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House’s Waters Set to Lead Democrats on Financial Services Panel

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Dec. 4 (Bloomberg) -- U.S. Representative Maxine Waters of California has been selected by House Democrats to take over as the party’s top member on the Financial Services Committee.

The selection of Waters, 74, as ranking member was announced today in a statement by Minority Leader Nancy Pelosi, also a California Democrat. Waters will replace Representative Barney Frank of Massachusetts, who is retiring from Congress.

“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 in a statement. “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.”

Representative Jeb Hensarling of Texas was selected last week by House Republicans to serve as chairman of the Financial Services Committee. He will replace Representative Spencer Bachus of Alabama, who is precluded by term limits from continuing as chairman.

Both Hensarling and Waters ran unopposed for their committee positions.

To contact the reporter on this story: Cheyenne Hopkins in Washington at chopkins19@bloomberg.net

To contact the editor responsible for this story: Maura Reynolds at mreynolds34@bloomberg.net

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