WASHINGTON–Rep. Maxine Waters (D-CA), who will chair the House Committee on Financial Services when the new Congress begins in January, said the days of easing banking regulations are over.
“Make no mistake,” Waters said during a hearing here following the mid-term elections, “come January in this committee, the days of this committee weakening regulations and putting our economy again at risk of another financial crisis will come to an end.”
Waters has been a long-time critic of moves by Republicans in Congress to dial back portions of the Dodd-Frank Act, which critics have called too restrictive.
Waters said the Dodd-Frank rollbacks are “harmful” and blamed the Fed for watering down capital standards on the largest banks.
Still, how much influence Waters and other Democrats will have as they attempt to reverse the changes made to Dodd Frank remains to be seen, as Republicans continue to control the Senate and Trump Administration appointees are in place at the Federal Reserve and federal regulatory agencies. Ultimately, the president would also be able to veto any legislation he doesn’t like.
Waters will replace as chairman of the committee Rep. Jeb Hensarling (R-TX), who had the support of credit unions but who opted not to run for re-election.