Like Countable?

Install the App
TRY NOW

Maxine Waters Targets Global Banks With Financial Services Shakeup

Do you want the House Financial Services Committee targeting global banks?

by Axios | Updated on 11.19.18

Democratic Rep. Maxine Waters is proposing a new direction for the House Financial Services Committee, which she will almost certainly lead in the next Congress, Axios has learned.

Between the lines: The most notable proposed change: is lumping oversight of “International Financial Institutions" — which could mean anything from the World Bank to foreign banks — with the existing Terrorism and Illicit Finance subcommittee, while scrapping the Monetary Policy and Trade subcommittee.


  • As word leaks out about the proposal, it's catching the attention of foreign banks. It's a strong signal that Waters is not just talking about going after the likes of Deutsche Bank, sources familiar with the proposal tell Axios.
  • "[Waters has] not been shy about the direction and focus she would take if she got the gavel; she’s just now literally putting it in writing which got folks’ attention. Sort of like, “oh...she wasn’t kidding!”, the source who shared the proposal with Axios told us via text.

Background: Waters has been fixated on going after international financial institutions for their potential roles as laundromats for bad actors like Russia and China.

  • A big target for Waters is Deutsche Bank, for its ties to President Trump and Russia money laundering. She's been publicly outspoken about going after the bank and come January, Democrats will have subpoena power.
  • On proposing to change the committee's name to seemingly include overseas financial institutions with illicit finance and terrorism, "it's a bit like shooting first, aiming later as by title it's accusatory," a source says.

Other proposed changes to the House Financial Services Committee include dropping insurance from the "Housing and Insurance" subcommittee, and renaming it "Housing and Community Development."

  • Waters also proposed to swap "Consumer Credit" with "Consumer Protection" for the current Financial Institutions and Consumer Credit subcommittee.
  • There's also a new proposed subcommittee, solely focused on diversity and inclusion within the financial sector, as first reported by Reuters.

The bottom line: It's common for new leaders to shift the agenda of subcommittees, but the proposals are a strong signaling of priorities for Waters.

  • Waters' office tells Axios: “Ranking Member Waters is in the process of having conversations with the Democratic Members of the Committee about the Committee’s future structure and seeking their input. This process has not been completed."

Go deeper:

-Courtenay Brown

Axios

Written by Axios

Follow this Action Center to stay updated on new posts

Leave a comment
(44)
  • J. scott
    Voted Yes
    11/19/2018
    ···

    Yes - I want us involved with global banking- not paying attention in that arena is how we got into our last global financial meltdown - under George W. how quickly we forget or perhaps swallowed the GOP/Conservative Kook [sic] Aid and didn’t know in the first place. You go Maxine.

    Like (14)
    Follow
    Share
  • Cosmo
    Voted No
    11/19/2018
    ···

    For what purpose. Is this another way of saying, I want to impeach our President. I think it’s time to investigate her. She isn’t Lilly white. The Republican Party should start taking legal action on her. What is her mandate. Let the public know her motives. In case she’s unaware of how much of our tax payers will be spent on this new rabbit hole. Between 5 & 10 million. Why because she wants to seePresident Trumps income taxes. Advance notice of how this ends. President does not release his Income Taxes. It’s nobodies business. It won’t have any impact on his re-election. Total waste of taxpayers money but Democrats will have some talking points for 2020. The Democrats are loosing thousands to Independents.

    Like (4)
    Follow
    Share
  • ConservativeGuy
    11/19/2018
    ···

    I am all for monitoring the US activities of foreign banks doing business in the US. Last I checked, the US doesn’t have the power to monitor foreign activities of foreign banks. Oh, and by the way, there has been zero evidence linking President Trump to any Russian money laundering. Nice try though.

    Like (3)
    Follow
    Share
  • Steven
    Voted Maybe
    11/20/2018
    ···

    Maybe they should target Maxine Waters and find out how she made so much money as a public Servant.

    Like (1)
    Follow
    Share
  • Cindy
    Voted No
    11/19/2018
    ···

    We are not the global police, the CIA, FBI and how many others we don’t know about to monitor financial transactions and investigate, do they not have better things to do to help the American people..... why not overhaul the FICO rating system, help students with debt, get the government out of backing big banks, colleges and business, a balance budget. Sounds like another activity to waste Taxpayers money for our welfare government representatives.

    Like (2)
    Follow
    Share
  • Tinee
    Voted Yes
    11/20/2018
    ···

    The CFPB is not holding banks accountable for their wrong doing. Sent records to all 3 branches of the United States of America government proving it. Not one of them did anything to stop it , in fact they made things worse.

    Like (2)
    Follow
    Share
  • Leslie
    11/20/2018
    ···

    God help us with that lunatic Maxine Waters in charge of anything

    Like (1)
    Follow
    Share
  • Brian
    Voted Maybe
    11/19/2018
    ···

    I definitely want increased oversight of financial institutions that rake in record profits while paying their executives astronomical salaries and benefits. If these institutions are not being held accountable for the ways they manage their money, treat their customers, and follow regulations, then we are at the same risk we were at the beginning of the financial crisis in the last decade. If Maxine finds reason to better protect Americans from these institutions and keep us from another financial crisis, then she should act.

    Like (1)
    Follow
    Share
  • John
    Voted Yes
    11/19/2018
    ···

    Time to rein in the behavior of big banks/financial institutions, here and worldwide.

    Like (2)
    Follow
    Share
  • Dara
    Voted Yes
    11/19/2018
    ···

    If they are investigated and found to havecommitted crimes absolutely they should be charged and prosecuted.

    Like (2)
    Follow
    Share
  • Meg
    Voted Yes
    11/19/2018
    ···

    This is a complicated issue. Waters has made no secret of her opinions and goals. However, since: 1)Deutsche Bank has already been caught laundering at least $10,000,000 for Russia, 2) Deutsche Bank remains the bank of choice in the Trump family, (which raises other questions, in light of his “America First” slogan), 3) The Trump Org is also closely linked to Russian money laundering through their property and apartment sales, 4) The potential for harm to our system of government is great, it does seem prudent to look closer at this bank, and others doing business with Americans. In addition, it only makes sense to end duplication, and consolidate committees when possible. I think it can’t hurt to see what Waters does. I prefer to have both parties engaged in government. Oversight is overdue, and will give me more confidence about our government.

    Like (2)
    Follow
    Share
  • Nick
    Voted Yes
    11/19/2018
    ···

    Should we monitor those who robbed the LIBOR of trillions, tax evasion in the Panama Papers and Cayman Islands, world banks lending with national tax dollars that citizens are completely unaware of? Buying risky ventures without acquiring the risk of the financial instrument creating moral hazard, and those responsible for falsifying bond and stock index ratings that caused a global meltdown in 2008? Sovereign wealth funds buying financial instruments instead of investing in their own infrastructure? Should we monitor them? YES

    Like (1)
    Follow
    Share
  • Bmarkis
    Voted Yes
    11/19/2018
    ···

    If international banks make it their business to meddle in our affairs and aid criminals then their should be investigations into their practices.

    Like (1)
    Follow
    Share
  • Jcolst1209
    Voted No
    11/19/2018
    ···

    Water head don’t this job. Kick her out. Asap

    Like (1)
    Follow
    Share
  • ColonelMoose
    Voted No
    11/19/2018
    ···

    Maxine waters is an idiot. I wouldn’t want her piloting a canoe...let alone a Congressional Committee.

    Like (1)
    Follow
    Share
  • Bernie
    Voted No
    11/19/2018
    ···

    Marxism.

    Like (1)
    Follow
    Share
  • Azrael
    Voted Yes
    11/21/2018
    ···

    Absolutely

    Like (1)
    Follow
    Share
  • Robert
    Voted Yes
    11/19/2018
    ···

    Global banks are where “Trump does his laundry”😉

    Like (1)
    Follow
    Share
  • Linda
    Voted Yes
    11/20/2018
    ···

    Yes global banks are out of control. There is far to much corruption & money laundering.

    Like (1)
    Follow
    Share
  • mkty5280
    Voted Yes
    11/19/2018
    ···

    You have the power to stop crime!

    Like
    Follow
    Share