House overseer of financial services will step down at end of Congress

The chairman of the House Financial Services Committee, and sponsor of legislation that envisioned sweeping changes to the federal financial institution regulatory scheme – the Financial CHOICE Act (H.R. 10) – will not be returning to Congress after next year’s election, he announced Tuesday.

Rep. Jeb Hensarling (R-Texas) said in a statement that he never intended to make service in Congress a “lifetime commitment.”

“And I have already stayed far longer than I had originally planned,” he said.

However, Hensarling said that, over the 14 months remaining in his term, “much work remains … in the areas of financial regulations, housing finance, cyber security and capital formation.”

Hensarling’s tenure as chairman of the Financial Services Committee is due to end after this Congress, the result of committee chairman term limits imposed by the House Republican Caucus. He led the committee for three terms.

In his statement, he said since his term as chairman comes to an end next year, “the time seems right for my departure.” He noted he wanted to “be there” as the parent of two teenagers.