Republican McHenry announces bid for Financial Services ranking member

Republican McHenry announces bid for Financial Services ranking member
© Camille Fine

Rep. Patrick McHenryPatrick Timothy McHenryMnuchin expresses concerns about proposed taxes on financial trades Fed's top regulator takes heat from both parties NC rep explores Tillis primary challenge MORE (R-N.C.) on Thursday announced he is running to be the top Republican on the House Financial Services Committee in the next Congress.

McHenry, the Financial Services panel’s current vice chairman, said Thursday he would run to be the committee's ranking Republican in 2019. The congressman said he would be “continuing my conversations with my House Republican colleagues as I make the case for why I’m the best candidate to lead our committee going forward.”

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McHenry touted a record of working "with both Republicans and Democrats to increase access to capital for American small businesses and families."

Current Financial Services Chairman Rep. Jeb HensarlingThomas (Jeb) Jeb HensarlingLawmakers battle over future of Ex-Im Bank House passes Ex-Im Bank reboot bill opposed by White House, McConnell Has Congress lost the ability or the will to pass a unanimous bipartisan small business bill? MORE (R) is retiring at the end of his term.

The Hill reported last week that McHenry was expected to seek the top minority spot on the committee if Republicans lost control of the House in Tuesday’s midterm elections.

McHenry, the GOP chief deputy whip, is widely respected among Financial Services panel members, House Republicans and industry advocates. He was poised to climb the House leadership ladder if Republicans held onto the lower chamber after the retirement of Speaker Paul RyanPaul Davis RyanJeffries blasts Trump for attack on Thunberg at impeachment hearing Live coverage: House panel debates articles of impeachment House Ethics Committee informs Duncan Hunter he can no longer vote after guilty plea MORE (R-Wis.), likely replacing Rep. Steve ScaliseStephen (Steve) Joseph ScaliseFox's Chris Wallace calls out Trump for the 'most sustained assault on freedom of the press' in US history McCarthy: I don't think there's a need to whip the impeachment vote GOP calls for minority hearing on impeachment, threatens procedural measures MORE (La.) as the top GOP vote-counter.

"Like every House Republican, I was deeply disappointed by Tuesday’s election results and saddened that many of our dear friends will not be returning to Congress in January," McHenry said in a statement. "But now is the time to move forward."

Two of McHenry's potential challengers pledged their support after his announcement

GOP Reps. Blaine LuetkemeyerWilliam (Blaine) Blaine LuetkemeyerFederal regulators clear BB&T-SunTrust merger, creating sixth-largest US bank A new standard by Financial Accounting Standards Board should be reconsidered Senate bill seeks to bring freedom back to banking MORE (Mo.) and Bill Huizenga (Mich.) had both said before the election they would run to be the top Financial Services Republican, but only if McHenry did not seek the position.

Luetkemeyer said in a Thursday statement that he offered "my unwavering support for Patrick’s candidacy to be the Ranking Republican on the Committee, and believe he is the right man for the job.”

Brian Patrick, a spokesman for Huizenga, said Thursday that “We are 100 percent supportive of Mr. McHenry running for Ranking Member.”

And Rep. Frank LucasFrank Dean LucasHillicon Valley: Amazon to challenge Pentagon cloud contract in court | State antitrust investigation into Google expands | Intel agencies no longer collecting location data without warrant Bipartisan bill to secure election tech advances to House floor Hillicon Valley: Doctors press tech to crack down on anti-vax content | Facebook, Instagram suffer widespread outages | Spotify hits Apple with antitrust complaint | FCC rejects calls to delay 5G auction MORE (R-Okla.), who also considered a run to lead Financial Services Republicans, rolled out his bid for the top minority spot on the House Science Committee shortly after McHenry’s announcement.

McHenry is poised to serve as the Republican foil to Rep. Maxine WatersMaxine Moore WatersTrump tweet mocking Greta Thunberg sparks backlash Melania Trump's 'Be Best' hashtag trends after president goes after Greta Thunberg California GOP candidate arrested on stalking charges MORE (D-Calif.), the top Democrat on the committee who is poised to take the gavel.

Waters has pledged to investigate sales scandals at Wells Fargo and President TrumpDonald John TrumpSenate gears up for battle over witnesses in impeachment trial Vulnerable Democrats tout legislative wins, not impeachment Trump appears to set personal record for tweets in a day MORE's financial connections to Deutsche Bank while also pursuing affordable housing and consumer protection bills.

McHenry warned that he will "fight back against any efforts by Democrats to use this committee to roll back our successes from the last two years or use the committee as the launch pad for endless, partisan investigations."

"The American people sent us here to get our work done," McHenry said. "I intend to do that and I hope our Democrat colleagues share that commitment."