Republican McHenry announces bid for Financial Services ranking member

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

Rep. Patrick McHenryPatrick Timothy McHenryFed chief issues stark warning to Congress on deficits Fed chairman warns of economic damage from coronavirus House passes legislation to overhaul consumer credit reporting 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 RyanOn The Trail: Democrats plan to hammer Trump on Social Security, Medicare Paul Ryan says Biden likely won't get Democratic nomination Judd Gregg: Honey, I Shrunk The Party MORE (R-Wis.), likely replacing Rep. Steve ScaliseStephen (Steve) Joseph ScaliseBottom line Pelosi's staff huddles with aides in both parties on 'surprise' medical billing Republicans sense momentum after impeachment win 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 WatersMaxine Waters blasts Trump as 'mafia boss' over Stone case Democrats highlight lack of diversity at major banks in new report Fed chief issues stark warning to Congress on deficits 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 TrumpFed saw risks to US economy fading before coronavirus spread quickened Pro-Trump super PAC hits Biden with new Spanish-language ad in Nevada Britain announces immigration policy barring unskilled migrants 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."