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
“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.
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.