Maxine Waters to Replace Barney Frank

by Daniel Foster

As the senior Democrat on the House Committee on Financial Services, that is. Waters is something of an expert on banks, having been subject to a recently concluded three-year ethics investigation over charges that she used her position to protect her personal investment in OneUnited Bank, which collapsed during the 2008 financial crisis.

Waters was cleared of wrong-doing in the case, although her top aide was charged with three ethics violations (and presented with a strongly worded letter as punishment!).

CNBC asked Steny Hoyer about the wisdom of putting Waters in such a leadership position. Hoyer’s response? That he didn’t hear the question:

UPDATE: Megan McArdle has more on the Waters pick, including a few Waters career highlights that illustrate she may not know that much about the committee’s core subject matter.

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