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Waters, a senior member of the Financial Services Committee, is accused of trying to get federal money for a minority owned bank in which her husband is an investor. Some $12 million eventually was given to Boston-based OneUnited Bank by the federal Troubled Asset Relief Program, but Waters insisted
-- and federal regulators testified -- that she had no role in the decision. Rangel has admitted to some ethical lapses and denied other allegations. Waters has denied any wrongdoing, arguing she did nothing beyond setting up a meeting between U.S. banking regulators and officials with an association of minority banks that included OneUnited. Waters said that when it became clear that the assistance would go to OneUnited, where her husband was an investor, she turned the matter over to Rep. Barney Frank, D-Mass., chairman of the Financial Services Committee. Rangel, who just won his primary, was elected to his 20th term from his Harlem district two years ago with 89 percent of the vote. Waters was elected to her 10th term in 2008 with an 83 percent majority.
[Associated
Press;
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