Maxine Waters in line for top Democratic job on powerful House committee

Democrat Barney Frank’s decision not to seek another term in Congress means that the top Democratic job on the U.S. House committee that regulates banking is up for grabs. L.A. Democrat Maxine Waters is in line for the job, but she isn’t a shoo-in.

In order to become the ranking member of the House Financial Services Committee, your peers have to elect you. Seniority, though beneficial, does not secure you the position.

Waters has made her mark on the committee, building a reputation as an outspoken advocate for minority and women’s interests. She says that time and again throughout her political career she has been "in disagreement with the financial services community [...] because of practices that [she has] believed to be not in the best interest of the very people that they claim to serve."

But the House Ethics Committee has been investigating Waters since July 2010 for allegedly using her political clout to assist a bank which her husband owned stock and had once served on the board of. More than a year later, Waters continues to insist on her innocence and two ethics committee members have been placed on administrative leave for mishandling the case.

Outside counsel was appointed to deal with the violations in July.

In a carefully worded statement, Waters didn’t openly throw her hat in the ring. Instead, she praised Frank as a tireless and thoughtful leader.

“As the next most senior member of the committee, I hope to use my experience to continue and expand his work in the committee,” said Waters. “I will continue to champion practical regulations, while making sure they work for consumers and the financial sector, a sector which has the right to be profitable but the obligation to be fair, two concepts which are not mutually exclusive.”

The backroom politicking has, according to some, already begun – and is expected to last for months.