House Financial Services Committee Chairman Jeb HensarlingThomas (Jeb) Heb HensarlingGOP chairman tells agencies to exclude info from FOIA requests Plans to swap bank regs for capital hikes could prove costly Four starting points for reforming Dodd-Frank MORE (R-Texas) announced Tuesday that he will retire at the end of his term, according to the Dallas Morning News.
“Today I am announcing that I will not seek reelection to the U.S. Congress in 2018. Although service in Congress remains the greatest privilege of my life, I never intended to make it a lifetime commitment, and I have already stayed far longer than I had originally planned,” Hensarling said.
Hensarling will be forced to step down from his position as chairman after three terms leading the Banking Committee due to GOP rules.
Talk of Hensarling’s possible retirement had started to pick up.
Capitol Hill and K Street sources told The Hill on Monday that Hensarling could announce his departure by the end of this week or next.
Several GOP lawmakers and aides on the Hill, before Hensarling’s statement to the Dallas Morning News, had said there was an “expectation” that this will be Hensarling’s last term in Congress.
Hensarling has chaired the Financial Services panel since 2013, leading the House GOP fight against the strict Dodd-Frank Act finance rules pbaded after the financial crisis.
The committee produced dozens of bills to restrict or eliminate major portions of Dodd-Frank. Many of those laid the foundation for Hensarling’s Financial CHOICE Act, the most ambitious attempt to reshape the Obama-era law.
House Speaker Paul RyanPaul RyanBudget vote raises red flag for GOP on tax reform Dems yearn for days of GOP deficit hawks Ryan: FBI will hand over documents related to Trump-Russia dossier MORE (R-Wis.) called the CHOICE Act “the crown jewel” of the GOP agenda, and included it in the party’s 2017 policy platform. The House pbaded the bill along party lines in June, but GOP senators have shown little interest in a bill they consider too partisan to pbad the upper chamber.
Hensarling has also advanced a slew of other fixes to Dodd-Frank through the committee, several with major bipartisan support, earning high marks from the financial services industry.
“He has had – and continues to have – a tremendous impact on the financial sector,” said a financial services industry lobbyist of Hensarling, calling him “the leader in Republicans efforts to reduce financial regulation under President Trump.”