Tell me it isn’t true — Maxine Waters in line to take over the House Financial Services Committee. That’s what may happen given the recent announcement that Rep. Barney Frank (D-Mass.) will retire after this term, meaning Rep. Maxine Waters will take over as the top Democrat on the House Financial Services Committee .
Although many would applaud this move, given the state of the U.S. economy, it is a rather frightening prospective. At a recent press conference, Waters 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.”
The Financial Services Committee, chaired by Congressman Spencer Bachus, is responsible for all the bailouts, including Fannie Mae’s and Freddie Mac’s, as well as dealing with the entire ‘too big to fail’ issue that resulted in the Dodd-Frank Act. Although Water’s if selected, will be ensconced with examining taxpayer exposure for the bailout authority created under the law, the House Financial Services Committee has jurisdiction over all issues pertaining to the economy, the banking system, housing, insurance, and securities and exchanges. Additionally, the Committee also has jurisdiction over monetary policy, international finance, international monetary organizations, and efforts to combat terrorist financing.
Water’s is the U.S. Representative for California’s 35th congressional district, and has been in congress since 1991. She was involved in an ethics struggle regarding her husband, who was once the director of OneUnited Bank. In 2008, the congresswoman arranged meetings between U.S. Treasury Department officials and OneUnited Bank, so that the bank could obtain federal cash after it lost millions in heavily investing in Freddie Mac and Fannie Mae. It received $12 million in Troubled Asset Relief Program (TARP) money.
Although astute, I find it hard to discern that a woman with a degree in sociology will be what this nation needs to assist in getting the U.S. economy growing. In addition, I think that one of the reasons we are in this mess is because of politicians getting involved in issues they have no experience or understanding of. If Water’s is giving this important role, let us hope that she takes it seriously and does her home work. -torrance stephens