Democrats Want New Hill Leaders. At 87, Maxine Waters Isn’t Budging.

Maxine Waters is plotting her comeback at 87.

The California Democrat, dubbed “Auntie Maxine” by a legion of young progressives she won over in the first Trump administration, has all but locked down a second turn as chair of the House Financial Services Committee if her party wins a majority in November.

It means the committee could soon have the oldest leader in its history as it grapples with technological shifts like cryptocurrency, and Democrats look to aggressively ramp up oversight of the president, his family business and his Wall Street regulators.

Waters — who became the first woman and Black person to lead the panel in 2019 — faces virtually no opposition, despite a growing chorus of Democrats calling for the end of Capitol Hill’s enduring gerontocracy. Privately, some Democrats on and around the committee gripe that she doesn’t do enough to elevate her members or support them with campaign funds from the finance industry. But few are willing to publicly cross her, and she maintains the backing of most senior Democrats on the panel. Many of her colleagues say they’re eager to have the progressive icon leading key fights on the economy ahead of the 2028 elections.

In an interview, Waters rejected any notion that she wouldn’t be up to the task.

“If you take a look at my energy and what I do — I am Auntie Maxine,” Waters said. “I’m the one who popularized ‘reclaiming my time.’ … I don’t know who’s got more energy, more concern. And so, Maxine Waters seems to be doing alright.”

Waters’ grip on the role illustrates the entrenched power that many older members of Congress hold, despite growing scrutiny of elder politicians who show signs of decline while serving. Unlike Republicans, Democrats don’t have term limits for House committee leadership positions. But privately, some Democrats worry about the optics of having an octogenarian — and soon-to-be nonagenarian — in the seat.

The Financial Services Committee is considered one of the most powerful panels in the House, with a vast jurisdiction that includes banking, housing, the Federal Reserve, insurance and crypto.

Waters hasn’t shown any public signs of deterioration, and lawmakers and aides who have worked closely with her say she remains sharp and engaged behind the scenes.

“I am a firm believer that when people are visibly past their time, it’s time to sort of have some hard conversations,” said Rep. Sean Casten (D-Ill.), who serves as Financial Services’ vice ranking member. “That’s a mental issue, not an age issue. And I don’t have any concern that she’s mentally up for the job.”

Most other Democrats on the committee concur. Rep. Greg Meeks of New York said Waters “hasn’t lost a step” and remains “on top of her game” in hearings. Rep. Brad Sherman of California, who represents a nearby Los Angeles-area district, said Waters “is the same person today that” she was when he first met her in the 1980s. And Rep. Josh Gottheimer, a New Jersey moderate who has broken with Waters on some issues, said she is “still hitting her three-pointer.”

More importantly, Waters maintains the backing of House Minority Leader Hakeem Jeffries, who is in line to become House speaker if Democrats take back the chamber. The New York Democrat said in a statement that Waters “has led the Financial Services Committee with vision, intellect, passion and skill.”

“It’s my expectation that such iconic leadership will continue in the 120th Congress,” he said.

Back home, Waters is facing a long-shot primary challenge from nonprofit executive Myla Rahman, who is trying to make the race a referendum on generational change. Waters, who is one of four California Democrats facing generational challenges this cycle, has represented South Los Angeles for nearly 50 years — first as a state legislator and now in Congress.

“She’s done a lot of great work,” Rahman said in an interview. “But we’re saying, let’s pass the baton and let a new generation of leadership come have a seat at the table.”

Asked if she feels up for another two years as chair, Waters pointed to public appearances at an array of recent protests, including one “out in front of the Department of Education at 19 degrees.”

On whether she believes there’s a need for generational change in her party, Waters replied that she is “a big supporter of the Constitution of the United States of America.”

“I believe that everybody that wants to run should have an opportunity to run,” she said. “And depending on how good you are, how much you know, how much you convince the people — if you happen to win, that’s the way the Constitution works. And that’s the way we should think about it.”

In Washington, Waters’ age isn’t the only focus for her critics. Over the years, some Democrats on House Financial Services have complained that she keeps the spotlight of committee activity on herself and doesn’t create enough opportunities for rank-and-file members to lead on issues.

A leader should “always take care of your troops first,” said one committee Democrat granted anonymity to speak candidly. “I think Maxine has a challenge with that.”

Other members tell a different story. Rep. Stephen Lynch of Massachusetts said she’s “very inclusive” and that delegating issues has “been her strength.”

Waters has a long record of working across the aisle on the committee to pass and enact legislation, and she’s won kudos from a series of Republican chairs for her willingness to pick spots for dealmaking. But there have been tense moments where other committee Democrats — moderates and progressives alike — have complained that their priorities aren’t being addressed, including during her last stint as chair.

Waters said she works “very hard with the opposite side of the aisle when there are bills that my members may be interested in to see if we can work out the differences so that they have a chance to move — sometimes even though it’s not with a Democratic bill but a Republican bill.”

“I think I do that well,” she said.

A committee spokesperson for Waters added in a statement that she “has established a strong record of creating opportunities that elevate and empower Committee Democrats,” including “establishing task forces, supporting Member-led field hearings to connect with their constituents, convening roundtables, and advancing legislation that has gone on to become law.”

Asked about Waters’ legislative track record, the spokesperson pointed to a range of wins from her last stint as chair, including a seven-year reauthorization of the Export–Import Bank and laws aimed at cracking down on anonymous shell companies and money laundering.

Another persistent concern among some Democrats is her approach to fundraising, which has long lagged her peers. Since the start of 2023, according to the most recently available federal campaign finance filings, Waters has contributed $250,000 to the Democratic Congressional Campaign Committee — a figure well below other members of her party who hold similar posts. Over the same period, Rep. Richard Neal of Massachusetts, the top Democrat on the House Ways and Means Committee, transferred $990,000 to the DCCC and Rep. Rosa DeLauro of Connecticut, the Democratic leader on House Appropriations, gave just over $869,000.

Waters’ direct contributions to individual members are also minimal. Since the start of 2023, she has only transferred money to three sitting members of the committee, and none since the start of the current Congress.

“She should certainly be raising more money, and that’s definitely an issue,” said another Financial Services Democrat granted anonymity who was otherwise satisfied with her leadership. “That’s something that she has to focus more on.”

Asked about her fundraising, Waters said she’s “very careful about it.” She said she plans to send more cash to members and that she tries to help them in other ways, including by going to their districts.

“I want to help them, but I don’t want them to be misused by the big boys with all of the money who think they can own us,” she said. “They cannot own me, and I caution my members about being owned by the big money boys who would own them if they could.”

For Waters’ allies, that watchdog approach to the financial services industry is why they back her. Many Democrats like the idea of returning the Financial Services gavel to a fierce Wall Street critic and a battle-tested Trump antagonist in the run-up to the 2028 elections.

“She’s sharp, she’s got a great attitude, she’s got a good soul,” Lynch said. “And I think we need that on that committee because sometimes it becomes billionaires arguing with billionaires. That’s how it is under Republican leadership. And Maxine … brings Main Street into the discussion, not just Wall Street.”