Financial industry braces for Maxine Waters’ ascent on key committee

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The banking and financial sectors are anxiously bracing for firebrand California Rep. Maxine Waters to claim the chairmanship of the House Financial Services Committee, unsure of what her leadership on the key panel will mean.

Waters, a frequent and vocal critic of President Trump and his administration, is seen as one of Wall Street’s biggest adversaries in Congress thanks in large part to her calls for stricter rules on the nation’s biggest banks and opposition to moves from the White House to roll back financial regulations implemented during the last recession.

She has toned down her rhetoric since the midterm elections but has also called for more oversight, creating somewhat of a guessing game as to what she’ll have in store for the industry when Democrats take control of the House in January.

“I don’t know what Chairwoman Waters will be thinking,” Richard Hunt, president of the banking industry trade group the Consumer Bankers Association, told Fox News. “We’re prepared to defend the good work that we’re doing but we’re also willing to work with Chairwoman Waters to make sure we get smart, well-balanced policy.”

While the country’s major banks have expressed their willingness to work with Waters, they are all preparing for a very different House Financial Services Committee than the one currently being headed by Rep. Jeb Hensarling, R-Texas. – READ MORE

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