A House subcommittee has accused Representative Maxine Waters (D-Calif.) of violating ethical standards by using her political influence to support a bank that had strong ties to her husband.
Federal investigators began looking into possible ethics violations in 2008 after Waters requested a meeting with Treasury Secretary Henry Paulson concerning the fate of OneUnited Bank.
Waters’ husband, Sidney Williams, served on the board of directors of the bank until 2008 and was a stockholder in the corporation at the time of the meeting.
Three months after Waters requested to meet with treasury officials, OneUnited Bank received a $12 million bailout from the Federal government’s Troubled Asset Relief Program, according to CBS News.
Waters, who had a hand in creating the recently-passed Wall Street reform bill, vehemently denied the charges, suggesting that she was only "advocating on behalf of minority banks."
"No benefit, no improper action, no failure to disclose, no one influenced: no case," said Waters, a senior member of the House Financial Services Committee.
The announcement of the allegations against Waters came only one week after the same committee officially charged Representative Charles Rangel (D-N.Y.) with 13 separate ethical violations.