Maxine Waters to Take over for Frank on Financial Services Committee

Discussion in 'Politics' started by Illum, Nov 28, 2011.

  1. Illum


    Wall Street executives are bracing for the possibility that Rep. Maxine Waters (D-Calif.) will take over as the senior Democrat on the House Financial Services Committee after Rep. Barney Frank (D-Mass.) retires.

    Waters is in line for Frank’s spot and could become chairwoman of the panel if Democrats retake the House. Frank announced Monday that he will not seek another term in the House.

    The California liberal is considered left of Frank, an architect of 2010’s Wall Street reform bill, on financial issues.

    While banks and other financial institutions often battled Frank, he was seen as someone they could work with. Wall Street views Waters as more of an opponent.

    “She's not a good face of the issues,” one financial executive said. “She's too much of a bomb thrower.”

    Democratic leaders may look to someone other than Waters, the second-ranking Democrat on the panel, to take over for Frank.

    Waters is wrestling with a long-running ethics investigation over whether she helped secure federal funding for a bank in which her husband owned stock and previously served as a board member. Waters has maintained her innocence, and two attorneys on the House ethics committee were placed on leave for mishandling the case. An outside attorney is now investigating the matter.

    “They're going to go with people who are universally respected,” said the financial executive. But a trade group president and former Hill staffer believed the top spot is Waters's to lose. This source pointed out that Waters brings geographical and racial diversity to the committee.

    Jumping over Waters to another Democrat would also be a headache for Democratic leaders because it would risk angering the Congressional Black Caucus.

    Waters issued a statement Monday that said she was saddened by Frank's retirement, but that did not indicate whether she would seek his post.

    "Barney is a fighter for fairness in financial services and civil rights for all, including minorities and LGBT Americans. Because of his leadership, the Financial Services Committee has been one of the most productive committees in Congress," Waters said.

    The statement also highlighted Waters's work with Frank on the committee.

    "Working side by side with Barney on housing issues, flood insurance, investor and consumer protections and financial regulatory reform, especially on the Dodd-Frank conference committee, has resulted in some of my proudest moments as a legislator," she said.

    “As the next most senior member of the committee, the current ranking member on the Capital Markets subcommittee and the former chair of the Housing and Community Opportunity subcommittee, I hope to use my experience to continue and expand his work in the committee," Waters said. "I will continue to champion practical regulations, while making sure they work for consumers and the financial sector, a sector which has the right to be profitable but the obligation to be fair, two concepts which are not mutually exclusive."
  2. Lucrum


    From one ignorant dumb ass liberal dick sucker to another.

    This cannot be good. It's certainly not an improvement.
  3. Waters is wrestling with a long-running ethics investigation ..

    I think she would would be perfect for the job.

    Honor among thieves.......
  4. Lucrum


    I doubt the democraps will let that stop her.
  5. pspr


    Maxine is too dumb to have any impact. She will be marginalized by the other dems on the committee. All they have to do is at the beginning of each meeting give her a two number addition problem to work on without a calculator until the meeting is over.
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  7. Lucrum


    :D :D
  8. 377OHMS


    Why hasn't Maxine Waters had a hearing on her ethics violations?

    Her violation occurred before Rangel's so why hasn't there been a hearing?
  9. Max E.

    Max E.

    Her violations were also far more serious in my opinion.
  10. Illum


    Honestly I hope those investigations go away and she gets the position. She is full retard, not just a little. She babbles pure socialism straight out of Moscow, except it's infected by tard mouth disease. And every time they drag someone from wall street to Congress she will be the face of the Democrats on tv. It couldn't get any better, Go Maxine Go. Babbling idiot, show the people the Democratic Financial Leadership. Freak Show +1
    #10     Nov 28, 2011