Massachusetts Rep. Barney Frank, one of the architects of the sweeping financial regulations overhaul, announced today that he plans to retire at the end of his term in 2012, leaving an open spot at the top of the powerful House Financial Services Committee.
Unfortunately for the banking sector, the next Democrat in line to succeed Frank as the committee’s ranking member is none other than Rep. Maxine Waters, the controversial California congresswoman best known for her questionable ethics and apparent lack of understanding about how the U.S. financial system works.
If the 2009 TARP hearings are any indication, Waters’s ascension will likely have Wall Street longing for the days of Dodd and Frank. During those hearings, Waters totally befuddled bank CEOs — and Treasury Secretary Tim Geithner — with crazy, rambling questions and conspiracy theories about Goldman Sachs.
Here’s the video of Waters questioning bank CEOs.
And here’s her asking Geithner about Goldman Sachs.
NOW WATCH: Briefing videos
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