Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following opening statement during a full Committee Markup.
“Good morning. This week marks 100 days under the Trump regime, and it is impossible to ignore how badly Trump has tanked the economy. It was just reported that the American economy shrank 0.3% last quarter, while Canada, Europe and China all grew. President Biden handed Trump a booming economy that was growing at 2.4%,
“American families are feeling it, too. According to polling, 59% of Americans think Trump is worsening economic conditions, 60% think Trump’s policies have increased the cost of living, and 70% are bracing for a recession. And, as a result of Trump’s Tariff Tax, which 64% of Americans disapprove of, we are indeed nearing a disastrous recession. Inflation is rising. Housing costs are soaring. The cost of living is skyrocketing, and families are taking out short term loans to put food on the table.
“My Republican colleagues are feeling anxiety at town halls from constituents who are angry that Trump and Republicans have broken their promises. Unlike some, I’m not afraid to hear from my own constituents. Over the April recess, I held four town halls and the message was clear: Trump’s Administration is a disaster and enough is enough.
“Now is the time for Congress to step up. Instead, Committee Republicans are cosigning this destruction and helping Trump and Co-President Elon Musk dismantle the agencies responsible for helping bring down costs, including the Consumer Financial Protection Bureau. Today, they are slashing the Bureau’s budget by 70%.
“This is ridiculous because the Bureau has saved American consumers $21 billion dollars by returning to them funds that big banks and predatory lenders swindled out of them. From cracking down on illegal junk fees, tackling discrimination in housing, and protecting servicemembers and students from scams – the Bureau and its hardworking employees are doing crucial work.
“The Republican attack on the CFPB is about tax breaks for the billionaires who put Trump in office. Just like Republicans who will be cutting Medicaid to lower taxes for Mark Zuckerberg, we’re cutting our financial regulators to help out Jeff Bezos. It would be comical if it wasn’t true.
“What is funny is the utter lack of accountability that Republicans are demanding. If Obama had pulled 1% of what Trump has, subpoenas would be flying left and right. Instead, Chairman Hill has refused to require Acting CFPB Director Vought to get answers. This is basic oversight. That’s why last month, I led Committee Democrats in introducing a Resolution of Inquiry to investigate the CFPB shutdown. Unfortunately, House Republicans were so scared to hold Trump accountable, that they changed the rules and Chairman Hill won’t bring up my resolution today.
“Republicans are also pushing to gut the Financial Stability Oversight Council and Treasury’s Office of Financial Research – agencies designed to prevent another financial crisis like in 2008. They are eliminating funding for affordable housing construction despite a national homelessness crisis. And they are so desperate to do Trump’s bidding that they’re eliminating another agency that doesn’t cost taxpayers anything, the Public Company Accounting Oversight Board, which oversees auditors to prevent frauds like Enron and ensure that companies controlled by the Chinese Communist Party are on the up and up.
“But, as we discuss the horrible state of the economy under Trump, we cannot ignore how he is dismantling our democracy. He’s arresting judges, disappearing legal residents, deporting American citizens – even children – targeting universities and law firms, weaponizing government agencies, and attacking the free press and free speech itself. We have got to call this what it is: a coup d’etat and the makings of an authoritarian government, and act now to stop it.
“I yield back the balance of my time.”
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