Surprising probably exactly zero people, Rep. Patrick McHenry [R-N.C.] was selected yesterday to be the next chair of the House Financial Services committee. Rep. McHenry, who has been ranking member of the committee for the past two years, will take over for Rep. Maxine Waters [D-Calif.] when the new congressional term is gaveled into session next month.
Rep. McHenry, who has been a member of the House of Representatives since 2004, has served as a member of the House Financial Services Committee for the duration of his tenure in Congress.
“I’m honored to have been selected by my colleagues as the next Chairman of the House Financial Services Committee,” said Chairman-elect McHenry in a statement. “After serving on this Committee for my entire tenure in Congress, I’m prepared to lead a dynamic group of Republican members as we work to deliver on our Commitment to America. As Chairman, I will pursue an innovation and opportunity agenda. We will focus our efforts on conducting appropriate and aggressive oversight of the Biden administration, as well as pursuing bipartisan legislation to put Americans back in control of their personal financial data, enhance capital formation opportunities, and develop a comprehensive regulatory framework for the digital asset ecosystem. I’m excited to get to work to rebuild the greatest economy of my lifetime, which we experienced pre-pandemic under Republican leadership.”
Rep. McHenry must have his nomination ratified by the House of Representatives before it becomes official. He takes over the leadership of the committee that has oversight of the Consumer Financial Protection Bureau and many aspects of the accounts receivable management industry as a result of Republicans winning control of the House of Representatives in last month’s mid-term election.
