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Republican McHenry announces bid for Financial Services ranking member

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

Rep. Patrick McHenryPatrick Timothy McHenryOn The Money: Dems mark Trump tax returns as key part of agenda | Waters defends planned probe of Trump finances after GOP backlash | Reports: Trump mulls replacing Commerce chief Ross by end of year Waters defends planned probe of Trump finances after GOP backlash On The Money: Waters will soon wield gavel in feud with White House | McHenry announces bid for Financial Services ranking member | Fed keeps rates steady in November 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 HensarlingRepublican McHenry announces bid for Financial Services ranking member Maxine Waters reelected to House seat in California On The Money: Trump, Xi speak amid rising trade tensions | Kudlow rules out deal to raise minimum wage | Commerce to review tariff exemption process | Google employees walk out to protest harassment 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 RyanWithout new Democratic message, Donald Trump is the 2020 favorite Dems race to protect Mueller probe Proposed House GOP rules would force indicted lawmakers to step down from leader roles: report MORE (R-Wis.), likely replacing Rep. Steve ScaliseStephen (Steve) Joseph ScaliseOn The Money: Waters will soon wield gavel in feud with White House | McHenry announces bid for Financial Services ranking member | Fed keeps rates steady in November Republican McHenry announces bid for Financial Services ranking member McMorris Rodgers won't run for GOP leadership 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 LuetkemeyerWayne (Blaine) Blaine LuetkemeyerRepublican McHenry announces bid for Financial Services ranking member On The Money: Midterms to shake up House finance panel | Chamber chief says US not in trade war | Mulvaney moving CFPB unit out of DC | Conservatives frustrated over big spending bills Midterms to shake up top posts on House finance panel 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 LucasRepublican McHenry announces bid for Financial Services ranking member Trump, GOP launch full-court press on compromise immigration measure Trump says he will sign executive order to end family separations 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 WatersApril Ryan: Trump relishes verbal attacks against women of color CNN's Kirsten Powers: Trump knocking black reporter for 'stupid question' is 'classic white supremacy' Liberal state politicians are the new faces of financial regulation 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 TrumpMichael Cohen: I pray Michelle Obama's words will unite country again Michelle Obama: ‘I stopped even trying to smile’ during Trump’s inauguration Trump wants to end federal relief money for Puerto Rico: report 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."