By Peter Schroeder - 11/07/12 02:08 AM EST
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.