Press Release
Congressman McHenry Nominated to Financial Services CommitteeFreshman Republican, the youngest member of Congress, makes membership on sought after committee that regulates financial services industry; also joins Committee on Government Reform.
Washington,
January 7, 2005
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Jonathan Collegio
((202) 225-2576)
Congressman McHenry Nominated to Financial Services Committee
Congressman Patrick McHenry’s (R-NC-10) drive to win membership on the House Financial Services Committee succeeded, as today he will be named a member of the sought-after committee by the House Republican Conference.
The committee drafts and reviews all federal legislation involving the banking and financial services industry, including insurance companies, banks, credit unions, as well as legislation that pertains to monetary policy, investment, and the U.S. Securities and Exchange Commission. All legislation involving the regulation of the industry must first pass the committee before being considered by the full U.S. House. One of the most prestigious committees in Congress, House Financial Services is sought after by freshman and veteran congressman alike. Rep. McHenry first announced that he was seeking out membership to the committee in a series of articles written after his election to Congress last November. "With the banking industry centered in North Carolina and so near to the folks in my congressional district, it made sense to seek out membership on the Financial Services Committee – even though everyone knew it would be difficult to obtain the appointment,” said Congressman McHenry. “The financial services industry supplies thousands of jobs across Western North Carolina. The industry can grow to provide new, well-paying jobs – from call centers, to investing, to data management – across the 10th congressional district, from the Blue Ridge Mountains to Catawba Valley. Our state is the bread and butter of the southern banking industry, and I will serve on this committee with all of my focus and energy,” he continued. Speaker Dennis Hastert (R-IL) commented: "Patrick will be a strong voice for free enterprise and economic growth. I know he will work hard and because of that, his constituents in North Carolina will benefit greatly." Congressman McHenry will be one of approximately 60 Republican members on the committee. The committee ranks with the Ways and Means Committee, which drafts tax law, the Appropriations Committee, which spends federal dollars, and the Commerce and Energy committee, which regulates business and industry, as among the most powerful committees in Congress. “Low taxes, low regulations and free enterprise allow Americans and our entrepreneurial spirit to shine,” continued Mr. McHenry. “I am an economic conservative, and I will fight for these ideas in this committee and every day in Congress.” Mr. McHenry will also be appointed to serve on the House Committee on Government Reform, the central investigative committee in the U.S. House of Representatives. It has jurisdiction to investigate any federal program and any matter with federal policy implications. |