Duffy, Barr, Huizenga to lead key House Financial Services subcommittees

U.S. Reps. Sean Duffy (R-WI), Bill Huizenga (R-MI) and Andy Barr (R-KY) were tapped to lead key subcommittees of the House Financial Services Committee in the 115th Congress.

In being named chairman of the Subcommittee on Housing and Insurance, Duffy will oversee public and private housing, the Rural Housing Service, government-sponsored enterprises, the Federal Housing Agency, Federal Housing Administration and the Department of Housing and Urban Development. The subcommittee also has jurisdiction over the National Flood Insurance Program.

“Many elements of our housing market need to be made to work for all Wisconsinites — rural families, in particular, have been left behind,” Duffy said. “I look forward to working with Dr. (Ben) 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.”

Huizenga, as chairman of the Subcommittee on Capital Markets, Security and Investment, will oversee efforts pertaining to the Securities and Exchange Commission (SEC), credit ratings agencies, regulations and oversight of broker-dealers and investment advisers, equity/option market structure, corporate governance, mutual funds, and accounting standards entities.

“My goal moving forward is to use free market principles to enact substantive yet commonsense reforms that will increase efficiency within the financial system, ensure proper liquidity in the markets and strengthen market structure,” Huizenga said.

U.S. Rep. Jeb Hensarling (R-TX), the chairman of the House Financial Services Committee, said Huizenga has “worked tirelessly” to increase economic opportunity for all Americans.

“As Chairman of the Capital Markets, Securities and Investment Subcommittee, Bill will apply that same work ethic to ensure all investors are protected and every American has access to the economic opportunity created by a growing economy,” Hensarling said.

Barr was named chairman of the Subcommittee on Monetary Policy and Trade. In that position he will lead efforts to assess the impact of monetary policy on the economy, international trade, international investment policies, the Export-Import Bank, the International Monetary Fund (IMF), the World Bank, and matters involving currency.

“I look forward to continuing the important work of this subcommittee including vigorous oversight of the Federal Reserve to encourage a predictable and stable monetary policy that will provide certainty and economic growth for all Americans,” Barr said.

Hensarling said Barr has emerged as a “thoughtful, hardworking and effective leader” on the House Financial Services Committee.

“I look forward to working with Congressman Barr in his new role as chairman of the Monetary Policy and Trade Subcommittee because I have no doubt he will advance solutions to help get our economy back on track,” Hensarling said.