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Rep. Maxine Waters: Trump Shutdown is Jeopardizing Integrity of our Financial Markets
NNPA NEWSWIRE — “The Trump shutdown is jeopardizing the integrity of our financial markets and the hard-earned savings of millions of Americans. So, let’s end this Trump shutdown and open the government so that the SEC and other agencies can get back to work on behalf of the public.
WASHINGTON — Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee of Financial Services, made the following floor statement in support of H.R. 264, the Financial Services and General Government Appropriations Act of 2019, which would restore funding for federal government agencies to continue their important work on behalf of the American public:
“Thank you very much Mr. Speaker and Members. I look forward to working with my colleagues on the opposite side of the aisle, but today, I rise in support of H.R. 264, legislation that would reopen the federal government and put Wall Street’s cop on the block, the Securities and Exchange Commission, back to work.
“This President has all but closed the doors of the SEC, furloughing 94% of the agency and essentially providing fraudsters and schemers with a free pass to swindle investors and small businesses. With such a skeleton crew of less than 300 staff, the SEC cannot possibly oversee the activities of the over 26,000 registered entities, such as investment advisers, broker-dealers, and stock exchanges. Worse, the SEC is unable to hold bad actors accountable through most enforcement actions, preventing harmed investors from obtaining relief.
“But the importance of the SEC goes beyond ensuring the rule of law. Businesses that are looking to enter the public stock markets may have to delay their Initial Public Offerings because the SEC cannot approve their documents. Businesses seeking guidance from the SEC are left in legal limbo until the SEC can get back to work.
“The Trump shutdown is jeopardizing the integrity of our financial markets and the hard-earned savings of millions of Americans. So, let’s end this Trump shutdown and open the government so that the SEC and other agencies can get back to work on behalf of the public.
“Mr. Speaker and Members, I appreciate some of the comments that have been made about the fact that we have been able to work together on both sides of the aisle on the Financial Services Committee, working on such things as the JOBS Act but we can’t do any of that. We cannot move. We cannot get to work for the American people because this President not only has shut down the government, but he took responsibility for it.
“He wanted everybody to know that he did it, that he not only did it, but he’s going to continue to do it until he can bend us to his will and give him $5 billion dollars plus to put up a wall of some kind. We don’t even know what it is.
“So, I want to say to my friends on the opposite side of the aisle and to Mr. McHenry—Yes, we are going to be able to work together on a lot of good legislation, but why don’t you join with us and talk to the President and tell him to open up the government—that we cannot continue to have the American people suffer in the way that they’re doing and have our financial services agencies unable to do the job that the people sent them here to do.
“So, with that, I yield back the balance of my time.”
Byron Donalds wants to be Florida’s next governor. Not on our watch.
Our stance is rooted in an old saying coined by Floridian Zora Neale Hurston in her final major nonfiction work, Dust Tracks on a Road, set in Florida. “All skinfolk ain’t kinfolk” is an idiom that distinguishes shared identity from shared interests.
The congressman has done little to advance the cause of Black workers. In fact, on the AFL-CIO’s legislative scorecard, which tracks how legislators vote on the issues and policies that matter to working people, Rep. Donalds has voted against working people every time except once – giving him a lifetime score of 1%.
He has built his political identity around his support for Donald Trump and his embrace of Gov. Ron DeSantis, two political figures whose policies have undermined, undercut and trampled on our rights and freedoms.
As governor, DeSantis has been nearly surgical with his assault on the Black community, especially in education, where he undermined the state’s Historically Black Colleges and Universities through installing crony politicians; banned books by and about us from school libraries, rejected the country’s first AP course on Black culture, and instituted the STOP WOKE Act, which 11th Circuit judge rightfully demeaned as a “breathtaking assertion of power to ban unpopular ideas from public discourse.”
But he didn’t stop there. Next was Black employment.
As national labor leaders, we have witnessed the relationship between strong worker representation and stronger communities – especially for Black communities who over index when it comes to union membership. Like us, they have experienced the power of collective bargaining to help educators advocate for classroom resources, nurses raise concerns about patient care, and public employees seek fair compensation and safer working conditions. We have also seen the consequences when workers have fewer avenues to influence decisions affecting their livelihoods.
So it should come as no surprise that in 2023, DeSantis signed Senate Bill 256, imposing new restrictions on many public-sector labor unions by creating new challenges for unions seeking to maintain their bargaining certifications. This law is a direct threat to the sovereignty of American workers who have historically used unions to negotiate wages, benefits, workplace protections and the conditions under which essential public services are delivered.
The struggle for civil rights and the struggle for workers’ rights have long intersected. From A. Philip Randolph’s organizing of the Brotherhood of Sleeping Car Porters to the 1968 Memphis sanitation workers’ strike, demands for economic dignity have stood alongside demands for equal treatment under the law.
Dr. Martin Luther King Jr. understood that the promise of civil rights could not be fully realized without economic justice. His final campaign in Memphis reflected the conviction that workers’ rights, racial equality and human dignity were inseparable.
That history offers an important lesson for the present: Political representation and substantive policy representation are not necessarily the same thing.
That is history Byron Donalds has either forgotten or refuses to consider. Either way, it lays bare his disconnect from the collective vision of America most Black people share – one that acknowledges real differences while working to reduce the negative impacts of those differences. Donalds has adopted a different vision – one that thinks it more valiant to turn a blind eye to the disparate outcomes race creates in employment, education, and health care rather than admit there are real, structural issues that need to be addressed.
One person who does seem to understand and is working to do better is Donalds’ opponent, David Jolly, a former Republican congressman now running as a Democrat. He has positioned his candidacy as an alternative to the DeSantis approach, emphasizing affordability, public schools and a different direction for state government. And while we may not share skin color or a cultural history with Jolly, we do share his commitment to fight for equality and the dignity of the American worker.
The November 3 gubernatorial election presents Floridians with a choice between candidates offering different approaches to governing. Byron Donalds has sided with DeSantis who has made their disdain for Black people loud and law, and Jolly who sided with us and our understanding of community and collective power.
Every election is an opportunity to examine not only what candidates promise, but also what their records and policy commitments reveal.
For working people, that examination must include a fundamental principle: Economic prosperity and democratic participation are strongest when the people who do the work have a meaningful voice in shaping their future.
Florida’s next chapter will be written through the decisions of its people and the accountability they demand of those entrusted with public office.
That is the enduring promise of democracy—and a responsibility that belongs to all of us.
Fredrick D. Redmond, the highest-ranking African American labor official in history, is the Secretary-Treasurer of the AFL-CIO, the nation’s largest labor federation representing 65 unions and nearly 15 million workers.
Fedrick C. Ingram is the Secretary-Treasurer of the American Federation of Teachers (AFT), representing 1.8 million educators, healthcare workers, and public employees.
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