Rep. Maxine Waters pledges 'many hearings' into bank conduct and targets Trump's chief of staff

US Capitol Building

In addition to the threat against big banks, Waters said credit reporting agencies also would be scrutinized in the wake of the Equifax hacking scandal.

Rep. Maxine Waters kicked off her chairmanship of the House Financial Services Committee by vowing that it will hold "many hearings" into bank conduct.

The California Democrat said those hearings would include a probe into the activities of Mick Mulvaney while he was acting head of the Consumer Financial Protection Bureau, according to reports from Dow Jones. Mulvaney is now the acting White House chief of staff.

"The time for accountability for his actions is about to begin," she said in a speech at the Center for American Progress, a liberal think tank in Washington, according to the report.

In addition to the threat against big banks, Waters said credit reporting agencies also would be scrutinized in the wake of the Equifax hacking scandal. The agency reported in 2017 that hackers had compromised personal information on more than 147 million Americans.

Waters' remarks followed through on a pledge she made during a House hearing in November, when she said that the deregulation actions taken by the Trump administration over the past two years would halt.

As for new legislation, the committee will have a difficult time. The Senate remains in Republican hands, and President Donald Trump holds veto power over any efforts to change direction.

"The committee has no chance of getting legislation enacted, but it has subpoena power and will make life miserable for industry execs with endless hearings," Greg Valliere, chief global strategist for Horizon Investments, said in a note.

Have something to tell us about this article?

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...