WASHINGTON — Rep. Spencer Bachus, who will chair the Financial Services Committee next year, announced Thursday he had picked subcommittee chairmen.
Rep. Shelley Moore Capito, R-W.Va., will serve as chairman of the financial institutions subcommittee, while Rep. Scott Garrett, R-N.J., will chair the capital markets and government-sponsored enterprises subcommittee.
Bachus gave insurance issues, which had previously fallen under the capital markets subcommittee, to the housing panel, which will now be known as the insurance, housing and community opportunity subcommittee. Rep. Judy Biggert of Illinois will chair that panel.
Federal Reserve Board critic Rep. Ron Paul of Texas will chair the domestic monetary policy subcommittee, while Rep. Gary Miller of California will chair the international monetary policy panel.
Rep. Randy Neugebauer of Texas will chair the oversight and investigations subcommittee.
Rep. Jeb Hensarling, who will serve as chairman of the Republican Conference Committee next year, was also named as vice chairman of the Financial Services Committee.
"This is the leadership team that crafted the first comprehensive financial reform bill to put an end to the bailouts, wind down the taxpayer funding of Fannie Mae and Freddie Mac, and enforce a strong audit of the Federal Reserve," Bachus said in a press release Thursday.
"By working together, we will honor our commitment to aggressive oversight, reform of the GSEs, and monitoring the implementation of the Dodd-Frank Act to ensure more jobs aren't lost to unnecessary regulations on community banks and businesses. We are ready to hit the ground running, and I look forward to continuing our work in the next Congress."
Bachus said he moved insurance from capital markets to the housing panel to free "up more resources for the subcommittee chairmen" to focus on GSE reform.