U.S. Rep. Patrick McHenry, the leader of one of the key congressional committees for CFPB oversight, will not seek reelection in November 2024.
12/07/2023 9:40 A.M.
3 minute read
The top Republican on the House Financial Services Committee who also served as temporary Speaker of the House this year, U.S. Rep. Patrick McHenry, R-N.C., announced he will not seek reelection next year.
“I will be retiring from Congress at the end of my current term,” McHenry said in a news release. “This is not a decision I come to lightly, but I believe there is a season for everything and—for me—this season has come to an end.”
Tuesday’s announcement reverses one McHenry made in October on social media, when he posted that he would seek reelection in North Carolina’s 10th district.
McHenry didn’t acknowledge the change in his plans. Dozens of lawmakers are leaving Congress after this term due to retirement or other plans, CBS News reports.
“There has been a great deal of handwringing and ink spilled about the future of this institution because some—like me—have decided to leave,” McHenry said in his retirement announcement. “Those concerns are exaggerated. I’ve seen a lot of change over twenty years. I truly feel this institution is on the verge of the next great turn. Whether it’s 1974, 1994, or 2010, we’ve seen the House evolve over time. Evolutions are often lumpy and disjointed, but at each stage, new leaders emerge. There are many smart and capable members who remain, and others are on their way. I’m confident the House is in good hands.”
Regardless of his campaign plans, McHenry’s term as chair of the House Financial Services Committee will end this Congress due to term limits.
McHenry served as temporary Speaker of the House following the removal of Speaker Kevin McCarthy this fall. The Hill also reports that McCarthy will depart House at the end of the year.
He was also recommended as a possible permanent replacement as Speaker of the House. At the time. U.S. Rep. Blaine Luetkemeyer, R-Mo., expressed interest in the Financial Services chair position, making him a possible replacement if Republicans retain the U.S. House of Representatives in the elections.
Other possible contenders in the next Congress include U.S. Reps. Bill Huizenga, R-Mich.; French Hill, R-Ark.; Andy Barr, R-Ky.; and Ann Wagner, R-Mo., according to a report from the Brownstein Hyatt Farber Schreck firm in Washington, D.C.
In his time on the House Financial Services Committee, 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 use of interpretative rules and unclear guidance.
“The public’s trust in our financial regulators is shaken,” McHenry said in opening remarks at a committee hearing with CFPB Director Rohit Chopra, ACA International previously reported.
McHenry referenced a data breach at the CFPB earlier this year, which was caused by a former bureau employee forwarding sensitive financial and supervisory information on consumers and banks to their own email account.
McHenry also inquired about Chopra’s role on the board of the Federal Deposit Insurance Corp. and his knowledge related to allegations of “workplace misconduct” under the leadership of Chairman Martin Gruenberg.
“This string of scandals has left many—myself included—questioning whether these agencies are up to the task of protecting consumers and ensuring the safety and soundness of our financial system,” McHenry said. “When they’re not dealing with internal mismanagement, the Biden [a]dministration’s supposedly independent financial regulators are busy serving as political actors. Director Chopra, your CFPB is a glaring example of this alarming trend—becoming a hyper-partisan agency doing the bidding of the White House rather than protecting American consumers.”
McHenry and members of the House Financial Services Committee are also supporting change in the CFPB’s funding structure in a U.S. Supreme Court case due for a decision by the end of June 2024, ACA previously reported.