Press Releases

Waters Statement on Government Shutdown

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Washington, DC, October 1, 2013 | comments

Congresswoman Maxine Waters, Ranking Member of the Committee on Financial Services, released the following statement on the Republican-imposed government shutdown.

“The irresponsibility of the Republican Party cannot be overstated. As we slowly emerge from the worst economic crisis in over 70 years, I am saddened that ideological extremism has led to another self-inflicted wound that could have dire consequences for our fragile recovery.

Even a short shutdown threatens job creation, harms small businesses, and leaves families with uncertainty and instability. Hundreds of thousands of federal employees will be immediately and indefinitely furloughed. Some agencies will be forced to drain reserve funds, while others will close entirely. The SBA will stop approving loans and loan guarantees for small businesses. Housing loans to low and middle income families in rural communities will be put on hold, as will start-up business loans for farmers and ranchers. This will not only harm those seeking these loans, but the small banks that offer them, slowing business and leading to potentially large backlogs.

I am seriously concerned that a shutdown will cause additional delays in the already long overdue implementation of the Dodd-Frank Act. Furloughs at the Commodity Futures Trading Commission will undermine its ability to regulate the derivatives market – and will likely further postpone the release of several important derivatives trading rules. The Volker Rule, which seeks to end the reckless practice of banks placing high-risk bets with taxpayer dollars, could also be delayed.

In addition, 80 percent of the Department of Treasury’s employees will be told to stay home. This includes staff at the Office of Foreign Assets Control, which levies sanctions against bad actors, and those at the Financial Crimes Enforcement Network (FinCEN), which deters money laundering by banks and aids local law enforcement efforts.

Republicans are gambling with the American economy to make an ideological point. Each day this shutdown continues risks further irreparable damage to our financial system, our economy and our middle class. It must end now.”

 
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