February 2021 | Vol. XX - No. 2
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced the following witnesses for the February 18 full Committee virtual hearing entitled: “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide.”
The virtual hearing was held on February 18 at 12:00 PM ET.
See here for Chairwoman Waters’ January statement on recent market volatility involving GameStop stock and other stocks.
Since becoming Chairwoman of the House Financial Services Committee, Congresswoman Waters has transformed the Committee to focus its agenda on fairness, protecting consumers and investors, and accountability for large financial institutions. She has made it a practice to call Committee hearings with CEOs of big financial institutions and companies to hold them accountable.
In February of 2019, Chairwoman Waters convened a hearing with the CEOs of the major credit bureaus, Equifax, TransUnion, and Experian.
In March of 2019, Chairwoman Waters called Wells Fargo CEO Tim Sloan to testify before the Committee regarding Wells Fargo’s consumer abuses. After the hearing, Chairwoman Waters called for his removal, and days later, he resigned.
In April of 2019, Chairwoman Waters called the CEOs of Bank of America Corporation, Bank of New York Mellon Corporation, Citigroup Inc. Goldman Sachs Group, Inc., JP Morgan Chase and Co., Morgan Stanley and State Street Corporation to testify before the Committee.
The day before the hearing, Bank of America announced that it would raise the minimum pay for its workers to $20 per hour by 2021. In the weeks following the hearing, Bank of America announced that it would sever ties with the private prison industry and Citigroup announced it would raise the minimum pay for its workers to $15 an hour.
In July of 2019, Chairwoman Waters convened a hearing to examine Facebook’s proposed cryptocurrency and its impact on consumers, investors and the U.S. financial system with David Marcus, the head of Calibra.
In October of 2019, Chairwoman Waters convened a hearing with Facebook Chairman and CEO Mark Zuckerberg on Facebook’s impact on financial services and housing.
In March of 2020, in advance of hearings with Wells Fargo’s board chairs, Chairwoman Waters and Representative Al Green (D-TX), released an investigative report exposing failures of the megabank’s management, board, and regulators. Shortly before appearing as hearing witnesses, Wells Fargo’s board chairs resigned.
All hearings are livestreamed on https://financialservices.house.gov/live/.
For virtual hearings, all Members and witnesses participate remotely with no in-person participation in the hearing room.
Committee activities are finalized once an official notice is issued by the House Financial Services Committee. Visit https://financialservices.house.gov/calendar/ for the most up-to-date Committee schedule.
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