Rep. Maxine Waters appears to be in a stronger position to hold her ranking member seat after a potential rival began pulling back from a challenge.
Bill Foster, an Illinois Democrat who had been seriously weighing a bid against Waters, is now leaning against entering the race, according to two people familiar with his thinking.
The pair spoke by phone, a conversation that sources say came amid broader deliberations about the future direction of the House Financial Services Committee.
Foster had earlier this year approached Waters directly, pitching her on changes to how the committee could operate, according to one source with knowledge of those discussions.
His apparent retreat leaves Rep. Sean Casten of Illinois as the most prominent figure still pressing forward with a challenge against the 88-year-old California Democrat.
Casten made his intentions explicit, informing Waters personally that he planned to run against her for the top Democratic post following the midterms.
Waters has held the ranking member position on the House Financial Services Committee since 2013, building a lengthy tenure that has given her a significant institutional advantage.
Still, she carries real vulnerabilities into this fight, particularly a fundraising record that critics describe as lackluster compared to what the role demands.
Those weaknesses have been enough to encourage multiple colleagues to at least consider challenging her, and Waters is actively working to lock down support ahead of the next Congress.
Whether Casten can capitalize on those vulnerabilities without Foster alongside him remains the central question, as the two Illinois lawmakers had been expected to mount pressure together.
Foster’s hesitation may reflect the steep climb involved in ousting a ranking member of Waters’ experience and institutional standing, even one with acknowledged weaknesses.
The committee post carries considerable influence over financial regulation, banking policy, and oversight matters that have become increasingly prominent in the current political environment.
Waters’ team is pressing forward, and with Foster cooling, the incumbent enters the next phase of this internal Democratic contest from a more stable footing than seemed likely just days ago.
