Republicans and the Trump administration have failed to scrutinize the financial services industry and that needs to change, said Rep. Maxine Waters, D-Calif.
"For the last two years, Republicans in Congress have served as accomplices to Trump and have completely neglected Congress' oversight responsibilities, enabling corruption and destructive policies to run rampant," Waters said, according to The Financial Times. Waters is in line to take over as the head of the House Financial Services Committee after the midterm elections gave Democrats a majority in the House.
"It is critical that we bring accountability to the Trump administration and the regulatory agencies under the committee's jurisdiction," Waters said.
Bank shares fell broadly in the premarket. J. P. Morgan Chase, Citigroup and Goldman Sachs shares all dipped about half a percent, while Morgan Stanley slipped 0.3 percent.
Waters' comments came nearly two weeks after she pledged to roll back deregulation efforts on the financial industry pushed through by the Trump administration and the GOP.
Specifically, the administration has worked with the Federal Reserve to loosen constraints placed on financial institutions by Dodd-Frank, a 2010 law implemented in the aftermath of the financial crisis. The Fed laid out last month new rules to ease regulations on smaller banks.
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