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

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

The Consumer Financial Protection Bureau is not alone in having racial disparities in its performance reviews, according to a report issued Thursday by the Democrats on the House Financial Services Committee. The report found that all seven bank, credit union and market regulators displayed significant disparities in employee evaluations, particularly among African-Americans who received lower-than-average scores at statistically significant levels at most of the agencies. Democrats requested th... 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 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

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

Wall Street banks face heightened scrutiny from the Commodity Futures Trading Commission over their latest tactic to escape U.S. trading rules for overseas derivatives. The regulator sent letters today to JPMorgan Chase & Co. (JPM), Goldman Sachs Group Inc. (GS), Bank of America Corp., Citigroup Inc. (C), and Morgan Stanley (MS) seeking further information about the practice of removing parent-company guarantees from overseas trades. An agency official who asked not to be named because the lette... 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

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 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

The top Democrat on the House Financial Services Committee is pushing the Commodity Futures Trading Commission to examine whether U.S. banks are trying to skirt new curbs on derivatives trading. In a letter to the new head of the regulator, Timothy Massad, Rep. Maxine Waters (D-Calif.) said she was worried American institutions were trying to avoid new rules on derivatives trading by isolating the activity within foreign subsidiaries. While the foreign branches do the activity, the risk is still... Read more

WASHINGTON — Rep. Maxine Waters, D-Calif., is urging the Commodity Futures Trading Commission to examine banks' efforts to sidestep U.S. swaps trading rules. The move comes after several recent reports examining an effort by banks to change agreements at foreign guaranteed affiliates to remove references to a guarantee by the U.S. bank to avoid new, stricter domestic oversight. The top Democrat on the House Financial Services Committee warned in a letter Thursday that having the transactions tak... 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 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

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

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

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, 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

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

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 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, 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

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

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, 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