US financials stocks have tumbled from opening higher after Rep. Maxine Waters – soon to to take over the powerful House Financial Services Committee when the new Congress convenes in January – laid down the law on what will and won’t happen under Democrat rule.
As CNBC reports, the California Democrat said efforts to loosen the reins on Wall Street financial institutions won’t be tolerated should she be committee chair, as expected.
“Make no mistake, come January, in this committee the days of this committee weakening regulations and putting our economy once again at risk of another financial crisis will come to an end,” Waters said.
And the reaction was swift…
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