Rep. Maxine Waters (CA-43) looked guaranteed to chair the Financial Services Committee if Democrats win back control of the House in the midterm elections. But the 88-year-old Congresswoman’s position as committee’s top Democrat may no longer be secure as a younger Democratic colleague reportedly contemplates a bid for Waters’ position. 

Waters has led Democrats on the Financial Services Committee since 2012 as its Ranking Member and as the committee’s chair after Democrats regained control of the House from Republicans (from 2019 to 2023). Though the committee’s top seat is now held by Republican Rep. French Hill (AR-02), Waters continues to lead the Financial Services Committee’s Democrats. 

Punchbowl News reported Rep. Sean Casten (IL-06), the second-highest ranking Democrat on the Financial Services Committee, may run for the Financial Services gavel. If so, it would mark Waters’ first challenge for her position since her leadership began in 2012. 

After learning about Casten’s rumored bid for her position, Waters asked him whether he planned to challenge her, Politico reported. Casten privately told her that he did not, but he has not publicly denied his plans to run for her seat. Instead, Casten, 54, told both Punchbowl News and Politico that he has “great respect for Ranking Member Waters” and that his focus was on “working to ensure we take back the majority.” 

Waters made history as the committee’s first-ever female and African-American chair in 2019. During her leadership stint, Waters passed laws that cracked down on money laundering and anonymous shell companies and took the lead on legislation to reform banking in the United States. 

Since then, she’s worked with Republican leaders on the Financial Services Committee to pass legislation to address America’s housing affordability crisis and launched an investigation into financial misconduct by President Donald Trump related to his unauthorized military strikes on Venezuela.

(Photo: Rep. Maxine Waters, via House Financial Services Committee YouTube)