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Congresswoman Waters elected ranking member of Financial Services Committee

OW Staff | 12/5/2012, 5 p.m.

Washington, D.C.--Congresswoman Maxine Waters (D-Calif.) was unanimously elected ranking member of the House Financial Services Committee by the House Democratic Caucus. Following the election, Congresswoman Waters released the following statement:

"I am deeply humbled to be elected as ranking member of the House Financial Services Committee by my Democratic colleagues. 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. 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."

"I am grateful for the opportunity over the next Congress to work on the key issues facing our financial system. Housing finance reform, in particular, will be crucial to ensuring the long-term success and stability of our economy. 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 is the first African American and the first woman to hold this position, and as of January will have been on the committee 22 years.

There are currently 60 members on the committee, which has jurisdiction over all issues pertaining to the economy, the banking system, housing, insurance, and securities and exchanges. Additionally, the committee also has jurisdiction over monetary policy, international finance, international monetary organizations, and efforts to combat terrorist financing.

The committee oversees the nation's economy through its oversight of the Federal Reserve Board and individual reserve banks, the Treasury, the production and distribution of currency, and the Nation's capital markets. It is also among the top fivce congressional committees.

Agencies under oversight by the Committee include: the Federal Reserve, Treasury, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Department of Housing and Urban Development, the Federal Housing Finance Agency, and the Export-Import Bank.