" ! HOUSE OF REPRESENTATIVES 

111TH CONGRESS

1st Session 

REVIEW 

09–2

OFFICE OF CONGRESSIONAL ETHI

UNITED STATES HOUSE OF 

REPRESENTATIVES 

————— 

Report and Findings 

Transmitted to the 

Committee on Standards of Official Conduct 

on August 6, 2009 

and released publicly pursuant to H. Res. 895 of th

110th Congress as amended 

August 2009 


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U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON : 

75–659 

" ! HOUSE OF REPRESENTATIVES 

111TH CONGRESS

1st Session 

REVIEW 

2009

09–2

OFFICE OF CONGRESSIONAL ETHI

UNITED STATES HOUSE OF 

REPRESENTATIVES 

————— 

Report and Findings 

Transmitted to the 

Committee on Standards of Official Conduct 

on August 6, 2009 

and released publicly pursuant to H. Res. 895 of th

110th Congress as amended 

August 2009 


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(II) 

OFFICE OF 

CONGRESSIONAL ETHICS 

BOARD 

UNITED STATES HOUSE OF REPRESENTATIVES

ONE HUNDRED ELEVENTH CONGRESS

DAVID SKAGGS, Chair 

PORTER GOSS, Co-Chair 

YVONNE BURKE 

KAREN ENGLISH 

ALLISON HAYWARD 

JAY EAGEN 

WILLIAM FRENZEL 

ABNER MIKVA 

Leo J. Wise, Chief Counsel & Staff Director 

Omar Ashmawy, Investigative Counsel 


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REPORT 

Review No. 09–2121 

The Board of the Office of Congressional Ethics (hereaft

Board’’), by a vote of no less than four members, on July 24

adopted the following report and ordered it to be transmitted 

Committee on Standards of Official Conduct of the United 

House of Representatives. 

SUBJECT: Representative Maxine Waters 

NATURE OF THE ALLEGED VIOLATION: Representativ

ine Waters made a request in September 2008 to then Tr

Secretary Henry Paulson that Treasury Department officia

with representatives from the National Bankers Associa

meeting was in fact granted shortly thereafter. However, 

meeting, and in the follow-up activity that occurred throug

resentative Waters’ Congressional office, the discussion cent

a single bank—OneUnited. Representative Waters’ husban

been a board member of OneUnited from 2004 to 2008 and

time of the meeting, was a stock holder of the bank. Represe

Waters’ conduct may have violated House Rule 23, clause 3 (

mitting compensation to accrue to her beneficial interes

House precedent regarding conflicts of interest. 

RECOMMENDATION: The Board of the Office of Congre

Ethics recommends that the Committee on Standards of 

Conduct further review the above allegations. 

VOTES IN THE AFFIRMATIVE: 5 

VOTES IN THE NEGATIVE: 0 

ABSTENTIONS: 1 

MEMBER OF THE BOARD OR STAFF DESIGNATE

PRESENT THIS REPORT TO THE COMMITTEE ON S

ARDS OF OFFICIAL CONDUCT: Leo Wise, Staff Director & 

Counsel. 


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TABLE OF CONTENTS 

INTRODUCTION .....................................................................................

A. Summary of Allegations ............................................................

B. Jurisdictional Statement ...........................................................

C. Procedural History .....................................................................

D. Summary of Investigative Activity ...........................................

II. REPRESENTATIVE WATERS ROLE IN A SEPTEMBER 2008 MEE

ING BETWEEN THE TREASURY DEPARTMENT AND EXEC

TIVES FROM THE NATIONAL BANKERS ASSOCIATION AN

ONEUNITED BANK ............................................................................

A. Applicable Law, Rules and Standards of Conduct ...................

B. Representative Waters Called Treasury Secretary Paulson a

Requested a Meeting at the Request of Mr. Cooper and M

Cohee, Corporate Officers of OneUnited Bank. .....................

C. Further Evidence of OneUnited’s Singular Role in Septemb

9, 2009 Meeting ........................................................................

D. Representative Waters’ Husband was a Former Board Memb

of OneUnited and Held Significant Investments in OneUnite

E. Representative Waters’ Apparent Recognition of Conflict of 

terest ..........................................................................................

III. CONCLUSION ..........................................................................................

IV. INFORMATION THE OCE WAS UNABLE TO OBTAIN AND RE

OMMENDATIONS FOR THE ISSUANCE OF SUBPOENAS ..........


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1 As per Rule 9 of the OFFICE OF CONGRESSIONAL ETHICS, RULES FOR T

DUCT OF INVESTIGATIONS 11 (2009), the Board shall refer a matter to the Stand

mittee if it determines there is a substantial reason to believe the allegation. 2 H. Res 895, 110th Cong. §1(e) (2008) (as amended). 

FINDINGS OF FACT AND CITATIONS TO LAW 

Review No. 09–2121 

On July 24, 2009, the Board of the Office of Congressional 

(hereafter ‘‘Board’’) adopted the following findings of fact a

companying citations to law, regulations, rules and stand

conduct (in italics). The Board notes that these findings do n

stitute a determination that a violation actually occurred. 

I. INTRODUCTION 

A. SUMMARY OF ALLEGATIONS

1. There is a substantial reason to believe that Represe

Waters’ conduct may have violated House Rule 23, clause 

House precedent regarding conflict of interest1 when she 

then Treasury Secretary Henry Paulson and requested that 

ury Department officials meet with representatives from t

tional Bankers Association. A meeting was in fact granted

ever, the discussion at the meeting centered on a single 

OneUnited. Representative Waters’ husband had been a 

member of the bank from 2004 to 2008 and, at the time 

meeting, was a stock holder of the bank. 

B. JURISDICTIONAL STATEMENT

2. The allegations that were the subject of this review c

Representative Maxine Waters, a Member of the United 

House of Representatives from the 35th District of Californ

Resolution the United States House of Representatives adopt

ating the Office of Congressional Ethics (hereafter ‘‘OCE’’) 

that, ‘‘[n]o review shall be undertaken’’ by the board of any 

violation that occurred before the date of adoption of this 

tion.’’1A2 The House adopted this Resolution on March 11

Because the conduct under review occurred after March 11

review by the Board is in accordance with the Resolution. 

C. PROCEDURAL HISTORY

1. A preliminary review in this matter commenced on A

2009, following a written request by at least two members 

OCE Board made on March 26, 2009. 

2. At least three members of the Board voted to initiate a 

phase review in this matter on April 24, 2009. The second 

review commenced on May 1, 2009. 


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3 Some documents and interviews were requested by the OCE staff prior to June 

but not provided to the OCE until after this date. 

3. The Board voted to extend the 45-day second-phase rev

an additional 14 days on June 12, 2009, as provided for un

Resolution. 

4. The second-phase review ended on June 30, 2009.3

5. Representative Waters presented a statement to the 

under Rule 9(B) of the Office of Congressional Ethics’ Rules 

Conduct of Investigations, on July 24, 2009. 

6. The Board voted to refer the matter to the Commi

Standards of Official Conduct for further review and adopte

findings on July 24, 2009. 

7. The report and findings in this matter were transmitted 

Committee on Standards of Official Conduct on August 6, 20

D. SUMMARY OF INVESTIGATIVE ACTIVITY

8. The OCE requested documentary and in some case

monial information from the following sources: 

(1) OneUnited Bank; 

(2) Mr. Robert Cooper; 

(3) Mr. Kevin Cohee; 

(4) Mr. Jeb Mason; 

(5) The Secretary of the Treasury Department, the 

Secretary of the Treasury Department who serve

July 2006–January 2009; 

(6) Representative A, Chairman of the Financial S

Committee in the U.S. House of Representatives; 

(7) Representative Waters; 

(8) Representative Waters’ Chief of Staff; and 

(9) Representative Waters’ Congressional office. 

II. REPRESENTATIVE WATERS ROLE IN A SEPTEMBE

MEETING BETWEEN THE TREASURY DEPARTMENT 

EXECUTIVES FROM THE NATIONAL BANKERS ASS

TION AND ONEUNITED BANK 

A. APPLICABLE LAWS, RULES AND STANDARDS O

CONDUCT 

9. Code of Conduct: 

Under House Rule 23, clause 1, Members ‘‘shall behave 

times in a manner that shall reflect creditably on the H

Under House Rule 23, clause 2, Members ‘‘shall adhere 

spirit and the letter of the Rules of the House’’. 

Under House Rule 23, clause 3, Members ‘‘may not perm

pensation to accrue to the beneficial interest of such ind

from any source, the receipt of which would occur by v

influence improperly exerted from the position of suc

vidual in Congress.’’ 

10. Conflict of Interest: 

The House Ethics Manual discusses at length the pre

guiding Members’ actions on matters of personal i

Quoting Rule III, section 673 of the Rules of the House 

resentatives, the manual states, ‘‘It is a principle of ‘‘im


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4 COMM. ON STANDARDS OF OFFICIAL CONDUCT, 110TH CONG., HOUSE 

MANUAL 234 (2008). 5 Id. at 237. 6 Id. 7 Rule 9 of the OFFICE OF CONGRESSIONAL ETHICS, RULES FOR THE CON

INVESTIGATIONS 11 (2009) provides that ‘‘[t]he Board shall refer a matter to the 

Committee for further review if it determines there is a substantial reason to believe 

tion based on all the information then known to the Board.’’ 8 Memorandum of Interview of Representative Maxine Waters, June 25, 2009 (Ex

09–2121—000002). 9 The National Bankers Association was founded in 1927 as the trade association f

tion’s 103 minority and women-owned banks. The members include banks owned b

Americans, Native-Americans, American-Indians, East-Indians, Hispanic-American

Americans and Women. MWOB’s are located in 29 states and 2 territories spanning 

and the District of Columbia. (http://www.nationalbankers.org/profile.asp (last visite

2009)). 10 Memorandum of Interview of Representative Maxine Waters, June 25, 2009 (Ex

09–2121—000002). 11 Id. at 09–2121—000002–000003. 

rial observance’’ that a Member should withdraw when 

tion concerning himself arises; but it has been held that 

qualifying interest must be such as affects the Member d

and not as one of a class.’’ 4 Although the manual stat

Rule III only applies to a Member voting on the House f

makes clear that contacting an executive branch agency 

‘‘a degree of advocacy above and beyond that involved 

ing.’’ 5 As such, the manual cautions that a ‘‘Member’s d

on whether to take any such action on a matter that ma

his or her personal financial interest requires add

cumspection.’’ A Member who considerers advocating on 

ter that may affect her ‘‘personal financial interests . . . 

first contact the Standards Committee for guidance.’’ 6

11. The rules and precedent cited above clearly enun

standard that restricts Members from advocating for a ma

which they have a personal financial interest. Therefore, 

resentative Waters advocated for OneUnited while her h

maintained a significant investment in the bank, then sh

have violated House Rule 23 and House standards regardi

flicts of interest. 

12. Based on the facts collected by the OCE, the Board con

there is a substantial reason to believe the allegation that 

subject of this review.7

B. REPRESENTATIVE WATERS CALLED TREASURY 

RETARY PAULSON AND REQUESTED A MEETING A

REQUEST OF MR. COOPER 

13. In an interview with the OCE, Representative Waters 

that she called then Treasury Secretary Henry Paulson at 

quest of Mr. Robert Cooper and Mr. Kevin Cohee.8 At the 

the request, Mr. Cooper identified himself as the Chairman-

the National Bankers Association 9 (NBA) and also as Vice

dent and Senior Counsel for OneUnited. Mr. Cohee was one 

principle founders of OneUnited and the Chairman and CEO 

bank. Representative Waters stated that Mr. Cooper met h

side her office and asked her to contact Secretary Paulson a

for a meeting.10 Either that day or the day after, Mr. Cohe

to the Representative’s office and reiterated Mr. Cooper’s req


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12 Id. 13 Letter from Mr. Robert Cooper, Senior Counsel, OneUnited Bank to Representati

Waters, Aug. 22, 2008 (Exhibit 2 at 09–2121—000008). 

14. Representative Waters asked Mr. Cooper to prepare 

ment for her so that she could ‘‘speak intelligently’’ about th

ter Mr. Cooper wanted to address with the Treasury wh

called Secretary Paulson.12 Mr. Cooper prepared a cover let

memorandum per Representative Waters’ request. The Boar

that although Mr. Cooper makes reference to his position as 

man-elect of the NBA in the body of the letter, the letter i

written on OneUnited letterhead and is signed ‘‘Robert 

Cooper, Senior Counsel.’’ 13

15. The letter and memorandum Mr. Cooper drafted fo

resentative Waters were followed by a letter from Mr. Co


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14 Letter from Mr. Robert Cooper, Senior Counsel, OneUnited Bank, to Secreta

Paulson, Sept. 6, 2008 (Exhibit 3 at 09–2121—000011–000012). 15 Memorandum of Interview of the Secretary of the Treasury Department, Apr. 20, 

hibit 4 at 09–2121—000015). 16 Id. 17 Id. 18 Id. 19 Id. 20 Id. 21 Memorandum of Interview of the Chief of Staff of Representative Waters, June 

(Exhibit 5 at 09–2121—000019). 22 Id. 23 Id. 24 Id. 

Secretary Paulson on September 6, 2008, requesting a m

Representative Waters and Representative Barney Frank we

ied on the letter. On this occasion the letter is on NBA lett

and Mr. Cooper signs as the Chairman-elect of the NBA.14

16. In an interview with the OCE, the Secretary of the Tr

Department expressed a clear recollection of Representati

ters’ phone call.15 He provided the following facts regardi

phone call: 

a. Representative Waters expressed concern about ho

Treasury Department structured the conservatorship into 

Fannie Mae and Freddie Mac had been placed. Representati

ters indicated that it could severely disadvantage minority

banks.16

b. During the call, Representative Waters indicated that s

‘‘some people in town who were important to her’’ and they 

a meeting with the Treasury Department.17

17. The Secretary of the Treasury Department stated th

week of September 8, 2008 was extraordinarily busy giv

state of the burgeoning financial crisis. Given how busy the 

ury Department was that week, the Secretary of the Treasu

partment told the OCE that a meeting would not have occur

less Representative Waters asked for it and he decided to 

it.18

18. The meeting was granted and scheduled for Septem

2008.19

19. The Secretary of the Treasury Department was confide

Representative Waters did not mention a specific bank and 

certain that she did not mention any financial inter

OneUnited or any other bank.20

20. After the meeting was granted, Representative Water

her Chief of Staff to follow up with the Treasury Departmen

the meeting.21 The Chief of Staff of Representative Waters t

formed Mr. Cooper that the meeting had been granted.22 Ac

to the Chief of Staff of Representative Waters, he left it to M

per to decide who to invite to the meeting.23

21. The Chief of Staff of Representative Waters told th

that Mr. Cooper told him who would attend the meeting b

occurred.24 The anticipated attendees included: Mr. Coop

Cohee, Mr. George Lyons, counsel for the NBA, and Ms. Ter

liams, President of OneUnited. Of these individuals, on

Lyons had no affiliation with OneUnited. A representativ

Senator John Kerry’s office, a representative from Represe

Barney Frank’s office, and the Chief of Staff of Representati


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25 Id. 26 Memorandum for Record of Mr. Robert Cooper, Apr. 17, 2009 (Exhibit 6 at 

000023). The Board notes that this memorandum resulted from a phone conversation 

Cooper during the initial phone call requesting his cooperation and the cooperation of 

and OneUnited. All requests for additional opportunities to interview Mr. Cooper and 

have been denied. 27 Memorandum of Interview of the Chief of Staff of Representative Waters, June 

(Exhibit 5 at 09–2121—000019). 28 Memorandum of Interview of Representative Maxine Waters, June 25, 2009 (Ex

09–2121—000005). 29 Memorandum of Interview of the Chief of Staff of Representative Waters, June 

(Exhibit 5 at 09–2121—000019). 30 Id. 31 Id. 32 Id. at 09–2121—000020. 33 Memorandum for Record of Mr. Robert Cooper, Apr. 17, 2009 (Exhibit 6 at 

000023) 34 Id. 35 Memorandum of Interview of the Chief of Staff of Representative Waters, June 

(Exhibit 5 at 09–2121—000019) 

ters also attended the meeting. The remaining attendees w

vited by the Treasury Department and were from various ba

ulatory agencies.25 Approximately 20 people attended.26

22. The Chief of Staff of Representative Waters describ

meeting as a high level, ‘‘high priority’’ meeting, citing that 

one Assistant Secretary of the Treasury Department was in 

ance.27 Representative Waters confirmed the significance 

meeting. When asked how often she calls a Cabinet level 

such as Secretary Paulson, Representative Water’s replie

‘‘you don’t use your chits for nothing, you call when there is 

portant issue.’’ 28

23. The Chief of Staff of Representative Waters provided 

lowing information to the OCE: 

a. The meeting lasted approximately 45 minutes to one 

Mr. Cooper stated that he represented both the NB

OneUnited, but stated that at the meeting he was represent

NBA.30 The meeting took the form of a dialogue with ev

speaking. Mr. Cooper expressed his concerns about the impa

Fannie Mae and Freddie Mac’s conservatorship would have 

nority-owned banks.31 Mr. Cohee expressed similar concer

used OneUnited as an exemplar of the impact the Treasu

partment’s decisions would have on minority-owned banks.32

24. Mr. Cooper corroborated these facts, stating that a

mately one half of the meeting was used by Treasury Depa

officials to explain why the government took the actions it d

regard to Freddie Mac and Fannie Mae.33 He state

OneUnited was represented at the meeting to illustrate wha

happen to minority-owned banks if the Federal government 

assist them. He also stated that OneUnited was the onl

independently represented at the meeting.34

25. The Chief of Staff of Representative Waters did not t

was strange that Mr. Cooper invited such a small group of 

to attend the meeting despite his knowledge that there are m

banks of the NBA in the Washington, DC metro area.35 The 

notes that OneUnited’s exclusive representation at the mee

nevertheless cause for concern given the fact that the NB

resents 103 member banks and of those banks two are in 


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36 http://www.nationalbankers.org/memberbanks.asp (last visited June 14, 2009). 37 Memorandum of Interview of the Chief of Staff of Representative Waters, Jun

(Exhibit 5 at 09–2121—000020). 

ington, DC—Industrial Bank, N.A. and Independence Feder

ings Bank—and one is in Bethesda, MD—Urban Trust Bank

26. When interviewed by the OCE the Chief of Staff o

resentative Waters at first did not remember any specific po

remedies discussed, but he then stated that one potential 

discussed at the meeting was the transfer of funds from the 

ury to the affected banks.37


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38 Letter from Mr. Robert Cooper, Chairman Elect, National Bankers Association, 

thony Ryan, Acting Under Secretary for Financial Institutions Policy, Sept. 10, 200

7 at 09–2121—000024). 

27. The day after the meeting, September 10, 2008, Mr. 

sent a letter to the Acting Under Secretary, Anthony Ry

lowing up on the discussion from the day before. In the let

Cooper highlighted Mr. Cooper’s and Mr. Cohee’s request t

Treasury return capital to the affected banks including, p

ably, OneUnited. The Board draws particular attention to t

guage in the first paragraph stating that at the meeting ‘‘

phasized that Treasury should provide . . . protection on an 

basis to avert possible failure of one if not several of our 

tions . . .’’ (Emphasis added). As OneUnited was the onl

represented at the meeting, the Board infers that the ‘‘one

referenced in the letter likely was OneUnited. The Board als

note of language that indicates a request was made for a t

of funds from the Treasury to the affected bank, including t

cific request that Treasury would redeem the GSE preferre

. . .’’ and the characterization of this redemption as ‘‘. . . n

nificant to the government in absolute dollar terms.’’38


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39 Memorandum of Interview of Representative Maxine Waters, June 25, 2009 (Ex

09–2121—000003). 

28. Following the meeting, Representative Waters receive

from Secretary Paulson.39 During the call Secretary Paulson 

that he had expected more members of the NBA to atte


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40 Id. 41 Id. 42 Email from Mr. Kevin Cohee to John Phillips and Mikael Moore, Sept. 8, 200

8 at 09–2121—000028). 

meeting.40 He told Representative Waters that he made the 

ing available to everyone and that he expected a larger tur

C. FURTHER EVIDENCE OF ONEUNITED’S SINGULAR 

IN SEPTEMBER 9, 2009 MEETING 

29. Further evidence of what appears to be OneUnited’s s

role in the September 9, 2008 meeting is the fact that ema

vided by Representative Waters’ office show Mr. Cohee, the 

CEO, inviting individuals to the meeting. This contradict

resentative Waters and the Chief of Staff to Representative W

comments that the NBA decided who would attend the m

with the Treasury Department because Mr. Cohee was not 

cer of the NBA.42


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43 Email from Mr. Phillip Perry to Mikael Moore, Sept. 10, 2008 (Exhibit 9 at 

000030). 

30. The September 10, 2008 letter, cited above, from Mr. 

to Mr. Ryan on NBA stationary, appears to have first been 

Mr. Mikael Moore, a member of Representative Waters’ s

Mr. Phillip Perry, the Department Administrator for Leg

Business Development for OneUnited.43


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44 Email from Mikael Moore to Erika Jeffers, Sept. 11, 2008 (Exhibit 10 at 09–2121

31. Therefore, even though the letter on its face appear

from Mr. Cooper in the role of Chairman-elect of the NBA

pears that it was, at a minimum, routed through the Leg

Business Development department of OneUnited. 

32. Moore then forwarded the September 10th letter to Eri

fers, a staff person on the Committee on Financial Services.4


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45 Email from Mr. Robert Cooper to Mikael Moore, Sept. 19, 2008 (Exhibit 11 at 

000036–000037). 

33. In another email, Mr. Cooper sent a message to Mr. 

regarding a ‘‘back-up strategy in case Treasury does not gr

specific relief we are requesting within the next couple of 

The email was sent ten days after the meeting with the Tr

Department. Mr. Cooper sent the email from his OneUnited 

account, he signed it as ‘‘Senior Vice President/Senior Co

and he copied Mr. Cohee on the email.45


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46 Email from Mr. Kevin Cohee to Mikael Moore, Sept. 22, 2008 (Exhibit 12 at 

000039). 47 Email from Mr. Robert Cooper to Mikael Moore, Sept. 23, 2008 (Exhibit 13 at 

000041). 

34. Three days later, on September 22, 2008, Mr. Cohee, n

Cooper, sent Mr. Moore an email regarding ‘‘Bailout Legislat

The email appears to have proposed legislation attached. 

35. The next day Mr. Cooper sent Mr. Moore an email w

subject line: ‘‘Treasury Request Appendix Final.xls’’ to w

spreadsheet is attached showing OneUnited’s investme

Fannie Mae and Freddie Mac. According to the email cha

message and the attached spreadsheet was first sent to Mr. 

by Ms. Terri Williams, the President of OneUnited and an a

at the September 9, 2008 meeting.47


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48 Id. at 09–2121—000042. 49 Email from Mr. Robert Cooper to Mikael Moore, Sept. 25, 2008 (Exhibit 14 at 

000043). 

36. The spreadsheet included a request for $41,993,403.5

the Treasury in exchange for $51,250,000.00 in Fannie M

Freddie Mac stock held by OneUnited. Based on the earlie

munications between Mr. Cooper and the Treasury Depa

this exchange was essential to OneUnited’s survival.48

37. Two days later Mr. Cooper sent Mr. Moore an email

from his OneUnited account, containing only a subject line

update?’’ 49


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50 Letter from Mr. Floyd Weekes, Chairman, National Bankers Association and M

Grant, President, National Bankers Association to Neel Kashkari, Assistant Secretary 

cial Stability, Oct. 29, 2008 (Exhibit 15 at 09–2121—000045). 

38. Further conflating Mr. Cooper and OneUnited’s role 

September 9, 2008 meeting, and the communications and r

following the meeting, is an October 29, 2008 letter to M

Kashkari, the Assistant Secretary for Financial Stability. T

ter is written on behalf of the NBA and requests that the Tr

Department create a special initiative modeled on the Capit

chase Program of the TARP for minority-owned banks. Th

was signed by two individuals—Mr. Michael Grant and Mr

Weekes. Mr. Weekes’ signature block identifies him as ‘‘Cha

National Bankers Association.’’ 50

39. This letter shows Mr. Weekes speaking on behalf of th

and identifying himself as the Chairman of the organization 

as October 29, 2008. This fact raises several questions. Fir

was Mr. Cooper representing the NBA at the September 9

meeting if Mr. Weekes was still the acting Chairman. If Mr. 

was in fact the incoming Chairman—i.e., the Chairman-el

September 2008 and was authorized to speak on behalf of th

in September, why was he not continuing to speak on behal

NBA in October? Did Mr. Cooper attend the September 2009 

ing to speak on behalf of the NBA or to use the NBA’s n


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51 Memorandum of Interview of Representative Maxine Waters, June 25, 2009 (Ex

09–2121—000003–000004). 52 Id. at 09–2121—000005. 53 Id. at 09–2121—000003. 

support OneUnited’s request for a bailout? The Board agai

that the OCE made multiple requests to interview Mr. Coop

Mr. Cohee. Mr. Cooper and Mr. Cohee refused the OCE’s re

The website for the NBA currently lists Mr. Cooper as the 

man for the ‘‘2008 Board of Directors’’ and Mr. Weekes as th

mediate-Past Chairman.’’ However, this fact does little to 

the questions raised by this Review. 

40. Pursuant to H. Res 895 1(c)(2)(C)(i)(II)(bb) and Rule 6 

Office of Congressional Ethics Rules for the Conduct of Inv

tions, the Board infers that Mr. Cooper and Mr. Cohee’s ref

cooperate, taken together with the facts above, indicate th

Cooper may have used his position as the Chairman-elect 

NBA to place OneUnited in a preferential position with the 

ury Department following the creation of Fannie Mae and F

Mac’s conservatorship. 

D. REPRESENTATIVE WATERS’ HUSBAND WAS A FO

BOARD MEMBER OF ONEUNITED AND HELD SIGNIF

INVESTMENTS IN ONEUNITED. 

41. At the time of their request, Representative Waters kn

Cooper and Mr. Cohee from previous interactions. Represe

Waters indicated that Mr. Cohee was a friend and that he h

a fundraiser at his home to benefit her campaign on at le

occasion. She described her relationship with Mr. Cooper as 

sional.51 She was aware of Mr.Cooper’s 52 and Mr. Cohee’s 5

ation with OneUnited. 


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54 Letter from Mr. Sydney Williams to Mr. Kevin Cohee, Apr. 21, 2008 (Exhibit 

2121—000049). 55 United States House of Representatives Financial Disclosure Statement for Repr

Maxine Waters, May 15, 2008 (Exhibit 17 at 09–2121—000051). 56 Memorandum of Interview of Representative A, July 8, 2009 (Exhibit 18 at 

000053). 

42. Representative Waters’ husband had been a member 

board of directors of OneUnited for several years prior un

resignation on April 21, 2008.54 According to her 2008 financ

closure form, Representative Waters’ husband had two inves

in OneUnited valued between $500,000 and $1 million.55

43. While Representative Waters did not recall when or h

husband became a board member of OneUnited, she was 

that he had once sat as a member of the board. She was also 

of her husband’s investments in the bank. 

E. REPRESENTATIVE WATERS’ APPARENT RECOGNITI

CONFLICT OF INTEREST 

44. In September 2008, Representative Waters told Repr

tive A there was a problem with OneUnited, but that she 

know what to do about it because ‘‘Sydney’s been on the bo

45. Representative A recalled that the problem Represe

Waters referenced was the fact that OneUnited has pur

more preferred shares of Fannie Mae and Freddie Mac th

other bank. Representative A described the problem One

had as an exaggerated version of the problem every othe

had—OneUnited had overbought preferred shares in Fann

and Freddie Mac and was therefore at a greater risk of c


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57 Id. at 09–2121—000054. 58 Id. 59 Id. 60 Id. 

than any other bank holding preferred shares of Fannie M

Freddie Mac.57

46. Representative Waters told Representative A that she 

a predicament because her husband had been involved in th

but ‘‘OneUnited people’’ were coming to her for help. Accor

Representative A, she knew she should say no, but it bother

It was clear to Representative A that this was a ‘‘conflict of i

problem.’’ 58

47. Representative A’s advice to Representative Waters 

‘‘stay out if it’’—OneUnited was a Boston bank and he had 

mitment to minority banks. He would address the problem

resentative A then asked his staff to take over the OneUnite

from Representative Waters.59

48. Representative A had at least two conversations wit

resentative Waters in which he told her to not get involved 

OneUnited matter. The conversations likely occurred in Sep

2008, but he could not recall any specific dates.60

III. CONCLUSION 

49. For these reasons, the Board recommends that the Sta

Committee further review the above described allegation

cerning Representative Waters’ meeting request. 

IV. INFORMATION THE OCE WAS UNABLE TO OBTAIN 

RECOMMENDATIONS FOR THE ISSUANCE OF SUBPO

50. The OCE was unable to obtain information from Mr. 

Cooper, Mr. Kevin Cohee and OneUnited. The OCE made m

requests for interviews with both individuals, but despite re

assurances that cooperation was forthcoming, all requests w

nied. On June 29, 2009, Mr. Cooper asked for a written requ

an interview detailing the subjects the OCE wished to addre

OCE provided a written request the same day. The request w

nied. 

51. The Board recommends the issuance of subpoe

OneUnited bank, Mr. Robert Cooper, and Mr. Kevin Cohee. 


bjneal on DSK2TWX8P1PROD with HEARING