Maxine Waters

Federal Reserve

Democrats' bill would require Fed to focus on income, racial inequality

The Federal Reserve Racial and Economic Equity Act would direct the Fed to consider racial inequality in employment, income and access to affordable credit when making monetary policy and in its regulation and supervision of banks.

By Hannah Lang

August 5

“As the COVID-19 pandemic crisis and its economic impacts disproportionately affect communities of color, and communities around the country march in the streets for justice, the Federal Reserve must do everything it can to ensure the recovery is equitably shared,” said Rep. Maxine Waters, D-Calif.

Policymaking

Waters rejects GOP request to cancel hearing on pandemic relief bill

The House Financial Services Committee chair vowed to stay focused on the HEROES Act after the panel's top Republican said lawmakers should instead debate bills with bipartisan support.

By Neil Haggerty

July 23

“I cannot think of a better way to spend our Committee’s time than these legislative solutions to help American families during and beyond this pandemic,” said House Financial Services Committee Chairwoman Maxine Waters.

CRA

House Democrats vote to reverse CRA rule

While the resolution sends a message of disapproval of the OCC’s reform of the anti-redlining law, the Republican-controlled Senate is not expected to consider the measure.

By Neil Haggerty

June 30

“I am deeply concerned that the OCC’s final rule will harm low-income and minority communities that are disproportionately suffering during this crisis,” House Financial Services Committee Chairwoman Maxine Waters, D-Calif., said on the House floor Monday.

Paycheck Protection Program

House Democrats call for more transparency in allocation of PPP funds

In letters to administration officials and large banks, the lawmakers sought details about loan recipients following reports that financial institutions had favored their wealthiest clients.

By Neil Haggerty

June 15

The letters, signed by Reps. Jim Clyburn, D-S.C., and other House Democrats, followed reports that that some large lenders created a two-tiered system for applying for PPP funds.

CRA

House Democrats launch bid to overturn OCC's CRA rule

The lawmakers are attempting to block the regulation reforming the anti-redlining law under review powers granted to Congress, but the move is largely symbolic with the Senate and White House controlled by the GOP.

By Brendan Pedersen

June 11

“The Community Reinvestment Act is an essential law that was put in place to prevent redlining and to require banks to invest and lend responsibly in the communities where they are chartered,” House Financial Services Chairwoman Maxine Waters said.

OCC

Waters criticizes OCC chief's comments on stay-at-home orders

Acting Comptroller of the Currency Brian Brooks had suggested states and municipalities should end "indefinite shutdowns" meant to combat the spread of the coronavirus. The Democratic lawmaker said he was going against the public health recommendations.

By Neil Haggerty

June 5

"The new Acting Comptroller is transparently pandering to President Trump, who has made clear that he would prefer that we all pretend that there is no pandemic," said Rep. Maxine Waters, D-Calif.

Servicing

Key Democrats urge Mnuchin, Powell to rescue mortgage servicers

The letter written by Rep. Maxine Waters, D-Calif., and Sen. Sherrod Brown, D-Ohio, was seen as a boost to Wall Street lobbying efforts seeking to quell the fallout of the coronavirus crisis on the mortgage market.

April 16

Risk management

House Dems seek details on FDIC's crisis plans following IG report

The heads of two congressional committees are requesting a briefing from the agency after a watchdog recommended improvements in how it prepares for crises.

By Neil Haggerty

April 14

Reps. Carolyn Maloney, D-N.Y., and Maxine Waters, D-Calif., told the head of the FDIC that the IG report raises “questions about whether the agency is prepared for the potential financial consequences from the coronavirus crisis.”

Consumer lending

Congress mulls further coronavirus relief for consumers

If Capitol Hill plans another round of stimulus, Democrats could have more leverage to demand steps such as suspending overdraft fees or placing a temporary cap on consumer lending rates.

By Neil Haggerty

April 1

Democrats like Sen. Sherrod Brown of Ohio, left, supported measures such as a temporary ban on overdraft fees. But many consumer protection proposals did not make it in to the final stimulus package negotiated by Senate Minority Leader Chuck Schumer, D-N.Y.

Coronavirus

What else can the Fed do to blunt coronavirus impact?

The Federal Reserve's support for the commercial paper market made clear that it was willing to go beyond cutting interest rates, but the central bank may feel pressure to do even more as the crisis worsens.

By Hannah Lang

March 17