Hensarling set to take over Financial Services with easy reelection win

Rep. Jeb Hensarling (R-Texas) is expected to take over the House Financial Services Committee in 2013 after easily winning reelection Tuesday.

The GOP lawmaker cruised to a sixth term, and is now poised to take over the influential House panel. Previously he was vice chairman of the committee, and is expected to replace Rep. Spencer Bachus (R-Ala.), who has reached his term limit in the position.

Early projections from The Dallas Morning News shortly after polls closed in the Lone Star State showed Hensarling with a substantial lead over his Democratic challenger, legal assistant Linda Mrosko.

A fierce critic of the Dodd-Frank financial reform law, Hensarling has also been a lead sponsor on sweeping legislation that would privatize housing giants Fannie Mae and Freddie Mac in a matter of years. Those two entities were bailed out by the federal government in the fall of 2008 and have required over $150 billion in federal support to stay afloat.

Hensarling also served as head of the House Republican Conference in the 112th Congress.

Rep. Maxine Waters (Calif.) is expected to serve as the new ranking Democrat on the panel. She would replace Rep. Barney Frank (D-Mass.), who announced his retirement in November 2011. The outspoken Democrat is expected to easily win reelection.

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