The House Financial Services Committee will have new leaders during the next Congress, as Rep. Jeb Hensarling (R-TX) was officially elected Chairman of the Committee by the House Republican caucus and Rep. Maxine Waters (D-CA) has been elected Ranking Member of the Committee. Both Representatives had been the presumed choices for Chair and Ranking Member of the Committee and will assume their new roles in January, during the 113th Congress.
Rep. Hensarling currently serves as vice chairman of the committee and will succeed Rep. Spencer Bachus (R-AL), as Bachus was term limited. Looking ahead, it is likely that GSE reform will be Rep. Hensarling’s top priority. He’s introduced legislation that would wind down Fannie Mae and Freddie Mac, the two government-sponsored enterprises, in the last three Congresses and he recently affirmed this position.
Rep. Waters will succeed outgoing ranking member Rep. Barney Frank (D-MA), who is retiring. Housing reform is also high on her list.
"I am grateful for the opportunity over the next Congress to work on the key issues facing our financial system,” said Rep. Waters. “Housing finance reform, in particular, will be crucial to ensuring the long-term success and stability of our economy."
Sen. Mike Crapo of Idaho is expected to succeed Sen. Richard Shelby (R-AL) as Ranking Member. Sen. Tim Johnson (D-SD) will likely remain Chairman of the Committee. Wall Street watch dog and freshman Sen. Elizabeth Warren (D-MA), as well as Sen. Joe Manchin (D-WV), are rumored to have secured seats on the Senate Banking Committee. Warren’s actions on the Committee are sure to draw significant amounts of attention from both the media and members of the banking industry.