Rep. Patrick McHenry (R-N.C.) said that he will seek to be the Financial Services Committee chair if Republicans win control of the House in this year’s midterm elections, taking himself out of the running to become House majority whip, a position for which he was seen as a possible contender.
“House Republicans will retake the majority this November, and the next Congress will be defined by divided government. As a result, I will best be able to serve our conference as the Chairman of the Financial Services Committee,” McHenry said in a statement to The Hill on Monday.
“Over the last four years as the Ranking Member at FSC, I have focused efforts to drive innovation, technology adoption, and embrace digital assets – tools which enable financial inclusion and better economic results. I plan to redouble those efforts, especially where we can achieve bipartisan consensus,” McHenry said.
Punchbowl News first reported Monday that McHenry was informing close allies that he would stay at the head of the committee and forgo a leadership race.
Top House leaders in both parties, including leader and whip, do not also chair committees in the modern Congress, and House Republican Conference rules specifically prohibit its top leaders from serving as a chairperson for a standing committee, though that rule may be waived.
Republicans need just a handful of seats to take the majority in the midterm elections and are confident about their chances of taking control of the chamber, prompting private maneuvering months ahead of time for leadership positions that would open up in a majority.
House Minority Leader Kevin McCarthy (R-Calif.) is aiming to move up to Speaker, and House Minority Whip Steve Scalise (R-La.) could move up to be House majority leader, leaving the No. 3 position of majority whip open to a different member.
McHenry, 46, was elected to the House in 2004 and was previously the House Republican chief deputy whip from 2014 through the end of 2018 before becoming ranking member on the Financial Services Committee in 2019.
His experience and fundraising prowess could make McHenry a top contender for House GOP leadership positions after 2024. The House Republican Conference limits committee chairs and ranking members to three consecutive terms, meaning the next Congress would be McHenry’s last as head of the committee unless the term limit rule is waived.
Other House GOP members seen as contenders for the whip position in the next Congress are Conference Chair Elise Stefanik (N.Y.), current House Republican Chief Deputy Whip Drew Ferguson (Ga.), National Republican Congressional Committee Chairman Tom Emmer (Minn.), and Republican Study Committee Chairman Jim Banks (Ind.).
Republicans are promising a wave of oversight actions and investigations into the Biden administration if they win the majority. McHenry turned attention to those plans.
“It is clear that a top priority for our entire Conference in the 118th Congress will be vigorous oversight of the Biden Administration,” McHenry said. “This is especially important when it comes to our financial regulators.
“Agencies like the SEC [Securities and Exchange Commission] and CFPB [Consumer Financial Protection Bureau] have gone far beyond their statutory mandates in pushing the progressive left’s radical agenda. Our team has been laying the groundwork for this oversight in recent months and House Republicans on the Financial Services Committee will be well equipped to hold President Biden and his administration accountable for their overreach in the new Congress,” he added.
“Finally, I’m grateful for the team I get to work with on a daily basis: capable members, and smart, talented staff, working for better policy, sound oversight and real results,” McHenry said.