Rep. Blaine Luetkemeyer, Influential Voice on House Financial Services Committee, Announces Retirement from Congress

Jan 9, 2024Congressional Legislation, News

Rep. Blaine Luetkemeyer (R-Mo.), a senior member of the House Financial Services Committee, announced last week that he will retire at the end of the year. During his time in Congress, Luetkemeyer established himself as one of the Financial Services Committee’s most influential voices on the Republican side of the aisle, serving as the current chair of the panel’s subcommittee on national security, and working as a community banker and state banking examiner before his time in Washington.

“Over the coming months, as I finish up my last term, I look forward to continuing to work with all my constituents on their myriad of issues as well as work on the many difficult and serious problems confronting our great country,” said Luetkemeyer in a statement, according to American Banker. “There is still a lot to do.”

Luetkemeyer is the second senior Republican on the committee to announce his retirement, with the panel’s current chairman Rep. Patrick McHenry (N.C.) also announcing he will retire at the end of the year. Banking Dive noted that these moves bring some uncertainty as to who might fill the chairman position, as Luetkemeyer was seen as a strong contender before his retirement announcement. 

Other senior GOP lawmakers who could fulfill the role include Reps. Andy Barr (Ky.), French Hill (Ark.), Bill Huizenga (Mich.), and Frank Lucas (Okla.). “That committee has an embarrassment of riches when it comes to talented lawmakers and potential leaders,” said House Budget Chair Jodey Arrington (R-Texas). “That’s going to be quite a competition.”

During his time on the committee, Luetkemeyer led a crusade against the Financial Accounting Standards Boards (FASB) “current expected credit loss” (CECL) standard, and introduced a bill that would strengthen guidelines for the FASB and require it to annually report to Congress.

Luetkemeyer also criticized “Operation Chokepoint,” and often accused the Biden administration banking officials of inserting politics into the banking industry.

Additionally, he criticized the “unchecked power” of the Consumer Financial Protection Bureau (CFPB) and supported bringing reform to the Federal Deposit Insurance Corp. (FDIC) board.

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