Waters has insisted that when she sought a meeting at the Treasury Department to help ailing minority-owned banks, she was doing so on behalf of all minority-run banks that were financially threatened by their investments in troubled mortgage giants Fannie Mae and Freddie Mac.
OneUnited, where Waters' husband owned stock, eventually received a $12 million bailout but Treasury officials have testified that Waters had nothing to do with that decision.
The key conclusion in the concluding ethics report was that Waters disclosed her financial interest in a public hearing, listed the investment in her public financial disclosure report and told Rep. Barney Frank, D-Mass., while he was chairman of the Financial Services Committee that she was stepping aside from any legislation involving OneUnited.
"It is the Waters Committee's belief, and hope, that most members understand that they cannot take official actions that would assist a single entity in which the member has a significant interest, particularly when that interest would clearly be affected by the assistance sought," the ethics report said.
"Certainly Representative Waters seemed to understand that principle."
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