Sean Casten launches bid for House Financial Services chair

Rep. Sean Casten (D-Ill.) has formally launched a bid to chair the House Financial Services Committee, setting up a challenge to the panel’s longtime Democratic leader, Rep. Maxine Waters (D-Calif.).

In a letter to his Democratic colleagues Thursday, Casten asked for their support as he seeks the gavel in the new Congress. Democrats are set to take control of both the House and Senate after dominating Tuesday’s midterm elections.

“Now, the work begins to restore our democracy, our rule of law, and trust in American capital markets,” Casten wrote. “This demands active, real change. The American people have made clear that the status quo is not sufficient.”

Waters, 88, serves as the ranking member of the House Financial Services Committee. She has led Democrats on the panel since 2013, serving as chair when the party last held the House from 2019 to 2023.

“The Financial Services Committee sits at the center of multiple urgent crises,” Casten said in his letter Thursday, pointing to concerns about the inaccessibility of homeownership, frauds and scams within the economy, and the president’s approach to white-collar crime, pardons and insider trading issues.

“The American people have entrusted us with a historic House Majority to tackle these crises,” he added. “I believe my substantive policy expertise, private-sector experience, and commitment to meaningful oversight will allow us to work as a team to deliver for the American people.”

Just two days after the midterms, lawmakers in both chambers are already jockeying for leadership roles in the new Congress. Democrats are projected to hold 251 seats in the House and 54 seats in the Senate, with several races still uncalled, according to Decision Desk HQ.