McHenry Seeks Financial Services Chair in 2023
May 2, 2022
Rep. Patrick McHenry (R-NC) said last week that he will seek to be Chairman of the House Financial Services Committee (FSC) should Republicans win the House in November’s midterm elections. McHenry has been the Committee’s Republican leader since 2018 and previously served in a House leadership position as chief deputy whip.
Why It Matters. Speculation had been growing that McHenry might seek a leadership position in the House.
- McHenry’s choice to focus on FSC gives a clearer view of what the Committee’s agenda is likely to be in 2023-24 and possibly beyond.
- The announcement signals that Minority Leader Kevin McCarthy (R-CA) is unlikely to be challenged as Speaker of the House if Republicans win in November, despite recent reports regarding comments he made regarding the Capitol riots.
- McHenry remaining on the committee avoids an open race for the chairmanship. Several GOP members would likely have run in the case of an open chair.
Storm Clouds for Government Shutdown and Debt Ceiling Votes
McHenry also said he wants no part of whipping House Republican votes to raise the debt ceiling and fund the government in the next Congress, according to Punchbowl News. McHenry suggested that some Republicans may not support these votes in the future, which signals future votes to avoid government shutdowns or a U.S. default on its debt could be bumpy.
2023 Committee Priorities
McHenry also began to signal where his priorities will be in 2023, particularly about cryptocurrencies and digital assets. He believes that they are neither securities nor commodities and that the SEC and CFTC lack the capacity to properly regulate them. Politico reported that McHenry earlier released a report calling for legislation in line with the bipartisan 2012 JOBS Act, that eased rules for companies seeking to raise money in the stock market. Watch last week’s 40 minute Punchbowl News event with McHenry by clicking this link.