It was announced this morning that a slew of progressive members will be joining the House Financial Services Committee, which has substantial jurisdiction over regulation of the financial sector and the housing markets.
According to David Segal of Demand Progress, “We welcome to HFSC the influx of new members who have demonstrated willingnesses to confront and interrogate the financial sector — to which too many Democrats and Republicans alike have remained subservient even during the years since the Great Recession. We’ve long needed members on this committee who will look seriously at breaking up the biggest banks, constraining the predations wrought by private equity, reining in rampant speculation, and promoting affordable housing measures — and we have reason to hope that many of these new members will do so.”
According to Jeff Hauser, of the Revolving Door Project, “Wall Street’s preference is that no one other than their lobbyists pay attention to the inner workings of the House Financial Services Committee. With an influx of new populist energy joining progressive icon Chair Maxine Waters on the committee, the days of Wall Street getting its way on the Committee with subtle bipartisan support from members more interested in their campaign treasury than the health of their constituent’s bank accounts is over.”