McHenry Officially Selected to Chair House Financial Services Committee Next Congress

While widely expected to take the gavel of the House Financial Services committee if Republicans won control of Congress in the midterms, Representative Patrick McHenry (R-N.C.) last week was formally selected to Chair the House Financial Services Committee (HSFC) for the 118th Congress beginning in January 2023. He said the HFSC would focus on four main areas: capital information, crypto policy, executive oversight, and financial data privacy reform.

“I will pursue an innovation and opportunity agenda,” McHenry said in a statement. “We will focus our efforts on conducting appropriate and aggressive oversight of the Biden administration, as well as pursuing bipartisan legislation to put Americans back in control of their personal financial data, enhance capital formation opportunities, and develop a comprehensive regulatory framework for the digital asset ecosystem.”

At the end of November, McHenry outlined his plans for the committee, which include developments surrounding stablecoins and early outlines for more comprehensive digital asset legislation. He previously worked with current Financial Services Committee Chairwoman Maxine Waters (D-Calif.) on constructing a federal framework for stablecoins during his tenure with the Committee.

McHenry will also likely target Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra and Securities and Exchange Commission (SEC) Chair Gary Gensler for implementing financial regulations that Republicans consider too aggressive.

Additionally, Senator Tim Scott (R-S.C.) became Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, and Committee Chairman Senator Sherrod Brown (D-Ohio) released the Committee’s agenda for the next Congress.

“We will build on our work to ensure our economy serves all Americans⎯not just those at the top⎯by increasing the supply of affordable homes, protecting our consumers and financial system from risks like cryptocurrencies and climate change, rebuilding trust in our institutions, and helping Americans keep more of their hard-earned money at a time when they need it most.”