‘Would Dismantle US Democracy & The Economy As We Know It’: Maxine Waters Blasts Project 2025

2 months ago

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.

Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:

https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript

Stay Connected
Forbes on Facebook: http://fb.com/forbes
Forbes Video on Twitter: http://www.twitter.com/forbes
Forbes Video on Instagram: http://instagram.com/forbes
More From Forbes: http://forbes.com

Transcript

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.

‘Would Dismantle US Democracy & The Economy As We Know It’: Maxine Waters Blasts Project 2025

Category

Transcript

Recommended