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However, the possible tweaks to the panel that the outlet described may not affect German institution Deutsche Bank — which Waters has promised to look at more closely due to its relationship with Trump.
When her party takes control of the House in January, the California Democrat will likely lead the House Financial Services Committee. Aside from her goal of probing Deutsche Bank, she has also pledged to fight White House efforts to roll back bank regulations. With a majority, Democrats will gain subpoena power.
Axios reported that the potential committee changes would put oversight of "international financial institutions" within the Terrorism and Illicit Finance Subcommittee and get rid of the Monetary Policy and Trade Subcommittee. Waters is among the Democrats who have asked Deutsche Bank for information about its loans to Trump and his family, including whether they were guaranteed by the Russian government. Regulators have ordered the firm to take steps to curb money laundering.
Yet, the "international financial institutions" category applies to institutions such as the International Monetary Fund and World Bank, a person familiar with the matter who declined to be named told CNBC. Those currently fall under the Monetary Policy and Trade Subcommittee's jurisdiction.
Axios also reported that the Democratic representative proposes to swap the word "Credit" for "Protection" in the Financial Institutions and Consumer Credit Subcommittee. That signals a focus on shielding consumers from business malpractice — something she has said the Consumer Financial Protection Bureau under its head Mick Mulvaney has failed to do. Mulvaney and other conservatives have argued that the bureau was a form of government overreach.
A spokesman for Waters said the representative is still deciding whether to make changes to the committee's structure.
"Ranking Member Waters is in the process of having conversations with the Democratic Members of the Committee about the Committee's future structure and seeking their input. This process has not been completed," said Waters spokesman Eric Hersey.
Waters is one of a number of prominent Democrats who have to decide how to handle the party's first control of the House in eight years. Democrats in part want to use their power to check what they deem abuses and overreach by the Trump administration.
But some worry that action too drastic could alienate the more moderate voters who supported Democrats in the red-leaning districts that drove the party's push for a House majority.
Update: This story was updated to include a statement from Waters' spokesman and additional reporting on whether potential changes would affect Deutsche Bank.