House Committee on Financial Services

House Committee on Financial Services Led by Chairwoman Maxine Waters, Financial Services Democrats fight to protect consumers, investors, & the economy from abusive Wall Street practices.

The Committee on Financial Services in the U.S. House of Representatives oversees all components of the nation’s housing and financial services sectors including banking, insurance, real estate, public and assisted housing, and securities. The 2008 financial crisis was a result of Wall Street running amok, with abusive institutions peddling toxic products like no-doc loans, interest-only mortgages, and other predatory products. To ensure that we don’t have to go through another economic disaster like that, Financial Services Committee Democrats crafted the Dodd-Frank Wall Street Reform and Consumer Protection Act, to improve accountability in the financial system and protect consumers, investors, and the economy from abusive Wall Street practices. As part of that law, Committee Democrats created the Consumer Financial Protection Bureau, which is the only agency solely dedicated to protecting consumers from being ripped off. To learn more about how Committee Democrats are fighting to protect your financial security, visit our press center: https://go.usa.gov/xRWqU

Operating as usual

#RELEASE: Chairwoman Maxine Waters and Senate Banking Committee Ranking Member U.S. Senator Sherrod Brown to Mnuchin: Li...
12/23/2020

#RELEASE: Chairwoman Maxine Waters and Senate Banking Committee Ranking Member U.S. Senator Sherrod Brown to Mnuchin: Listen to Stakeholders, Halt Any Significant Changes to the Housing Finance System | https://go.usa.gov/xAjGr

Chairwoman Maxine Waters on the #COVIDReliefPackage: "More relief is needed and more work must be done to provide additi...
12/23/2020
Waters Releases Extended Statement for the Record on the Consolidated Appropriations Act, 2021: "More Relief Is Needed, But this Bill is a Step in the Right Direction”

Chairwoman Maxine Waters on the #COVIDReliefPackage: "More relief is needed and more work must be done to provide additional relief, but this bill represents a necessary step in the right direction."

Read her remarks: go.usa.gov/xAbJ8

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, released an extended statement for the record on H.R. 133, the Consolidated Appropriations Act 2021. The statement provides guidance on the congressional intent behind the law, and serves to fill out....

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, made the following s...
12/21/2020

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, made the following statement regarding the bipartisan #COVID19 relief bill.

“After much negotiation, I am very pleased that I have been able to secure $25 billion in emergency rental assistance, a one-month extension of the eviction moratorium, and $12 billion in funding for community development financial institutions (CDFIs) and minority depository institutions (MDIs) in the legislation. I would like to thank Ranking Member Patrick McHenry, Chairman Mike Crapo, and Ranking Member Sherrod Brown for working with me and my team to deliver this much needed assistance for America’s renters and support for CDFIs and MDIs...."

See more here: https://go.usa.gov/xA2FH

Today, House Committee on Financial Services Chairwoman Maxine Waters (D-CA) and Ways and Means Committee Chairman Congr...
12/18/2020

Today, House Committee on Financial Services Chairwoman Maxine Waters (D-CA) and Ways and Means Committee Chairman Congressman Richard Neal (D-MA) issued the following statement as Senate Republicans demanded the inclusion of a dangerous provision from Senator Pat Toomey (R-PA) in COVID-19 relief legislation that would hamstring the new Administration’s ability to recover from the economic crisis by eliminating the Federal Reserve’s ability to lend in an emergency:

“The GOP Senate’s dangerous demand to include Senator Toomey’s poison pill provision in the COVID-19 relief bill threatens to hamstring our nation’s response to the historic economic crisis of the coronavirus. If implemented, this unprecedented change to the law would block the Federal Reserve from ever creating lending facilities that help small businesses and state and local governments, taking away one of the important tools to fight this or any future economic crisis. Treasury Secretary Steven Mnuchin has previously expressed on-the-record support for continued use of these authorities...."

See more here: https://go.usa.gov/xA4YP

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following statemen...
12/17/2020

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following statement on the House floor on the urgent need to pass coronavirus response legislation.

Mister Speaker, the COVID-19 pandemic crisis continues to have a terrible impact throughout the nation. Cases are surging, and thousands are dying from the virus every day. There has been over 16 million United States cases, and over 300,000 people have lost their lives in the United. States. Over 20 million people across the country are collecting unemployment and struggling to make ends meet. In California, more than 1.3 million people have become unemployed over the past year. Hunger is growing across the nation. One in five renters is behind on paying their rent, meaning that millions are on the brink of eviction as months of back rent are coming due. The Federal Reserve estimates that renters in California will owe $1.7 billion in unpaid rent by the end of the year, representing almost a quarter of the total rental debt that will have accrued nationwide during the pandemic. Small businesses are struggling, and as many as one-third of small businesses– including more than 40 percent of Black-owned and Latinx-owned small businesses – say they will be forced to close their doors for good without immediate relief from Congress.

See more here: https://go.usa.gov/xAg2R

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, delivered the following sta...
12/09/2020

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, delivered the following statement regarding the inclusion of several Democratic financial services measures in the William (Mac) Thornberry National Defense Authorization Act (#NDAA) for Fiscal Year 2021, for which she served as a conferee. Today, the House of Representatives approved the legislation with a vote of 335-78.

Mr. Speaker, I rise in support of the William (Mac) Thornberry National Defense Authorization Act (NDAA) for Fiscal Year 2021, for which I served as a conferee.

For several months, I have worked with my House and Senate counterparts to include ten measures authored by Democratic Members of the Financial Services Committee within the NDAA. These bills would help to protect the U.S. financial system, provide more remedies to investors who were deceived by corporate wrongdoers, expand access to housing assistance for our veterans, and direct the incoming Biden-Administration to use its full authority to help relieve the student debt crisis. ...

See more here: https://go.usa.gov/x7hAG

Chairwoman Maxine Waters reelected as Chairwoman of the House Committee on Financial Services! | https://go.usa.gov/x7tZ...
12/08/2020

Chairwoman Maxine Waters reelected as Chairwoman of the House Committee on Financial Services! | https://go.usa.gov/x7tZt

Today, Chairwoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, sent a letter to Presid...
12/04/2020

Today, Chairwoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, sent a letter to President-Elect Joseph R. Biden, providing recommendations on areas where the Biden Administration should immediately reverse the actions of the Trump Administration, and several actions that the Biden Administration can immediately take to coordinate the federal response to COVID-19, keep people safely housed, protect consumers and small businesses, support the broader economy and ensure a global recovery.

Included with the letter is a list of regulations and other executive actions taken by the Trump Administration over the past four years within the jurisdiction of the House Committee on Financial Services that the Biden Administration should reverse. Also included are recommendations to strengthen certain regulations after the damage the Trump Administration has caused is reversed.

See more here: http://go.usa.gov/x7zGZ

#RELEASE - Today, Maxine Waters Chairwoman of the House Committee on Financial Services, made the following statement re...
12/01/2020

#RELEASE - Today, Maxine Waters Chairwoman of the House Committee on Financial Services, made the following statement regarding the need for Congress to pass additional COVID-19 relief legislation:

“Today, at our regularly scheduled caucus meeting of Financial Services Committee Democrats, Members expressed grave concerns about the COVID-19 pandemic and the need for the passage of bipartisan legislation to address the crisis before the House adjourns for the end of the year. Given the overwhelming number of new cases and deaths across the country, as well as rising levels of hunger, the wave of impending evictions, rising unemployment, the permanent closure of countless small businesses, and financial insecurity caused by the pandemic, it is imperative that Congress come together to pass a bill to meet America’s needs....

See more here: https://go.usa.gov/x76rt

11/12/2020
11/12/2020 - Virtual Hearing - Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions during the Pandemic

#LiveNow: House Financial Services Committee plans an oversight hearing on regulator accountability. Testifying today: Board of Governors of the Federal Reserve System Vice Chairman Randal Quarles, acting U.S. Comptroller of the Currency Brian Brooks, Federal Deposit Insurance Corporation Chairman Jelena McWilliams and National Credit Union Administration Chairman Rodney Hood.

#WATCH:

10/06/2020
Representative Stephen F. Lynch

Representative Stephen F. Lynch

The coronavirus pandemic has increased consumer reliance on technology for banking services, to obtain loans and make payments. However, the regulatory framework governing these financial technologies companies is not enough to adequately protect consumers and ensure financial stability. As Chair of the House Committee on Financial Services FinTech Task Force I held a hearing last week with industry experts to examine how we can update our regulatory framework to provide transparency, opportunity for innovation, and – most importantly – safeguards for the consumer and the American taxpayer.

09/22/2020
Trump Administration has failed

200,000 people have lost their lives to the #coronavirus and the nation is reeling amid the pandemic. We won't stop fighting for you, even if the Trump Administration already has.

09/22/2020

#LiveNow - the full committee, chaired by Maxine Waters, is holding a hybrid hearing entitled, "Oversight of the Treasury Department’s and Board of Governors of the Federal Reserve System’s Pandemic Response."

WATCH:

#ICYMI- Chairwoman Maxine Waters' statement on the Federal Housing Finance Agency’s inadequate response to the #COVID19 ...
09/21/2020

#ICYMI- Chairwoman Maxine Waters' statement on the Federal Housing Finance Agency’s inadequate response to the #COVID19 pandemic. Check out the Chairwoman's statement & other Committee news in yesterday's weekly roundup. | https://go.usa.gov/xGPyk

09/12/2020
Rep. Katie Porter

Rep. Katie Porter

I hosted a House Committee on Financial Services roundtable on the barriers seniors & people with disabilities face in housing. Listen to part of the testimony from Kelsey Brewer, a Communications and Policy Manager at Jamboree Housing Corporation—the largest non-profit developer of supportive housing in Orange County ⤵️

09/11/2020
U.S. Representative Cindy Axne

U.S. Representative Cindy Axne

As someone who spent a decade working at the State of Iowa, I know what lost revenues from #COVID19 mean at the state and local level in the many places that have balanced budget requirements – it means cutbacks for essential services like public education, health, infrastructure repairs, and safety.

I've spoken to many mayors and local leaders in our #IA03 towns that have shared the same concerns about their budgets after months of lost revenue.

At our House Committee on Financial Services hearing today, I spoke with Governor Tim Walz about how the revenue losses from coronavirus could affect the Midwest.

#IA03

#RELEASE:  Chairwoman Maxine Waters issued the following statement following the Federal Housing Finance Agency’s (FHFA)...
08/26/2020

#RELEASE: Chairwoman Maxine Waters issued the following statement following the Federal Housing Finance Agency’s (FHFA) announcement that it would delay its recently announced adverse market fee for refinance mortgages:

“Just two weeks ago, Director Calabria approved an outrageous penalty, in the middle of a pandemic and an economic recession , that would apply to homeowners looking to use today’s historically low mortgage rates to refinance their mortgages and reduce their mortgage payments. Now, after bipartisan backlash, Director Calabria is attempting to save face by delaying the penalty until December 1st and then only providing very narrow exemptions moving forward. While this delay will buy homeowners looking to refinance some time, at the end of the day, the vast majority of homeowners will still pay the penalty and homeowners in higher cost areas like Los Angeles will disproportionately be excluded from the narrow exemptions provided. I am calling on Director Calabria to terminate this penalty altogether, not just delay it.”

See more here: https://go.usa.gov/xGxyw

#RELEASE: Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, issued the follow...
08/14/2020

#RELEASE: Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, issued the following statement after the U.S. Government Accountability Office (GAO) released a report entitled, “Homelessness: Better HUD Oversight of Data Collection Could Improve Estimates of Homeless Population,” following Waters’ 2018 request for a comprehensive study on the state of homelessness in America. Specifically, Waters requested that the study focus on factors that have led to recent increases in homelessness and review the methodology used by the U.S. Department of Housing and Urban Development (HUD) and local Continuums of Care (COCs) to determine how many people are experiencing #homelessness.

See more here: https://go.usa.gov/xf6fd

🚨 #BREAKING: Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, Senator Elizabeth...
08/05/2020

🚨 #BREAKING: Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, Senator Elizabeth Warren (D-MA), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee Subcommittee on Financial Institutions and Consumer Protection, and Senator Kirsten Gillibrand (D-NY), introduced legislation to require the Federal Reserve to use its existing authorities to close racial employment and wage gaps and report on how the gaps change over time.

The Federal Reserve Racial and Economic Equity Act:

• Makes Reducing Inequality Part of the Fed’s Mission: This bill adds a new section to the Federal Reserve Act that would require the Fed to carry out its functions in a way that “minimizes and eliminates racial disparities in employment, wages, wealth, and access to affordable credit.”
• Ensures that Racial Economic Disparities are Not Ignored: This legislation requires the Federal Reserve Chair to identify in his or her semiannual testimony before Congress: (1) the existing disparities in employment, income and wealth across racial and ethnic groups and (2) how the Fed is using its authorities to reduce these disparities.
• Requires Robust Reporting on Disparities in Labor Force Trends: This bill requires the Fed’s Semiannual Monetary Policy Report that the Fed releases in conjunction with the Chair’s testimony to include recent labor force trends with “a comparison among different demographic groups, including race, gender, and educational attainment.”

More here: go.usa.gov/xfdY5

#RELEASE: Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, Congressman Eliot...
08/05/2020

#RELEASE: Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, Congressman Eliot L. Engel (D-NY), Chairman of the House Committee on Foreign Affairs, Congressman James E. Clyburn (D-SC), Chairman of the House Select Subcommittee on the Coronavirus Crisis, Congresswoman Carolyn B. Maloney (D-NY), Chairwoman of the House Committee on Oversight and Reform, and Congressman Al Green (D-TX), Chairman of the Subcommittee on Oversight and Investigations, sent a letter to Adam Boehler, Chief Executive Officer of the U.S. International Development Finance Corporation (DFC) requesting all documents and communications related to the DFC’s consideration of Eastman Kodak Company (#Kodak) for financing under the DFC’s Defense Production Act (DPA) loan program. In the letter, the Members also request all communications between DFC and any private sector entity regarding financing under the DFC’s DPA loan program. Loans made under the program are intended to strengthen the United States’ production of medical supplies and equipment to support the domestic response to the coronavirus pandemic. On July 28, 2020, President Trump announced a deal to award Kodak, a company with little experience producing prescription drugs or their components, a $765 million loan to produce active pharmaceutical ingredients under the DPA. | go.usa.gov/xfdY8

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2129 Rayburn House Office Building
Washington D.C., DC
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