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Maxine Waters to Replace Barney Frank



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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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