Rep. Huizenga to Lead Powerful Capital Markets Subcommittee

Rep. Bill Huizenga will lead the House Financial Services Subcommittee on Capital Markets, Securities and Investment, Chairman Jeb Hensarling announced Friday.

Huizenga (R-Mich.) will replace former subcommittee Chairman Scott Garrett (R-N.J.), who lost his congressional seat in November. The powerful panel, formerly known as the Subcommittee on Capital Markets and Government Sponsored Enterprises, serves as a key link between Congress and Wall Street. It also oversees the Securities and Exchange Commission, which President-elect Donald Trump earlier this week tapped corporate lawyer Jay Clayton to lead.

A committee aide said the subcommittee is undergoing a name change to reflect a change in jurisdiction. When the full committee meets for its organizational meeting, a resolution will be offered to transfer jurisdiction over GSE’s — Fannie Mae and Freddie Mac, primarily — from the Capital Markets Subcommittee to the Housing and Insurance Subcommittee. Rep. Sean Duffy (R-Wis.) will head the Subcommittee on Housing and Insurance.

In a statement, Huizenga said his goal in heading the capital markets panel is “to use free-market principles to enact substantive yet common-sense reforms that will increase efficiency within the financial system, ensure proper liquidity in the markets, and strengthen market structure.”

Rep. Blaine Luetkemeyer (R-Mo.) will lead the Subcommittee on Financial Institutions and Consumer Credit, replacing retired Rep. Randy Neugebauer (R-Texas). Rep. Andy Barr (R-Ky.) will lead the Subcommittee on Monetary Policy and Trade, and Rep. Ann Wagner (R-Mo.) will chair the Subcommittee on Oversight and Investigations.

Hensarling also announced a new subcommittee dedicated to terrorism and illicit finance, to be chaired by Rep. Steve Pearce (R-N.M.).

“Our committee will continue to develop bold, forward-looking plans that hold Washington and Wall Street accountable, end taxpayer-funded bailouts and protect consumer choice,” Hensarling (R-Texas) said in a statement.

Clarification: Garrett is no longer a House member.


Finance Brief: Week in Review & What’s Ahead

House Speaker Paul Ryan (R-Wis.) said the failure of the American Health Care Act is a setback for major GOP priorities like tax reform. “This does make tax reform more difficult, but it does not in any way make it impossible,” he said. “We will proceed with tax reform, we will continue with tax reform.” Ryan said Republican members have “even more agreement” on tax reform compared to health care.

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