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Waters to defend Dodd-Frank from efforts to weaken the law

January 22, 2013
In The News

While Dodd-Frank opponents will attempt to make "technical" corrections to the legislation, they may encounter fierce resistance from Rep. Maxine Waters, the 12-term California Democrat recently appointed as the ranking member of the House Financial Services Committee.

Waters is the most senior African-American female in Congress and one of the architects of legislation that established the Office of Minority Inclusion, which is responsible for overseeing federal agencies, Politic365 reports.

Waters said that Republicans on the HFSC are seeking to make changes to Dodd-Frank, adding that her chief concern is to prevent Republican lawmakers from moving to weaken the financial reform law.

"[Republicans] have over 60 amendments that were proposed," Waters said, according to Politic365. "Because they are in the majority, they will be able to pass them out. We have to be in a position to defend Dodd-Frank."

On Thursday, Waters, along with 11 other House members, filed an amicus brief in support of the Dodd-Frank-mandated SEC rule requiring firms involved in resource extraction to disclose payments made to foreign governments to combat the "resource curse," in which developing countries rich in natural resources are often rife with corruption and violence.

"Investors and the public need to be able to fully evaluate whether a company has properly addressed the commercial, political and legal risks it faces when operating around the globe in environments where corruption is rife and rule of law weak," the members said in the brief, according to

Waters also said that she was willing to coordinate with House Republicans on areas of common ground.

"People are thinking I am a strong personality, and they think that there are going to be fireworks," Waters said, Politic365 reports. "But we share some of the same views on community banks, for example, so I am hopeful we will be able to have a meeting of the minds on more than a few things."