New York – Come January, the banking industry is going to be on Rep. Maxine Waters’ time.
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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.
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.
She will be looking for payoffs
Good they should investigate her and her husband. They made $15 million illegally.
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.
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
“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).
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.
She should be imprisoned for being so ugly.