Staunch Supporter of Crowdfunding, Fintech, Congressman Patrick McHenry Announces He Will Not Seek Re-Election

Congressman Patrick McHenry, a Republican from North Carolina and current Chairman of the House Financial Services Committee, has announced his intent not to seek re-election to the seat in Congress he has held for 20 years.

In a statement posted on the Congressman’s website, he said the decision was not taken lightly and his time to end his tenure in the House has arrived.

“Past, present, and future, the House of Representatives is the center of our American republic. Through good and bad, during the highest of days and the lowest, and from proud to infamous times, the House is the venue for our nation’s disagreements bound up in our hopes for a better tomorrow. It is a truly special place and—as an American—my service here is undoubtedly my proudest. Since being sworn in January 3rd, 2005, I have worked every day to uphold the Constitution and the system of government our founders so wisely created. Thank you to my bosses at home in western North Carolina for giving me the opportunity to serve you. I strived each day in this job to not let you down. Being entrusted as your voice in Washington is my highest honor and that remains true today. My goal has always been to be a voice for western North Carolina to Washington, not the other way around.”

McHenry thanked his many staffers, saying these gifted individuals have dedicated their careers to serving North Carolina and the nation. He mentioned specifically his wife Giulia and his three children and the sacrifices they have made to support his work in the House.

“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. 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,” McHenry added.

Currently, over 30 House members have decided not to run for re-election, planning to depart an institution that has been noted for increasing division and challenges in recent years.

Widely respected in the House, McHenry recently stepped up to the plate to become Speaker Pro-Tempore when fellow Republican Representative Matt Gaetz instituted an effective political coup of former House Speaker Kevin McCarthy. The ensuing chaos created great embarrassment for the Republican party.

McHenry has long been the most dependable supporter of Fintech and investment crowdfunding – since its inception. He, along with his legislative staff, had dedicated much political capital to supporting small businesses and retail investors and championing innovation in financial services.

Managing Partner of the Manhattan law firm of Ellenoff, Grossman, and Schole, Doug Ellenoff – a regular witness at Congressional hearings advocating on behalf of crowdfunding, highlighted the void that will be left once McHenry departs:

“While I fully respect Representative McHenry’s personal decision not to seek reelection, I can’t adequately express how profoundly his absence will affect the financial service industry generally and all proposed financial service legislation that might have advanced and had a positive impact on capital market activities and our capital markets.”

Small Business & Entrepreneurship Council (SBE Council) President & CEO Karen Kerrigan said McHenry’s work during his years in the House will not be forgotten by entrepreneurs and the small business community.

“His policy leadership and legislative work will leave a positive legacy that will benefit entrepreneurs and startups for many years to come. SBE Council is saddened by the Chairman’s decision – given his energy, impact and intellect – however, we certainly respect and admire the thought process that went into his decision. As the saying goes, he will be a tough act to follow, especially given his belief in technology and technological innovation in enabling inclusive access to capital and in providing solutions and efficiencies in the financial system and financial services industry.”

Kerrigan reflected on McHenry’s ability to work across the aisle. His leadership and legislation to update outdated laws made investment crowdfunding a reality. “The JOBS Act truly democratized access to capital for thousands of entrepreneurs, particularly minority and women entrepreneurs, who have been shut out by traditional VC networks,” said Kerrigan, adding that billions have now been raised supporting the dreams of countless entrepreneurs.

MicroVentures CEO and AOIP President Bill Clark joined in praising McHenry’s leadership in online capital formation.

“Representative Patrick McHenry’s passion for and impact on equity crowdfunding will not be forgotten, and he will be dearly missed. As one of the key figures behind the JOBS act, his advocacy and efforts to pave the way for Title III crowdfunding were instrumental in shaping the foundation of crowdfunding as we know it today – allowing a broad range of investors to participate in and support the startups that are the backbone of our community.”

“The SBE Council will miss his advocacy for small businesses, his common sense on policy, and his strong support of the entrepreneurial spirit in America.”

McHenry also advocated on behalf of other sectors of Fintech.

Sheila Warren, CEO of the Crypto Council for Innovation, said that McHenry has been an “unparalleled leader” in the digital asset sector.

“Chairman McHenry is an unparalleled leader who has consistently recognized the importance of responsible innovation and fit-for-purpose regulation in the financial sector. His tenure has focused on strengthening American leadership in the global financial system and ensuring that Americans have the opportunity to participate fully in the digital assets economy.  We have appreciated McHenry’s approach to coalition building, willingness to work in a bipartisan nature, and constructive engagement with industry. He will be noticeably missed in Congress.”

While there are many backers of financial innovation in Congress, McHenry will always be remembered as the original. All participants in the financial services industry should laud his efforts in support of Fintech as well as his backing of common sense policy to the benefit of all.



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