Rep. Jeb Hensarling and Rep. Maxine Waters
Chairman and ranking member, House Financial Services Committee
Even though Republicans maintain control of the House of Representatives, the New Year will bring two new leaders to the chamber’s panel overseeing the financial industry.
Rep. Jeb Hensarling, R-Texas, will become chairman of the House Financial Services Committee, replacing Rep. Spencer Bachus, R-Ala., who had to step down because of a term-limit rule imposed by the Republican caucus. He will remain a member of the committee. Mr. Bachus was the author of a bill that would shift oversight of registered investment advisers from the Securities and Exchange Commission to a self-regulatory organization. He will have to depend on Mr. Hensarling, 55, to help push through any SRO measure reintroduced in 2013. It is unclear whether Mr. Hensarling is going to champion the issue.
The panel’s new ranking member, Rep. Maxine Waters, D-Calif., also is in the middle of the adviser oversight battle. She is likely to reintroduce a bill that would maintain SEC regulation of advisers while allowing the agency to charge fees to perform exams. Ms. Waters, 74, succeeds Rep. Barney Frank, D-Mass., who is retiring.—Mark Schoeff Jr.