Maxine Waters's latest task in the House: protecting you and your money

Maxine Waters’s latest task in the House: protecting you and your money
The California Congress member is warning that Trump “will take advantage of anything and anybody that he possibly can.”
By Emily Stewart Updated Jan 3, 2019, 12:26pm EST


Rep. Maxine Waters (D-CA) has a long list of items on her agenda as the head of a House committee charged with overseeing the banking industry and economy.

Whether it’s bringing in Wells Fargo representatives for questioning, finding out what Mick Mulvaney did at the Consumer Financial Protection Bureau, or creating a subcommittee on discrimination to make sure the playing field is level, she’ll have a lot of power from her new vantage point as chair of the House Financial Services Committee.

“We will be doing all of the work that needs to be done,” Waters told me in a recent interview.

As chair, she’ll have a big role in oversight. She’ll be able to call in heads of agencies and financial services companies to testify before the committee, request documentation, and issue subpoenas.

Consumer protection isn’t the sexiest of issues, but it’s one that affects literally everyone’s life — from credit cards to mortgages to student loans. And this administration has demonstrated a clear industry bent, watering down rules that would curtail predatory payday lenders, dismantling financial protections for the military, and taking an overall more pro-Wall Street stance. Waters may be able to use the spotlight on her to draw attention to that.

Waters is a 15-term House member who represents California’s 43rd Congressional District, which covers part of Los Angeles. She’s been on the Financial Services Committee since 1991, serving as ranking member or chair of every subcommittee under its jurisdiction since 1995, and will now be the first woman and first African American to lead the committee.

In a letter to colleagues after the 2018 midterms, Waters laid out her plans if chosen to chair the Financial Services Committee. “I will prioritize protecting consumers and investors from abusive financial practices,” she wrote.

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https://www.vox.com/policy-and-politics/2019/1/3/18157768/maxine-waters-house-financial-services-committee-cfpb?fbclid=IwAR3GebSC1Dce-uJzK8zXB0EvMTaQ1URnO_U1FK7rj67tkRxsOWIT9Kt4qUY