The newly seated 115th U.S. Congress includes several new faces on one of the most important committees for financial services regulation. House Financial Services Committee Chairman Jeb Hensarling (R-Texas) announced 10 new Republican members who will serve on the committee for the new Congress.
The new members are: Lee Zeldin (R-N.Y.); Dave Trott (R-Mich.); Barry Loudermilk (R-Ga.); Alex Mooney (R-W.Va.); Tom MacArthur (R-N.J.); Warren Davidson (R-Ohio); Ted Budd (R-N.C.); David Kustoff (R-Tenn.); Claudia Tenney (R-N.Y.); and Trey Hollingsworth (R-Ind.)
Along with the new members, the Financial Services Committee also unveiled its leadership structure this week. Among the key appointments, Patrick McHenry (R-N.C.), will serve as Hensarling’s No 2. as committee vice chairman. Meanwhile, the subcommittee on financial institutions and consumer credit will be chaired by Blaine Luetkemeyer (R-Mo.), with Keith Rothfus (R-Penn.) serving as vice chair. Ann Wagner (R-Mo.) will chair the subcommittee on oversight and investigations, while Scott Tipton (R-Colo.)—who has proposed prepaid-friendly legislation in the past—will be vice chair.
With Republicans in control of Congress and, soon, the White House, financial services and payments providers could benefit from relaxed regulations. President-elect Donald Trump has blamed “excessive regulation” for stifling economic growth, while GOP lawmakers, including Hensarling and Luetkemeyer, have proposed plans to reduce the power of financial regulators such as the CFPB. Meanwhile, merchants are wary of any potential rollback of the Durbin Amendment, which led to interchange caps on debit transactions.
“I look forward to working alongside my colleagues to pass laws that promote a dynamic economy with more jobs, higher wages and greater economic freedom for all Americans,” said Hensarling. “Our committee will continue to develop bold, forward-looking plans that hold Washington and Wall Street accountable, end taxpayer-funded bailouts and protect consumer choice.”
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