The halls and chambers of Congress are certainly going to look different when the 115th Congress begins its term in January.
The leadership of the House Financial Services Committee, on the other hand, will look just the same as it has in the last two Congressional terms, as Rep. Jeb Hensarling, R-Texas, and Rep. Maxine Waters, D-Calif., will again serve as the committee’s leaders.
Hensarling currently serves as chairman of the House Financial Services Committee, and will serve his third term in that role beginning in January.
In his time as the chairman of the House Financial Services Committee, especially in his most recent term, Hensarling pushed for regulatory rollback.
Earlier this year, Hensarling introduced a bill in the House that would replace the Dodd-Frank Wall Street Reform Act with a “pro-growth, pro-consumer” alternative that would bring significant reforms to the Consumer Financial Protection Bureau, and much more.
The bill, called the Financial CHOICE act, passed out of the House Financial Services Committee in September.
The bill looks to gain traction in the next Congress, as President-elect Donald Trump is already signaling that his administration plans to “dismantle” Dodd-Frank.
Recently, at the Housing America’s Families Forum hosted by the J. Ronald Terwilliger Foundation for Housing America's Families, Hensarling called Dodd-Frank a “grave mistake” and said Republicans will work to repeal it in 2017.
“I am humbled by the support and trust of my colleagues to continue my service as chairman of the Financial Services Committee,” Hensarling said of his upcoming term.
“In the coming Congress, we will continue our important work of helping to grow the economy for all Americans, not just those at the top,” Hensarling continued.
“We will focus on ending taxpayer-funded bailouts and too big to fail. We will work to hold both Wall Street and Washington accountable, because consumers must be vigorously protected from fraud as well as the loss of their economic liberty,” Hensarling concluded. “As chairman, I look forward to working with the incoming Trump Administration to advance bold and ambitious solutions that will help make America better, stronger and more prosperous.”
Fighting Hensarling at every step of the way when it comes to dismantling Dodd-Frank will be Waters, who was recently re-elected unanimously by the Democratic Caucus to serve as Ranking Member of the House Financial Services Committee.
It will be Waters’ third term as Ranking Member.
“I am honored to have been re-elected to lead the House Financial Services Committee in the 115th Congress,” Waters said.
“We face many challenges in the years ahead, with President-elect Trump threatening to dismantle Dodd-Frank, putting our financial stability and consumer protections at risk,” Waters continued. “It is more important now than ever for Democrats to fight for what they believe in, and I will continue to lead that fight for American consumers and our most vulnerable populations.”