Friday, December 28, 2012

Chairman Hensarling Names Leadership Team for Financial Services Committee, Rep. McHenry Will Chair Oversight and Investigations Subcommittee

Rep. Jeb Hensarling (R-TX), the new Chair of the Financial Services Committee in the 113th Congress has named the Chairs of the various Subcommittees, including Rep. Patrick McHenry (R-NC) to Chair the Oversight and Investigations Subcommittee with oversight of the Fed, the SEC, the FDIC and the OCC. Rep. Randy Neugebauer, Chair of the Oversight Subcommittee in the 112th Congress will Chair the Insurance and Housing Subcommittee in the new Congress. Rep. Scott Garrett (R-NJ) returns as Chair of the pivotal Capital Markets Subcommittee and Rep. Shelly Moore Capito (R-WV) returns as Chair of the Financial Institutions and Consumer Credit Subcommittee. The Vice Chairman of the Committee will be Rep. Gary Miller (R-CA) and, the newly created position of Committee Whip will be filled by Rep. Lynn Westmoreland (R-GA).

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