform legislation by Senate Banking Committee Chairman Chris Dodd (D-CT). “I congratulate Senator Dodd and I am pleased at the progress Senator Dodd and other members of the Senate have made. Obviously the bills aren’t going to be identical, but it confirms that we are moving in the same direction and reaffirms my confidence that we are going to be able to... (Read More)
Today, Financial Services Committee Chairman Barney Frank (D-MA) released the following statement regarding a response received from Commodity Futures Trading Commission Chairman Gary Gensler. Chairman Gensler’s letter was responding to Chairman Frank’s Nov. 4 letter. “I appreciate Chairman Gensler’s agreeing that we should change the provision of the derivatives bill that he requested that would have put the clearinghouses in charge of determining that a trade is clearable. As some people point... (Read More)
The House of Representatives today overwhelmingly approved legislation sponsored by Reps. Carolyn Maloney (D-NY) and Barney Frank (D-MA) that would push up the effective date of credit card reforms scheduled for next year to immediately upon the signing of the bill. Originally passed by Congress and signed into law by the President last spring, the Credit CARD Act had three staged implementation dates: August 2009, February, 2010, and August, 2010. H.R. 3639 moves up the remaining dates by which... (Read More)
House Financial Services Committee Chairman Barney Frank (D-MA) yesterday sent a letter to Commodity Futures Trading Commission Chairman Gary Gensler and Securities and Exchange Commission Chairman Mary Schapiro seeking their input on efforts to strengthen the derivatives legislation recently approved by the Committee. To read the text of Rep. Frank’s letter, click here. ### (Read More)
Today, the House Financial Services Committee passed H.R. 3817, the Investor Protection Act, by a vote of 41-28. The legislation is part of a broader effort to modernize America’s financial regulatory system and was introduced by Rep. Paul E. Kanjorski (D-PA), Chairman of the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises. “In order to maintain a sound economy, we must improve investor protection and confidence,” said Chairman Kanjorski. “The Investor Protection... (Read More)
Today, House Financial Services Committee Chairman Barney Frank (D-MA) released the following statement in response to the White House’s announcement regarding the National Affordable Housing Trust Fund. In October of 2007, the House of Representatives approved legislation to create the National Affordable Housing Trust Fund, which was created with the goal of producing, rehabilitating and preserving 1.5 million rental housing units over the next 10 years, but so far has yet to be funded. “I app... (Read More)
Today, House Financial Services Committee Chairman Barney Frank (D-MA) released the following statement regarding the manager’s amendment to the Consumer Financial Protection Agency Act that was adopted today by the House Energy and Commerce Committee. “Going from a single executive able to act promptly and efficiently to a five-member commission with staggered terms will weaken the capacity of the agency to provide consumer protection. “The director will have the benefit of an oversight board o... (Read More)
Today, the House Financial Services Committee passed H.R. 3890, the Accountability and Transparency in Rating Agencies Act, introduced by Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises. The Committee passed H.R. 3890, with bipartisan support, by a vote of 49-14. “The Accountability and Transparency in Rating Agencies Act aims to curb the inappropriate and irresponsible actions of cred... (Read More)
Today, the House Financial Services Committee passed H.R. 3818, the Private Fund Investment Advisers Registration Act, introduced by Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises. The Committee passed H.R. 3818 with extensive bipartisan support by a vote of 67-1. Tomorrow, the Committee is expected to vote on Chairman Kanjorski’s H.R. 3817, the Investor Protection Act and H.R. 3890, ... (Read More)
Today, the House Financial Services Committee and the Treasury Department released draft legislation to address the issue of systemic risk and “too big to fail” financial institutions. The draft bill will: Create a mechanism for monitoring and reducing the threats that systemically risky firms pose to the financial system. Establish a process for winding down large, financially-troubled non-bank financial institutions in a way that protects American taxpayers and minimizes the impact on the fina... (Read More)
Steve Adamske, Communications Director for the House Financial Services Committee, made the following statement in response to Ranking Member Spencer Bachus’ claim that Chairman Frank cut off debate on the bill to create the Consumer Financial Protection Agency: “At 7:00 p.m. on Wednesday, Chairman Frank announced he would move the previous question after more than 16 hours of debate over four days on the bill to create the Consumer Financial Protection Agency (CFPA). During this time, the commi... (Read More)
The Financial Services Committee today unanimously passed H.R. 3639, the Expedited CARD Reform for Consumers Act of 2009, which would move up the effective date for credit card reforms from February 22 to December 1. The bill, sponsored by Rep. Carolyn Maloney (D-NY) and Financial Services Committee Chairman Barney Frank (D-MA), changes the date by which banks and credit card issuers would have to comply with the remaining provisions of the Credit CARD Act, new consumer-friendly legislation sign... (Read More)
Today, the Financial Services Committee approved legislation that will establish a new, independent federal agency solely devoted to protecting Americans from unfair and abusive financial products and services. As called for by President Obama, the Consumer Financial Protection Agency (CFPA) represents one of the most significant efforts by Congress to bring about long overdue financial reform and ensure that Americans are able to take advantage of capitalism’s benefits without falling victim to... (Read More)
Rep. Barney Frank (D-MA), Chairman of the House Committee on Financial Services, today announced that the committee will meet on Wednesday, October 21, and subsequent days if necessary, to consider the following measures: The October 1, 2009 Discussion Draft of the Private Fund Investment Advisers Registration Act of 2009 (to be reported as H.R. 3818); The October 1, 2009 Discussion Draft of the Investor Protection Act of 2009 (to be reported as H.R. 3817); The October 16, 2009 Amendment in the ... (Read More)
The House Financial Services Committee today approved legislation that would, for the first time ever, require the comprehensive regulation of the over-the-counter (OTC) derivatives marketplace. Today’s bill, which was approved by a vote of 43-26, represents a key part of a broader effort by Congress and President Obama to modernize America’s financial regulatory system in response to last year’s financial crisis. Under the bill, all standardized swap transactions between dealers and large marke... (Read More)
In the wake of recent revelations concerning Iran’s nuclear program, the U.S. House of Representatives today overwhelmingly passed legislation aimed at increasing economic and political pressure on Iran to give up its nuclear ambitions. Approved by a vote of 414-6, H.R. 1327, the Iran Sanctions Enabling Act of 2009, would give Americans the power through their investment decisions to voice their opposition to the internationally condemnable actions of the Iranian regime. “This bill makes it very... (Read More)
Rep. Barney Frank (D-MA), Chairman of the House Committee on Financial Services, today announced that the committee will meet on Wednesday, October 14, and subsequent days if necessary, to consider the following measures: The October 2, 2009 Discussion Draft of the Over-the-Counter Derivatives Markets Act of 2009; The September 25, 2009 Discussion Draft of the Consumer Financial Protection Agency Act of 2009 (to be reported as H.R. 3126); H.R. 3763, to amend the Fair Credit Reporting Act to prov... (Read More)
Financial Services Committee Chairman Barney Frank (D-MA), Homeland Security Committee Ranking Member Peter King (R-NY), Financial Institutions Subcommittee Chairman Luis V. Gutierrez (D-IL), Domestic Monetary Policy and Technology Subcommittee Chairman Melvin Watt (D-NC), Domestic Monetary Policy Subcommittee Ranking Member Ron Paul (R-TX), and Oversight Subcommittee Ranking Member Judy Biggert (R-IL) - along with 13 other members of the Financial Services Committee - sent a letter yesterday to... (Read More)
House Financial Services Committee Chairman Barney Frank (D-MA) today circulated a discussion draft of legislation to regulate over-the-counter (OTC) derivatives. Chairman Frank also announced this week that the Committee will hold a hearing on Wednesday, October 7, to discuss the reform of the largely unregulated OTC derivatives market as well as the discussion draft released today. A full text of the discussion draft can be viewed here. “Lacking and lagging regulation of OTC derivatives was a ... (Read More)
Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, today released discussion drafts of three pieces of legislation aimed at tackling key parts of reforming the regulatory structure of the U.S. financial services industry. The draft bills include the Investor Protection Act, the Private Fund Investment Advisers Registration Act, and the Federal Insurance Office Act. Chairman Kanjorski in... (Read More)
Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises today circulated a discussion draft of legislation to create the Enhanced Accountability and Transparency in Credit Rating Agencies Act. Kanjorski also announced yesterday that the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises will hold a hearing on Wednesday, September 30, to discuss the Enhanced Accoun... (Read More)
Following up on a memo released earlier this week, Financial Services Committee Chairman Barney Frank (D-MA) today circulated a discussion draft of legislation to create the Consumer Financial Protection Agency. Chairman Frank also announced yesterday that the Committee will hold a hearing on Wednesday, September 30, to discuss the Consumer Financial Protection Agency and the draft legislation released today. A full text of the discussion draft can be viewed here. ### (Read More)
Reps. Carolyn Maloney (D-NY), author of the credit card reform bill signed earlier this year by President Obama, and Barney Frank (D-MA), Chair of the House Financial Services Committee, today introduced legislation which changes the effective date for the reforms in that bill to December 1, 2009. H.R. 3639, the ‘‘Expedited CARD Reform for Consumers Act of 2009,” would move up the effective date of the remaining provisions of the Credit CARD Act, which are now scheduled for February and August 2... (Read More)
House Financial Services Committee Chairman Barney Frank (D-MA) today released a report card demonstrating the poor record of the Federal Reserve in using the tools provided by Congress to protect consumers from abusive financial industry practices. Only after being prodded by the Democratic Congress did the Federal Reserve respond with a number of consumer protection rules and regulations. In contrast, the Financial Services Committee has held 18 hearings since 2007 on mortgage reform, subprime... (Read More)
Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, today announced that the Subcommittee will hold a hearing to examine innovations in securitization, especially those related to life insurance settlements. Such settlements offer individuals the opportunity to sell their existing life insurance contracts and collect a cash disbursement considerably more than an insurer would typically pa... (Read More)
A number of factors, one of which in particular is my own fault, have contributed to my position on ACORN being unclear. My biggest error was to sign a letter to the Congressional Research Service which I had not thoroughly read and which does not accurately represent my own position in all aspects. Part of the confusion arose from the fact that I had to miss the vote on the motion to cut off funding for ACORN because I was about to enter the White House for a ceremony in which a soldier who had... (Read More)
House Financial Services Committee Chairman Barney Frank (D-MA) announced today the committee’s tentative schedule for the final round of hearings on President Obama’s plan to overhaul the nation’s financial regulatory structure. More hearings may be scheduled, and it is expected that markups on legislation will begin as soon as this set of hearings has concluded. September Wednesday 9/23 at 9:30 a.m.: Secretary Geithner Thursday 9/24 at 10 a.m.: Expert’s Perspectives on Systemic Risk and Resolu... (Read More)
Senator Kennedy’s death is an incalculable loss to the country. His leadership on so many issues, and his emphasis on reducing unfairness in our lives made him one of our greatest national assets. He was the most effective Senator in American history because of his great talent and the respect that other Senators had for him. The state of Massachusetts has lost our most effective advocate at the national level because Senator Kennedy never let his leadership on national issues in any way diminis... (Read More)
House Financial Services Committee Chairman Barney Frank today made the following statement on President Obama’s nomination of Ben Bernanke to serve a second term as Chairman of the U.S. Federal Reserve Chairman: “I strongly support President Obama’s nomination of Ben Bernanke to a second term as Chairman of the Federal Reserve. On the whole, Chairman Bernanke’s response to the unprecedented economic crisis has been wise and appropriate. He has acted to provide needed liquidity to the economy an... (Read More)
House Financial Services Committee members Reps. Al Green (D-TX), Maxine Waters (D-CA), and Luis V. Gutierrez (D-IL), and the committee’s chairman Barney Frank (D-MA) today released a Government Accountability Office (GAO) report which is critical of federal regulators’ ability to effectively and efficiently enforce the nation’s fair lending laws. In the report, GAO found that “[f]ederal enforcement agencies and depository institution regulators face challenges in consistently, efficiently, and ... (Read More)
Rep. Barney Frank (D-MA), Chairman of the House Financial Services Committee, issued the following statement on the July unemployment numbers released today: “Today’s release of the employment numbers in the United States presents a mixed picture. It is of course continued bad news that the American people are still losing jobs. But the substantial decline in the number from previous months strongly suggests that this number is an aberration, and more importantly, that the fiscal stimulus packag... (Read More)
Today, the House of Representatives approved legislation to rein in compensation practices that encourage excessive risk-taking at the expense of companies, shareholders, employees, and ultimately the American taxpayer. H.R. 3269, the Corporate and Financial Institution Compensation Fairness Act, was approved by a vote of 237-185. It represents the first piece of a larger regulatory reform package being crafted by the Financial Services Committee to address the causes of the recent financial cri... (Read More)
Today, the House of Representatives will consider H.R. 3269, the Corporate and Financial Institution Compensation Fairness Act of 2009. The bill would rein in executive compensation practices that led to excessive, reckless risk-taking and contributed to the recent financial collapse. An updated version of the bill can be viewed here. A summary of the bill can be viewed here. Specifically, H.R. 3269 would give shareholders a “say on pay” for top executives and ensure that they have a nonbinding,... (Read More)
House Financial Services Committee Chairman Barney Frank and House Agriculture Committee Chairman Collin C. Peterson today released a concept paper that will guide the two committees as they develop legislation to regulate derivatives. The text of the concept paper can be viewed by clicking here. Chairman Peterson said: “I am pleased that Chairman Frank and I were able to come to agreement on so many principles with regard to OTC derivatives reform. I think we have come up with a responsible app... (Read More)
The U.S. House of Representatives today approved legislation that would extend the National Flood Insurance Program (NFIP) through March 31, 2010. Created in 1968, the NFIP provides over one trillion dollars of flood insurance to more than five and a half million American homes and businesses. Financial Services Housing Subcommittee Chairwoman Maxine Waters (D-CA) and Chairman Barney Frank (D-MA) introduced H.R. 3139 earlier this month in light of the fact that the current program is set to expi... (Read More)
Financial Services Committee Chairman Barney Frank (D-MA) today welcomed the announcement by Secretaries Geithner and Donovan that the meeting held by their top assistants with representatives of the mortgage servicing industry on July 28th was productive, and that they expect there to be a significant increase in the number of mortgage modifications. But Frank noted that there is great disappointment in both Congress in particular and the country as a whole in the failure of these institutions ... (Read More)
Today, the Financial Services Committee approved legislation to put an end to the perverse compensation practices that encourage executives to take excessive risk at the expense of their companies, shareholders, employees, and ultimately the American taxpayer. H.R. 3269, the Corporate and Financial Institution Compensation Fairness Act, would prevent a return to a “heads I win, tails I break even” compensation system that contributed to recent financial collapse. The measure, which passed by a v... (Read More)
The Financial Services Committee today approved H.R. 3045, the Section Eight Voucher Reform Act of 2009. The landmark bill would reform the Section 8 Housing Choice Voucher Program, which provides rental housing assistance to 2 million low-income families nationwide. The legislation, sponsored by Rep. Maxine Waters (D-CA), was approved by a vote of 41- 24. “As a result of the economic crisis and the resulting increases in foreclosures and levels of homelessness, the Section 8 program is more imp... (Read More)
Today, Financial Services Committee Chairman Barney Frank and Joint Economic Committee Chairwoman Carolyn Maloney (D-NY) issued the following statement in response to the announcement that Goldman Sachs paid full price – a total of $1.1 billion – to buy back warrants the government received as part of the Troubled Asset Relief Program (TARP). Chairman Frank said: “I appreciate that Goldman Sachs did the right thing today, and we urge all the others to follow this example. I hope that this will l... (Read More)
Financial Services Committee Chairman Barney Frank (D-MA) today made the following statement highlighting several parts of the Federal Reserve’s semiannual Monetary Policy Report and Chairman Bernanke’s testimony indicating that the Recovery Act has had positive effects on the economy for American workers. Bernanke was appointed Chairman of the Board of Governors of the Federal Reserve by President Bush in 2006 and previously served as Chairman of President Bush’s Council of Economic Advisors. C... (Read More)
In a letter sent to President Obama today, four leading House members with primary legislative responsibility for U.S. participation in the international financial institutions noted their surprise and disappointment at the signing statement issued by the President when he recently approved the Supplemental Appropriations Act of 2009. In the signing statement, the President asserted that he did not feel bound by certain reform provisions attached to congressional funds for the World Bank and IMF... (Read More)
During today’s House Financial Services Committee Hearing on Monetary Policy, Federal Reserve Chairman Benjamin Bernanke confirmed that the Recovery Act is working to prevent higher unemployment. The positive effects of the American Recovery and Reinvestment Act continue to multiply in each state, and the economy would be worse off without the Recovery Act. From the Hearing Transcript: Bernanke: “Our forecasts are based on our best projections of what government spending is likely to be and in p... (Read More)
Today, Chairman Barney Frank (D-MA) circulated a “discussion draft” on executive compensation to members of the Financial Services Committee. The draft is based on “Say-on-Pay” legislation that passed the House in 2007 and legislative proposals released yesterday by the Treasury Department. Mr. Frank also stated yesterday that the committee plans to mark up legislation on executive pay sometime next week. The discussion draft, titled "H.R. 3269, Corporate & Financial Institution Compensation Fai... (Read More)
Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement today on executive compensation: “The recent news of compensation on Wall Street shows that some financial leaders yearn for the stirring return of yesteryear and demonstrates the need to adopt legislation on executive pay. It’s a question of empowering the shareholders to decide the appropriate level because it’s their money and giving regulators the ability to prevent compensation incentives that encourage... (Read More)
Today Senate Banking Committee Chairman Chris Dodd (D-CT) and House Financial Services Chairman Barney Frank (D-MA) sent a letter to the heads of the bank regulatory agencies asking them to address whether banks are inflating the value of 2nd mortgages on their balance sheets, thereby discouraging proactive efforts to modify and restructure mortgage loans and crippling programs designed to prevent foreclosures. Across the country housing prices have dropped and many Americans owe far more on the... (Read More)
Financial Services Housing Subcommittee Chairwoman Maxine Waters (D-CA) and Committee Chairman Barney Frank (D-MA) today introduced new legislation to authorize the National Flood Insurance Program (NFIP) through March 31, 2010. The current program is due to expire at the end of September 2009 unless Congress acts to extend it. In addition, Waters and Frank announced their intention to draft a new bi-partisan measure to reform the NFIP. The updated legislation would incorporate important NFIP r... (Read More)
Today, House Financial Services Committee Chairman Barney Frank (D-MA) formally introduced President Obama’s plan to strengthen consumer protections as a part of a broader financial regulatory restructuring. H.R. 3126 would establish the Consumer Financial Protection Agency (CFPA), a powerful independent agency with a range of rulemaking, information-gathering, supervisory, and enforcement tools to better protect consumers who purchase financial products from banks and non-bank financial instit... (Read More)
Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement on the release of the Administration’s legislative proposal to create a new Consumer Financial Protection Agency: “The Administration’s release of its recommended language is very welcome because it removes any obstacle to the House Financial Services Committee reporting out legislation creating such an agency in July. The federal regulatory system has clearly failed to provide adequate protection for consum... (Read More)
Rep. Barney Frank (D-MA), Chairman of the House Financial Services Committee, will discuss the future of financial regulation at the National Press Club on Monday, July 27. In June, President Obama delivered to the country sweeping proposals to change financial regulatory system, and Chairman Frank’s committee will be largely responsible for enacting the President’s agenda. Next week, the committee will markup one part of the president’s plan to ensure greater accountability and responsibility i... (Read More)
House Financial Services Committee Chairman Barney Frank (D-MA) today announced the committee’s tentative schedule for the consideration of the Obama Administration’s plan for sweeping financial regulatory reform. Chairman Frank is also working to reschedule the postponed hearing with Secretary Geithner, and he noted that additional hearings and committee meetings will be scheduled in July. Below is a tentative committee schedule: Wednesday, June 24: Full committee hearing on consumer issues (10... (Read More)
Financial Services Committee Chairman Barney Frank released the following statement in response to a European Commission report released today that investigated U.S. internet gambling laws and their enforcement against European Union companies. The report concludes that the U.S. measures constitute an obstacle to trade that is inconsistent with World Trade Organization (WTO) rules. It also concludes that U.S. laws deny access and discriminate against foreign suppliers of gambling and betting ser... (Read More)
Reps. Carolyn B. Maloney (D-NY), Barney Frank (D-MA), and Luis Gutierrez (D-IL) today called on the Federal Reserve to strengthen its proposed regulation of bank overdraft fees by requiring banks to have consumers opt-in to overdraft programs and prohibiting the posting of transactions in a sequence which maximizes overdraft fees. In a letter to Federal Reserve Chair Ben S. Bernanke, the members of Congress said, “Overdraft fees… often take consumers completely by surprise… and {are} usually vas... (Read More)
Today, the House of Representatives passed historic legislation that will protect consumers from deceptive credit card practices and equip them with the information and rights they need to responsibly manage their credit. The Credit Cardholders’ Bill of Rights Act passed by a vote of 361-64 and now goes to the President’s desk for his signature. The legislation, sponsored by Rep. Carolyn Maloney (D-NY), represents an unprecedented effort to level the playing field between card issuers and consum... (Read More)
HOPE for Homeowners: The bill amends the HOPE for Homeowners Program, to (a) permit reduction of excessive fee levels, (b) provide greater incentives for mortgage servicers to engage in modifications under the Program, and (c) reduce administrative burdens to loan underwriters by making the requirements more consistent with standard FHA practices. Specifically, the bill would: Put the HUD Secretary in charge of running the program, relegating the Program Board’s role to an advisory capacity Chan... (Read More)
House Financial Services Committee Chairman Barney Frank today made the following statement in reaction to the front page story, “Lawmakers Plot Finance Shake-up,” in today’s Financial Times: “Today’s story is a generally accurate picture of the current debate on creating a resolution authority, but the article misstates one point. While we are considering how best to fund the resolution authority, I believe there is a consensus on the House Financial Services Committee that small banks that hav... (Read More)
Rep. Barney Frank (D-MA), chairman of the House Financial Services Committee, announced today the committee will hold a hearing entitled “Legislative Proposals to Improve the Efficiency and Oversight of Municipal Finance” on Thursday, May 21. The committee today also circulated draft legislation - none of which has been formally introduced - that witnesses will be asked to discuss during the upcoming hearing. A summary of the draft legislation is below as well as links to the full text of the dr... (Read More)
Rep. Barney Frank (D-MA), chairman of the House Financial Services Committee, announced today the committee will hold a hearing on Thursday, May 21, entitled “The Section 8 Voucher Reform Act.” The Honorable Shaun Donovan, Secretary of Housing and Urban Development, will be testifying. Rep. Maxine Waters (D-CA), chairwoman of the Financial Services Subcommittee on Housing and Community Opportunity, said: “Last Congress, I introduced the Section 8 Voucher Reform Act, legislation that was long ove... (Read More)
House Agriculture Committee Chairman Collin Peterson (D-MN) and House Financial Services Committee Chairman Barney Frank (D-MA) today made the following joint statement after receiving a letter by Treasury Secretary Timothy Geithner on regulating over-the-counter (OTC) derivatives: “We applaud the letter by Treasury Secretary Tim Geithner, and we agree there must be strong, comprehensive and consistent regulation of OTC derivatives. As Chairmen of the Congressional Committees who share jurisdict... (Read More)
Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, today announced that the Subcommittee will hold a hearing to examine the need for more effective regulation of the credit rating agencies to increase transparency, improve accountability, and enhance investor confidence in our financial markets. “Many experts believe the decisions of credit rating agencies exacerbated our current financi... (Read More)
The following is an updated summary of H.R. 627, the Credit Cardholders’ Bill of Rights, which the House of Representatives overwhelmingly approved in April by a vote of 357 to 70. The Senate is considering a similar measure on the floor this week. Summary of H.R. 627 Ends Unfair, Arbitrary Interest Rate Increases Prevents card companies from unfairly increasing interest rates on existing card balances – retroactive increases are permitted only if a cardholder is more than 30 days late, if a pro... (Read More)
The House of Representatives today overwhelmingly approved legislation to curb abusive and predatory lending – a major factor in America’s highest home foreclosure rate in 25 years. H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act of 2009, will outlaw many of the egregious industry practices that marked the subprime lending boom. It represents a key step in the overhaul of the nation’s financial regulations. The measure was introduced by Reps. Brad Miller (D-NC), Mel Watt (D-NC), an... (Read More)
Today, Financial Services Committee Chairman Barney Frank (D-MA) unveiled legislation that would enable Americans to bet online and put an end to an inappropriate interference with their personal freedom. H.R. 2267, the Internet Gambling Regulation, Consumer Protection, and Enforcement Act of 2009 would establish a federal regulatory and enforcement framework under which Internet gambling operators could obtain licenses authorizing them to accept bets and wagers from individuals in the United St... (Read More)
Today, the House of Representatives overwhelmingly passed legislation that would protect consumers from deceptive credit card practices and equip them with the information and rights they need to responsibly manage their credit. The Credit Cardholders’ Bill of Rights Act passed by a vote of 357 to 70. The bill, sponsored by Rep. Carolyn Maloney (D-NY), represents an unprecedented effort to level the playing field between card issuers and cardholders. It would ban some of the most abusive industr... (Read More)
House Financial Services Committee Chairman Barney Frank made the following statement today after Minnesota Rep. Michele Bachmann issued a news release touting an amendment she offered to the Mortgage Reform and Anti-Predatory Lending Act of 2009. “I made a mistake yesterday in not objecting to the Bachmann amendment. I did not read it carefully, and it was in the last minute that the amendment was accepted. It is a deeply flawed amendment and I am opposed to it. “Banning people from possible pa... (Read More)
The House Financial Services Committee today approved H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act of 2009, aimed at curbing abusive and predatory lending – a major factor in the nation’s highest home foreclosure rate in 25 years. The bill would outlaw many of the egregious industry practices that marked the subprime lending boom, and it would prevent borrowers from deliberately misstating their income to qualify for a loan. The legislation, sponsored by Reps. Brad Miller (D-NC)... (Read More)
The House Financial Services Committee today passed H.R. 1327, the Iran Sanctions Enabling Act of 2009, which would empower Americans to apply economic pressure on the Iranian regime. The legislation enables state and local governments to divest their public pension funds from companies investing more than $20 million in Iran’s energy sector. It also removes legal barriers to allow mutual fund and corporate pension fund managers to cut ties with these companies. H.R. 1327 now moves to the House ... (Read More)
House Financial Services Committee Chairman Barney Frank today announced that the committee will continue the markup of H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act, on Wednesday, April 29, at 10:00 a.m. Chairman Frank Also announced votes in the committee will begin at 2:15 p.m. If votes on the floor occur at this time, then the votes in the committee will commence after floor votes. WHO: House Financial Services Committee WHAT: Continuation of Markup of H.R. 1728 WHEN: Wednesd... (Read More)
In an important shift in the World Bank’s approach to development, today the Bank announced the suspension of the controversial “Employing Worker” Indicator (EWI) and a commitment to reexamine and revise both the EWI and the “Paying Taxes” Indicator in its annual country-ranking exercise called Doing Business. The World Bank’s highest-circulation annual flagship publication, Doing Business measures the cost to firms of selected business regulations in 181 countries and then ranks each country w... (Read More)
Rep. Barney Frank (D-MA), chairman of the House Financial Services Committee, today announced that the committee will meet on Tuesday, April 28, to consider the following measures: H.R. 1327, Iran Sanctions Enabling Act; H.R. 1728, Mortgage Reform and Anti-Predatory Lending Act. WHO: House Financial Services Committee WHAT: Markup of H.R. 1327 and H.R. 1728 WHEN: Tuesday, April 28, 2009 10:00 a.m. WHERE: Room 2128, Rayburn House Office Building (Read More)
The House Financial Services Committee today approved legislation that would provide credit card customers crucial protections against unfair, deceptive, and anti-competitive credit card practices, which include double-cycle billing, due-date gimmicks, and retroactive interest rate hikes. The bill would also increase the advance notice of impending rate hikes and give consumers the information and rights they need to manage their credit responsibly. The Credit Cardholders’ Bill of Rights (H.R. 6... (Read More)
House Financial Services Committee Chairman Barney Frank (D-MA) today issued the following statement in response to the negative outlook assigned by Moody’s Investors Service to the creditworthiness of America’s local governments: “I am troubled by the action of Moody’s Investors Service to issue a negative outlook across the board on America’s municipalities, which could raise the interest rates on cities and towns making it more expensive to borrow funds for infrastructure improvements. Today’... (Read More)
House Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement in response to Labor Department statistics released today showing that the U.S. economy lost 663,000 jobs in March and the unemployment rate rose to 8.5 percent, the highest in 26 years: “Today’s employment report underscores the importance of continuing the President’s strategy of promoting recovery by investing in job-creating measures that promote a restoration of shared, sustainable growth. Yesterd... (Read More)
House Financial Services Committee Chairman Barney Frank (D-MA) today issued the following statement on the Financial Accounting Standards Board’s ruling on mark-to-market accounting: “I applaud the very important actions taken by FASB today, which has made significant progress toward addressing inaccurate asset valuations in the markets. The FASB believes the rule can be applied more fairly and take into account the currently dysfunctional state of some markets. The integrity of the standard-se... (Read More)
Reps. Carolyn B. Maloney (D-NY) and Rep. Luis Gutierrez (D - IL) hailed today’s passage of the “Credit Cardholders’ Bill of Rights,” H.R. 627, by the Subcommittee on Financial Institutions and Consumer Credit of the House Financial Services Committee. “The Credit Cardholders’ Bill of Rights levels the playing field between card issuers and cardholders by applying common-sense regulations: no retroactive rate increases on existing balances, no double-cycle billing, and no due-date gimmicks,” Rep... (Read More)
House Financial Services Committee Chairman Barney Frank (D-MA) today announced that he will address the House of Representatives tonight during Special Orders to dispute Republican claims that Democrats are to blame for the economic crisis. Congressman Frank will talk about Republican efforts to block needed legislation to regulate the financial system by confusing people about the causes of the crisis. Note: Frank’s address will take place after legislative business today has concluded. We wi... (Read More)
The U.S. House of Representatives today approved legislation that would tie pay to performance at companies that have received direct capital investments under the Troubled Asset Relief Program. The Grayson-Himes Pay for Performance Act would prohibit certain compensation at these institutions to better align the public’s interest with the health of the financial institutions. In addition, the bill also repeals a controversial provision in the American Recovery and Reinvestment Act that exempts ... (Read More)
House Financial Services Committee Chairman Barney Frank (D-MA) today wrote to Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke asking them to look into claims made by Rep. Spencer Bachus (R-AL) regarding AIG’s payments to its counterparties. Chairman Frank wrote in his letter: “I do not know what basis there is for the point he [Rep. Bachus] makes, but it is a serious issue and must be addressed. Clearly, any discrimination against American owned financial instituti... (Read More)
Dear Colleague sent by Chairman Frank: March 31, 2009 "The Days of Light-Touch Regulation are Over" Dear Colleague: At the markup of the legislation we are considering on the floor tomorrow, regarding the subject of restraints on compensation from recipients of a capital infusion under the TARP program, some arguments against it were that it would put American financial institutions at a competitive disadvantage internationally. In fact, compensation for executives in America have been far great... (Read More)
On Thursday, U.S. Representative Luis V. Gutierrez (D-IL), Chairman of the Subcommittee on Financial Institutions, will hold a hearing to discuss much-debated legislation that would restrict unscrupulous payday lending practices. The Payday Loan Reform Act (H.R. 1214) outlines solid consumer protections for 23 states that have weak or even nonexistent consumer protections from abusive lenders. The bill focuses on the two major concerns with regard to payday loans: the fees charged and the “cycle... (Read More)
Rep. Barney Frank (D-MA), chairman of the House Committee on Financial Services, today announced that the Subcommittee on Financial Institutions and Consumer Credit will meet on Wednesday, April 1, to consider H.R. 627, the “Credit Cardholders' Bill of Rights Act of 2009.” This credit card reform legislation, introduced by Rep. Carolyn Maloney (D-NY), is aimed at leveling the playing field between credit card companies and consumers and abolishes industry abuses that have been described by regul... (Read More)
Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, and Congressman Barney Frank (D-MA), Chairman of the House Financial Services Committee, today pledged to work with each other and the Administration to modernize our country’s financial regulatory system. In a letter to President Obama sent as he prepares to leave for the upcoming G-20 Summit Meeting in London, the Chairmen said they would work expeditiously, carefully and deliberately to create a... (Read More)
The Financial Services Committee today passed H.R. 1664, the Grayson-Himes Pay for Performance Act of 2009, that would prohibit certain compensation payments by companies that have received direct capital investments under the TARP program and the Housing and Economic Recovery Act until these investments are repaid. Specifically, the bill prohibits any compensation payments that are unreasonable or excessive, restricts all non-performance based bonuses, and effectively repeals a controversial pr... (Read More)
Members of the Massachusetts Congressional delegation in the House of Representatives yesterday sent a letter to Treasury Secretary Timothy Geithner commending the Department of Treasury’s intention to issue a term sheet for mutual banks and saving associations that will allow those institutions to participate in the TARP Capital Purchase Program (CPP). The letter was signed by the following members: Reps. Barney Frank, Edward Markey, Richard Neal, John Olver, William Delahunt, James McGovern, J... (Read More)
CORRECTION The Daily News always seeks to be accurate in its news coverage, but when we make a mistake, we want to know. Readers noting mistakes in stories are encouraged to call city editor Will Courtney or editor John Macone at (978) 462-6666. nnn In a story that ran on page 1 in Thursday’s edition about Sixth District Congressman John Tierney’s reaction to the bailout of American International Group, Tierney was inaccurately portrayed and quoted as criticizing a colleague, Bay State Congressm... (Read More)
House Financial Services Committee Chairman Barney Frank (D-MA) today sent a letter to Federal Housing Finance Agency Director James Lockhart asking him to cancel planned bonuses to executives at Fannie Mae and Freddie Mac. In the letter, Frank states: “I am writing to urge strongly that you rescind the retention bonus programs at Fannie Mae and Freddie Mac, prohibit any further payment of bonuses to executives under that program, and pursue repayment of any already-paid bonuses. The public, hav... (Read More)
House Financial Services Committee Chairman Barney Frank (D-MA) announced today the committee will consider legislation to prohibit any bonus payments by companies who have received capital investments under the TARP program and the Housing and Economic Recovery Act until these investments are repaid in full. The bill also prohibits any compensation arrangements that are excessive and all non-performance based bonuses for these companies. The bill adds new compensation/bonus restrictions to the ... (Read More)
During the House Financial Services Subcommittee meeting today, Rep. Barney Frank discussed the AIG employee contracts. For your information, we have put these contracts on our website. Click the links below to view the contract. 2008 Employee Retention Plan Confirmation and Acknowledgement Schedule to the Master Agreement (Read More)
Chairman Frank press availability on Tuesday, March 17, 2009. FRANK: All right, I'm here to answer questions. QUESTION: (OFF-MIKE) FRANK: That's a ways and means that I haven't focused on. QUESTION: Do you agree with the (inaudible)? FRANK: That's a ways and means issue that I haven't focused on. I've been working on other issues. I am very reluctant now that I've become chairman to get into other committees' jurisdictions. QUESTION: Mr. Chairman, when did you first learn that AIG was planning t... (Read More)
House Financial Services Committee Chairman Barney Frank (D-MA) last week sent letters to the initial TARP recipients seeking information about bonuses. The requests came after Chairman Frank requested the same information from Bank of America. The other recipients of the letter were Goldman Sachs, JPMorgan Chase, Bank of New York Mellon, State Street Corporation, Morgan Stanley, Citigroup and Wells Fargo. Click here for the text of the letter (Read More)
Congressman Barney Frank today responded to a series of repetitive, wholly inaccurate efforts by Republicans to blame Democrats, and Frank in particular, for the failure to take appropriate action to prevent bad loans being made to people who could not pay them back. “According to the Republican version of the history of the financial crisis, as presented on the House floor on Wednesday by Representative Todd Akin (R-MO), Congressman Frank is responsible for the fact that no legislation passed t... (Read More)
During a Financial Institutions Subcommittee hearing yesterday regarding mortgage lending reform, the Federal Reserve, once again, unequivocally stated that the Community Reinvestment Act (CRA) played no part in the nation's mortgage foreclosure crisis. “I can state very definitively that, from the research we have done, that the Community Reinvestment Act is not one of the causes of the current crisis,” said Sandra Braunstein, Director of the Division of Consumer and Community Affairs of the Fe... (Read More)
House Financial Services Committee Chairman Barney Frank (D-MA) today announced the committee will continue its work on financial reform that started in 2007, the first year of the Democratic majority, both in legislation and through committee oversight. Hearings in March will focus on regulatory restructuring and the role of law enforcement in the current financial crisis and whether law enforcement agencies have the tools to pursue fraud and prosecute individuals. Also in March, the committee ... (Read More)
House Financial Services Committee Chairman Barney Frank, along with 17 Democrats on the committee, sent a letter today to Frederick H. Waddell, the President and CEO of Northern Trust, in response to published media reports that, the company hosted a PGA golf tournament and several related parties. Democratic members of the committee “…insist that you immediately return to the federal government the equivalent of what Northern Trust frittered away on these lavish events” Below is the text of th... (Read More)
Rep. Barney Frank (D-MA), Chair of the House Financial Services Committee and Rep. Sander Levin (D-MI), Chair of the Trade Subcommittee of the House Ways and Means Committee, released the following letter sent to President Barack Obama requesting that he urge Prime Minister Taro Aso to resist recent calls to devalue the yen as a means to stimulate Japanese exports at the expense of the U.S. and other economies: Dear Mr. President, We understand that you will be meeting this week with Japanese Pr... (Read More)
The House Judiciary Committee and the House Financial Services Committee today released details of the combined housing bill the House may consider this week. The measure will combine the Judiciary Committee provisions to allow bankruptcy judges to modify mortgages on primary residences, and the Financial Services Committee legislation which provides a servicer safe harbor, Hope for Homeowners improvements, FHA changes, and reforms to the FDIC insurance fund. The new bill, H.R. 1106 could be on ... (Read More)
House Financial Services Committee Chairman Barney Frank today made the following statement after President Barack Obama announced the Homeowner Affordability and Stability Plan: “President Barack Obama recently signed an important economic recovery bill to create jobs and help the country recover from the worst recession in recent history. I am very pleased that today he took another major step toward economic recovery by addressing the single biggest cause of our economic problems: the foreclo... (Read More)
House Financial Services Chairman Barney Frank (D-MA) today received a letter from JP Morgan Chase CEO Jamie Dimon announcing a three-week foreclosure moratorium. Earlier this week, Frank called on all holders and servicers of mortgages to initiate such a moratorium until President Obama announces the administration’s plan to reduce foreclosures. Mr. Dimon’s letter follows: February 12, 2009 The Honorable Barney Frank 2252 Rayburn Building Washington, DC 20515 Dear Chairman Frank: As I noted dur... (Read More)
House Financial Services Committee Chairman Barney Frank made the following statement in reaction to the remarks by Treasury Secretary Timothy Geithner introducing the Financial Stability Plan: “Treasury Secretary Geithner made a number of improvements to the overall TARP program that will increase accountability and transparency of this taxpayer-funded rescue of America’s financial institutions. He should be commended for doing so. I look forward to working with Secretary Geithner and his team ... (Read More)
House Financial Services Committee Chairman Barney Frank (D-MA) released the following statement on today’s job numbers: “Today’s unemployment numbers are even worse than we thought. This collapsing job picture means real harm to American families and underlines the need for immediate action to begin to turn the economy around. If anything can persuade Congressional Republicans to stop their hyper partisan sniping at the recovery package these disastrous employment numbers should be it.” (Read More)
House Financial Services Committee Chairman Barney Frank (D-MA) sent a letter today to the TARP Special Inspector General praising him for his work in providing greater transparency for the TARP Program. Frank’s letter, the text of which is below, is in response to a letter from Inspector General Barofsky, where the IG stated, “Specifically, we [Treasury Special Inspector General] will be sending a request to all entities that have received TARP money to date asking them to account for their use... (Read More)
House Financial Services Committee Chairman Barney Frank (D-MA), today announced the committee's six subcommittee chairs. These recommendations will next be forwarded to the Democratic Caucus for final approval. The Democratic subcommittee assignments are as follows: SUBCOMMITTEE ON CAPITAL MARKETS, INSURANCE, AND GOVERNMENT SPONSORED ENTERPRISES KANJORSKI, Paul, Chair ACKERMAN, Gary L. SHERMAN, Brad CAPUANO, Michael E. HINOJOSA, Ruben McCARTHY, Carolyn BACA, Joe LYNCH, Stephen F. MILLER, Brad S... (Read More)
House Financial Services Committee Chairman Barney Frank (D-MA) today released the following statement in light of reports that President-elect Obama will ask President Bush to request the second $350 billion of TARP funds: “I agree that the money should be made available under the appropriate conditions. We should not allow our disappointment at the Bush administration’s poor handling of the TARP program to prevent the Obama administration from using the funds in more appropriate ways. I hope t... (Read More)
House Financial Services Committee Chairman Barney Frank (D-MA) today introduced H.R. 384, the TARP Reform and Accountability Act to amend the Troubled Assets Relief Program (TARP) provisions of the Emergency Economic Stabilization Act of 2008 (EESA). The legislation will strengthen accountability, close loopholes, increase transparency, and require Treasury to take significant steps on foreclosure mitigation. Click Here for H.R. 384 "TARP Reform and Accountability Act of 2009" Manager's Amendm... (Read More)
House Financial Services Committee Chairman Barney Frank (D-MA) released the following statement regarding today’s job: “Today’s disastrous job numbers confirm the complete inadequacy of the conservative approach to maintaining prosperity in this country. What we are seeing is an increasing downward plunge of employment and it is now beyond rational debate that we need a significant infusion of public funds to work with the private sector so that we can restore economic growth. I believe this wi... (Read More)
