Outgoing House Financial Services Committee Chair Touts Accomplishments

In a report prepared by House Financial Services Committee Majority Staff, Chair Maxine Waters (D-CA) highlighted Committee priorities and legislative efforts undertaken during the 116th and 117th Congresses.

Majority staff cited the Committee's efforts on:

• investigating the root causes of major market events such as the GameStop saga and the collapse of FTX;

• holding large banks accountable for violating consumer protection laws and cracking down on repeat offenders;

• increasing funding and opportunities for minority depository institutions and community development financial institutions;

• working to develop a framework for digital assets, including investigating Meta's proposed digital currency Libra;

• proposing legislation addressing, among other things, (i) insider trading, (ii) consumer and whistleblower protections, (iii) credit reporting and (iv) de-risking;

• establishing the Subcommittee on Diversity and Inclusion, a task force on financial technology and a task force on artificial intelligence; and

• addressing emerging threats to financial stability arising from technology, climate change and wealth inequality.