New House Financial Services Committee Chair Maxine Waters Outlines Priorities

New Chair of the House Financial Services Committee (“FSC”) Maxine Waters (D-CA) outlined Committee priorities.

In remarks delivered before the Center for American Progress, Chair Waters outlined the following FSC priorities: the Consumer Financial Protection Bureau (“CFPB”), Housing, Diversity and Inclusion, International Affairs (particularly governance at the International Monetary Fund and World Bank) and Russia sanctions. She also stated that she plans to address, on a bipartisan basis, long-term reauthorization and reform of the National Flood Insurance Program (NFIP), Terrorism Risk Insurance (TRIA), and the reauthorization of the Export-Import Bank.

Chair Waters stated that her ongoing priority is to ensure a strong CFPB and robust financial regulation that protects consumers, investors and the economy. She criticized Congressional Republicans and the Trump administration for weakening the CFPB, citing former Acting Director of the CFPB Mick Mulvaney’s decision to fire all members of the Consumer Advisory Board. Ms. Waters stated that she will introduce a bill that “reverses many of [Mick Mulvaney’s] harmful actions.”

Ms. Waters also stated that she will focus the FSC on issues related to FinTech. In particular, she said, it is critical that the FSC work to foster “responsible innovation with the appropriate safeguards in place to protect consumers and without displacing community banks and credit unions.”

In addition, Ms. Waters expressed concerns over the impact of the government shutdown on programs under the jurisdiction of the FSC. In particular, she noted the impact of the shutdown on SEC enforcement, and potential delays to initial public offerings. She also described the impact of the shutdown to key programs under FHA and HUD.