Rep. McHenry to seek Chair of Financial Services Committee if Republicans Take Back House

With the midterm elections little more than six months away, the jockeying for positions has already begun among Republicans, who are expecting to regain control of the House of Representatives. One important Republican to companies in the accounts receivable management industry — Rep. Patrick McHenry [R-N.C.] — yesterday said he plans to seek to be the chair of the House Financial Services Committee if Republicans are successful, saying the committee is the best possible spot for him in a “divided” Congress, according to a published report.

Rep. McHenry has been the top Republican on the House Financial Services Committee for the past four years and would replace Rep. Maxine Waters [D-Calif.] if Republicans win back control of the House in November. Democrats currently control 221 of the 435 seats in the House of Representatives. All 435 members of the House are up for election this November. Currently, 167 seats are seen to be “solid” Republican, compared with 155 for Democrats. Thirty-one seats are leaning Democrat while 17 are leaning Republican and 27 seats are listed as a toss-up.

“House Republicans will retake the majority this November, and the next Congress will be defined by divided government. As a result, I will best be able to serve our conference as the Chairman of the Financial Services Committee,” Rep. McHenry said in a statement. “Over the last four years as the Ranking Member at FSC, I have focused efforts to drive innovation, technology adoption, and embrace digital assets – tools which enable financial inclusion and better economic results. I plan to redouble those efforts, especially where we can achieve bipartisan consensus.”

Rep. McHenry had been talked about as House majority whip, the third-highest ranking position in the House of Representatives, behind Speaker of the House and House majority leader.

If he is successful at becoming chair of the Financial Services Committee, Rep. McHenry would likely only have one term at the helm. House Republican rules limit committee chairs and ranking members to three consecutive terms. Rep. McHenry detailed some of his agenda if he becomes chair of the committee.

“Agencies like the SEC [Securities and Exchange Commission] and CFPB [Consumer Financial Protection Bureau] have gone far beyond their statutory mandates in pushing the progressive left’s radical agenda,” he said. “Our team has been laying the groundwork for this oversight in recent months and House Republicans on the Financial Services Committee will be well equipped to hold President Biden and his administration accountable for their overreach in the new Congress.”

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