Hensarling to join UBS as executive vice chairman

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WASHINGTON — Former House Financial Services Committee Chairman Jeb Hensarling, R-Texas, has been hired by UBS as executive vice chairman of the Americas region and will be based in Dallas.

Hensarling joins the Swiss Bank after chairing the committee for six years, where he frequently pushed for sweeping rollbacks of the Dodd-Frank Act.

He served in Congress from 2003-2019, retiring at the end of the last term.

"Jeb will work closely with our leadership team, Financial Advisors and bankers to build and strengthen our most important client relationships across our businesses," said Tom Naratil, president of UBS Americas and co-president of UBS Global Wealth Management. "With a long career in both politics and business, Jeb will be a great addition to our shared efforts to deliver insights and ideas that differentiate UBS in the eyes of our clients."

Hensarling’s move to UBS comes after some speculation that he could be considered for a regulatory post in the Trump administration. Some had speculated he could be tapped to lead the Federal Housing Finance Agency, but Mark Calabria, an aide to Vice President Mike Pence, was recently confirmed by the Senate and sworn into that position.

“I’m looking forward to starting a new career in banking and am grateful for the opportunity to join UBS Americas," said Hensarling. "It is exciting for me to be able to join the world’s leading wealth management firm and to work with some of the most talented people in the financial services industry.”

Former Senate Banking Committee Chairman Phil Gramm, R-Texas, who was Hensarling’s mentor, also joined UBS after he retired from Congress.

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