Congresswoman with Ties to Bank Helped Seek Funds

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Top federal regulators say they were taken aback when they learned that U.S. Rep. Maxine Waters, who helped set up a meeting with bankers last year, had family financial ties to a bank whose chief executive asked them for up to $50 million in special bailout funds.

Waters, a Los Angeles-area Democrat, requested the September meeting on behalf of executives at OneUnited, one of the nation’s largest black-owned banks. Her husband, Sidney Williams, had served on the bank’s board until early last year and has owned at least $250,000 of its stock.

Though a member of the House Financial Services Committee, Waters did not disclose her ties to OneUnited to Treasury officials, who said they learned of them only later.


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