With the retirement of Barney Frank (D-MA) in 2012, Waters became the ranking member of the House Financial Services Committee. On July 24, 2013, Waters voted in favor of Amendment 100 included in H.R. 2397 Department of Defense Appropriations Act of 2014. The amendment targeted domestic surveillance activities, specifically that of the National Security Agency, and if ultimately passed would have limited the flexibility of the NSA's interpretation of the law to collect sweeping data on U.S. citizens. Amendment 100 was rejected 217–205. On March 27, 2014, Waters introduced a discussion draft of the Housing Opportunities Move the Economy Forward Act of 2014 known as the Home Forward Act of 2014. A key provision of the bill includes the collection of 10 basis points for "every dollar outstanding mortgages collateralizing covered securities" estimated to be approximately $5 billion a year. These funds would be directed to three funds that support affordable housing initiatives, with 75% going to the National Housing trust fund. The National Housing Trust Fund will then provide block grants to states to be used primarily to build, preserve, rehabilitate, and operate rental housing that is affordable to the lowest income households, and groups including seniors, disabled persons and low income workers. The National Housing Trust was enacted in 2008, but has yet to be funded. In 2009, Waters co-sponsored Rep. John Conyers' bill calling for reparations for slavery to be paid to black Americans.