Congresswoman Maxine Waters is in Charge of the Money

For the first time in American History, an African American woman will chair the House of Representatives’ powerful Financial Services Committee. Congresswoman Maxine Waters, through a combination of political stamina and personal grit, will head the committee charged with overseeing the financial services industry, securities, and insurance along with the banking and housing industries.

“The Financial Services Committee is very, very important particularly with what was done to undermine the power it was given during the economic crisis,” says Dr. Wilmer Leon, a professor at Howard University and a nationally syndicated radio host. “There was power the committee was given during the Obama Administration during the financial crisis. And, when the Republicans came into power, they did a lot to undermine the protections that the Financial Services Committee provided consumers.”

Congresswoman Waters says she ‘wants to undo the damage’ done by Mick Mulvaney who oversaw the Consumer Protection Financial Bureau. To accomplish her goal, Leon says Waters will need “strong leadership from Nancy Pelosi” who was re-elected Speaker of the House by her Democratic colleagues.

Leon thinks Waters will be successful. “When you get the backing of Nancy Pelosi, you’ve got pretty big guns in your arsenal,” he explains.

Middle Tennessee State political professor, Dr. Sekou Franklin, agrees. He says, “Given the attacks on the Consumer Financial Protection Bureau by the Trump administration, she may be able to offer a checks-and-balances and guardrails for consumers. [But] her chair may lead to tension with Wall Street Democrats, who are sympathetic to the big banks.”

Politics from the Ground Up

Waters’ political career began after she worked with Head Start, graduated with a college degree in Sociology, and joined the staff of Los Angeles City Councilman, David Cunningham. After serving in the California State Assembly, she was first elected to the House of Representatives in 1991 and is the most senior of the African American female Congressional members.

“She’s got street cred,” says Dr. Boris Ricks, Urban Politics professor at California State Northridge. “Look at her longevity, her ability to continually get re-elected, her favorability ratings…her willingness to take on tasks, individuals, and issues that may not be popular, and that her colleagues, in fact, might not even take on. She’s earned the respect of the Body as having been a chair of the Congressional Black Caucus and an individual who advocates for marginalized people.”

Ricks recalls working with Waters’ office on a voter education and registration project.

He adds, “She stands out in Los Angeles because of her vociferous advocacy for women, children, people of color and anyone who is marginalized and disadvantaged.”

America’s millennials often cast side eye at politicians, but Waters is beloved and a social media darling. Ricks knows why.

“Young people want to believe in someone, and in order for them to believe in someone, they need to know you have their back,” he says.  “And, I think that’s one of the things that endears her to millennials. I think that’s what has earned her the moniker, ‘Auntie Maxine.’”

Ricks studies political leaders in California and the nation, and he describes Waters as “a Civil Rights leader who’s powered by Wakanda,” explaining that she understands the struggle and sees it through a contemporary lens.

Mixing 45 and Waters

President Donald Trump is not as fond of Waters. Last summer he referred to her as having a “low IQ” after Waters led the movement to remove Trump from public office.

Leon says the President was “very sexist…and somewhat racist” for attacking Waters in those terms.

Vitriol, however, didn’t stop the St. Louis-born Waters nor will it.

The former president of Ivy Investments, Nikki Newton, is banking that Waters will bring the advocacy she’s known for to her new role (Newton is the brother of TheVillageCelebration Founder, Vickie Newton).

Newton says, “The Financial Services Committee will “ultimately be responsible for ferreting out unfair discriminatory practices in these areas which affect our community disproportionately…like subprime lending. My guess is equality will be the order of the day.”

In less than 24 hours on the job, the Congresswoman is already making headlines with her agenda to fight for consumers. Leon hopes to have her back on his radio show very soon. Yet, he knows it may take some time to get an interview with one of America’s most powerful women.