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Congressman Patrick McHenry Nominated as House Financial Services Chair

Patrick McHenryMcHenry will focus on oversight of regulators and the Biden administration, with an agenda that includes innovation and a regulatory framework for digital assets.

12/08/2022 1:10 P.M.

1.5 minute read

U.S. Rep. Patrick McHenry, R-N.C., was nominated as the chair of the House Financial Services Committee Dec. 7. His nomination will be ratified by the House Republican Conference.

McHenry has supported reform of the Consumer Financial Protection Bureau’s funding and leadership structure, reining in regulation by enforcement as well as the CFPB’s regulatory approach of interpretative rules and guidance that lack clarity for businesses.

Before the November midterm elections, Roll Call reported McHenry—at 47—would be the youngest chair of the committee in more than 100 years.

“I’m honored to have been selected by my colleagues as the next Chairman of the House Financial Services Committee,” McHenry said in a news release. “After serving on this Committee for my entire tenure in Congress, I’m prepared to lead a dynamic group of Republican members as we work to deliver on our Commitment to America. As Chairman, I will pursue an innovation and opportunity agenda. 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. I’m excited to get to work to rebuild the greatest economy of my lifetime, which we experienced pre-pandemic under Republican leadership.”

McHenry’s agenda is expected to include financial services regulators’ oversight and cryptocurrency regulations, among other issues, ACA International previously reported.

Related Content from ACA International:

Future Financial Services Chair Patrick McHenry Shares Committee Outlook

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