Rep. Maxine Waters, D-Calif., the anticipated new chairwoman of the House Financial Services Committee, has already directed committee staffers to sketch out new subcommittees that focus on consumer health, including a tentatively renamed Investor Protection, Entrepreneurship and Capital Markets subcommittee to focus on annuity and fiduciary issues.
That name would replace the current Capital Markets, Securities and Investment subcommittee and would likely be chaired by Rep. Carolyn Maloney, D-N.Y.
A spokeswoman for Maloney did not immediately respond to a media inquiry.
“Ranking Member Waters is in the process of having conversations with the Democratic Members of the committee about the committee’s future structure and seeking their input. This process has not been completed,” Waters’ spokesman, Eric Hersey, told ThinkAdvisor. He did not elaborate further.
Reuters was among those first reporting on the proposed committee changes on Nov. 15.
Sources told ThinkAdvisor that the committee restructuring remains under discussion and likely wouldn’t be finalized until after Thanksgiving.
According to a proposed restructuring slide template making its rounds on Capitol Hill last week, other changes under consideration include a new task force on technology and innovation, among others.
The Democratic leadership is also considering a new subcommittee called Diversity and Inclusion, which could envelop issues in financial services such as corporate governance and hiring practices.
Although the word “insurance” has been removed from the current Housing and Insurance Subcommittee and tentatively replaced with Community Development, this is not final, and insurance is definitely included throughout the entire committee, according to sources.