As leadership switches parties in the U.S. House of Representatives, the new chair of the House Committee on Financial Services Patrick McHenry (R-NC) also announced the subcommittees, their chairs, and their jurisdiction for the 118th Congress.
“Committee Republicans are ready to deliver on our promises made to the American people,” McHenry said in a release. “This slate of subcommittee chairs will be the drivers of our policy agenda centered around economic prosperity for all Americans. Whether that is increasing opportunities for all investors, expanding access to innovative financial products, or ensuring the safety and soundness of our financial system – this committee’s leadership team is ready to meet the moment. I am honored to have these talented leaders – who represent the diverse experiences and expertise of our conference – by my side as we get to work.”
The Subcommittee on Capital Markets will be chaired by Ann Wagner (R-Mo.) and will focus on developing and pursuing policies that strengthen access to capital formation; overseeing the operations and policy development of the SEC, MSRB, FASB, and PCAOB; overseeing and responding to the SEC’s regulatory agenda; and identifying best practices and policies that continue to strengthen diversity and inclusion in the capital markets industry.
The Subcommittee on Financial Institutions and Monetary Policy will be chaired by Andy Barr (R-Ky.). It is charged with overseeing the operations and policy development of the Prudential Financial regulators, the CFPB, and the Federal Reserve and its 12 reserve banks; identifying policies that grow and stabilize the financial system and broader economy; and identifying best practices and policies that continue to strengthen the financial industry’s commitment to diversity and inclusion.
French Hill (R-Ark.) will chair the Subcommittee on Digital Assets, Financial Technology, and Inclusion. It will focus on providing clear rules of the road among federal regulators for the digital asset ecosystem; developing policies that promote financial technology to reach underserved communities; and identifying best practices and policies that continue to strengthen diversity and inclusion in the digital asset ecosystem.
The Subcommittee on National Security, Illicit Finance, and International Financial Institutions is tasked with strengthening policies to combat the generational threat posed by the Chinese Communist Party; overseeing the operations and policy development with respect to the Office of Terrorism Financial Intelligence; overseeing the policy development at the International Financial Institutions; and identifying best practices and policies that continue to strengthen diversity and inclusion within the national security and international finance industry. It will be chaired by Blaine Luetkemeyer (R-Mo.).
Bill Huizenga (R-Mich.) will lead the Subcommittee on Oversight and Investigations, focusing on overseeing all agencies, departments, programs and matters within the Financial Services Committee’s jurisdiction, including agency and programmatic commitment to diversity and inclusion policies and best practices.
The last subcommittee, chaired by Warren Davidson (R-Ohio) is the Subcommittee on Housing and Insurance. Under Davidson’s leadership, it is tasked with developing and pursuing policies that increase and strengthen the housing market, including increasing the nation’s housing supply; overseeing U.S. Department of Housing and Urban Development and Federal Housing Finance Agency policies and operations; and identifying best practices and policies that continue to strengthen diversity and inclusion in the housing industry.