In naming Rep. McHenry, Chairman Hensarling said that his exemplary efforts overseeing the SEC and CFPB in his former role as Chair of the TARP and Financial Services Subcommittee of the House Oversight and Government Reform Committee have been critical for small businesses and entrepreneurs. In his new role on the Financial Services Committee, Chairman Hensarling expects him to continue the fight for efficient markets that support the free flow of capital to every aspect of the economy.
On his appointment, Chairman McHenry noted that federal regulators need proper oversight in order to avoid bureaucratic overreach. He pledged to ensure that small businesses have access to the capital they need to grow and expand.
In letters to SEC Chair Schapiro during the 112th Congress, Chairman McHenry urged the Commission to complete the final regulations implementing Section 201 of the JOBS Act. In a November 30, 2012 letter to Chairman Schapiro, Chairman McHenry said that the SEC’s delay in implementing Section 201 is a significant obstacle to capital formation and economic recovery. The House oversight Chair also said that documents provided by the SEC to the Committee implied that Chairman Schapiro intervened to delay implementation of Section 201 in an effort to appease special interest groups and out of concern for her legacy as SEC Chairman