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House Financial Services Leadership to Remain Much the Same

The Democratic leadership of the House Financial Services Committee is expected to remain unchanged in the next Congress. At the same time, three highly visible...
November 10, 2008

The Democratic leadership of the House Financial Services Committee is expected to remain unchanged in the next Congress. At the same time, three highly visible Republicans will no longer be on the panel. Chairman Barney Frank (D-Mass.) was re-elected. Rep. Paul Kanjorski (D-Pa.), chairman of the Capital Markets, Insurance, and Government Sponsored Enterprises subcommittee, survived a tough re-election battle.

Republican Reps. Chris Shays (R-Conn.), Tom Feeney (R-Fla.) were defeated in their re-election bids. Also, Rep. Deborah Pryce (R-Ohio), ranking member of the Subcommittee on Capital Markets, is retiring. Also leaving the House Financial Services Committee is Rep. Steven Pearce (R-N.M.), who lost a Senate bid. On the Democratic side, Rep. Tim Mahoney (R-Fla.) and Don Cazayoux (D-La.), both newcomers to the committee, were defeated November 4. Mahoney was one of the sponsors of the Homeowners' Defense Act of 2007 (H. R. 3355), which would create a comprehensive system of state catastrophe funds and a federal catastrophe backstop.

There has also been speculation that the Democratic leadership may create a special House-Senate panel to shepherd through a massive rewrite of financial-services regulations during the next Congress. Such a panel could do some of the work normally assigned to the House Financial Services Committee and the Senate Banking Committee. Observers say a joint committee could also include members of several other panels, such as the House and Senate Agriculture committees, which oversee futures and commodities trading.

In the U.S. Senate race in New Hampshire, the Democrat, former Gov. Jeanne Shaheen, defeated John Sununu, who was one of the sponsors of the National Insurance Act of 2006, which would create an option federal charter for insurers.

PIA National Director of Federal Affairs Mike Becker reports on prospects for a lame duck session of Congress next week:

"Lame Duck" Session of Congress Likely (PDF)