House Republicans Finalize Financial Services Committee Leadership, Pay Ratio Repeal Bill Sponsor Huizenga to Chair Capital Markets Subcommittee
January 6, 2017
This week, House Financial Services Committee Chair Jeb Hensarling (R-TX) announced the Committee's Leadership team, with the most notable change being that Representative Bill Huizenga (R-MI) will become Chairman of the Subcommittee on Capital Markets replacing former Congressman Scott Garrett (R-NJ) who lost his reelection bid in November. Mr. Huizenga, who had served as the Chairman of hte Subcommittee and Trade in the last two Congresses, and who served as the keynote speaker at the Center's 2015 Annual Subscribers Meeting, has twice sponsored a pay ratio repeal bill each of the last two Congresses and successfully led the bill to adoption by the Financial Services Committee. His leadership of the Capital Markets Subcommittee, which is charged with oversight of the SEC and financial markets, will be a major boon for efforts to roll back controversial Dodd-Frank rules like the pay ratio and help usher further progress on disclosure reform and proxy advisory firms. On the subject of proxy advisory firms, Rep. Sean Duffy (R-WI), who sponsored the proxy advisory firm oversight regimen bill the "Corporate Governance Accountability and Transparency Act" last year was chosen as Chairman of the Subcommittee on Housing and Insurance. Combined, Mr. Duffy and Mr. Huizenga's leadership ensure the issue of proxy advisors will remain a focus of the House Financial Services Committee for the next two years. Rep. Patrick McHenry (R-NC) will continue his role as Vice Chair of the Committee and Rep. French Hill (R-AR) was named the Committee's Republican Whip.