Rep. Frank Retiring; Wall Street Lobbyist Set to Block Rep. Maxine Waters' Elevation
Monday, 28 November 2011 14:05 Last Updated on Friday, 02 December 2011 09:49
Congressman Barney Frank from Massachusetts announced today that he will retire at the end of this Congressional session; thus he will not seek re-election in 2012. Rep. Frank is the Ranking Member of the House Financial Services Committee. The House Financial Services Committee has jurisdiction over all issues pertaining to the economy, the banking system, housing, insurance, and securities and exchanges. Additionally, the Committee also has jurisdiction over monetary policy, international finance, international monetary organizations, and efforts to combat terrorist financing.
The Committee oversees the United States’ economy through its oversight of the Federal Reserve Board and individual reserve banks, the Treasury, the production and distribution of currency, and the Nation’s capital markets.
By seniority, Rep. Maxine Waters is next in line to succeed Rep. Frank as Ranking. If the Democrats were to become the majority in the House of Representatives, Congresswoman Waters could ascend to Chair of the House Financial Services Committee. But, slow down Sparky! Before you get all excited, Wall Street lobbyists are already vehemently expressing their opposition to Rep. Waters ascending to Ranking or Chair. They view her as hostile to Wall Street and in fact, prefer Rep. Carolyn Maloney (D-NY).
As Rep. Frank begins his exit, lobbyists are now telling the media that even though Frank is a liberal, he is one that they could talk to and he understood their issues. They don’t believe they will get the same “love” from Rep. Waters as they have received from Rep. Frank; a clear case of we know what we have, we don’t know what we will get. Please understand that these are the same people who last week were bemoaning the Dodd-Frank legislation and are pushing the Republican presidential hopefuls to repeal Dodd-Frank, if elected. Fortunately, the lobbyists don’t make the decision. It is up to Rep. Nancy Pelosi (D-CA), the Democratic Leader. If you want to voice your opinion, call Leader Pelosi at 202-225-4965.