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New York - Banks Could Face Tighter Scrutiny Under Rep. Maxine Waters

Published on: November 7, 2018 08:29 PM
By: AP
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House Financial Services Committee ranking member Rep. Maxine Waters, D-Calif., asks a question of Housing and Urban Development Secretary Ben Carson, during a hearing Wednesday, June 27, 2018, on Capitol Hill in Washington. (AP Photo/Jacquelyn Martin)House Financial Services Committee ranking member Rep. Maxine Waters, D-Calif., asks a question of Housing and Urban Development Secretary Ben Carson, during a hearing Wednesday, June 27, 2018, on Capitol Hill in Washington. (AP Photo/Jacquelyn Martin)

New York - Come January, the banking industry is going to be on Rep. Maxine Waters’ time.

With Democrats taking control of the House of Representatives, the California Democrat 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 Trump and his administration. She 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.

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With a Republican-controlled Senate and Trump in the White House, it is unlikely Waters’ proposed regulations on banks will make it into law. However, it’s also much less likely that any new deregulatory bills get through, either.

Where Waters will likely have the most power will be in her subpoena and investigatory powers that come as head of the committee.

One particular target for Waters will likely be the Consumer Financial Protection Bureau. Since Republicans took over the watchdog agency last year, the CFPB has made many about-faces on rules and regulations that it wrote under the President Barack Obama.

The CFPB has not faced much Congressional oversight since Mick Mulvaney, President Trump’s budget director and acting director of the CFPB, took over. Trump has nominated Kathy Kraninger, who worked under Mulvaney in the Office of Management and Budget, to be the next permanent director of the Bureau. If she is confirmed, which is likely since Republicans currently have a majority in the Senate and extended their gains in Tuesday’s election, any moves she and the Bureau make will likely come under increased scrutiny of Maxine’s committee.

Banks and their executives also are more likely to be called to testify in front of Congress. Democrats have been increasingly vocal about bringing scandal-plagued Wells Fargo in front of Congress again to discuss some of the bank’s more recent missteps.

There’s also likely to be more scrutiny of Deutsche Bank, which has been the primary financier of President Trump’s business entities since before he became president.



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Read Comments (15)  —  Post Yours »

1

 Nov 07, 2018 at 08:59 PM Anonymous Says:

She will be looking for payoffs

2

 Nov 07, 2018 at 09:05 PM TyckW Says:

Good they should investigate her and her husband. They made $15 million illegally.

3

 Nov 07, 2018 at 09:15 PM Sandman Says:

Max Maxine is trying to kill another industry. All libs do is kill jobs. Thank Goodness Trump has brought back millions of jobs in less than 2 years.

5

 Nov 08, 2018 at 07:19 AM Educated Archy Says:

Deregulation a trump plolcy not a federal reserve policy has grown the economy enormously . Speak to anyone in business or in finance . If dems think the answer is more regulation and less money then bring it on . Good luck in 2020

6

 Nov 08, 2018 at 07:47 AM Phineas Says:

Reply to #3  
Sandman Says:

Max Maxine is trying to kill another industry. All libs do is kill jobs. Thank Goodness Trump has brought back millions of jobs in less than 2 years.

The banks killed plenty of jobs bundling garbage mortgages for investment banks. Housing and construction sectors cratered.

7

 Nov 08, 2018 at 09:51 AM TRump is a lib, too? Says:

Reply to #3  
Sandman Says:

Max Maxine is trying to kill another industry. All libs do is kill jobs. Thank Goodness Trump has brought back millions of jobs in less than 2 years.

"All libs do is kill jobs"

In 8 years of Democrat President Obama: Created 17.2 million jobs from the beginning to the end of his term. But Obama created 22.3 million jobs from the worst part of the Great Recession (January 2010) through the end of his term.

In 8 years of Democrat President Clinton: created 21.5 million during his term.

(These numbers includes farm workers and self-employed.)
============================================
Newt Gingrich said "liberals have a whole set of statistics that theoretically may be right, but it's not where human beings are."

Sad.
So bigly sad.
Facts should matter.
============================================

8

 Nov 08, 2018 at 10:25 AM georgeg Says:

"There’s also likely to be more scrutiny of Deutsche Bank, which has been the primary financier of President Trump’s business entities since before he became president."

That is probably the real point. My instincts tell me that the main thrust is to hassle anyone or anything that may be linked to Republicans. Those that are Democrat supporters will be left to last (meaning never - at last never under Democrats).

9

 Nov 08, 2018 at 10:54 AM Educated Archy Says:

Reply to #6  
Phineas Says:

The banks killed plenty of jobs bundling garbage mortgages for investment banks. Housing and construction sectors cratered.

There you go tricky yoni on your bernie socialist anti / occupy wall st tirade .

Banks did what consumers and the govt wanted . They made lots of loans . In order to do that obviously they need to bundle it and flip it as packages so risk is diversified . We only wanted low income people and minorities to get loans . It was systematic. Sure there was greed . But greed was on all ends .

And we recovered . No pain no gain . Banks and financial firms are great job creators . I work for one .

Got it tricky yoni , yamsar ?

10

 Nov 08, 2018 at 11:25 AM Chosid1 Says:

She should be fitted for an orange jumpsuit for inciting violence against Conservatives. I guess when you are a liberal you can do and say whatever you want.

11

 Nov 08, 2018 at 11:28 AM Phineas Says:

Reply to #9  
Educated Archy Says:

There you go tricky yoni on your bernie socialist anti / occupy wall st tirade .

Banks did what consumers and the govt wanted . They made lots of loans . In order to do that obviously they need to bundle it and flip it as packages so risk is diversified . We only wanted low income people and minorities to get loans . It was systematic. Sure there was greed . But greed was on all ends .

And we recovered . No pain no gain . Banks and financial firms are great job creators . I work for one .

Got it tricky yoni , yamsar ?

Exactly and then they hid the risks from retail investors. Interesting you would associate me with Sanders when I have been a lawyer specializing in financial services and corporate transactions. You value taglines instead of information and your insistence that I am Yoni just shows you can't accept the fact that multiple people disagree with you. I grew up in Queens and live in Nassau County. If you want to speak on the phone, respond here. Let's set u straight so you can exorcise your demons.

12

 Nov 08, 2018 at 02:06 PM Educated Archy Says:

Reply to #11  
Phineas Says:

Exactly and then they hid the risks from retail investors. Interesting you would associate me with Sanders when I have been a lawyer specializing in financial services and corporate transactions. You value taglines instead of information and your insistence that I am Yoni just shows you can't accept the fact that multiple people disagree with you. I grew up in Queens and live in Nassau County. If you want to speak on the phone, respond here. Let's set u straight so you can exorcise your demons.

Hey yoni your name convieniently started popping up the day yoni said he is disappearing ? Coincidence ?

Your style is similar

Even your wierd choice of screen names are similar

All coincidence ?

Yamsar you are not too bright .

13

 Nov 08, 2018 at 02:08 PM Educated Archy Says:

Reply to #11  
Phineas Says:

Exactly and then they hid the risks from retail investors. Interesting you would associate me with Sanders when I have been a lawyer specializing in financial services and corporate transactions. You value taglines instead of information and your insistence that I am Yoni just shows you can't accept the fact that multiple people disagree with you. I grew up in Queens and live in Nassau County. If you want to speak on the phone, respond here. Let's set u straight so you can exorcise your demons.

The did not his risks from anyone . That's nonsense . Everything was there . If retail investors are to stupid to think things thru that's not the evil wall st guys fault .

Got it yamsar ?

14

 Nov 08, 2018 at 10:12 PM Anonymous Says:

She should be imprisoned for being so ugly.

15

 Nov 08, 2018 at 11:24 PM Anonymous Says:

Reply to #7  
TRump is a lib, too? Says:

"All libs do is kill jobs"

In 8 years of Democrat President Obama: Created 17.2 million jobs from the beginning to the end of his term. But Obama created 22.3 million jobs from the worst part of the Great Recession (January 2010) through the end of his term.

In 8 years of Democrat President Clinton: created 21.5 million during his term.

(These numbers includes farm workers and self-employed.)
============================================
Newt Gingrich said "liberals have a whole set of statistics that theoretically may be right, but it's not where human beings are."

Sad.
So bigly sad.
Facts should matter.
============================================

Even CNN can't make up such lies.

16

 Nov 08, 2018 at 11:25 PM Anonymous Says:

Reply to #14  
Anonymous Says:

She should be imprisoned for being so ugly.

Her punishment should be that she has to look in the mirror for 5 hours a day.

17

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