Democratic Rep. Maxine Waters has been placed into the position of Ranking Member on the House Financial Services Committee. This is the same committeee that deals with banking matters and more specifically, banking regulation. The problem? Waters was only cleared (which doesn’t mean innocent in Washington) of ethics charges in September over allegations she abused bank bailout funds to benefit a bank run by her husband in California. A refresher:

Last summer [2010], the House Ethics Committee charged the entrenched California congresswoman with three violations related to her wheeling and dealing on behalf of minority-owned OneUnited Bank in Los Angeles. The panel accused Waters of bringing discredit to the House for using her influence to seek and secure taxpayer-subsidized special favors for the failing financial institution.

The minority-owned bank Waters lobbied for — OneUnited — is now under scrutiny from the Treasury Department for skipping TARP aid repayments. Mm, mm, mm. Heckuva job, Congresswoman Bank on OneUnited.