Vocal Trump critic Rep. Maxine Waters, D-CA, has earned House Democrats' nomination to chair the House Committee on Financial Services.
The 80 year old who has served in Congress since 1991, warned that “appropriate oversight” of the Trump administration would be a priority for the panel in the next Congress.
“I am committed to creating opportunities, ensuring fairness, and protecting the economic well-being of all Americans,” Waters said in a statement Monday evening acknowledging the nomination by the House Democratic Steering and Policy Committee.
Waters, the odds-on favorite of her party to lead the committee, has been nominated by the Democratic Steering and Policy Committees and must be approved by the full Democratic caucus.
She vowed as chairwoman that she would “prioritize protecting consumers and investors from abusive financial practices” and would ensure “strong safeguards are in place to prevent another financial crisis.” She also promised to bolster affordable housing opportunities and would promote diversity and inclusion in the financial services sector.
Waters, who represents California’s 43rd District which includes Los Angeles, is vowing to keep the Trump administration accountable.
“Appropriate oversight of the Trump Administration and the regulatory agencies under the Committee's jurisdiction will also be an important responsibility for the Committee,” Waters said. “Of particular importance is ensuring that the Consumer Financial Protection Bureau is not dismantled by Trump’s appointees. This critical agency must be allowed to resume its work of protecting consumers from unfair, deceptive or abusive practices without interference from the Trump Administration.”
Waters is currently serving as the ranking member of the Financial Services Committee, a spot she’s held since 2013.
“As chair, Maxine Waters will be a force to be reckoned with, but the driving question is will she able to send bills to the Senate that can be passed and then signed into law by President Trump” asked Duane Thompson, a senior policy analyst for fiduciary training and technology firm Fi360. “I would say there is always a small chance. In the minority, you are in attack mode. In the majority, you can either send messaging bills to the other chamber that have no chance of passing but that appeal to your constituencies, or try for something that is bipartisan and has a chance to become law.
“As a committee chair, Ms. Waters can always get headlines by bringing in a wayward financial services executive to a hearing to be grilled over the latest scandal,” said Thompson, former managing director of the FPA’s Washington, D.C. advocacy office. “but her options are limited in a divided Congress. If you are an advisor concerned about changes to market conduct rules, I would focus my attention on the SEC and the states, not on Capitol Hill.