Rep. Maxine Waters, senior member on the House Banking Committee
As the senior Democrat on the committee, Rep. Maxine Waters has the seniority, knowledge and experience to succeed the retiring Rep. Barney Frank
What is the House Financial Services Committee and what does it do?
The House Financial Services Committee (also referred to as the House Banking Committee) is the committee in the House of Representatives that oversees the financial services, securities, insurance, banking, and housing industries.
Rep. Maxine Waters (CA-35) is the next senior member on the Democrat side, other than the ranking member, who recently announced his decision not to seek another term, representing his district. That placed Waters in line to be the next ranking member of the committee.
In addition, she is the current ranking member on the Capital Markets Subcommittee and the former chairwoman of the Housing and Community Opportunity Subcommittee, and has said, “I will continue to champion practical regulations, while making sure they work for consumers and the financial sector, a sector which has the right to be profitable but the obligation to be fair, two concepts which are not mutually exclusive.”
It is important to understand that the congresswoman has been representing the same district for almost two decades, and can often be seen in the district taking care of her constituents’ needs. She is also well liked and respected both in her district and among her colleagues. She ‘goes to bat’ for her constituents and can always be counted on when to deliver services to those in her district.
Those in her district who have worked with her had the following comments:
Senator Rod Wright: “I think that Congresswoman Waters will be important in the kind of breakup of banking concentration … there’s a move on now for community banks like Broadway Federal Bank …most of them African American owned … community banks, rather than the large mega banks which will force us to build up our participation in community banks. She has been a champion in the use of the CRA – the Community Reinvestment Act.”
Assemblyman Mike Davis: “During this time of economic challenges, the House Finance Services Committee could benefit from a progressive thinker
who has been on the committee. Congresswoman Waters provides an opportunity to move in the direction of diversity. I am sure African-Americans everywhere will benefit from her expertise in the area of finance. I look forward to her leadership.”
Mark Alston of Consolidated Board of Realtists: “She was instrumental in the board obtaining access and inclusion into the marketing of bank owned properties that we, the community, were being left out of, right in our community. The congresswoman called Fannie Mae, Freddie Mac, HUD, Bank of America, Well Fargo, Chase and Citibank, and had their representatives meet members of the board, as a result, we were able to get 27 local area brokers accounts with these banks bringing an infusion of thousands of dollars of additional income into our community. If it weren’t for her, I don’t know where my business would be right now. The access that we got was through congressional help which was led by Maxine Waters.”
She is indeed a champion of the people whom she represents and many times even those beyond her district, benefit from her work on behalf of the ‘little people.’