U.S. Representative Jeb Hensarling of Texas was designated on Tuesday to take over chairmanship of the House Financial Services Committee, in a move seen as a continuation of the Republican party's opposition to major elements of the Dodd-Frank law.
Hensarling replaces Spencer Bachus of Alabama who reached his term limit for the role under Republican party rules. He is one of 19 names recommended by the House’s Republican leadership for committee chairmanships in the new Congress. The recommendations now go to the full House Republican membership for expected ratification.
In his current role as vice chairman of the financial services panel, Hensarling has been a fierce critic of key provisions in the Dodd-Frank law and argued that the legislation is having a damaging effect on the economy.
In October, Hensarling and several top Republican lawmakers sent a letter to Commodity Futures Trading Commission Chairman Gary Gensler expressing concern that the agency was wasting its limited
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