McHenry Outlines Plans for House Financial Services Committee in Next Congress

Rep. Patrick McHenry (R-N.C.), who is expected to Chair the House Financial Services Committee beginning in January 2023 with Republicans taking the majority in November’s elections, recently outlined his priorities for the committee in an interview with Punchbowl News. Specifically, the four areas he said the committee will focus on are executive oversight, capital formation, financial data privacy reform, and crypto policy.

On oversight, McHenry will likely target Securities and Exchange Commission (SEC) Chair Gary Gensler and Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra. Both have been characterized as implementing regulations that are too aggressive.

As Punchbowl News notes, “McHenry is keenly interested in capital formation. Financial Services Republicans celebrated the 10th anniversary of the Jumpstart our Business Startups (JOBS) Act in April, and McHenry would like to pursue some kind of encore.” The outlet also notes that Republicans released a discussion draft of capital formation legislation under the working title JOBS Act 4.0 in April of this year.

And on crypto policy, Punchbowl News says McHenry is likely to focus on developments around stablecoins and early stage outlines for broader digital asset legislation in the near-term. On this, McHenry worked with current Financial Services Chairwoman Maxine Waters (D-Calif.), who is expected to become the committee’s ranking member, on creating a federal framework for stablecoins.

McHenry has served on the committee since he was elected in 2005 and has served as ranking member for the last two Congresses.