Congressman Patrick McHenry has been selected as the incoming Chair of the House Financial Services Committee. The House Republican Steering Committee made the move in advance of the 118th Congress, which commences in January when the Republicans take over leadership of the House.
McHenry’s selection as the new Chairman was expected, and he has been the ranking member on the Committee while Democrats controlled the House.
The new Chair has long been supportive of Fintech as well as small businesses, and expectations are high that he will refocus the Committee on key issues that will not only benefit the economy but also support innovation in financial services.
Congressman McHenry issued the following statement on the announcement:
“I’m honored to have been selected by my colleagues as the next Chairman of the House Financial Services Committee. 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.”
The nomination of McHenry will be ratified by a vote of the full House Republican Conference.