In addition to the threat against big banks, Waters said credit reporting agencies also would be scrutinized in the wake of the Equifax hacking scandal. The agency reported in 2017 that hackers had compromised personal information on more than 147 million Americans.
Waters’ remarks followed through on a pledge she made during a House hearing in November, when she said that the deregulation actions taken by the Trump administration over the past two years would halt.
As for new legislation, the committee will have a difficult time. The Senate remains in Republican hands, and President Donald Trump holds veto power over any efforts to change direction.
“The committee has no chance of getting legislation enacted, but it has subpoena power and will make life miserable for industry execs with endless hearings,” Greg Valliere, chief global strategist for Horizon Investments, said in a note.