Rep. Maxine Waters [D-Calif.], the new chairperson of the House Financial Services Committee, outlined her agenda for the first time yesterday during a speech and the Consumer Financial Protection Bureau is squarely in her crosshairs.
Rep. Waters reiterated her intention to investigate former agency Acting Director Mick Mulvaney and said she plans to introduce legislation, dubbed the Consumers First Act, that would “undo the damage” she feels Mulvaney wrought while running the bureau.
Among the areas that Rep. Waters said she will be focusing on and directing the committee to focus on will be the growth and impact of financial technology, or FinTech, on consumers and making sure there are safeguards in place to protect consumers. Rep. Waters also said she plans on scrutinizing the credit reporting process, including reducing the “time period that negative items stay on credit reports.”
“For the sake of consumers across the country, credit reporting needs a comprehensive overhaul,” she said.
Along with focusing on the CFPB, Rep. Waters said she plans on creating a new subcommittee within the House Financial Services Committee. The new subcommittee on diversity and financial inclusion will be the first of its kind in either the House of Representatives or the Senate.
“Minorities and women have particularly low representation at the senior management levels within the financial services industry,” Rep. Waters said. “This needs to change. Diverse representation in these institutions, and particularly at the management level, is essential to ensure that all consumers have fair access to credit, capital and banking and financial services.”
The new Waters & Ocasio-Cortez dumb and dumber pairing in the House Finacial Services Committee is going to be Camp Runamuck with Ug heading it up and Lee following obsequiously behind her. I guess we’ll just have to fasten our chin straps because we’re heading for some serious turbulence.