Committee that Cleared Waters Chastises Panel

9/25/2012, 1:02 p.m.

The substitute House Ethics Committee that investigated California Rep. Maxine Waters for allegedly steering bailout money to a bank where her husband owns stock, has now pointed a finger at the panel that polices member wrongdoing.

Warnings from the substitute committee that was appointed in February, came by way of several recommendations on how the permanent panel should conduct itself.

Meanwhile, the committee recently announced that although the minority-owned OneUnited Bank received $12 million in bailout funds, it found no evidence that Waters knowingly violated Congressional standards or rules.

All along, the 11-term Los Angeles area congresswoman who was exonerated following a three-year probe that may have cost taxpayers as much as $1.3 million, had repeatedly insisted her efforts were part of a broader push to help minority-controlled financial institutions during the banking crisis.