at thought of me as chairwoman
The Hill -- Rep. Maxine Waters (D-Calif.) said banks on Wall Street are "shaking in their boots" at the prospect of her becoming chairwoman of the House Financial Services Committee.
Waters is next in line to take over as top Democrat on the panel following the retirement of Rep. Barney Frank (D-Mass.) at the end of 2012. She told California Democrats gathered for a convention last weekend that she was eager to take over at the top, urging them to help Democrats reclaim control of the House in the upcoming election.
"Let me let you in on a secret. I am the senior-most person serving on the Financial Services Committee," she said. "Barney Frank is about to retire and guess who’s shaking in their boots? The too-big-to-fail banks and financial institutions and all of Wall Street, because Maxine Waters is going to be the next chair of the Financial Services Committee!"
Waters is angling to take over for Democrats on the committee monitoring Wall Street in 2013, which will lead the effort to defend the Dodd-Frank financial reform law from GOP attempts to roll it back. So far, no direct challenger from her party has emerged.
The most apparent obstacle to her becoming the top Democrat is a pending ethics investigation against her. The House Ethics Committee has hired outside counsel to examine its initial handling of allegations against her and whether she violated House ethics rules.
The committee is examining whether Waters improperly directed federal funding to a bank in which her husband owned stock and previously served as a board member. Waters has strongly defended her innocence, and the committee suspended the investigation last year to bring on outside counsel.
Blog author's comments - It boggles the mind to think that Maxine Waters could rise to such a position. Ms. Waters, the only ones who should be shaking in their boots are the American people. Appointing her would help to guarantee that the recovery America needs would be postponed indefinitely.
If the Democrats regain a majority in the House our country is in very serious trouble. Waters running the financial services committee would be a disaster. Maxine Waters is a good example of how in Washington seniority overrides capabilities.
The United States House Committee on Financial Services (also referred to as the House Banking Committee) is the committee of the United States House of Representatives that oversees the entire financial services industry, including the securities, insurance, banking, and housing industries. It is chaired by Spencer Bachus (R-AL) and the ranking Democrat is currently Barney Frank (D-MA).