Meet the new banking lawmakers

February 2, 2023 1:58 PM

WASHINGTON — Both the Senate Banking Committee and the House Financial Services Committee have officially named their members, including several big names from the past election cycle, among them a few with deep financial industry experience.

Although it's a divided Congress, a few financial policy priorities are expected to make it through the partisan gridlock that's gripped Capitol Hill for the last few years. There's agreement broadly on housing priorities, noted by the committee ranking member Tim Scott, R-S.C., in his recently released policy priorities, which could mean movement is possible on those issues.

And on digital assets, Scott — who has made relatively few statements on financial policy in general, and on crypto in general, during his time in Congress — said in those priorities that Congress should work toward a "bipartisan regulatory framework."

These are the new lawmakers in both committees that will debate and weigh in on those topics.

Sen. J.D. Vance, R-Ohio, defeated Rep. Tim Ryan in last year's election and will be joining the Senate Banking Committee, which is chaired by fellow Ohio Senator Sherrod Brown.

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J.D. Vance

A staunch supporter for former President Donald Trump, Sen. J.D. Vance, R-Ohio, won a competitive Senate race in November and now finds himself on the Senate Banking Committee.

Vance, a former venture capitalist, was best known for his controversial book "Hillbilly Elegy." He railed against private equity in the single-family home market on the campaign trail, saying that Wall Street firms are "pursuing an investment strategy that will make it harder for young Americans to own homes."

Vance might find some common ground there with his fellow Ohioan, Sherrod Brown, who is the panel's chair and who has targeted private equity companies and their role in the housing market in the past. Brown's reelection chances in the increasingly red Ohio in 2024 could encourage him to work with Vance in the committee.

But overall, Vance is expected to take conservative stances during his time in the Senate. On Senate Banking, this likely means criticizing "woke" banking and the Consumer Financial Protection Bureau, and trading the dealmaking approach of outgoing, older Republicans like Sen. Pat Toomey of Pennsylvania in favor of the more combative style of incoming conservatives.

John Fetterman

On the other side of that coin, Sen. John Fetterman, D-Pa., joins the Senate Banking Committee after his defeat of Dr. Mehmet Oz in November. Fetterman takes the place of the retired Pat Toomey, the panel's former ranking member.

On the banking committee, Fetterman in a statement said that his focus will be to "protect consumers and take on corporate greed."

Fetterman ran as an economist populist, and has criticized the role of large corporations in the economic plight of small Pennsylvania towns. He's also said he supports ending the carried-interest loophole, which lets money managers treat what is essentially their income as capital gains, allowing them to pay significantly less than they otherwise would in taxes.

Katie Britt

The Senate has one more freshman member: Sen. Katie Britt, R-Ala.

Although she's a new senator, Britt isn't a stranger to the Senate Banking Committee. She served as chief of staff to her senate predecessor, Sen. Richard Shelby, R-Ala., when he was the chair of the panel.

"I'm eager to be an outspoken advocate for common-sense consumer protections and fostering a financial environment that promotes freedom, opportunity, and prosperity for hardworking families, small businesses, and retirees across our state and nation," Britt said in a statement.

She got public support from the banking industry during her campaign. The American Bankers Association and the Alabama Bankers Association released an ad in June applauding her for an op-ed that denounced the potential that the Internal Revenue Service would require banks to provide the agency with information about how much money flows in and out of individual accounts each year.

"We appreciate Katie Britt's efforts to protect Americans' privacy from government overreach," ABA President and CEO Rob Nichols said in a statement at the time. "She has championed a stronger economy while fighting excessive regulation."

House Financial Services Committee

Republicans on the House Financial Services Committee have a deeper bench given victories on the campaign trail.

The panel is chaired by former ranking member Patrick McHenry of North Carolina and has added some new faces after last year's election.

Freshmen assigned to the committee on the Republican side include Reps. Andy Ogles of Tennessee, Erin Houchin of Indiana, R. Zach Nunn of Iowa, Monica De La Cruz of Texas and Mike Lawler of New York. Of those with industry experience, De La Cruz has worked as an insurance agent.

House Democrats, meanwhile, added fewer new members to their ranks on the committee. Rep. Brittany Pettersen of Colorado succeeds the retired Rep. Ed Perlmutter on the committee, while Rep. Wiley Nickel of North Carolina took the newly redistricted seat held by now-Sen. Ted Budd.