WASHINGTON, D.C. – Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following statement on the passing of Paul Volcker.

“I am deeply saddened by the news that Paul Volcker, former Chairman of the Federal Reserve and outspoken advocate for financial reform, has passed away. Chairman Volcker was a dedicated public servant and leader whose remarkable contributions to financial reform made our financial system safer and promoted stable economic growth.

“Following the financial crisis, he was the leading advocate for regulation to prevent banks from gambling with taxpayer money. Thanks to his efforts, the Volcker rule, which outlawed just that, became law as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. He will be missed.”