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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

Most teachers are white. Most students aren't.

Expand chart
Data: U.S. Department of Education, National Center for Education Statistics; Chart: Baidi Wang/Axios

The nation's 6.6 million teacher workforce has grown more racially and ethnically diverse over the past three decades — but not nearly fast enough to keep pace with a student population that's nearing majority-minority in public schools, two new reports show.

Why it matters: The disparities are especially acute between Hispanic students and teachers, and in schools with 90% or higher non-white student populations.

Updated 11 hours ago - World

UK government: Kremlin has plan "to install pro-Russian leadership" in Ukraine

British Foreign Secretary Elizabeth Truss. Photo: Gints Ivuskans / AFP via Getty Images

The United Kingdom's Foreign Secretary on Saturday night said the government has "information that indicates the Russian Government is looking to install a pro-Russian leader in Kyiv as it considers whether to invade and occupy Ukraine."

Driving the news: U.S. National Security Council spokeswoman Emily Horne called the intelligence "deeply concerning" in a statement to Axios. The Biden administration has said Russia is actively manufacturing a pretext for invasion and warned that Putin could use joint military exercises in Belarus as cover to invade from the north.

Updated 12 hours ago - Science

This powerful new accelerator looks for keys to the center of atoms

Illustration: Eniola Odetunde/Axios

Nuclear physicists trying to piece together how atoms are built are about to get a powerful new tool.

Why it matters: When the Facility for Rare Isotope Beams begins experiments later this spring, physicists from around the world will use the particle accelerator to better understand the inner workings of atoms that make up all the matter that can be seen in the universe.

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