Ranking Member Maxine Waters Slams Republican “Big Tech Payment Scams Act” on House Floor

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Today Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, took to the House Floor to blast, S.J. Res. 28, the “Big Tech Payment Scams Act” — a bill that would revoke the Consumer Financial Protection Bureau’s authority to supervise payment apps operated by big tech companies for compliance with consumer financial protection laws.

Mr. Chair, I rise today in strong opposition to S.J. Res 28—a partisan Congressional Review Act resolution that will block the Consumer Financial Protection Bureau from supervising payment apps offered by Big Tech firms, like Apple and Google.

Before I explain why this bill is bad, let us not ignore that President Trump and co-President Musk are tearing down key government agencies and programs as we speak, like the CFPB and Social Security. Last week, the President launched a global trade war against the rest of the world, including our friends, resulting in a record two-day loss of $6.6 trillion in wealth. Fed Chair Powell warned that these tariffs will lead to higher inflation and job losses.

Later today, Republicans will try to pass the President’s budget that is loaded with $7 trillion in tax cuts for Musk and the other Big Tech billionaires, all while they are slashing Medicaid by $880 billion.

And walking into our agencies and firing people. Employees, some, have been working 10,15 and 20 years, and telling them to get out by five o’clock . And I absolutely respect the Chair on the Committee of Financial Services Mr. Hill and what he does, but to talk about good government he is absolutely defending what nobody would consider good government. We’re in a chaotic position in the government of the United States of America. This is the worst that we’ve ever seen. We have never seen anything like this. As a matter of fact, I think it is a coup d’etat.

So, I’m here today because Republicans have called up yet another bill to help out the richest man on the planet. Who is a friend of Mr. Trump’s. Who has not been elected by anybody. Who is absolutely controlling our government now. The firing of people the destroying of agencies. All of that by an unelected billionaire who is intent on changing this government in ways that make it look like a dictatorship.

Notably, this resolution will shield Elon Musk’s X app, which will soon get into the payments business, from supervision and oversight by the CFPB.

The CFPB oversees the largest banks and the services they provide to consumers, including their payment apps. However, until the large participant rule was issued, the CFPB did not have the authority to supervise and examine the payment platforms of Big Tech companies. In 2024, the CFPB leveled the playing field between big banks and Big Tech. This rule was necessary because Big Tech and other nonbank firms have increasingly offered mobile wallets and payment apps for consumers to use.

While the same consumer protection laws that apply to banks do not apply to these Big Tech firms, it is critical that the CFPB examine them to ensure they are following the law. This will help the CFPB oversee these Big Tech apps to protect the millions of consumers who use them and their digital wallets from fraud, to safeguard their sensitive personal data, and prevent unfair, deceptive, or abusive practices.

So, let’s be clear. The CFPB’s rule, that Republicans want to repeal by passing S. J. Res. 28, imposes no new standards on these large payment apps. CFPB’s rule simply allows the government to check that these companies are following the law-- the very law that #Congress passed to give the CFPB the authority to examine the largest big tech participants.

Payment fraud is at an all-time high, and these payment apps play a big role in that increase. I have received more and more complaints from constituents who have been tricked, scammed, and defrauded out of their hard-earned money on these payment apps. And consumer use of payment apps is only increasing, with lower-income households experiencing a disproportionate share of complaints. Between 2018 and 2021, fraud-related complaints involving #Venmo, Cash App, and other payment apps surged by over 460%, while financial losses skyrocketed by more than 360%. Candidly, we should be working together across the aisle to tackle this rise in payment...


#cfpb
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https://democrats-financialservices.house.gov/news/documentsingle.aspx?DocumentID=413236