Waters launches bid for House Financial Services chair

Democratic Rep. Maxine Waters (Calif.) officially launched her bid for chair of the House Financial Services Committee on Friday, after Democrats won control of the lower chamber in the midterms .

In a letter to her Democratic colleagues, Waters — the committee’s ranking member — wrote that party lawmakers “must now deliver on our promises to the American people” and lower the cost of living. Democrats on the campaign trail vowed to ease prices, as gas and grocery costs have risen this year amid the Iran war .

Referencing the “affordability crisis” facing Americans, the California lawmaker blasted the Trump administration for “dismantling consumer safeguards, eliminating access to safe and affordable housing” and engaging in what she described as “unprecedented levels of corruption.”

Given that, Waters wrote it “has never been more important to have a proven, effective and innovative leader” at the helm of the Financial Services panel.

“I am that leader,” she argued in her letter, which a Waters spokesperson shared with The Hill.

Waters, 88, chaired the committee from 2019 to 2023, when Democrats last controlled the House. She has led Democrats on the panel since 2013.

Rep. French Hill (R-Ark.), who has helmed the committee since January 2025, narrowly won his reelection bid over Democrat Chris Jones.

Waters is not the only Democrat vying for the Financial Services gavel. Rep. Sean Casten (D-Ill.) launched his bid for chair on Thursday, writing in a letter to his Democratic colleagues the panel must address homeownership, frauds and scams and President Trump’s approach to white-collar crime, among other issues.

Waters also laid out her planned agenda on Friday. The California Democrat vowed to pursue a “bold agenda,” writing she will build on the bipartisan housing law that took effect over the summer, crack down on junk fees and “permanently and independently fund” the Consumer Financial Protection Bureau.

The Trump administration has sought to dismantle the agency, which is an independent entity within the Federal Reserve.

As for the cryptocurrency industry, Waters wrote she will “stop” the Trump family’s “crypto corruption” while establishing “tough but fair” rules for “legitimate crypto ventures.”

The California Democrat later proposed tweaking logistical elements of the panel, including by renaming it the “Committee on Housing and Financial Services” to put “housing first.”

She also said she will discuss “ways to empower Subcommittee chairs” with her colleagues and create three new positions: a committee whip role occupied by a junior member, a first-term representative and a committee messenger.