U.S. Congresswoman Maxine Waters is fighting to maintain the gavel of one of the most powerful committees on Capitol Hill, and her allies say an attempt to unseat her raises larger questions about race, seniority and political power within the Democratic Party.
Waters, at 88, one of the oldest member of Congress and previously broke barriers as the first African American and first woman to chair the House Financial Services Committee, which oversees U.S. banking and financial markets, including cryptocurrency, the Federal Reserve, and the housing industry. Waters has served as both chair and ranking member of the committee since 2013.
U.S. Rep. Sean Casten (D-Ill.), 54, whom Waters elevated as vice chair of the House Financial Services Committee, is now challenging the longtime congresswoman. The Illinois congressman formally declared his candidacy for the chairmanship in a letter to the Democratic Caucus on Nov. 5, in which he argued that his “substantive policy expertise, private-sector experience, and commitment to meaningful oversight will allow us to work as a team to deliver for the American people.”
However, allies of Waters, whom theGrio agreed to keep anonymous in order to speak freely about internal tensions within the Democratic Caucus, say the attempt to remove the powerful and influential California congresswoman shows a “lack of respect.”
A senior Democratic staff member on Capitol Hill told theGrio, “We have Black voters who turned out to give us this majority because they were being disenfranchised by Trump and by Republicans in power. And the Democratic response to that is we’re going to disenfranchise someone who is fighting for these communities and has been all of her life.”
The staffer pointed to Waters’ “iconic” history of civil rights advocacy and leadership in saving the U.S. economy from the 2008 financial crisis, reforming the U.S. financial system through the Dodd-Frank Act, and being a leading voice of opposition to Donald Trump in both his presidential terms.
The challenge to Waters comes amid ongoing calls for the Democratic Party’s old guard to step aside in favor of younger, more effective leadership. That criticism imploded President Joe Biden’s re-election bid in 2024 and led to the retirement of 89-year-old D.C. Delegate Eleanor Holmes Norton after pressure from her own staff.
But Hill sources who spoke to theGrio said that while Waters is older, she remains effective as chair of the House Financial Services Committee. One source even noted that the congresswoman is still delivering results, all while still wearing “three-inch heels.”
“You can have a conversation about gerontocracy and seniority and all of the things, but the word effectiveness has to be in there,” said the senior Democratic staffer. They described Casten as “untested” and said his decision to challenge Waters, despite the congresswoman supporting his vice chairmanship, is a “slap in the face to so many people of color.”
Those close to Waters also dismissed Casten’s bid for chair because he, unlike Waters, hasn’t been successful at having a financial services bill signed into law.
A request to Rep. Casten’s office to comment on this story was not returned.
Sources who spoke to theGrio also called out the fact that other Democrats in committee leadership who are white and older, like Rep. Rosa DeLauro, 83, of the Appropriations Committee, and Rep. Frank Pallone, 75, of the Energy and Commerce Committee, are not being challenged for chairmanship roles.
One source, extending that criticism to the U.S. Senate, added, “What name is not getting mentioned? Bernie Sanders.”
Sanders is 85.
On Friday, Waters issued a letter to the Democratic Caucus to formerly declare her intention to again serve as chair of the Financial Services Committee.
The congresswoman laid out her accomplishments as both chair and ranking member of the committee, including most recently shepherding “the most consequential piece of housing legislation” through the bipartisan 21st Century ROAD to Housing Act. Waters also touted her ability to strike deals with Trump administration officials, including working with the White House to create the first-of-its-kind National Emergency Rental Assistance Program, which provided $50 billion to renters in need during the COVID-19 pandemic.
Rep. Waters also laid out her agenda if she were voted by the caucus to lead the committee once again. Those actions include expanding affordable housing, passing a bill to “AI-proof” the U.S. financial system and economy, as well as legislation to “stop Trump’s crypto corruption,” among several others.
She also called for holding more listening sessions with members and creating additional leadership opportunities for newer members.
“At a time when Americans are demanding that Congress deliver results, the Financial Services Committee needs experienced leadership that will address the crushing affordability crisis, expand access to housing, foster a dynamic and fair financial system, and hold the corrupt Trump Administration accountable,” wrote Waters. “I am ready and fired up to lead that charge.”
Committee leadership is determined by an anonymous vote among the entire Democratic caucus. In a letter, every Democrat on the House Financial Services Committee, except Casten and two others, said they back Waters in continuing to hold the gavel.
U.S. Rep. Ayanna Pressley (D-Mass.), a committee member, said in a statement to theGrio, “Ranking Member Waters is a proven, effective leader who delivers for the people and empowers so many. With America facing an economic crisis, our committee needs her strong leadership now more than ever.”
She added, “I’m proud to support her as Chair of the Financial Services Committee and look forward to her continuing in that role.”
U.S. Rep. Yvette D. Clarke (D-N.Y.), who serves as chair of the Congressional Black Caucus, told theGrio in a statement, “Given Congresswoman Maxine Waters’ deep expertise and leadership as the former chair and current ranking member of the House Financial Services Committee—the first woman and first Black woman to serve in both positions—she is uniquely positioned to lead the Committee in the 120th Congress.”
Clarke, who said Democrats are “laser-focused” on holding the Trump administration accountable come January, added, “The Congressional Black Caucus is unwavering in its support of Congresswoman Waters’ bid to lead the Committee.”
