More on Consumer Protection
The new chairman of the House Financial Services Committee, Rep.
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 Opportunity.
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:
While Dodd-Frank opponents will attempt to make "technical" corrections to the legislation, they may encounter fierce resistance from Rep. Maxine Waters, the 12-term California Democrat recently appointed as the ranking member of the House Financial Services Committee.
Waters is the most senior African-American female in Congress and one of the architects of legislation that established the Office of Minority Inclusion, which is responsible for overseeing federal agencies, Politic365 reports.
Efforts by House Republicans to turn back the landmark Dodd-Frank banking law will meet with staunch resistance from Rep. Maxine Waters.
The 12-term California Democrat was just appointed as the Ranking Member on the U.S. House Financial Service Committee. She is the most senior Black female in Congress and clearly the most powerful given her senior role on the Committee. As the architect of legislation that created the new Offices of Minority Inclusion that will oversee federal financial services agencies, Waters is focused on what she can get done in the 113th Congress.
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.
Thank you, Mr. Chairman, for holding this hearing this morning. It is absolutely essential that we improve the oversight of investment advisers – the people that manage the assets of millions of individual and institutional investors across the country.
Thank you, Chairman Garrett, for holding this hearing this morning.
Improving the regulation of brokers, investment advisors and other financial professionals was a central goal of Dodd-Frank, and is crucial to ensuring that families are protected as they save for retirement, their children's education, or to buy a home.
Chairwoman Capito and Chairwoman Biggert, thank you so much for holding this hearing this morning.
The recent near-collapse of our financial system taught us that capital is essential to fostering a more robust banking system – one that can both protect us from another crisis like the one we saw in 2008, and also ensure that lending to homeowners and small businesses continues even when we experience an economic downturn.
Thank you, Mr. Chairman. I would also like to thank our distinguished witnesses for agreeing to participate this afternoon.
Next week marks the one-year anniversary of the Dodd-Frank Act becoming law. This legislation brought sweeping reforms to our financial regulatory system so that we can avoid another economic meltdown similar to that of 2008.