During a House Financial Services Committee hearing on Wednesday, Rep. Maxine Waters (D-CA) gave opening remarks about the economy, inflation and housing policies under the Biden Administration and slammed Project 2025.
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NewsTranscript
00:00I'll now recognize the ranking member of the full committee,
00:02Ms. Waters.
00:03Thank you very much, Mr. Chairman.
00:06Welcome back to the Honorable Jerome H. Powell,
00:11Chairman, Board of Governors of the Federal Reserve System.
00:16Chair Powell, as we saw with the latest jobs report,
00:21the labor market remains strong and the economy is surging.
00:25Despite inheriting an economy from the prior administration
00:30that had the worst jobs record since the Great Depression,
00:34President Biden has now overseen a record 15.7 million jobs
00:40created since he took office,
00:43with 206,000 new jobs created just last month.
00:48Not only that, but under the Biden administration,
00:52we're witnessing low unemployment rates,
00:55rising wages, and stabilizing prices for goods and services.
01:00This is not only because of President Biden's strong
01:03leadership, but also because of the historic legislation signed
01:08into law by President Biden, which has resulted
01:12in lower costs, created more jobs,
01:14rebuilt our infrastructure, supported small businesses,
01:19eliminated mostly junk fees,
01:22wiped out more than $144 billion in federal student loan debt
01:28for 14 million bars, and cut child poverty in half.
01:33President Biden is and will continue to advance policies
01:38that are providing good-paying jobs and an economy
01:41that works for everyone.
01:43Now, while I'm pleased to see
01:45that inflation is declining, the latest data makes clear
01:51that housing remains the number one driver of core inflation.
01:56Since 2020, house prices have increased by nearly 50%,
02:01with Americans now spending, on average,
02:04over 30% of their income on housing.
02:08This is a top priority for Democrats,
02:11but remains an afterthought for Republicans.
02:14Earlier this Congress,
02:16I reintroduced my comprehensive legislation housing package,
02:22including the Housing Crisis Response Act.
02:25This bill provides more than $150 billion in fair
02:31and affordable housing investments,
02:34representing the single largest investment
02:36in affordable housing in our nation's history.
02:40These funds would create nearly 1.4 million affordable
02:44and accessible homes, bring down housing costs for all,
02:49and revive the American dream of home ownership.
02:53Committee Democrats are committed to getting this bill
02:55across the finish line, and continue to hold out hope
02:59that our Republican colleagues will finally join us
03:02in this effort.
03:03Unfortunately, extreme MAGA Republicans are not just
03:07ignoring housing inflation.
03:09They're advancing their Project 2025 manifesto
03:14that would dismantle U.S. democracy
03:17and the economy as we know it today.
03:19Project 2025 is authored by almost two dozen former Trump
03:24White House staffers and Trump administration officials.
03:28It was compiled and published
03:30by the ultra-far-right Heritage Foundation,
03:33whose CEO recently declared that they are, quote,
03:37in the process of a second American revolution,
03:40which will be bloodless if the left allows it to be,
03:44quote, unquote.
03:45And if that kind of talk reminds anyone of the rhetoric we heard
03:50in the lead-up to, and on January 6th, 2020, it should.
03:54Project 2025 promotes radical ideas
03:59to materially undermine the Federal Reserve,
04:02if not effectively abolish.
04:04MAGA wants to put you out of a job, Chairman Powell,
04:09so I look forward to your testimony and hearing
04:12from you, a Republican who was first nominated
04:15by President Trump, about your thoughts on the importance
04:19of the Federal Reserve and the work you have done
04:22to help our economy.
04:24And I yield back.
04:26Gentlelady yields back.
04:29A note for the record, Jerome Powell was initially nominated
04:33by President Obama to the Board of Governors
04:36of the Federal Reserve before being nominated
04:38by President Trump to Chair.
04:40So here we are.