Waters calls on Biden to reverse Trump's deregulatory actions

WASHINGTON — House Financial Services Committee Chairwoman Maxine Waters, D-Calif., sent a 45-page letter to President-elect Joe Biden calling on him to “immediately reverse” deregulatory actions taken by the Trump administration and to implement steps addressing the coronavirus pandemic.

“I urge your leadership at the Department of the Treasury and your regulatory appointees to immediately take action to restore and enhance regulatory safeguards that put consumers, investors and taxpayers first, and ensures the financial system is better prepared for unexpected events,” Waters wrote.

Waters called on Biden to fire Consumer Financial Protection Bureau Director Kathy Kraninger, revamp the CFPB’s payday lending and debt collection rules, and restore the agency's fair lending and equal opportunity office.

The House member also said Biden should fire FHFA Director Mark Calabria, halt plans for the mortgage giants Fannie Mae and Freddie Mac to exit conservatorship, and rescind the new FHFA capital rule proposal.

Bloomberg News

Waters also urged the Biden administration to rescind the Office of the Comptroller of the Currency’s Community Reinvestment Act rule and issue a new rule to strengthen the anti-redlining law.

Aside from the laundry list of rules that Waters is pressing the Biden administration to reverse through executive action, Waters also issued a number of recommendations of ways the incoming administration can respond to the coronavirus pandemic.

Waters criticized Treasury Secretary Steven Mnuchin’s request for the Federal Reserve to close down Coronavirus Aid, Relief and Economic Security Act emergency lending facilities and return unused funds to the Treasury Department.

“If Treasury tries to make unused funds unavailable to your administration and the Fed going forward, it is vital that your administration quickly reverse any unlawful action by the Trump Administration while utilizing and deploying whatever funds remain available to minimize job losses and stimulate the economy,” Waters wrote.

Waters also called on the Biden administration to forgive up to $50,000 in student loan debt until the economy can recover and to immediately suspend the collection of debts owed by consumers to the federal government until after the pandemic ends.