Republican McHenry announces bid for Financial Services ranking member

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

Rep. Patrick McHenryPatrick Timothy McHenryManufacturing group leads coalition to urge Congress to reauthorize Ex-Im Bank Hasan Minhaj tells Congress: Student loan debt is 'sidelining millions of Americans' Hillicon Valley: Trump seeks review of Pentagon cloud-computing contract | FTC weighs updating kids' internet privacy rules | Schumer calls for FaceApp probe | Report says states need more money to secure elections 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 HensarlingHas Congress lost the ability or the will to pass a unanimous bipartisan small business bill? Maxine Waters is the Wall Street sheriff the people deserve Ex-GOP congressman heads to investment bank 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 RyanDemocrats hit Scalia over LGBTQ rights Three-way clash set to dominate Democratic debate Krystal Ball touts Sanders odds in Texas MORE (R-Wis.), likely replacing Rep. Steve ScaliseStephen (Steve) Joseph ScaliseScalise blasts Democratic legislation on gun reforms Liz Cheney calls for 'proportional military response' against Iran On The Money: Senate panel scraps vote on key spending bill amid standoff | Democrats threaten to vote against defense bill over wall funding | Trump set to meet with aides about reducing capital gains taxes 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 LuetkemeyerSenate bill seeks to bring freedom back to banking On The Money: Dems inch closer to demanding Trump's tax returns | Consumer chief pressed to undo Mulvaney's work | IRS says average tax refund up New push to open banks to marijuana industry 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: 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 Overnight Energy: Solar installations dropped in 2018 | UN report says rising Arctic temperatures 'locked in' | Fiat Chrysler to recall 850K vehicles House technology committee leaders ask to postpone 5G spectrum 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 WatersBipartisan housing finance reform on the road less taken Manufacturing group leads coalition to urge Congress to reauthorize Ex-Im Bank Democrats' impeachment message leads to plenty of head-scratching 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 TrumpAlaska Republican Party cancels 2020 primary Ukrainian official denies Trump pressured president Trump goes after New York Times, Washington Post: 'They have gone totally CRAZY!!!!' 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."