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Rep. Maxine Waters apparently has no idea that the federal government nationalized students loans over a decade ago despite chairing the most powerful committee in the country that regulates the banks.
During a House Financial Services Committee on Wednesday, several representatives from the nation’s largest banks took questions on a range of topics.
Moments - Waters - Lesson - Student - Loan
But one of the most interesting moments came when Waters got a lesson on the student loan crisis in the United States and that she should actually be mad at former President Barack Obama — not big banks.
Waters began with a long-winded diatribe about how big banks should be playing a role in the recovery of the financial sector in the U.S. following the 2008 recession.
Megabanks - Student - Loan - Crisis - Waters
After largely blaming the “megabanks” for the current student loan crisis, Waters asked the group of representatives to explain what they are doing to help student borrowers.
“Today, there are more than 44 million Americans that owe — there’s a student loan crisis. $1.56 trillion in student debt. Last month, this committee received testimony that, last year, 1 million student loan borrowers defaulted, which was on top of the 1 million borrowers who defaulted the year before. What are you guys doing to help us with the student loan debt? Who would like to answer first?” Waters asked.
None - Representatives - Anything - Role - Financing
None of the representatives said anything because they didn’t have a role in financing student loans. Around 2010, Obama ordered that the government take that over, which meant these banks no longer issued student loans.
When none of the bankers stepped forward to answer, Waters called out Bank of America CEO and Chairman Brian T. Moynihan.
Loans - Moynihan - Waters - Guard
“We stopped making student loans in 2007 or so,” Moynihan said, which caught Waters off guard.
CitiGroup CEO and Chairman Michael L....
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