Conservatives and progressives have more in common on financial services than you might think.
The American banking system is poised for a revolution — one driven by technology and competition — but on Capitol Hill, it’s facing a traffic jam. Maxine Waters, a progressive firebrand, chairs the House Financial Services Committee. The Senate remains under Republican control. The White House, for all its deregulatory pronouncements, seems too busy with other issues to devote much energy to major legislative changes to financial regulation.
Waters wants to be a champion for those currently underserved by the U.S. financial system. There are many of the so-called unbanked:, 6.5 percent of U.S. households lack a bank account. For minorities and the poor, the share is much higher: 16.9 percent of African-American households and 14 percent of Hispanic ones lack a bank account, compared with just 3 percent of white households.
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