McHenry elected top GOP member of House banking panel

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WASHINGTON — Rep. Patrick McHenry, R-N.C., the current vice chairman of the House Financial Services Committee, was elected Thursday to be the committee's lead Republican when Democrats assume control in the next Congress.

“In the two years ahead, I look forward to working with my colleagues — both Republicans and Democrats alike — to produce innovative solutions that increase access to banking services and credit for all Americans,” McHenry said in a statement. “In addition, I will work in close consultation with the Trump Administration to ensure their ongoing regulatory relief efforts continue.”

McHenry had been considered for a potentially bigger House leadership position if Republicans had held on to their majority. He took over the responsibilities temporarily of House Majority Whip Steve Scalise, R-La., while the Louisiana congressman was recovering from injuries sustained from the congressional baseball shooting last year.

But the midterm elections flipped the House in favor of Democrats, meaning Rep. Maxine Waters, D-Calif., the current ranking member of the committee, will likely chair the committee in the next Congress.

In the past, McHenry has pushed for policies that would enable fintech companies to have more flexibility to bring their products to market sooner. He has also advocated for regulatory sandboxes for fintech firms.

McHenry has served as the No. 2 Republican on the House Financial Services Committee under Rep. Jeb Hensarling, R-Texas, who is retiring from Congress at the end of the year.

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