What Is the Mysterious New Evidence That Halted the Maxine Waters Investigation?

(Nov. 19) -- For now, it's a secret.

Fresh off its recommendation of censure for Rep. Charles Rangel, the House ethics committee abruptly postponed a hearing for another Democratic member, California Rep. Maxine Waters.

In a statement released today, the House Committee on Standards of Official Conduct announced the following:

The Committee voted to recommit the matter regarding Representative Maxine Waters to the investigative subcommittee due to materials discovered that may have an effect on the investigative subcommittee's transmittal to the Committee.

As a result, the adjudicatory subcommittee no longer has jurisdiction over this mater and the adjudicatory hearing previously scheduled for November 29, 2010, will not be held.

Back in July, Waters was accused of committing ethics violations over the manner in which she attempted to help secure TARP funds for OneUnited Bank, an institution where her husband had investments, in the wake of the 2008 financial-sector meltdown. The congresswoman has steadfastly proclaimed that she broke no house rules.

So what exactly is the new evidence alluded to by the ethics committee, and what does it mean for Waters? According to the accused, the announcement is a sign that her colleagues in the House don't have a case against her.

"In fact, the Committee has had this 'new' document since October 29th, and it does not provide any new significant information," Waters said in a statement. "In fact, the document shows that my office was working to ensure that Emergency Economic Stabilization Act assisted small and minority institutions. The document does not reflect any action on behalf of any specific company. Although the Committee continues to insist that the 'small bank language' was drafted to benefit only one institution, the facts do not support that assertion; in fact, the documentary record directly contradicts it."

Whether Waters' reading of the new delay turns out to be correct remains to be seen.