Rep. Maxine Waters (D., Calif.) was tapped Tuesday by House Democrats to serve as the ranking member on the influential House Financial Services Committee, promoting a vocal liberal who has long been critical of Wall Street. Ms. Waters will succeed Rep. Barney Frank of Massachusetts, who is retiring at the end of the year, as the top Democratic voice on banking and financial services matters in the House of Representatives…Outspoken and not afraid to go toe-to-toe with Republicans, Ms. Waters is in her 11th term in Congress. She’ll be joined at the head of the dais by Rep. Jeb Hensarling (R., Texas), who was chosen by House Republicans to serve as chairman of the panel next year. [WSJ, earlier, related]

51 comments (hidden to protect delicate sensibilities)
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Comments (51)

  1. Posted by PermaGuestII | December 5, 2012 at 11:56 AM

    Wouldn't it be nice if the fiscal cliff, instead of being a metaphor, was an actual, physical *cliff* that the politicians would fall off on Jan. 1st?

  2. Posted by Deleveraging | December 5, 2012 at 12:01 PM

    You know this will just compound the entertainment value of this committee.

  3. Posted by MP. | December 5, 2012 at 12:05 PM

    Clearly, we are in an incompetence bubble. This is the equivalent of BAC getting Countrywide at $4 billion.

  4. Posted by Headless Horseman | December 5, 2012 at 12:08 PM

    After an exhaustive search, they literally couldn't find anyone less competent.

    Loudly spewing angry noises > thoughtful consideration of complex issues

    - The Ghost of Headless Horseman

  5. Posted by anonhfm | December 5, 2012 at 12:11 PM

    Frank for Waters swap:

    Take out 40 points of IQ
    Go up 1/2 a cup size
    Flat in corruption

  6. Posted by guest | December 5, 2012 at 12:12 PM

    Both have corrupt husbands too!

  7. Posted by Guest | December 5, 2012 at 12:16 PM

    Just when I thought Congress couldn't get any dumber, they go and do something like this, and totally redeem themselves!

  8. Posted by VonSloneker | December 5, 2012 at 12:17 PM

    So the grumpy cashier at the supermarket is now House Financial Services Committee chair? Anything is possible in America, what a country.

    - Rest of World

  9. Posted by ... | December 5, 2012 at 12:17 PM
  10. Posted by Maxine | December 5, 2012 at 12:18 PM

    All you jive turkeys have just been put on notice.

  11. Posted by Guest | December 5, 2012 at 12:18 PM

    Ha ha, very funny, Bess. Now tell us who will be the real ranking member.

  12. Posted by MC Gusto | December 5, 2012 at 12:19 PM

    You are now about to witness the strength of street knowledge.

  13. Posted by 20045 | December 5, 2012 at 12:19 PM

    Maxine Waters makes a strong argument against civil rights

  14. Posted by Guest | December 5, 2012 at 12:19 PM

    It's only fitting. Works well in the master plan to destroy Wall Street.

  15. Posted by St. Copious | December 5, 2012 at 12:21 PM

    Ahem, that's "strenf." FIFY.

  16. Posted by Guest | December 5, 2012 at 12:22 PM

    Hey, I love an incompetent regulator/overseer as much as the next guy, but this fucking ridiculous.

    It seems she takes every opportunity to showcase that she has no idea how the financial system actually works.

    - Your friendly neighborhood FIG banker

  17. Posted by Guest | December 5, 2012 at 12:23 PM

    I agree.

    - King Leonidas

  18. Posted by Guest | December 5, 2012 at 12:24 PM

    Fowad, fo shizzle!

  19. Posted by VonSloneker | December 5, 2012 at 12:25 PM

    Every Mad-Max post should include an "examine your motives" tag.

    - Unsolicited advice guy

  20. Posted by guest | December 5, 2012 at 12:27 PM

    The democrats aren't just going to stand by and let the GOP be the only major party willing to elevate their insane and incompetent (palin, bachman, perry, et al) bit players to positions of national prominence. No sir.

  21. Posted by Guest | December 5, 2012 at 12:29 PM

    HOW DOES COMPOUNDING WORK?

    - M. Waters

  22. Posted by St. Copious | December 5, 2012 at 12:30 PM

    There's a trade here: Long any bank in which Maxine's husband is a shareholder; short the hell out of any competitors.

  23. Posted by Nominating committee | December 5, 2012 at 12:34 PM

    We were kidding! Dear God, what have you done!!?

  24. Posted by guest | December 5, 2012 at 12:37 PM

    Not to sound racist, but I'm really glad that gay guy is gone from this committee

  25. Posted by Worst Case Scenario | December 5, 2012 at 12:37 PM

    Unfortunately, that could lead to markets totally freezing up as desks all over the world are locked in eternal introspection.

  26. Posted by Guest | December 5, 2012 at 12:37 PM

    Motives examined, she's a fucking moron.

  27. Posted by Ebony, October 1998 | December 5, 2012 at 12:40 PM

    “There were mothers who took this as an opportunity to take some milk, to take some bread, to take some shoes…They are not crooks.”

    Examining motives.

  28. Posted by Guest | December 5, 2012 at 12:43 PM

    Happy to compare notes if you want to call my office sometime.

    - Tiberius

  29. Posted by Captin Jones | December 5, 2012 at 12:44 PM

    Giving a machine gun to a monkey

  30. Posted by Irony Mikey | December 5, 2012 at 12:51 PM

    Totally agree.

    - a black guy

  31. Posted by Maxine | December 5, 2012 at 12:52 PM

    You took the people's newtons. . . we are SOCIALIZING the FIGs

  32. Posted by Guest | December 5, 2012 at 12:55 PM

    Not to sound homophobic, but I'm unhappy the black chick is now in charge.

  33. Posted by Guest | December 5, 2012 at 12:57 PM

    Please see me.

    - UBS Motives Quant

  34. Posted by Guest | December 5, 2012 at 1:28 PM

    I disagree.

    -Hank Johnson
    http://www.youtube.com/watch?v=zNZczIgVXjg

  35. Posted by Guest | December 5, 2012 at 1:39 PM

    Honkey bankers better check yo elf…cuz Im gunna tax yo elf.

    Maxine Claus

  36. Posted by Guest | December 5, 2012 at 2:08 PM

    So you think you can speak for all of us now?

    - A 51 year old pregnant African-American disabled Vietnam-era-veteran Buddhist lesbian born in a foreign country.

  37. Posted by Tanker2Banker | December 5, 2012 at 2:55 PM

    strenf of skreet. ftsfy

  38. Posted by Tanker2Banker | December 5, 2012 at 3:02 PM

    Damn, if only your religious box is checked in a category other than Christian, and you have American Indian relatives, we have nearly uncovered the ultimate minority…The fabled black muslim handicapped pregnant lesbian veteran of American Indian Heritage.

    Think of it! You could literally SHIT on your bosses desk, and those of you co-workers, and no one would ever fire you.

  39. Posted by Herb Schmertz | December 5, 2012 at 3:23 PM

    We're going to play a wonderful game called, "Who is your CEO, and what does he do?"

    - Mr. Kimble

  40. Posted by Guest | December 5, 2012 at 3:37 PM

    Down 1/2 a cup size you mean

  41. Posted by engineer over here | December 5, 2012 at 3:39 PM

    This isn't the hat-lady ?

  42. Posted by engineer over here | December 5, 2012 at 3:46 PM

    This isn't the hat-lady ?

  43. Posted by guest | December 5, 2012 at 3:57 PM

    $2b?

  44. Posted by PermaGuestII | December 5, 2012 at 4:09 PM

    You enlisted in the military at the age of 12?

    -child soldier quant

  45. Posted by Joseph | December 5, 2012 at 4:39 PM

    Perfect.

  46. Posted by guest | December 5, 2012 at 5:01 PM

    Outstanding. Obama asking for tax rate advice from Al Sharpton and Rachel Maddow while Waters is going to be holding court asking everyone if they paid themselves fees. You can't make this stuff up.

    Man, who else breathed a sigh of relief when Jax didn't let Tig die last night?

  47. Posted by Dre | December 5, 2012 at 5:04 PM

    Actually it's "strenth"

  48. Posted by Guest | December 5, 2012 at 6:59 PM

    "Enlisted" "Drafted"… same thing.

    - J. Kony

  49. Posted by liz warren | December 5, 2012 at 7:45 PM

    native american you say?

  50. Posted by Al Cervik | December 6, 2012 at 8:17 AM

    Last time I saw a mouth like that it had a hook in it.

  51. Posted by Howard Johnson | December 6, 2012 at 8:18 AM

    The Sheriff is near!