Press Releases

DOL Announces Hearing on Proposed Waiver of Sanctions on Credit Suisse

Grants Request By Rep. Waters, Miller, Lynch

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Washington, DC, November 14, 2014 | comments

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, released the following statement in reaction to the announcement that the Department of Labor (DOL) will grant a hearing  to examine its proposal to waive sanctions imposed on Credit Suisse.

Credit Suisse recently pled guilty for conspiring to aid tax evasion. In October, Waters joined George Miller (D-CA), Ranking Member of the Education and the Workforce Committee, and Stephen F. Lynch (D-MA), in calling on DOL Secretary Thomas Perez to conduct a “thorough and thoughtful review” of Credit Suisse’s waiver application and provide a public hearing on the matter.

She released the following statement:

“I’m pleased that the Department of Labor has granted our request for a hearing to more thoroughly examine its proposal to waive sanctions imposed on Credit Suisse, which stem from its guilty plea for conspiring to aid tax evasion for over two decades. I thank Ranking Member George Miller and Rep. Stephen Lynch for joining me in this request. 

This is an important step forward to ensure the Department of Labor is truly not just a ‘rubber stamp’ in granting these waivers. An open and transparent hearing will provide an opportunity to hear the views of advocates, interest groups and citizens in a manner that is more in-depth than a comment process. In the future, I hope that other regulatory agencies can follow DOL’s lead, and provide the same level of public transparency when dealing with similar matters.” 

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