03/04/2026 - Ranking Member Waters' Opening Markup Remarks

Thank you very much, Chairman Hill. Americans are fed up with rising grocery, utility, and health costs caused by the Trump administration's reckless policy. But instead of changing course, Trump is doubling down. After the Supreme Court struck down his unlawful tariffs, of which Americans paid nearly 90% of, he imposed more, while his own Treasury Secretary admits Americans may never get their money back. As if that weren't enough, last week Trump unilaterally waged war in Iran, sending gas and energy prices soaring. And while families struggle at the pump, he's deploying the US Navy and spending taxpayer dollars to protect oil tankers bound for, of all places, China. Unfortunately, none of the bills before us today will lower costs for Americans. Instead, they risk driving up prices for families saving for retirement, preparing for college, or just looking to take out a loan. And it doesn't stop there. These proposals could even raise the cost of everyday items like shrimp. That's right, you heard me. The Republican Party wants to play around with the price of shrimp. Didn't they learn anything from Red Lobster? Before I discuss the bills that will make life more expensive for Americans, I want to thank the Chairman for working with me and my staff on a broadly bipartisan bill to reauthorize the Defense Production Act. These are extraordinary authorities that have strengthened our national defense and helped protect Americans during crises like the COVID pandemic. During COVID, DPA helped boost production of personal protective equipment, of PPE, and vaccines. When hurricanes and supply chains, disruptions, strained hospitals, it helped restore essential supplies. And when the United States became too dependent on foreign sources, the key materials, the DPA helped rebuild production here at home, from batteries to critical minerals that support both our military and everyday life. That's the DPA protecting national security and public safety. To make sure the DPA continues to work for the American people, Democrats have worked across the aisle to put forth a stronger, modernized DPA that adds clear guardrails, strengthens oversight, and keeps the law focused on the public good, not as a loophole for political abuse. Now, I hope, Mr. Chairman, that you would agree that the DPA should never be used to conduct surveillance of Americans or to build autonomous killing machines, nor should it be used to punish Trump's perceived political enemies. Turning to the deregulatory bills before us, my Republican colleagues claim they support community banks, small businesses, consumers, and investors, but their bills tell a different story. These proposals gut safeguards let Wall Street mega banks and their CEOs off the hook and undermine the Consumer Financial Protection Bureau. They strip away transparency, open the door to risky trading and unregistered stock sales, where scams thrive. That's not strengthening our financial system, it's undermining our economy. Under the Trump administration, enforcement has already rolled back lawsuits against bad actors, trying to cheat hard-working people that have been dropped. And when oversight weakens and resources get cut, you better believe that the scammers will move in fast. Meanwhile, small businesses are already being squeezed by rising costs that make worse, made worse by Trump's tariffs. But the bills pile on this page, subjecting small businesses to litigation and scams. Small businesses don't have armies of lawyers to navigate these hidden risks. That's why we should be passing legislation that keep markets fair so entrepreneurs succeed on hard work, not scams. Committee Democrats continue to fight for Americans and reduce costs, and we will always continue pushing for solutions that help small businesses grow. I yield back the balance of my time.