November 29, 2012

Hensarling next Financial Services chair

Nov. 29, 2012 – Rep. Jeb Hensarling, R-Texas, is set to take the chairman's seat in the House Financial Services Committee in January and is expected to continue his press for limiting new regulatory burdens imposed on credit unions and banks by the Dodd-Frank Act.

Hensarling spoke to NAFCU's Congressional Caucus in September on the Dodd-Frank Act and the "fiscal cliff" that lawmakers and the administration are working now to help prevent.

Brad Thaler, NAFCU's vice president of legislative affairs, said the association enjoys good relations with Hensarling. "Hensarling supports reforms NAFCU has espoused for CFPB structure and rulemaking authority," Thaler said, "and he is a cosponsor of House-passed legislation to eliminate the duplicative ATM disclosure requirement."

Thaler said NAFCU is in ongoing discussions with Hensarling and his staff on the issue of housing finance reform as well. Hensarling is no fan of the housing government-sponsored enterprises. NAFCU, by contrast, is working to ensure that any final housing finance reform package ensures at least two entities remain to perform the functions now handled by Fannie Mae and Freddie Mac.

About to enter his sixth House term, Hensarling will replace Rep. Spencer Bachus, R-Ala., as House Financial Services chairman. Bachus must relinquish the seat due to a term limit.

The House Republican Steering Committee made its committee chair recommendations Tuesday; the House ratified those yesterday. Among other key results:
  • Rep. Paul Ryan, R-Wis., continues as chairman of the House Budget Committee;
  • Rep. Darrell Issa, R-Calif., continues as chairman of the Oversight and Government Reform Committee;
  • Rep. Sam Graves, R-Mo.,continues aschairman of the Small Business Committee;
  • Rep. Bob Goodlatte, R-Va., becomes chairman of the Judiciary Committee (he will succeed Lamar Smith, R-Texas, also term-limited);
  • Rep. Jeff Miller, R-Fla.,continues aschairman of the Veterans Affairs Committee;
  • Rep. Buck McKeon, R-Calif.,continues aschairman of the Armed Services Committee;
  • Rep. Dave Camp, R-Mich.,continues aschairman of the Ways and Means Committee.