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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

Biden to stress U.S. does not seek new Cold War in UN speech

Photo: Al Drago/Getty Images

President Biden will use his first address before the UN General Assembly to lay out his vision for an era of "intensive diplomacy" with allies and "vigorous competition" with great powers — without a Cold War with China.

Why it matters: Biden will take the podium in New York on Tuesday with his own international credibility in question after the chaotic withdrawal from Afghanistan. His administration also is struggling to build international momentum to fight climate change, the pandemic and rising authoritarianism.

4 hours ago - Health

Biden administration to lift travel ban for fully vaccinated international travelers

Photo: Win McNamee/Getty Images

White House COVID-19 response coordinator Jeff Zients announced on Monday that the Biden administration will allow fully vaccinated travelers from around the world to enter the U.S. beginning in November.

Why it matters: The announcement comes as President Biden seeks commitments from countries to donate vaccines to the global COVAX initiative. He is expected to host a COVID summit on the sidelines of the UN General Assembly this week, and many of the countries attending have expressed frustration with the travel ban.

Dan Primack, author of Pro Rata
4 hours ago - Economy & Business

Gen Z breaks into VC

Illustration: Aïda Amer/Axios

When Meagan Loyst joined VC firm Lerer Hippeau, less than two years out of Boston College, she was still living with her parents. She had virtually no online brand presence, and the pandemic made it impossible to build a professional network via in-person meetings.

Why it matters: Loyst wasn't alone. Venture firms have accelerated hiring in line with record deal activity, often seeking younger investors who can spot trends that fly below the radar (or intrinsic understanding) of older partners.