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  • 00:00THANK YOU FOR BEING HERE. HOW WOULD YOUR LEADERSHIP LOOK UNDER THE HOUSE INITIAL SERVICES COMMITTEE? > > AS YOU KNOW, WE HAD A FEW STEPS TO GO THROUGH BEFORE THE COMMITTEE ASSIGNMENTS ARE FINALIZED. I AM VERY HOPEFUL AND PLEASED THAT I AM IN A POSITION TO BE THE CHAIR OF THE FINANCIAL SERVICES COMMITTEE. IT IS NO SECRET THAT I CARE A LOT ABOUT CONSUMERS AND THAT I WAS VERY SUPPORTIVE OF THE CONSUMER FINANCIAL PROTECTION BUREAU. IT IS NO SECRET THAT I HAVE HAD TO QUESTION SOME OF OUR BIG INSTITUTIONS ABOUT THEIR PRACTICES AND I BELIEVE THAT MY RESPONSIBILITY IS TO CONTINUE TO MAKE SURE WE HAVE FAIR BANKING SYSTEMS AND THAT PEOPLE ARE NOT ONLY TREATED FAIRLY BUT THAT WE GET RID OF ANY FRAUD THAT MAY BE IN THE SYSTEM THAT CAUSES PEOPLE TO LOSE THEIR HOMES. WE WENT THROUGH THIS CRISIS IN 2008 WHERE WE HAD ALL OF THESE EXOTIC PRODUCTS THAT WERE ON THE MARKET. MANY PEOPLE SIGNED ON THE DOTTED LINE. WHEN THE DEVIL CAME DO IN THE INTEREST RATES INCREASED, THEY LOST THEIR HOMES. I WILL BE FOCUSED ON THAT. THE CONSUMER FINANCIAL PROTECTION BUREAU I THINK IS ONE OF THE MOST IMPORTANT CENTERPIECES OF THE DODD-FRANK REFORMS THAT WE DID. IT HAS BEEN UNDER ATTACK FROM THE REPUBLICANS AND I HAVE TO DO EVERYTHING I CAN POSSIBLY DO TO UNDO SOME OF THE HARM THAT MR. BALDINI HAS DONE. -- MR. MULVANEY HAS DONE. > > IT SOUND LIKE YOU TO WILL BE BUTTING HEADS. > > I THINK THAT HE IS GOING TO COME TO > > I THINK THAT HE IS GOING TO COME TO UNDERSTAND THAT HE CANNOT JUST SUMMARILY DISMISS THE ADVISORY COMMITTEE. THAT IS NOT GOING TO WORK. THIS DIVERSE GROUP OF PEOPLE WHO WERE THERE TO HAVE THAT BUREAU CARRY OUT THE MANDATE OF THE REFORMS THAT WOULD PUT IN PLACE, IT IS EXTREMELY IMPORTANT. ADDITIONALLY, IT HAS BEEN VERY SUCCESSFUL. UNDER ANOTHER, HE RETURNED TO $12 BILLION OR MORE TO 30 MILLION CONSUMERS. THEY TOOK CARE OF OVER 1,000,000.3 COMPLAINTS THAT CAME INTO THE BUREAU. > > IT WILL CLEARLY BE A CLEAR PART OF YOUR TENURE. YOU HAVE ALSO PRESSED PRESIDENT TRUMP ON A HOST OF DIFFERENT ISSUES INCLUDING HIS FINANCIAL DEALINGS WITH DEUTSCHE BANK. IF YOU GET THE GAVEL OF THE HOUSE FINANCIAL SERVICES COMMITTEE, WILL YOU ISSUE SUBPOENAS AND GO AFTER THE TAX RETURNS? WILL YOU TRY TO GET MORE INFORMATION ABOUT DEUTSCHE BANK AS WELL? > > THE FIRST THING WE HAVE TO UNDERSTAND IS THAT IN THIS COMMITTEE WE HAVE A LOT OF ISSUES AND CONCERNS AND I AM NOT JUST FOCUSED ON THE PRESIDENT AND DEALING WITH SOME OF THE CONCERNS ABOUT DEUTSCHE BANK AND MONEY LAUNDERING. THAT IS JUST ONE PIECE OF THE BUSINESS THAT WE HAVE TO DO. YOU KNOW WE HAVE REQUESTED INFORMATION FROM THE TREASURY ABOUT EVERYTHING FROM SANCTIONS TO DEUTSCHE BANK. WE NOTE THAT DEUTSCHE BANK IS IDENTIFIED AS ONE OF THE BIGGEST MONEY LAUNDERING BANKS IN THE WORLD PERHAPS. THEY ARE THE ONLY ONES WHO WERE AMENABLE TO PROVIDING LOANS TO THIS PRESIDENT. WE KNOW -- WE WANT TO KNOW SOME THINGS ABOUT THAT. DON ' T FORGET, WE HAVE HOUSING. WE HAVE THE NATIONAL FLOOD INSURANCE. WE HAVE HAD. WE HAVE ALL OF THIS. IT IS JUST ONE PIECE OF THE BUSINESS. > > LET IT BE CLEAR, YOU WILL CONTINUE TO INVESTIGATE THE FINANCIAL DEALINGS. WILL YOU ISSUE SUBPOENAS? > > WE WILL DEAL WITH THAT WILL MAKE HIM TO IT. WE HAVE THE POWER TO DEAL WITH SUBPOENAS BUT WE ARE NOT JUST FOCUSED ON THAT ALONE. IF IN CONTINUING SOME OF THE WORK WE HAVE DONE LOOKING AT DEUTSCHE BANK, IF IT BECOMES TIME TO ANSWER THAT QUESTION AND DEAL WITH THAT, WE WILL DEAL WITH THAT. > > ANOTHER BIG BANK THAT HAS DRAWN CRITICISM IS WELLS FARGO. WILL YOU WORK -- LOOK AT THEM? > > WE HAVE RECENTLY FOUND OUT ABOUT MORE PROBLEMS WITH WELLS FARGO. THERE WAS A BIG REVELATION ABOUT THE FACT THAT THEY WERE CREATING ACCOUNTS THAT CONSUMERS DID NOT KNOW ABOUT. THEY WERE FINED FOR THAT. THEY CREATED INSURANCE THAT THEIR CLIENTS DID NOT NEED. NOW WE ARE FINDING THAT THERE ARE OTHER FRAUDULENT ACTIVITIES. WE WILL MEET WITH THEM AND UNDERSTAND WHAT IS GOING ON. I HAVE TOLD THE CEO THAT I WOULD BE HAPPY TO MEET WITH HIM. WE WILL CORRECT THOSE THINGS IN THE SYSTEM TO THE BEST OF OUR ABILITY THAT IS CAUSING HARM TO OUR CONSUMERS. WE WILL CONTINUE TO LOOK AT THOSE KINDS OF ACTIVITIES. > > YOU HAVE GONE AFTER PAYDAY LENDERS. WILL YOU CONTINUE TO DO THAT AS WELL? > > WE CERTAINLY WILL. PAYDAY LENDERS AND AUTOMOBILE TITLE LOANS. WE ARE TALKING ABOUT PRODUCTS THAT ARE DEVASTATING AND PRODUCTS THAT ARE CAUSING THE MOST VULNERABLE PEOPLE IN OUR SOCIETY TO HAVE LESS ABILITY TO CONTROL THEIR FINANCES. YES, WE ARE GOING TO LOOK AT PAYDAY LOANS AND THESE TITLE LOANS AND OTHER KINDS OF ACTIVITIES THAT WE THINK DESERVE TO HAVE SOME OVERSIGHT. > > YOU HAVE THE CHALLENGE OF TRYING TO BALANCE THE VOTER UNREST AND FRUSTRATION. THE MISTRUST IN FINANCIAL INSTITUTIONS. WHILE ALSO RECOGNIZING THAT THEY DO SERVE AS AN ENGINE FOR THE ECONOMY. HOW DO YOU STRIKE THAT BALANCE? > > IT IS NOT EASY. I WANT YOU TO KNOW IT REQUIRES EXPERIENCE. I AM FORTUNATE TO HAVE THE EXPERIENCE HAVING SERVED ON THE COMMITTEE FOR QUITE SOME TIME. I UNDERSTAND THAT YOU ARE CORRECT THAT THE BANKING SERVICES OF THIS COUNTRY ARE VERY IMPORTANT. WE CANNOT DO WITHOUT THEM. WE ALSO MUST UNDERSTAND THAT THEY SHOULD NOT CONTROL THE CONGRESS AND THEY SHOULD NOT COME UP WITH PRODUCTS AND SERVICES THAT BASICALLY RIPS OFF THE CONSUMERS. > > I HAVE COVERED YOU FOR SEVERAL YEARS IN YOUR WORK. I WANT TO CUT THROUGH THE NOISE. WE TALK ABOUT A LOT OF THESE ISSUES AND YOU WOULD GET PUSHBACK FROM REPUBLICANS, BUT I HAVE ALSO COVERED YOU WITH THE JOBS ACT, YOUR BIPARTISAN WORK. IS THAT SOMETHING YOU WANT TO CONTINUE, SOMETHING LIKE THE JOBS ACT WHERE YOU MOVE THESE LEGISLATIVE PACKAGES THROUGH COMMITTEE WITH BIPARTISAN SUPPORT TO HELP FREE UP CAPITAL TO TRY TO GET BANKS TO START LENDING AGAIN? REP. WATERS: ABSOLUTELY. THIS IS WHY A LOT OF PEOPLE DON ' T UNDERSTAND, BECAUSE THEY DON ' T GET THE KIND OF COVERAGE IN THE MEDIA BECAUSE WE ARE NOT TALKING ABOUT SEXY ISSUES. I HAVE WORKED WITH THE OPPOSITE SIDE ON A NUMBER OF ISSUES. I BELIEVE IN SMALL BUSINESSES. I BELIEVE IN CREATING OPPORTUNITIES FOR ACCESS TO CAPITAL AND I HAVE WORKED LIKE ON THE JOBS ACT OR MY COLLEAGUES ON THE OPPOSITE SIDE OF THE AISLE AND I WILL CONTINUE TO DO THAT, BECAUSE I THINK THAT SMALL BUSINESSES CREATE JOBS. AS A MATTER OF FACT, IT IS SO IMPORTANT FOR US NOT ONLY TO UNDERSTAND THAT, BUT TO DO EVERYTHING WE CAN TO MAKE SURE THEY ARE ABLE TO OPERATE IN SOCIETY. > > FOR LACK OF A BETTER TERM, THIS IS A UNIQUE TERM IN POLITICAL HISTORY. THE PRESIDENT HAS CRITICIZED EVERYONE, YOURSELF INCLUDED. HE HAS ALSO GONE AFTER THE CHAIR OF THE FED. IS IT APPROPRIATE FOR THE PRESIDENT TO BE CRITICIZING THE CHAIR OF THE FED? REP. WATERS: THE PRESIDENT SHOULD NOT INTERFERE WITH THE FEDERAL RESERVE. THE PRESIDENT SHOULD NOT TRY TO DICTATE HOW THEY MAKE DECISIONS ABOUT INTEREST RATES, HOW THEY MAKE DECISIONS ABOUT MONETARY POLICY. THE PRESIDENT DOESN ' T UNDERSTAND. HE ISN ' T A DICTATOR AND HE CANNOT INTERFERE. AS A MATTER OF FACT, HE COULD CAUSE PROBLEMS IN THE MARKETS BY JUST SAYING THINGS HE SHOULDN ' T SAY, BECAUSE HE DOES NOT UNDERSTAND THE COMPLEXITY OF HOW THEY MAKE THOSE DECISIONS. HE APPOINTED POWELL AND POWELL CAME WITH A GOOD REPUTATION ABOUT BEING FAIR. HE SHOULD LEAVE HIM ALONE AND LET THEM DO THEIR WORK AND NOT CONTINUE TO TRY TO MAKE THEM DO WHAT HE WOULD HAVE THEM DO. > > WHEN I INTERVIEW REPUBLICANS, PARTICULARLY IN THE MIDTERM ELECTIONS, THEY TALK ABOUT THE JOBS ADDED LAST MONTH, BUT FROM OUR PERSPECTIVE, WHAT EXACTLY DO YOU IDENTIFY AS THE BIGGEST POTENTIAL RISK FOR THE ECONOMY IN THE SHORT TERM? REP. WATERS: I THINK WE HAVE A BIG RISK IN THE ECONOMY IF WE DON ' T UNDERSTAND THE HOUSING CRISIS THAT WE ' RE IN. WE HAVE A HOUSING CRISIS. ONE HALF MILLION PEOPLE ARE ON THE STREETS EVERY NIGHT WITH NO PLACE TO GO PEEPING -- WITH NO PLACE TO GO. WE HAVE PEOPLE WHO DO NOT HAVE THE FIRST AND LAST MONTHS RENT IN ORDER TO GET INTO A RENTAL UNIT, THAT DON ' T HAVE THE MONEY FOR A DOWN PAYMENT. WE HAVE TO UNDERSTAND THE ROLE THAT HOUSING DEVELOPMENT PLAYS IN THIS ECONOMY. KEVIN: SO WHAT IS YOUR MESSAGE TO THE SECRETARY? REP. WATERS: MY MESSAGE IS, DON ' T HURT THE MOST VULNERABLE PEOPLE IN OUR SOCIETY BY TRYING TO INCREASE THE RENT THAT THEY PAY, WHETHER YOU ARE TALKING ABOUT PUBLIC HOUSING OR DISRESPECTING THE REAL PROBLEM THAT THEY HAVE DEALING WITH THE PRIVATE SECTOR. I DON ' T THINK THAT THE SECRETARY REALLY DOES UNDERSTAND WHAT WE MUST DO IN ORDER TO ENSURE THAT WE CONTINUE TO HAVE PUBLIC HOUSING, WITH INVESTMENT IN PUBLIC HOUSING, AGAIN FOR VULNERABLE PEOPLE AND THAT THE RENT THEY PAY IS THERE AND DOES NOT EXCEED 30% OF INCOME. HE HAS A LOT TO LEARN ABOUT HOW HUD SHOULD BE OPERATING. KEVIN: CONGRESSWOMAN MAXINE WATERS, TALKING EXCLUSIVELY TO BLOOMBERG. ANY THOUGHTS ON JEFF SESSIONS RESIGNING? REP. WATERS: I ' M JUST LEARNING THAT HE HAS ENTERED HIS RETIREMENT OR FIRING OR WHATEVER YOU WANT TO CALL IT, BUT WE ALSO KNOW THE PRESIDENT HAS SAID OVER AND OVER AGAIN THAT HE WANTED TO GET RID OF HIM. HE IS MAD AT HIM BECAUSE HE RECUSED HIMSELF AND HE WANTED HIM TO BE HIS ATTORNEY, TO PROTECT THEM FROM AN INVESTIGATION. I GUESS THE PRESIDENT IS GOING TO CONTINUE ON THIS TRAIL THAT HE HAS CREATED TO GET RID OF MUELLER AND THAT IS REALLY APPEARS TO BE GOING AND THAT WILL CREATE A PROBLEM. KEVIN: WE WILL HAVE TO LEAVE IT THERE. APPRECIATE IT. REP. WATERS: THANK YOU. > >
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Rep. Maxine Waters Says CFPB Under Attack, More Work to Do on Wells Fargo

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November 7th, 2018, 10:10 PM GMT+0000

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