During a hearing of the House Financial Services Committee, the committee’s head Rep. Maxine Waters demonstrated just how little she keeps up with financial issues.
Bringing up the issue of student loan debt, Waters turned to the gathering of big bank CEOs demanding to know what they intended to do about it.
But by simply asking that question Waters showed that she was nearly a decade behind the issue.
“Who would like to answer first? Mr. Monahan, big bank?” Waters began with the CEO of Bank of America.
“We stopped making student loans in 2007 or so,” Monahan replied.
Thinking his answer to be a fluke, Waters moved on to the next CEO in line, Michael Corbat of Citigroup.
“We exited student lending in 2009,” Corbat answered when called.
Most people would have noticed the odd coincidence, maybe eve going so far as to note a pattern. Not Mad Maxine who posed the same question to Jamie Dimon who is CEO of J.P. Morgan.
Perhaps he was taking pity on the Democrat, as Dimon revealed to Waters, “When the government took over student lending in 2010 or so, we stopped doing all student lending.”
Waters ha apparently not kept informed that the Obama administration ended the practice of private banks issuing federally-guaranteed students loans by having the government issue the loans themselves.
Something the head of a finance committee should probably already now given how long ago it happened.
In the video below, after being outed for her embarrassing lack of knowledge, Waters immediately moves to the next accusation to cover her shame.