Rep. Jeb Hensarling [R-Texas], the chairman of the House Financial Services Committee, announced today that he will not be seeking re-election when his current term expires next year.
Hensarling has been one of Congress’s most vocal critics of the Consumer Financial Protection Bureau and its director, Richard Cordray. Hearings involving Cordray before the House Financial Services Committee have been very contentious, with the Republican accusing Cordray and the CFPB os abusing their powers. Hensarling has frequently sought to rein in the authority of the CFPB, including his latest initiative, the Financial CHOICE Act. The bill would give the president the power to fire the director of the CFPB for any reason, require Congressional approval of the agency’s budget, and restrict the agency’s rulemaking authority.
Hensarling has been chairman of the House Financial Services Committee since 2013 and Republican rules establish a three-term limit atop any Congressional committee. Being forced out of his role with the Financial Services Committee made it the perfect time for him to leave Congress, Hensarling said.
Hensarling has represented his Dallas-area district in Washington, D.C., since 2002.
