“I am humbled by the support and trust of my colleagues as I continue my service as Chairman of the Financial Services Committee," Hensarling said in a prepared statement. "House Republicans know the only real way to grow the economy is from Main Street up, not Washington down. Our committee will continue to focus on promoting sensible solutions to hold both Washington and Wall Street accountable to the American people."
Hensarling, 57, was recently elected for a seventh term as the representative for the 5th District of Texas in the November midterm election, having originally been elected to that position in 2002. He was elected to his first term as the chairman of the HFSC in 2012 and has suggested that he may run for either Speaker of the House or House Majority Leader.
Hensarling has long fought for financial reform and has been one of the most vocal critics of federal bailouts for financial institutions at the expense of taxpayers. He has also heavily criticized the Dodd-Frank Act and the Consumer Financial Protection Bureau, and he is expected to play a key role in the Republicans' push for CFPB reform as Chairman of the HFSC.
In June 2013, Hensarling proposed a housing finance plan known as the Protecting American Taxpayers and Homeowners (PATH) Act, which seeks to develop a free housing market by limit the role of government – specifically by dissolving GSEs Fannie Mae and Freddie Mac. The House Financial Services Committee passed the PATH Act in July 2014.