Rep. Jeb Hensarling, R-Texas, was today named by Republicans as the new head of the House Financial Services Committee (FSC).
He succeeds Rep. Spencer Bachus, R-Ala., who was term-limited by House Republican Conference rules.
Also of note, Rep. Ed Royce, R-Calif., a key figure on insurance-regulatory issues, was named chairman of the Foreign Affairs Committee. His office was not available to comment on whether he would remain a member of the FSC as well.
In another key appointment, Rep. Dave Camp, R-Mich., will remain as chairman of the Ways and Means Committee, where he will play a critical role in determining the future of tax provisions affecting the insurance industry.
At the same time, Rep. Paul Ryan, R-Wis., chairman of the Budget Committee, was the only term-limited-affected Republican House chairman to retain his seat. He obtained a waiver from House Republican rules to remain as a chairman for a fourth term.
It remains unclear who will replace Rep. Judy Biggert, R-Ill., as chair of the Subcommittee on Insurance, Housing and Community Opportunity of the FSC.
Hensarling is a former aide to Sen. Phil Gramm, R-Texas, and helped write the Gramm-Leach-Bliley Act, which the insurance industry sought as a means of keeping banks out of their business. He will likely continue to work to limit federal regulation of insurance.
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