WASHINGTON — After months of speculation, Rep. Jeb Hensarling has been elected chairman of the House Financial Services Committee.

Many in Washington expected that the Texas lawmaker, a senior House Republican, would assume the top spot on the banking panel ahead of Wednesday's formal vote by the House Republican Conference. Hensarling is known for his strong free-market views and his criticism of the Dodd-Frank reform law and government-sponsored entities Fannie Mae and Freddie Mac.

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