11.28.2011 0

Maxine Waters in line to replace Barney Frank on House Financial Services Committee

Rep. Maxine WatersRep. Maxine Waters (D-CA) is next in line to replace retiring Rep. Barney Frank as the top ranking Democrat on the House Financial Services Committee.

But get this.

This is the same Maxine Waters who is currently under an ethics investigation or shady bank loans.

Check this out from The Hill (boldness added by me for emphasis):

The California liberal is considered left of Frank, an architect of 2010’s Wall Street reform bill, on financial issues.

While banks and other financial institutions often battled Frank, he was seen as someone they could work with. Wall Street views Waters as more of an opponent.

“She’s not a good face of the issues,” one financial executive said. “She’s too much of a bomb thrower.”

Democratic leaders may look to someone other than Waters, the second-ranking Democrat on the panel, to take over for Frank.

Waters is wrestling with a long-running ethics investigation over whether she helped secure federal funding for a bank in which her husband owned stock and previously served as a board member. Waters has maintained her innocence, and two attorneys on the House ethics committee were placed on leave for mishandling the case. An outside attorney is now investigating the matter.

“They’re going to go with people who are universally respected,” said the financial executive. But a trade group president and former Hill staffer believed the top spot is Waters’s to lose. This source pointed out that Waters brings geographical and racial diversity to the committee.

Jumping over Waters to another Democrat would also be a headache for Democratic leaders because it would risk angering the Congressional Black Caucus.

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