Rep. Jeb Hensarling, R-Texas, was today named by Republicans asthe new head of the House Financial Services Committee (FSC).
|He succeeds Rep. Spencer Bachus, R-Ala., who was term-limited byHouse Republican Conference rules.
|Also of note, Rep. Ed Royce, R-Calif., a key figure oninsurance-regulatory issues, was named chairman of the ForeignAffairs Committee. His office was not available to comment onwhether he would remain a member of the FSC as well.
|In another key appointment, Rep. Dave Camp, R-Mich., will remainas chairman of the Ways and Means Committee, where he will play acritical role in determining the future of tax provisions affectingthe insurance industry.
|At the same time, Rep. Paul Ryan, R-Wis., chairman of the BudgetCommittee, was the only term-limited-affected Republican Housechairman to retain his seat. He obtained a waiver from HouseRepublican rules to remain as a chairman for a fourth term.
|It remains unclear who will replace Rep. Judy Biggert, R-Ill.,as chair of the Subcommittee on Insurance, Housing and CommunityOpportunity of the FSC.
|Hensarling is a former aide to Sen. Phil Gramm, R-Texas, andhelped write the Gramm-Leach-Bliley Act, which the insuranceindustry sought as a means of keeping banks out of their business.He will likely continue to work to limit federal regulation ofinsurance.
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