Dems Overseeing Finance Industry Take Money from Group Supporting Racist Auto Lending (Sludge)
Alerted to the contributions, House Financial Services Chair Maxine Waters tells Sludge she will better vet her campaign contributors.
“Buying a car is a significant purchase for many Americans and should be a fair and transparent transaction, free of discrimination,” said House Financial Services Committee Chair Maxine Waters (D-Calif.) at a recent hearing on discrimination in the automobile loan and insurance industries. “Unfortunately, this is not the case for persons of color.”
“I’m not sure where I start with this,” said Rep. Joyce Beatty (D-Ohio), who is chair of the Subcommittee on Diversity and Inclusion. Speaking about inaccuracies of a race identification method based on name and location, she said, “It works two ways because it could also not only hurt African Americans but benefit folks who might not be a minority that live in a minority neighborhood.”
But earlier this year, Waters, Beatty, and six other Democratic members of the Financial Services Committee appeared at fundraisers for their campaigns attended by representatives of the political action committee of the American Financial Services Association (AFSA), an industry trade group that last year hailed, and directly lobbied on, a Republican resolution repealing a Consumer Financial Protection Bureau (CFPB) guidance that sought to cut down on racist auto lending practices.