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.