Who Gets the Gavel Next?
The House GOP’s Steering Committee is meeting next week to determine committee chairs for the 119th Congress. Four House Financial Services Committee members are in the running for the gavel following current Chairman Patrick McHenry’s (R-NC) retirement. The chairman will help set the financial services agenda for President-elect Trump’s second administration and handle legislation on everything from CFPB reform to cryptocurrency to banking.
Below is a quick primer on each candidate, including the elevator pitch they gave Axios reporters earlier this month.
Rep. Andy Barr (R-KY): “I wouldn’t be running if I didn’t think that I had the experience and the vision that we need to lead the committee and make it both an asset for the conference and, more importantly, the country.”
Financial Services Focus: “Free market capitalism is ‘America First.’” His plan emphasizes that when markets thrive and entrepreneurs have access to capital, America maintains its global economic leadership. The centerpiece of Representative Barr’s agenda is the American Dream Act, which he plans to advance in the first 100 days. AFSA has worked very closely with Representative Barr in the past, both in Washington and in Kentucky.
Rep. French Hill (R-AR): “I’ve spent four decades in financial services, both in the private sector and the public sector, and in my view, that provides an incredible leg up on both the policy side and the political side of the job, which means I have contacts in policy development all over Washington and all over the country, as well as I’ve got deep connections with people engaged in banking investments housing across the nation.”
Financial Services Focus: Representative Hill has pitched a vision for community-banking policy under a Republican-led administration. His proposals, which he framed as a list of wide-ranging banking principles in a document called “Make Community Banking Great Again,” are the first major official indication of the type of bank-related policies congressional Republicans will pursue. Representative Hill, who serves as the Financial Services Vice-Chair, signed a letter earlier this year requesting that the CFPB not proceed on its auto collection data proposal.
Rep. Bill Huizenga (R-MI): “You know, my leadership style, going back to when I was a chair in the state legislature in Michigan, to my time in Washington, is to be very collaborative. I pull people along and want them to be a part of the journey.”
Financial Services Focus: Representative Huizenga has a clear priority if he gets the gavel: undoing the work of SEC Chair Gary Gensler. AFSA has worked with Representative Huizenga both in Washington and in Michigan. He supported our ILC letter earlier this year.
Rep. Frank Lucas (R-OK): “I’ve chaired two other full committees, but I’ve sat through more financial service hearings in the last three decades than anyone should have to do this side of purgatory.”
Financial Services Focus: Representative Lucas is the longest serving member on the House Financial Services Committee. His focus would be on access to capital, as a result of issues he has seen back in Oklahoma. He has said before that he wants bankers to be able to be bankers and believes that those in the financial services industry are best prepared in a market economy to determine what capital is worth and how to most efficiently allocate that to create the best rate of return. Representative Lucas also signed the ILC letter earlier this year and has worked with AFSA on a state and federal level.
December 5th, 2024
