anonymous

Future Financial Services Chair Patrick McHenry Shares Committee Outlook

Patrick McHenryRepublicans secured a majority in the U.S. House of Representatives, meaning Patrick McHenry will move up to lead the House Financial Services Committee come January. McHenry discussed his leadership approach in a recent interview with Roll Call.

11/22/2022 10:00 A.M.

2 minute read

In April, U.S. Rep. Patrick McHenry, R-N.C., announced he would seek the position of chairman of the House Financial Services Committee if Republicans secured the majority in the House after the Nov. 8 midterm elections.

The latest media and poll reports show Republicans are projected to have the majority in the House starting with the 118th Congress. According to The Hill, the Republican majority will take office after four years of a Democratic-led House.

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

McHenry’s Democratic colleagues on the committee shared their experiences working with him with Roll Call, saying he has “sought to find bipartisan legislative consensus.”

“He’s very open to ideas,” U.S. Rep. Carolyn B. Maloney, D-N.Y., said in the article. “I’ve sponsored a lot more bills with him than the previous Republican chairman [Jeb Hensarling of Texas].”

McHenry opposed a bill from U.S. Rep. Jesús “Chuy” García, D-Ill., that would require public companies to make public their environmental, social and governance policies, because it was not bipartisan enough, but García said McHenry is “an effective consensus builder,” according to the article.

Roll Call reports McHenry has changed his legislative approach to build relationships with Democrat members “in the interest of striking bipartisan deals.”

His priorities for the 118th Congress and the likely chair of the House Financial Services Committee include changes to oversight of the Securities and Exchange Commission and Commodity Futures Trading Commission, proposing policies that help businesses raise capital, regulatory oversight of cryptocurrency, and expanding the scope of the Gramm-Leach-Bliley Act to include new data rules.

Related Content from ACA International:

Post-Midterm Insights for the ARM Industry

If you have executive leadership updates or other member news to share with ACA, contact our communications department at [email protected]. View our publications page for more information and our news submission guidelines here.

Join the Conversation on The Hub

Subscribe to Our Publications

Advertising Media Kit

ACA Events Calendar

Facebook LinkedIn Twitter YouTube Instagram

Advertisement

Training Zone

Advertisement

Payment Vision

This site uses cookies. By continuing to use our site, you are agreeing to our use of cookies. Review our Privacy Policy for more information. You may change your preferences on how cookies are stored by reviewing the settings on your browser.

The content on this site is presented for educational, general reference, and informational purposes only; is not intended to serve as legal or other advice; is not intended to be a full and exhaustive explanation of the law in any area; and should not replace the advice of your own legal counsel. By continuing to use our site, you are agreeing to the legal disclaimers in our Terms of Use. Review our Terms of Use for more information.

Friendly Reminder

Get continued access to ACA International’s wide array of resources, which can help you become more profitable, compliant and successful.

Renew your membership today to take advantage of tools you won’t find anywhere else:

  • Discounts on seminars, products, services and events
  • Resources to strengthen your compliance department
  • Industry-specific risk management products and services
  • Participation in ACA’s online community, The Hub
    Members-only website content
  • Professional development and training opportunities, and so much more!

If you have completed your renewal, please disregard this reminder.