Rep. Maxine Waters named ranking Democrat on House Financial Services Committee

Maxine Waters

Rep. Maxine Waters (D-Calif.) has been named the leading Democrat on the House Financial Services Committee and vowed on Tuesday to shield the Dodd-Frank Act from attempts by Republicans to water down the contentious law.

Waters also said that she would pursue housing finance reform with Rep. Jeb Hensarling (R-Texas), the new incoming committee chairman. Though Waters and Hensarling do not always agree on policy, she said that she hoped to “reconcile our visions.” She did not say whether she would consider changes to Dodd-Frank, which has been widely criticized by Hensarling, The Hill reports.

“I look forward to working with my colleagues to protect, defend and implement the important provisions of Dodd-Frank, which will continue to strengthen our financial system,” Waters said, according to The Hill. “I understand that regulatory certainty is an important aspect of growing our economy and remain committed to ensuring clear and transparent regulation which creates the space for innovation, safety and soundness.”

Waters said that housing reform would take priority on her congressional agenda.

“Housing finance reform, in particular, will be crucial to ensuring the long-term success and stability of our economy,” Waters said, The Hill reports. “I believe we need a financial system that facilitates economic opportunity and wealth creation for all, and I stand ready to work with my colleagues towards that goal.”

Waters has been a long-time vocal opponent on the HFSC. After Barney Frank, the committee’s ranking Democrat, announced that he would not seek reelection, Waters secured the support of three Democratic minority caucuses and the panel’s subcommittee chairs.

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