Illustration: Lazaro Gamio/Axios

Democratic Rep. Maxine Waters is proposing a new direction for the House Financial Services Committee, which she will almost certainly lead in the next Congress, Axios has learned.

Between the lines: The most notable proposed change: is lumping oversight of “International Financial Institutions" — which could mean anything from the World Bank to foreign banks — with the existing Terrorism and Illicit Finance subcommittee, while scrapping the Monetary Policy and Trade subcommittee.

  • As word leaks out about the proposal, it's catching the attention of foreign banks. It's a strong signal that Waters is not just talking about going after the likes of Deutsche Bank, sources familiar with the proposal tell Axios.
  • "[Waters has] not been shy about the direction and focus she would take if she got the gavel; she’s just now literally putting it in writing which got folks’ attention. Sort of like, “oh...she wasn’t kidding!”, the source who shared the proposal with Axios told us via text.

Background: Waters has been fixated on going after international financial institutions for their potential roles as laundromats for bad actors like Russia and China.

  • A big target for Waters is Deutsche Bank, for its ties to President Trump and Russia money laundering. She's been publicly outspoken about going after the bank and come January, Democrats will have subpoena power.
  • On proposing to change the committee's name to seemingly include overseas financial institutions with illicit finance and terrorism, "it's a bit like shooting first, aiming later as by title it's accusatory," a source says.

Other proposed changes to the House Financial Services Committee include dropping insurance from the "Housing and Insurance" subcommittee, and renaming it "Housing and Community Development."

  • Waters also proposed to swap "Consumer Credit" with "Consumer Protection" for the current Financial Institutions and Consumer Credit subcommittee.
  • There's also a new proposed subcommittee, solely focused on diversity and inclusion within the financial sector, as first reported by Politico Pro and Reuters.

The bottom line: It's common for new leaders to shift the agenda of subcommittees, but the proposals are a strong signaling of priorities for Waters.

  • Waters' office tells Axios: “Ranking Member Waters is in the process of having conversations with the Democratic Members of the Committee about the Committee’s future structure and seeking their input. This process has not been completed."

Go deeper:

Go deeper

Updated 27 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Pence chief of staff Marc Short tests positive for coronavirus — COVID-19 looms over White House Halloween celebrations.
  2. Health: Fauci says maybe we should mandate masks if people don't wear them — America was sick well before it ever got COVID-19.
  3. World: Polish President Andrzej Duda tests positive for COVID-19.
What Matters 2020

The missed opportunities for 2020 and beyond

Photo illustration: Sarah Grillo/Axios. Photos: Jason Armond (Los Angeles Times), Noam Galai, Jabin Botsford (The Washington Post), Alex Wong/Getty Images

As the 2020 presidential campaign draws to a close, President Trump and Joe Biden have focused little on some of the most sweeping trends that will outlive the fights of the moment.

Why it matters: Both have engaged on some issues, like climate change and China, on their own terms, and Biden has addressed themes like economic inequality that work to his advantage. But others have gone largely unmentioned — a missed opportunity to address big shifts that are changing the country.

Pence chief of staff Marc Short tests positive for coronavirus

Marc Short with Katie Miller, Vice President Pence's communications director, in March. Photo: Doug Mills/The New York Times via Reuters

Marc Short, Vice President Mike Pence’s chief of staff, tested positive for the coronavirus Saturday and is quarantining, according to a White House statement.

Why it matters: Short is Pence's closest aide, and was one of the most powerful forces on the White House coronavirus task force.

Get Axios AM in your inbox

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Subscription failed
Thank you for subscribing!