Bank Stocks Dive After Maxine Waters Threatens End To Regulation-Rollback

By Tyler Durden

US financials stocks have tumbled from opening higher after Rep. Maxine Waters – soon to to take over the powerful House Financial Services Committee when the new Congress convenes in January – laid down the law on what will and won’t happen under Democrat rule.

“Make no mistake, come January, in this committee the days of this committee weakening regulations and putting our economy once again at risk of another financial crisis will come to an end,” Waters said.

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After the squeeze, it’s been one-way street lower since the Dems took the House…

Still a long way to go to unwind the Trump bump… (JPMorgan still up 60% since the election)

 

US Attorney General Jeff Sessions resigns from DOJ on Trump’s request

US President Donald Trump has requested – and received – the resignation of Attorney General Jeff Sessions. The Department of Justice will be led by his chief of staff Matthew Whitaker until a permanent replacement is nominated.

“We thank Attorney General Jeff Sessions for his service, and wish him well!” Trump said on Twitter Wednesday afternoon, after announcing the appointment of Whitaker.

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There is a potential problem with Whitaker’s appointment over the head of the current deputy AG Rod Rosenstein, who has been in charge of special counsel Robert Mueller’s investigation into allegations of Trump-Russia “collusion” during the 2016 presidential election. Rosenstein was confirmed to his post by the Senate, whereas Whitaker was not.

Also, Whitaker would be taking over from Rosenstein the oversight of the Mueller investigation.

“The Acting Attorney General is in charge of all matters under the purview of the Department of Justice,” DOJ spokeswoman Sarah Isgur Flores told reporters on Wednesday.

The sacking of Sessions and the appointment of Whitaker have alarmed Democrats, who are concerned that Trump is making moves to shut down the Mueller probe. Prior to becoming Sessions’ chief of staff in September 2017, Whitaker worked as a legal commentator for CNN, and at one point argued that Mueller’s investigation was becoming a “witch hunt.”

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There have already been calls by Democrats in Congress for Whitaker to recuse himself from the Russia probe.

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Sessions, a senator from Alabama at the time, joined the Trump campaign early on and was considered a favorite to take over the Department of Justice in the new administration. He was immediately forced to recuse himself from any probes into “Russiagate,” due to his role in the campaign, however.

Since then, Trump has frequently clashed with Sessions over the DOJ’s handling of the Russia probe. The DOJ’s refusal to comply with congressional oversight requests to turn over documents related to the FBI’s spying on the Trump campaign also caused increasing frustration at the White House, prompting the president to declare at one point, “I have no attorney general!”

“I’m not happy at the border, I’m not happy with numerous things,” including the Russia probe, Trump told The Hill in September. “I’m very disappointed in Jeff. Very disappointed.”

Sessions has maintained his loyalty to Trump and the president’s law and order agenda, even in the resignation letter.

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With Republicans picking up seats in the Senate in Tuesday’s midterm elections, despite losing a majority in the House of Representatives, Trump was widely expected to reshuffle his Cabinet in the near future, though the speed with which Sessions was ushered out was unexpected in Washington.

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Here Come The Crazies! Nancy Pelosi As Speaker, Maxine Waters, Adam Schiff, Elijah Cummings In Leadership Roles

By Joseph Curl

President Trump just got an early Christmas present.

Fox News and NBC called the House at 9:30 pm. EDT, declaring that Democrats have taken control of the chamber. So yes, Trump’s Republican Party has lost control of the U.S. House of Representatives, as predicted, but Democrats could well install Rep. Nancy Pelosi as the new Speaker — and that’s a gift that just keeps on giving.

The 78-year-old Democrat from California, who was House Speaker from 2007 until the GOP took control of the chamber in 2011, is poised to resume that powerful position — and she wants it.

“I feel very confident in the support that I have in the House Democratic Caucus, and my focus is on winning this election because so much is at stake,” Pelosi told reporters in July. Just this month, she told The Washington Post: “Nobody is indispensable. But I do think that I am best qualified to take us into the future, protect the Affordable Care Act, to do our infrastructure bill and the rest. Stepping down this path, I know the ropes.”

And Rep. Elijah Cummings (D-MD) said a few days ago: “I expect Nancy Pelosi will be Speaker, and I believe that she will be Speaker until she decides to leave.”

Pelosi is a career politician who has already served 16 terms in the House, but some party leaders wish she’d go away.

Rep. Linda Sanchez (D-CA) said late last year it was time for Pelosi — and other longtime party leaders — to depart and let a new generation lead House Democrats. “Our leadership does a tremendous job, but we do have this real breadth and depth of talent within our caucus and I do think it’s time to pass the torch to a new generation of leaders,” Sanchez said.

But Pelosi wants the gavel, and while some political watchers say there’ll be a fight, many predict she’ll get it.

Meanwhile, Rep. Maxine Waters, another California Democrat and one who has repeatedly called for Trump’s impeachment, could soon control her own committee — which would yield her the power to subpoena and control the fate of legislation.

Waters, 80, could become chairwoman of the House Financial Services Committee, where she currently serves as ranking member. The committee oversees the housing, banking, insurance, and securities industries, and Waters has offered big plans if she can bag the job.

“Last August, Waters moved unsuccessfully to subpoena Deutsche Bank AG for records concerning ‘internal reviews of the personal accounts of the President and his family,’ as well as more information about fees levied against the bank concerning lax money-laundering detection policies that could have allowed Russian operatives to funnel cash without a paper trail,” Fox News reported.

Waters, a career politician once named one of the most corrupt in Congress, has gone off the deep end since Trump’s election. “He claims that’s bringing people together but make no mistake, he is a dangerous, unprincipled, divisive, and shameful racist,” Waters said in February.

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Then there’s Rep. Adam Schiff, a true Trump hater who is beloved by the mainstream media.

Another California Democrat, Schiff could likely rise to chairman of the House Intelligence Committee, where he is now the ranking member.

Schiff, 58, said in an interview with CNN that the committee would “investigate questions involving Russian money laundering and President Donald Trump’s businesses.” Schiff said his committee would work in tandem with Waters’ focus on potential money-laundering schemes involving the Trump campaign and Russia, saying he’ll back Special Counsel Robert Mueller‘s probe into alleged collusion.

“The question, though, that I don’t know whether Mueller has been able to answer — because I don’t know whether he’s been given the license to look into it — is were the Russians laundering money through the Trump Organization?” Schiff said. “And that will be a very high priority to get an answer to — for the reason that, if they were doing this, it’s not only a crime, but it’s something provable.”

Then there’s Rep. Jerry Nadler (D-NY), who would be poised to take over the House Judiciary Committee. Nadler could work with Schiff to oversee any attempt to impeach Trump.

Nadler, 71, was on the committee when it voted to impeach former President Bill Clinton, but he said then that the vote was an attempted coup and a “gross abuse” of the impeachment power. He apparently doesn’t think that any more.

“If the president perjured himself about colluding with Russians, that would be worthy of impeachment,” Nadler said in September. “Perjury about some real estate deal that happened 10 years ago that the Trump Organization took, that would not be an impeachable offense. It would be a crime.”

And Cummings, one of the most partisan members of the House, could well take over the House Oversight Committee, where he is now ranking Democrat. Cummings has said Trump “is a person [who] calls a lie ‘the truth’ and the truth ‘a lie.’” And the Democrat ​has vowed to conduct investigations into the president. “If I can get documents, it doesn’t matter.”

“Cummings is prepping targets — from the security clearances of Trump’s son-in-law, Jared Kushner, and former national security adviser Michael Flynn, to digging into how former EPA chief Scott Pruitt was able to keep his job for so long—and the list is getting longer by the week,” Politico reported on Oct. 2.

But back to Pelosi. Throughout the 2018 midterms, Republicans have sought to connect Democratic candidates to Pelosi — they’ve run more than 250 anti-Pelosi TV ads in some 75 House districts during the last months of the campaign. That’s forced some candidates to repudiate Pelosi.

For Trump, though, losing the House — but getting Pelosi back as a target for 2020 — is a dream come true. And he knows it.

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