Top Democrats on the House Financial Services Committee are pledging to place greater emphasis on housing policy and tackle financial fraud as they seek their colleagues’ support for committee leadership in the upcoming Democrat-controlled Congress.
Rep. Maxine Waters (D-Calif.) – who is currently ranking member – and Rep. Sean Casten (D-Ill.) are seeking to lead the committee next year. In letters to House Democrats obtained by Punchbowl News, both outlined their plans for the committee should they be elected chair.
Waters is proposing to rename the committee the “Committee on Housing and Financial Services” and “build on the bipartisan success of the 21st Century ROAD to Housing Act by expanding affordable housing programs and reforming mortgage finance.” She is also proposing to tackle “junk fees” like overdraft and late fees, restore and independently fund the Consumer Financial Protection Bureau, rein in “predatory lending” and prediction markets, pursue policy to mitigate fraud, bolster community development financial institutions and minority depository institutions, establish “tough but fair rules” for “legitimate” crypto ventures, and prevent the Trump administration from “weakening” the Community Reinvestment Act.
In his letter, Casten said the committee needs to “lower housing and insurance costs, protect consumers from fraud, scams, and the risks posed by crypto and prediction markets, and secure the financial system from the next crisis.” He also called for “methodically” investigating President Trump’s business ventures and policy actions.
