Maxine has vowed to target the biggest banks on Wall Street and hit others with more of the same old Democrats costly regulations. The sad part is, she could actually be in a position to make, at least some, of that, happen in the coming months.
With Democrats taking control of the House of Representatives, the California representative is expected to become chairwoman of the powerful House Financial Services Committee, which oversees the nation’s banking system and its regulators.
Waters is no friend to the nation’s biggest banks and Wall Street and has been a vocal critic of President Donald Trump and his administration. The congresswoman from California has called for more regulation of banks and has opposed Trump’s political appointees moving to roll back regulations on banks and other financial services companies.
For example, Waters, along with several other Democrats, were “no” votes on a banking industry bill that rolled back several parts of the Dodd-Frank Act, the law passed under President Barack Obama that more tightly regulated banks after the financial crisis. In the Senate, the bill was supported by several Democrats and was signed into law this summer by Trump.
Waters is now viewed as the presumptive chair, American Banker reports, of the committee after Democrats won back control of the House Tuesday.
That perch could undoubtedly give her a bully pulpit to focus on President Trump’s business dealings or more generally criticize the administration. But observers say a Waters-led panel could also showcase her broad legislative experience, which might mean a more moderate approach and reaching across the aisle on issues ranging from housing finance reform to updating the Community Reinvestment Act.
To be sure, the rhetoric in a Democratic-controlled House with a Financial Services Committee led by Waters, who is now the panel’s ranking Democrat, would be a sea change from the current GOP leadership.
Waters, a California Democrat, has led calls for President Trump’s impeachment and urged supporters to publicly confront administration officials to push back on their policies, notably the separation of migrant family members at the border.