WASHINGTON — The Senate Banking Committee has named its subcommittee leaders for the coming term.
Sen. Jack Reed of Rhode Island has stepped down as head of the securities, insurance and investment subcommittee to comply with a Senate rule barring lawmakers from holding top spots on more than two subcommittees, with Sen. Jon Tester of Montana taking his place. Sen. Jeff Merkley of Oregon will fill Tester's prior role as chair of the economic policy subcommittee.
Sens. Robert Menendez of New Jersey, Sherrod Brown of Ohio and Mark Warner of Virginia will all keep their previous positions. Menendez serves as chair of the housing, transportation and community development subcommittee, Brown heads the financial institutions and consumer protection subcommittee and Warner leads the national security and international trade and finance subcommittee.
"I am looking forward to another productive Congress, building off the Banking Committee's record of accomplishments in the 112th," said Sen. Tim Johnson, D-S.D., chairman of the full committee, in a press release Thursday. "Our subcommittee chairmen have my complete confidence and they will surely make significant contributions to sustaining and strengthening our economic recovery."
The full committee is expected to finalize subcommittee leadership slots and membership with a vote next week.