House Financial Services Committee Chairman Jeb Hensarling (R-Texas), who was recently re-elected to a third term in that position, has announced that Rep. Blaine Luetkemeyer (R-Missouri) will take over as Chairman of the Subcommittee on Financial Institutions and Consumer Credit and Rep. Sean Duffy (R-Wisconsin) will assume the role of Chairman of the Housing and Insurance Subcommittee for the 115th Congress.
“I look forward to working alongside my colleagues to pass laws that promote a dynamic economy with more jobs, higher wages and greater economic freedom for all Americans,” Hensarling said. “Our committee will continue to develop bold, forward-looking plans that hold Washington and Wall Street accountable, end taxpayer-funded bailouts and protect consumer choice.”
Luetkemeyer served as the Chairman of the Housing and Insurance Subcommittee during the 114th Congress. In July 2016, a Luetkmeyer-sponsored bill, H.R. 3700, better known as the Housing Opportunity Through Modernization Act, became law. The bill includes reforms to FHA’s restrictions on condo financing and helps veterans achieve homeownership. It passed unanimously in both the House and the Senate.
In November 2016, the Housing and Insurance Subcommittee held a hearing examined the nation’s housing appraisal system, determining that complex and outdated system results in more lengthy closings and increased costs to consumers and is therefore in need of an overhaul. Luetkemeyer declared in that hearing that as far as the “regulatory regime surrounding appraisals, it seems we’re stuck in 1989.”
He is taking over as Chairman of the Financial Institutions and Consumer Credit Subcommittee for Rep. Randy Neugebauer (R-Texas), who announced in September 2015 that he would not be seeking re-election.
“It is a great honor to be named the Chairman of the Subcommittee on Financial Institutions and Consumer Credit,” Luetkemeyer said. “Helping small businesses, families, and consumers access affordable credit is critical to growing our economy and I look forward to working with my colleagues to ensure all Americans have access to the tools they need to reach financial independence.”
According to Luetkemeyer’s website, the Subcommittee on Financial Institutions and Consumer Credit “oversees all financial regulators including the Federal Deposit Insurance Corporation, the Federal Reserve Board of Governors, the National Credit Union Administration, and the Comptroller of the Currency. It also oversees all matters pertaining to consumer credit including the Bureau of Consumer Financial Protection, the Consumer Credit Protection Act, and overall access to financial services. The Subcommittee is also charged with overseeing the safety and soundness of the U.S. banking system.”
Duffy will take over Luetkmeyer’s former position as Chairman of the Subcommittee on Housing and Insurance. According to Duffy’s website, the jurisdiction of that Subcommittee includes the National Flood Insurance Program, public and private housing, urban development, the Rural Housing Service, Government-Sponsored Enterprises, Federal Housing Agency, Federal Housing Administration, and HUD.
“Many elements of our housing market need to be made to work for all Wisconsinites—rural families, in particular, have been left behind. I look forward to working with Dr. Carson to bring much needed change to HUD and to improve housing for all. I’ll defend Wisconsin taxpayers as we reform National Flood Insurance, the FHA, and other programs. I’ll also ensure that the Wisconsin insurance industry, an important engine of our state’s economy, has a strong voice in Congress.”
Click here to view the complete leadership list for the House Financial Services Committee.