The House Financial Services Committee will see a shuffling of deck chairs among the leadership of its subcommittees in the new Congress as it also welcomes 10 new Republican members.
The shake-up on the GOP side is largely due to eight committee members from the previous Congress either retiring or losing elections, including Rep. Randy Neugebauer, R-Texas, who led the financial institutions subcommittee, and Rep. Scott Garrett, R-N.J., who chaired of the capital markets panel.
Rep. Bill Huizenga, R-Mich., will succeed Garrett as chairman of the capital markets subcommittee — with a twist. Oversight of the government-sponsored enterprises, which had previously been with that panel, will now shift to the subcommittee on housing and insurance, which will be overseen by Rep. Sean Duffy, R-Wis.
“I actually think in some ways this redesignation of the GSEs to the housing and insurance subcommittees is a back to the future move. It probably puts them back where they belong,” said Rep. French Hill, R-Ark., in an interview.
The chairman of the full committee, Rep. Jeb Hensarling, R-Texas, tapped Hill to be the Republican committee whip.
“I do believe the priorities of the committee will start with a review of the Financial Choice Act,” said Hill, who added that he also sees fixing the National Flood Insurance Program, which is set to expire later this year, and reforming the housing finance system as top priorities.
Rep. Blaine Leutkemeyer, R-Mo., will take over as chairman of the financial institutions and consumer credit subcommittee.
The monetary policy and trade subcommittee, which was previously chaired by Huizenga, will be led by Rep. Andy Barr, R-Ky., and the task force to investigate terrorism financing is being made into a separate subcommittee chaired by Rep. Steve Pearce, R-N.M.
Rep. Ann Wagner, R-Mo., will chair the oversight and investigation subcommittee, a post previously held by Duffy.
“Our committee will continue to develop bold, forward-looking plans that hold Washington and Wall Street accountable, end taxpayer-funded bailouts and protect consumer choice,” said Hensarling, who begins his final two years of his term as chairman under GOP rules.
Rep. Maxine Waters, D-Calif., will remain the committee’s top Democrat, while Rep. Patrick McHenry, R-N.C., will remain the vice chairman.