Maxine Waters

Ms. MAXINE WATERS of California

Ms. MAXINE WATERS of California. I yield 3 minutes to the gentlewoman from Wisconsin (Ms. Moore), the ranking member of the Monetary Policy and Trade Subcommittee on the Financial Services Committee.

Ms. MAXINE WATERS of California. Mr. Speaker, I yield 2 minutes to the gentlewoman from Oregon (Ms. Bonamici).

Ms. MAXINE WATERS of California. I yield 1 minute to the gentlewoman from Texas (Ms. Jackson Lee).

Ms. MAXINE WATERS of California. I yield the gentlewoman an additional 30 seconds.

Ms. MAXINE WATERS of California. Mr. Speaker, I yield 5 minutes to the gentleman from Virginia (Mr. Scott), the ranking member of the Education and the Workforce Committee.

Ms. MAXINE WATERS of California. Mr. Speaker, I yield 3 minutes to the gentlewoman from New York (Mrs. Carolyn B. Maloney), the ranking member of the Subcommittee on Capital Markets of the Financial Services Committee.

Ms. MAXINE WATERS of California. Mr. Speaker, I yield myself such time as I may consume. I think it is important for me to correct the Record about the U.K. investment advice experience. In predicting the worst outcome from the Department of Labor's rulemaking, my Republican colleagues frequently cite the United Kingdom. They argue small investors will lose access to their investment advice. Let me set the record straight. According to outside consultants for the U.K. Financial Conduct Authority: Eliminating commissions has reduced investment bias and has contributed to an improvement in the quality of advice. There is now more competitive pressure and lower product costs, and far from having an advice gap, there is excess capacity of about 5,000 advisers in the U.K. market today according to an analysis by Towers Watson. There is no evidence that consumers have been forced to go without advice as a result of the regulation. I fear that we are comparing apples to oranges. That is because-- unlike the U.K. regulation--the DOL proposal is a modest update that does not ban commissions. Rather, the proposal seeks to simply ensure that persons providing retirement investment advice put the interests of their clients ahead of their own. This debate touches on a fundamental disagreement we continue to have in our respective parties. On the one hand, Democrats are acting on the belief that government should be the guardian of the interests of the people. It is a belief grounded in a fundamental truth: that our economy thrives with a rapidly growing and diverse middle class. For the middle class to grow, the American public must have confidence in our markets and be protected from bad actors. On the other hand, Republicans continue to act to protect the interests of a free market, driven by profit, even if it comes at the expense of the retirement savings of hardworking Americans. But we have seen the impact of the Republican free market on our economy, most recently in 2008, when the big banks on Wall Street, left to their own devices, caused the worst economic collapse in a generation, one that destroyed nearly $16 trillion in household wealth and 9 million jobs, displaced 11 million Americans from their homes, and doubled the unemployment rate. And yet my colleagues insist on advancing measures like H.R. 1090, which would encourage the continued exploitation of American workers and retirees on behalf of some financial advisers who put their own interests in profits first. The current rules governing the provision of retirement investment advice allow conflicts that harm everyday Americans working hard to ensure that they can retire with dignity. Every moment we delay in updating those rules, unscrupulous advisers benefit $1.4 billion a month at the expense of those everyday Americans. With such large industry profits at stake, this issue will continue to be a prime target for the Republican majority. But I encourage my colleagues to resist those who are more interested in lining their pockets than protecting the interests of American retirees and workers. I urge my colleagues to join me in voting ``no'' on H.R. 1090. Mr. Speaker, I yield back the balance of my time.

Ms. MAXINE WATERS of California. Mr. Speaker, I continue to reserve the balance of my time.

Ms. MAXINE WATERS of California

Ms. MAXINE WATERS of California. Mr. Speaker, I yield 30 seconds to the gentleman from Rhode Island (Mr. Langevin). (Mr. LANGEVIN asked and was given permission to revise and extend his remarks.)

Ms. MAXINE WATERS of California. Mr. Speaker, I yield myself 2 minutes. Mr. Speaker, yesterday this House took a historic and bipartisan vote in support of reauthorizing the Export-Import Bank. We showed that Democrats and Republicans can work together to overcome the obstruction caused by an ideologically driven minority that put its own uncompromising principles over the needs of the American people. The 4-month shutdown of the Export-Import Bank engineered by the chairman of the Financial Services Committee has led to hopelessness, uncertainty, and fear for the many workers across this country whose livelihoods rely on the support of the Ex-Im Bank. As reports continued to pile in on the loss of jobs caused by the Bank's shutdown, the chairman has remained deliberately indifferent to the harm inflicted on the lives of these Americans. The cost of this indifference is more than 100 transactions worth more than $9 billion that have been indefinitely put on hold pending the Bank's reauthorization. Unfortunately, many of these contracts have now been lost for good. Today we are showing the small-business owners and their employees that this indifference does not extend to the whole House of Representatives. Supporters of the Bank care about them, about their jobs and their communities. It is high time we reopened the Ex-Im Bank for business. Instead of shipping jobs abroad, let's start shipping American exports again. Let's put America back to work and pass this bill. Mr. Speaker, I reserve the balance of my time.

Ms. MAXINE WATERS of California. Mr. Speaker, I yield 2 minutes to the gentlewoman from Wisconsin (Ms. Moore), a member of the Financial Services Committee and the ranking member of the Monetary Policy and Trade Subcommittee, which has jurisdiction over the reauthorization of the Ex-Im Bank. I just want to take a moment to recognize her tireless work on behalf of the reauthorization of the Ex-Im Bank.

Ms. MAXINE WATERS of California. I yield 2 minutes to the gentleman from Washington (Mr. Heck), a tireless advocate for our exporters who has never missed an opportunity to fight for the Export-Import Bank and the American workers it supports.

Ms. MAXINE WATERS of California. Mr. Speaker, I yield 1 minute to the gentlewoman from New York (Mrs. Carolyn B. Maloney), a member of the Financial Services Committee.

Ms. MAXINE WATERS of California. Mr. Speaker, I yield 1 minute to the gentleman from California (Mr. Sherman), a member of the Financial Services Committee. (Mr. SHERMAN asked and was given permission to revise and extend his remarks.)

Ms. MAXINE WATERS of California. Mr. Speaker, I yield 30 seconds to the gentleman from Minnesota (Mr. Nolan).

Ms. MAXINE WATERS of California. Mr. Speaker, I yield 1 minute to the gentleman from Texas (Mr. Hinojosa), also a member of the Financial Services Committee.

Ms. MAXINE WATERS of California. Mr. Speaker, I yield 1 minute to the gentleman from Texas (Mr. Al Green), the ranking member of the Subcommittee on Oversight and Investigations of the Financial Services Committee.

Ms. MAXINE WATERS of California. I yield 1 minute to the gentleman from Colorado (Mr. Perlmutter), a member of the Financial Services Committee.

Ms. MAXINE WATERS of California. Mr. Speaker, I yield 1 minute to the gentleman from Michigan (Mr. Kildee), a member of the Financial Services Committee.

Ms. MAXINE WATERS of California. Mr. Speaker, I yield 1 minute to the gentlewoman from Ohio (Mrs. Beatty), who is also a member of the Financial Services Committee.

Ms. MAXINE WATERS of California. Thank you, Mr. Speaker.

Ms. MAXINE WATERS of California. Mr. Speaker, on that I demand the yeas and nays.

Ms. MAXINE WATERS of California. Mr. Speaker, that is wishful thinking on the part of the chairman. I will not.

Ms. MAXINE WATERS of California

Ms. MAXINE WATERS of California. Mr. Speaker, Members, I would like to thank the gentleman from Tennessee (Mr. Fincher) for yielding and for his leadership in initiating this very successful discharge petition in order to finally make possible the opportunity to vote to renew the charter of the Export-Import Bank. For almost 2 years now, as ranking member of the Financial Services Committee, I have been working very hard with Leader Pelosi, Whip Hoyer, and my colleagues Gwen Moore and Denny Heck. We have all been working hard to secure long-term reauthorization of the Bank. And today, after many months of obstruction by a vocal minority of this body, which led to a shutdown of the Ex-Im Bank, this House will finally get the opportunity to vote to do just that. Let me be clear, Mr. Speaker, this discharge petition is not a rejection of regular order. Although rarely used, the discharge petition exists under House rules for the very purpose of ensuring that the will of a determined majority may ultimately prevail over an obstructionist minority, and that is exactly what is happening today. Republicans and Democrats have come together to support the reauthorization of a proven job creator. We have come together to end the unilateral disarmament that has harmed our exporters, their domestic suppliers, and the many American workers across this country whose jobs are supported by the Bank. We have come together to show that compromise is possible if you are willing to work it. So, again, I thank the gentleman from Tennessee for his work. I urge the Members to vote in favor of the motion. We have come together as Members of Congress to do the work of the people. Let's get on with the business of doing it.

Ms. MAXINE WATERS of California

Ms. MAXINE WATERS of California. Mr. Speaker, I submit a letter to Dr. Joanne Liu, International President of Doctors Without Borders, extending my deepest sympathies to the victims of the U.S. airstrike in Kunduz that killed 22 patients and staff within a hospital run by Doctors Without Borders. Congress of the United States, House of Representatives, Washington, DC, October 6, 2015. Dr. Joanne Liu, International President, Doctors Without Borders/Medecins Sans Frontieres. Dear Dr. Liu: It is with an extremely heavy heart that I extend my deepest sympathies to the victims of the U.S. airstrike in Kunduz that killed 22 patients and staff within a hospital run by Doctors Without Borders. Doctors who volunteer their skills in some of the most dangerous regions of the world make sacrifices as brave and selfless as the sacrifices made by our U.S. service members when they are sent into harm's way. My heart goes out to all who were affected by this tragic incident. I have always admired the work of Doctors Without Borders. The organization led the international response to last year's deadly Ebola outbreak in West Africa, and it continues to treat patients in numerous isolated and dangerous parts of the world, including areas of violent conflict like Afghanistan. The courage and compassion of Doctors Without Borders' staff and volunteers are beyond compare. With this tragedy, we are once again reminded of the very real costs of war and recall our collective responsibility to promote international peace and security and protect civilians. It is my sincere hope that there will be a thorough and impartial investigation of the incident and that we work hard to ensure that such an incident never happens again. Once again, my thoughts and prayers are with the victims of this tragedy and I pray that their families may find peace and comfort in the memories of their loved ones and the sympathies of the international community. Sincerely, Maxine Waters, Member of Congress.