Waters approved to lead House banking panel


It’s official: Rep. Maxine Waters, D-Calif., will be the next head of the House Financial Services Committee.

Waters, a senior Democrat on the committee, had been expected to take the gavel when the party won control of the House in the midterm elections this November, and the Democratic Caucus voted accordingly on Friday. She has been an outspoken critic of the Trump administration, including efforts to deregulate the country’s largest banks.

Waters said in a statement after the vote that she would continue to pursue consumer financial protection issues and ensure that the country remains safe from systemic risk as part of her agenda as chair.

“As Chairwoman, I will continue to prioritize protecting consumers and investors from abusive financial practices, making sure there are strong safeguards in place to prevent another financial crisis, expanding and supporting affordable housing opportunities, tackling the homelessness crisis, encouraging responsible innovation in financial technology, promoting diversity and inclusion in the financial services sector, conducting appropriate oversight and ensuring that hardworking Americans and small businesses have fair access to the financial system and opportunities to thrive,” Waters said.

Rep. Maxine Waters, D-Calif.

Waters, who was expected to take over, is now formally set to take the gavel next year.

Bloomberg News

She has served on the committee since 1991 and has been ranking member for the past six years, often clashing with the outgoing chairman Rep. Jeb Hensarling, R-Texas, who is retiring at the end of the year. The new Congress is scheduled to convene Jan. 3.

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