Rep. Jeb Hensarling (R-Texas) has been selected by House Republicans to serve a third term as chairman of the House Financial Services Committee.
Once Republicans maintained control of the House, Hensarling’s re-election had been expected.
Hensarling has made it clear that one of his priorities next year is to enact his financial CHOICE Act, which would replace most of Dodd Frank with a new financial institution regulatory regime.
The bill would expand the NCUA board to five members and make the agency’s budget subject to the appropriations process. It also contains several provisions to rein in the powers of the CFPB.
Hensarling’s committee has approved the bill, but it is not expected to be enacted this year.
In a statement following his selection as chairman, Hensarling said, “We will work to hold both Wall Street and Washington accountable, because consumers must be vigorously protected from fraud as well as the loss of their economic liberty.”
A committee spokesman said that subcommittee chairmen have not yet been selected.
On the Senate side, Sen. Mike Crapo (R-ID) is expected to head the Senate Banking Committee since current chairman Sen. Richard Shelby (R-AL) cannot serve another term due to Senate GOP term limits on committee chairmen.
