Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services; Congressman Bobby Scott (D-VA), Ranking Member of the House Committee on Education and the Workforce; Senator Sherrod Brown (D-OH), Ranking Member of the Senate Banking Committee, and Senator Patty Murray (D-WA), Ranking Member of the Senate Health, Education, Labor and Pensions Committee, made the following statement in response to the U.S. Securities and Exchange Commission’s (SEC) Fiduciary... Read more

In response to the U.S. Court of Appeals for the Fifth Circuit’s ruling to vacate the U.S. Department of Labor’s fiduciary rule, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services; Congressman Bobby Scott (D-VA), Ranking Member of the House Committee on Education and the Workforce; Congressman Dan Kildee (D-MI), Vice Ranking Member of the House Committee on Financial Services; and Congressman Keith Ellison (D-MN), made the following statement: “This a... Read more

Reps. Maxine Waters (D-CA), Elijah E. Cummings (D-MD), and Bobby Scott (D-VA), Ranking Members of the House Committees on Financial Services, Oversight and Government Reform, and Education and the Workforce, issued the following statement on today’s announcement that the Department of Labor’s (DOL) fiduciary rule will be initially implemented after the conclusion of the current 60-day delay. “For years, Democrats have championed this common sense rule because it simply ensures workers and famili... Read more

Today, Representatives Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, Bobby Scott (D-VA), Ranking Member of the House Committee on Education and Workforce, Elijah Cummings (D-MD), Ranking Member of the House Committee on Oversight and Government Reform, and 37 other Democratic Members of Congress sent a letter to Ed Hugler, Acting Secretary of the U.S. Department of Labor (DOL), expressing opposition to the DOL’s proposed 60-day delay of its fiduciary rule. Th... Read more

Today, in response to the U.S. Department of Labor’s proposal to delay the implementation of its fiduciary rule, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “I am deeply disappointed that the Trump Administration has decided to once again put Wall Street ahead of Main Street by delaying a crucial protection for seniors and Americans planning for retirement. The fiduciary rule, which was set to go into effect in April, w... Read more

Today, in reaction to a court ruling from a Texas federal judge upholding the U.S. Department of Labor’s fiduciary rule, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “I'm pleased to see that for the third time our courts have upheld the Department of Labor's fiduciary duty rule so that hardworking Americans planning for retirement get the protection they deserve from unscrupulous and self-serving financial advisers. Even... Read more

Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released the following statement today on President Trump’s executive orders to delay the Department of Labor’s conflict of interest rule and roll back financial reforms put it place after the financial crisis of 2008. “These latest actions from the Trump administration should show the American public that Trump and his cabinet of billionaires is putting the interests of Wall Street above the needs of the ... Read more

Today, leading Democratic lawmakers called on the Department of Labor (DOL) to hold a public hearing on its recent proposals to let five megabanks with a history of criminal misconduct to continue managing assets of U.S. pension funds under the preferred status of “qualified professional asset manager” (QPAMs). The letter was signed by Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services; Senator Elizabeth Warren (D-MA); and Reps. Bobby Scott (D-VA), Ranking... Read more

Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, derided Republicans’ reckless plan to repeal Wall Street Reform during Committee consideration of H.R. 5983. In her opening statement, Waters noted that “nearly all the rules we enacted to make banks safer and stronger would be repealed, and replaced by a phony choose-your-own regulatory regime that puts the banks in the driver’s seat.” She added that, considering the massive fraud scheme that the Consumer... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, issued the following statement after President Obama vetoed legislation that would overturn the Labor Department’s fiduciary duty rule: “I am pleased that President Obama has vetoed harmful legislation that would overturn the Labor Department’s efforts to protect seniors from conflicted financial advice that costs them $17 billion a year in retirement savings. The Labor Department’s rule to prote... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, issued the following statement on House Republicans’ harmful plan that would exacerbate poverty in this country: “Today, Republicans have unveiled a fake poverty program that shows, yet again, they are out of touch with the realities of poverty in America. This is nothing more than a weak attempt by Republicans to make it look as if they really care about the problems they have long ignored. But ... Read more

WASHINGTON -- Today, Reps. Maxine Waters, Elijah E. Cummings, and Bobby Scott, Ranking Members of the House Committees on Financial Services, Oversight and Government Reform, and Education and Workforce, issued the following statement on news that the U.S. Chamber of Commerce, Securities Industry and Financial Markets Association, and other industry groups have filed a lawsuit to overturn the Department of Labor’s conflict of interest rule: “Quite simply, the Department of Labor's new rule helps... Read more

In remarks on the House floor today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, took a strong stand against H.J. Res. 88, a Republican measure that seeks to dismantle the Labor Department’s recently finalized rule governing investment advice for retirement accounts. In her remarks, Ranking Member Waters noted that resolution would invalidate a carefully crafted rule that would close loopholes and gaps in the law and require all advisers to put thei... Read more

Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, issued the following statement on the Labor Department’s final rule on investment advice for retirement assets that was released today: “I am pleased that after five years of thoughtful consideration, thousands of letters, and over one hundred meetings the Labor Department has released a final rule to better protect Americans from conflicted retirement advice. I commend Secretary Perez for his exemplary... Read more

In remarks on the House floor today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, led Democrats in opposition to H.R. 1090, the so-called Retail Investor Protection Act, a measure that would stall the Department of Labor’s rulemaking establishing critical consumer protections from conflicted investment advice. The top Democrat outlined the Department’s efforts to address concerns from the general public, including a 164-day comment period, four days ... Read more

Today, a broad and diverse group of House Democrats expressed their strong support for a rule proposed by the Department of Labor (DOL) that seeks to ensure those providing investment advice are actually working in the best interest of retirement savers. In a letter led by Reps. Maxine Waters (D-CA), Ranking Member of the Financial Services Committee and Bobby Scott (D-VA), Ranking Member of the Education and Workforce Committee, the lawmakers praised the DOL’s efforts, led by Labor Secretary Th... Read more

Following a House panel’s approval of legislation to fund the Departments of Labor, Education, and Health and Human Services, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, criticized Republicans for advancing legislation that would undermine a broad swath of the American people, from seniors and students to those investing in their retirement. Waters criticized two central tenets of the measure that undercut important protections for hardworking American... Read more

Citing the “criminal behavior” of some of the world’s biggest banks, a group of Democratic lawmakers is asking the Obama administration to take a closer look at the lenders’ actions before granting waivers they are seeking. The legislators want Secretary of Labor Thomas Perez to consider the seriousness of the crimes committed by global banks requesting waivers to continue functioning without significant business interruptions, after they agreed last month to enter guilty pleas The request is th... Read more

In the wake of five megabanks pleading guilty to felony charges, a number of prominent Democratic lawmakers are calling on the Department of Labor (DOL) to carefully consider whether to waive sanctions that would be automatically imposed on these institutions stemming from their guilty pleas. The lawmakers today called on DOL to hold a public hearing on any waivers requested by the banks, to promote transparency in DOL’s decision-making. The request was made in a letter to Labor Secretary Thomas... Read more

Following an announcement from the Department of Labor (DOL) that it has proposed for public comment rules on the provision of investment advice for retirement assets, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued a statement in strong support of the Administration’s move to modernize its “fiduciary duty” rule, which seeks to ensure that those providing investment advice are actually working in the best interest of retirement savers. Waters app... Read more

In advance of the Department of Labor’s (DOL) historic hearing on Credit Suisse’s petition to continue managing certain assets following a criminal conviction, Congresswoman Maxine Waters (D-CA), who requested the hearing, commended the Department and urged it to deny the bank’s waiver. At the rare public hearing, Credit Suisse’s affiliated qualified professional asset managers (QPAMs) stand to lose their beneficial legal status after pleading guilty to helping clients evade tax debts. Last Octo... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, released the following statement in reaction to the announcement that the Department of Labor (DOL) will grant a hearing to examine its proposal to waive sanctions imposed on Credit Suisse. Credit Suisse recently pled guilty for conspiring to aid tax evasion. In October, Waters joined George Miller (D-CA), Ranking Member of the Education and the Workforce Committee, and Stephen F. Lynch (D-MA), in call... Read more

The U.S. Labor Department faces Capitol Hill pressure to think twice before letting Credit Suisse Group AG (CSGN) continue managing pension-fund assets after it helped Americans evade taxes. Congressional Democrats Maxine Waters, Stephen F. Lynch and George Miller sent a letter to the department yesterday asking it to “seriously consider” whether the bank deserves a waiver it needs to remain a qualified professional asset manager, a key designation for overseeing U.S. pension money. The lawmaker... Read more

Three House Democrats are urging the Labor Department to reconsider its proposed waiver of sanctions on Credit Suisse following its guilty plea over tax evasion charges. Reps. Maxine Waters (Calif.), ranking member of the Financial Services Committee, George Miller (Calif.), ranking member of the Education and the Workforce Committee and Stephen Lynch (Mass.) called for a “thorough and thoughtful review” and a public hearing on Credit Suisse’s waiver application. “The American public has grown i... Read more

House Democrats today called for a hearing to question whether the Labor Department should allow Credit Suisse, the Swiss banking giant that settled tax evasion crimes with the government in May, to continue doing business in the United States. Because Credit Suisse pleaded guilty, the bank needs a waiver from the Labor Department to continue its asset management services for pension funds. In September, the agency proposed a waiver that is now open for public comment. In an Oct. 9 letter to Lab... Read more