Bank CEOs inform Maxine Waters that government took over student lending … in 2010

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Rep. Maxine “Impeach 45” Waters (D-CA) has repeatedly proven herself to be less than astute, yet somehow she was named as the chair of the House Financial Services Committee.

Waters showed just how out of her depth she really is during a recent committee hearing when the major bank CEOs she was grilling ended up schooling her on something she, as chair of the committee, should have known.

Waters gets schooled on student loans

While Waters was running seven major banks CEOs through the wringer on a host of financial institution-related issues, she raised the topic of student loan debts and demanded to know what the big banks were doing to address the issue.

“Today there are more than 44 million Americans who owe — this is student loan crisis — $1.56 trillion in student loan debt,” Waters said. “Last month this committee received testimony that last year 1 million student loan borrowers defaulted, which is on top of the 1 million borrowers who defaulted the year before.”

“What are you guys doing to help us with this student loan debt?” she asked the CEOs. “Who would like to answer first? Mr. Monahan, big bank?”

Brian Monahan, CEO of Bank of America, replied, “We stopped making student loans in 2007 or so.”

“Oh, so you don’t do it anymore?” Waters said. “Mr. Corbat?”

Michael Corbat, CEO of Citigroup, replied, “We exited student lending in 2009.”

Waters next turned to Jaime Dimon, CEO of JPMorgan Chase, who explained, “When the government took over student lending in 2010 or so, we stopped doing all student lending.”

Waters quickly changed the subject to small businesses, though it was obvious she didn’t know what she was talking about on that topic either.

Watch below:

She should know better

As Fox Business host Stuart Varney pointed out, Maxine Waters — as chair of the committee that oversees and regulates all banks and financial institutions and lending practices — should have known that the government took over student lending years ago under former President Barack Obama.

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