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Illustration: Lazaro Gamio/Axios

With control of the House of Representatives, Democrats now control the House Financial Services Committee, which will almost certainly be chaired by Maxine Waters. Waters has been on the committee for 28 years, which means that if anybody can get things done, she can. What can we expect under her gavel?

Be smart: With Republicans controlling both the Senate and the White House, don't expect a raft of progressive legislation in the next two years. But Waters doesn't just have an aggressive oversight agenda — she also has subpoena power, and she won't be afraid to use it.

  • Wells Fargo recently admitted that 545 of its customers lost their homes after being improperly denied loan modifications that would have lowered their mortgage payments. With the Consumer Financial Protection Bureau rendered otiose by Republican control, expect Waters to step into the breach and start taking names.
  • Deutsche Bank is deeply intertwined with both Donald Trump and Russian money laundering; it has much to fear from Waters. Go deeper.
  • Also on Waters' list of priorities: housing, flood insurance and payday lenders.
"I have not forgotten you foreclosed on our houses. ... What am I going to do to you? What I'm going to do to you is fair. I'm going to do to you what you did to us."
Maxine Waters, to the banks, at the Black Women Network Breakfast on Nov. 2

What else is happening: The midterm elections changed the business landscape with both ballot measures and with new oversight in the House. Minimum-wage increases passed in Missouri and Arkansas, both of which were states where Republican lawmakers refused to make such a change on their own. Those statewide increases come on top of many city-level hikes.

Cannabis was also on many ballots:

  • There was further legalization of marijuana in Michigan, Missouri and even Utah.
  • Marijuana bulls were encouraged by the firing of attorney general Jeff Sessions, an adamant foe of the drug. It's unlikely that any of his successors will care as much about cannabis as he does.

Why it matters: Minimum wage hikes work, and voters know it. And while marijuana is going to remain illegal at the federal level for the foreseeable future, there is now a decent chance that Congress might pass a law ensuring that cannabis companies can be banked. That's a vital step for any industry.

Go deeper:

Go deeper

Dion Rabouin, author of Markets
53 mins ago - Economy & Business

The European Central Bank and the market's moment of truth

ECB president Christine Lagarde; Photo: Chip Somodevilla/Getty Images

The biggest event for markets this week will be Thursday's meeting of the European Central Bank's governing council and the press conference following it from ECB president Christine Lagarde.

Why it matters: With interest rates jumping around the globe, investors are looking to central bank heads to see if they will follow the lead of Fed chair Jerome Powell, who says rising rates are nothing to worry about, or Bank of Japan governor Haruhiko Kuroda, who has drawn a line in the sand on rates.

Mike Allen, author of AM
2 hours ago - Politics & Policy

Manchin's next power play

Photo: "Axios on HBO"

Sen. Joe Manchin (D-W.Va.), America's ultimate swing voter, told me on "Axios on HBO" that he'll insist Republicans have more of a voice on President Biden's next big package than they did on the COVID stimulus.

The big picture: Manchin said he'll push for tax hikes to pay for Biden's upcoming infrastructure and climate proposal, and will use his Energy Committee chairmanship to force the GOP to confront climate reality.

Why picking a jury for the Derek Chauvin trial is so hard

Illustration: Eniola Odetunde/Axios

The tough task of selecting a jury for former MPD officer Derek Chauvin's trial for the killing of George Floyd is set to begin Monday.

The state of play: "This case may be the most highly publicized criminal trial in a long time. ... That means that it's harder to find people who really have an open mind," Richard Frase, University of Minnesota Law School professor of criminal law, told Axios.