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How much damage can Maxine Waters do if she’s new chair of House Financial Services? Plenty!

November 7, 2018 | | Print Article

Rep. Jeb Hensarling warned that a Democratic takeover of the House could mean that Rep. Maxine Waters may be the next chair of the House Financial Services Committee.

The Texas Republican, who is retiring at the end of the year, told Fox Business Network’s Stuart Varney that if Waters takes over his current position as as chair of the Committee, it could spell trouble for President Donald Trump’s agenda.

“I fear that she will use this as a tool to harass the administration, to really grind down the deregulation — the deregulatory efforts of the administration,” Hensarling said on “Varney & Co.” Tuesday.

“So it’s bad, really bad for economic growth,” he said.

The House Financial Services Committee oversees the housing, banking, insurance and securities industries and having Waters at the helm could slow progress as the California Democrat has been an outspoken critic of banks.

Waters, who was easily reelected to her House seat in California’s 43rd Congressional District on Tuesday, vowed last week that payback was coming to top US financial institutions if Democrats won back the House in the midterm elections.

The president noted ahead the election that Waters in charge of the country’s finances would be the “beginning of the end!”

With Democrats in control of the House again for the first time in eight years following Tuesday’s elections, the future of the House Financial Services Committee under Waters will likely mean “harassment” for the Trump administration.

“My fear is she’ll rubber-stamp subpoenas to all of the appointees of the president in the financial arena and… demand documents and appearances before Congress and really you know — a harassment effort,” Hensarling told Varney.

He also noted that the Committee will become “ground zero” in the efforts to impeach Trump as Waters has called for repeatedly.

In contrast, Fox Business’s Charlie Gasparino noted last week that Waters, who would focus on the Department of Housing and Urban Development, would actually have a “constructive relationship” with banks.

“I don;t get the sense from the banks that they’re fearing her. There’s been some outreach,” Gasparino told host Neil Cavuto. “They don’t perceive a massive adversarial relationship.”

But fears of Waters at the helm of the country’s finances was not a welcome scenario on social media as Twitter users weighed in on the possibility of Waters chairing the House Committee.

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Frieda Powers
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