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Post-’24 Committee Leadership Will Change

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As Congressional members continue to announce retirements and election match-ups become more clear, much speculation has been put into how committee leadership will change following the 2024 elections. The process to determine chairs and ranking members differs across the two bodies and the two parties but relies generally on the same structure.

  • Senate: Committee assignments are revisited every two years, following the general election. The sizes and ratios of the committees are dependent on the make-up of the full Senate. Before any assignments are made, Senate party leadership work together to determine the size of the standing committees. Generally this is a smooth process which is complete before January of the following year, however there can be complicating factors. Following the 2020 general election, the Senate stood at 50-50. Inter-party negotiations took two months to complete as leadership worked out a power-sharing agreement. Once the sizes and ratios of the standing committees are completed, each party decides their own committee assignments. Senate Democrat committee chairs or ranking member assignments are based on recommendations made by the Democratic Steering & Outreach Committee, which Senate Republicans form what is called a Committee on Committees. Both parties consider a variety of factors when making committee assignments, including seniority, policy interests, and the constituents represented. Senate Republicans have term-limits for Chair and Ranking Member positions. Since 1997, Senate Republicans can only serve for six years as Chair or Ranking Member. This encourages that leadership assignments are not only as a result of seniority. Senate Democrats do not have term limits for their committee leadership. There are overarching Senate rules which govern assignments, as well. Senate rules, for instance, divide the standing and other Senate committees into three groups, the so-called “A” “B” and “C” categories. Senators must serve on two “A” committees and may serve on one “B” committee, and any number of “C” committees. Exceptions to these restrictions are sometimes approved by the Senate. Also, party leaders cannot serve as leaders of a committee or subcommittee. Approval of these assignments come from both the relevant conference and then the whole Senate.
  • House: In general, the House follows a similar three-step process. First, nomination by the relevant steering committees, approval by the party caucus, and then approval by the full House of Representatives. Since every member is up for reelection every two years, committee composition can change on the House side more frequently. Just like their Senate counterparts, House Republicans have six-year term limits for committee leadership and House Democrats do not. There have been recent efforts from some House Democrats to adopt term limits, however it has always been met with strong opposition within the party. Overall House rules limit members service to no more than two standing committees and no more than four subcommittees.

Committee leadership is important to track, as the Chair and Ranking Members often work together to decide what legislation will go through the committee process and shape much of the legislation with negotiations behind the scenes. AFSA worked closely with retiring House Financial Services Chairman Patrick McHenry (R-NC) on many issues that AFSA members are interested in and affected by. Currently, Reps. French Hill (R-AR), Bill Huizenga (R-MI), and Andy Barr (R-KY) have indicated they would be interested in the top spot on the committee.

Post-’24 Committee Leadership Will Change
Feb 01, 2024

As Congressional members continue to announce retirements and election match-ups become more clear, much speculation has been put into how committee leadership will change following the 2024 elections. The process to determine chairs… Read the rest

AFSA Supports Competition and Access to Credit
Jan 24, 2024

AFSA joined with the National Association of Industrial Bankers, the Utah Bankers Association, and the Nevada Bankers Association in a letter to all Senators in opposition to S. 3538, the misnamed “Close the Shadow Banking Loophole Act,”… Read the rest

Congress Has Questions About “Risky Business”
Jan 23, 2024

Yesterday, a bipartisan group of Members of Congress sent a letter to the Consumer Financial Protection Bureau (CFPB) to express their concerns about a CFPB nonbank procedural rule. These eight members, many of whom serve on the House Financial… Read the rest

Alfa Announces Originations for US Auto Finance
Jan 22, 2024

The second of six releases that make up Alfa Systems 6, a breakthrough iteration of the Alfa Systems software platform, sets a new standard for excellence in US auto finance originations.

Alfa, a pioneer in technology for automotive finance,… Read the rest

New Jersey’s Data Disclosure Bills
Jan 11, 2024

AFSA’s State Government Affairs team recently sent a comment letter to the New Jersey General Assembly regarding NJ A1971 and S332 on collection and disclosure of personal data by certain entities. In the letter AFSA raises concerns … Read the rest

Massachusetts Proposed Junk Fee Regulations
Jan 11, 2024

AFSA’s State Government Affairs team sent a comment letter to the Massachusetts Office of Attorney General (OAG) on the proposed regulations related to Unfair and Deceptive Fees. In the letter, AFSA highlights concerns with the proposed… Read the rest

The Economic Outlook for 2024: Recession? Probably Not. Vibecession? Definitely.
Jan 11, 2024

AFSA Chief Economist Tim Gill has joined the prestigious The Wall Street Journal’s longstanding Economic Forecasting Survey panel. The panel consists of approximately 75 economists from academia, financial institutions, consulting… Read the rest

Small Business Review Panel Issues Report On FCRA Rulemaking
Jan 11, 2024

This week the Small Business Review Panel issued its “Final Report” on the CFPB’s Fair Credit Reporting Act (FCRA) proposals. This is part of the Consumer Financial Protection Bureau’s rulemaking process. The Small Business Regulatory … Read the rest

New Year, Old Issues
Jan 11, 2024

Welcome back! This week, both the House of Representatives and the Senate are in session following their holiday break. Below are some highlights from the first week back:

The State of the Union Marches On … House Speaker Mike Johnson (R-LA)… Read the rest

January White Paper: 2024 State Legislative Session Preview
Jan 04, 2024

On January 2, AFSA’s State Government Affairs (SGA) team released its latest white paper. This month’s white paper provides a 2024 State Legislative Session preview and 2023 year-in review.

In 2023, California and D.C. addressed … Read the rest

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