Rep. Maxine Waters was formally elected as ranking member for the House Financial Services Committee by the House Democratic Caucus.

"A looming question for Waters remains what kind of relationship she will be able to forge with the committee's new chairman, Rep. Jeb Hensarling, R-TX.," writes American Banker's Victoria Finkle. Hensarling has strongly criticized the Dodd-Frank reform law.

Waters, who will succeed Rep. Barney Frank after his retirement, has stated in a recent press release, "I look forward to working with my colleagues to protect, defend and implement the important provisions of Dodd-Frank, which will continue to strengthen our financial system."

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