House Financial Services Committee Chairman Jeb Hensarling Announces Retirement
November 4, 2017
This week, the architect of House Republican Financial Reform policy and legislative efforts, Jeb Hensarling (R-TX), announced his retirement from Congress. Since 2010, the Texas Republican has chaired the House Financial Services Committee and has spearheaded several notable financial reform efforts supported by the Center, including repeal of the pay ratio mandate as well as a push to subject proxy advisory firms to additional scrutiny and an SEC-managed oversight regime. Rep. Hensarling is in his last of three terms as Chairman of the Committee. His departure raises the question as to who the next Chair of the powerful House Financial Services Committee may be. There are several potential candidates, including Rep. Peter King (R-NY), a senior moderate Republican who also serves on House Intelligence Committee as well as House Majority Deputy Whip Rep. Patrick Henry (R-NC) whose name is already being floated by news outlets. Rep. Bill Huizenga (R-MI), sponsor of multiple pay ratio repeal efforts and Chairman of a Financial Services Committee Sub-Committee, also has a shot at the position.
The selection of the Chairman will have a significant impact on the direction the House GOP take on financial reform, depending on the outcome of the 2018 election.