A congressional probe into whether Rep. Maxine Waters, D-Calif., improperly influenced a federal bailout of a bank has been dropped.
According to an Associated Press report, the House Ethics Committee announced on Friday that it would close its probe because it found no evidence of ethics violations by Waters. The 11-term congresswoman was accused of violating House rules in helping to secure federal aid for Boston-based OneUnited Bank, in which Waters' husband owns stock. Waters, who repeatedly denied wrongdoing, was not present at Friday's committee hearing.
However, the committee stated that Mikael Moore, Waters' grandson and chief of staff, violated House standards of conduct in regard to the OneUnited Bank bailout. However, the committee is expected to issue a letter of admonishment against Moore rather than press for a stronger punishment.
Waters is in line to become the top Democrat on the House Financial Services Committee next year; the current ranking member of the committee, Rep. Barney Frank, D-Mass., is retiring. If the Democrats regain control of the House of Representatives in the November elections, she will become the committee's chairwoman.