California Democrat Maxine Waters was nominated Tuesday to chair the House Financial Services Committee when the 116th Congress convenes in January.
Her nomination by the House Democratic Steering and Policy Committee would make her the committee's first female and African-American chair. The nomination must be approved by the Democratic caucus.
In a statement, Ms. Waters, the current ranking member of the committee, said she will continue to prioritize protecting consumers and investors from abusive financial practices and making sure there are safeguards in place to prevent another financial crisis. She also aims to expand affordable housing opportunities, encourage innovation in financial technology, and make the financial services sector more inclusive.
Ms. Waters said she will have an open-door policy for all stakeholders, including financial services firms and investor advocates. She also promised that the committee will maintain "appropriate" oversight of regulatory agencies and the White House, which she accused of interfering in the mission of the Consumer Financial Protection Bureau. In recent years, Ms. Waters has criticized Republicans for what she considers lax oversight of the White House and regulatory agencies under the committee's jurisdiction, including the Securities and Exchange Commission.