In a major blow to the banking sector, Texas congressman and House Financial Services Committee Chairman Jeb Hensarling has announced that he will not be seeking re-election next year.
According to a statement from Hensarling in The Dallas-Morning News, the eight-term house member is ready to hang up his regulation-stompin' spurs and do a shit-ton of lucrative lobbying on behalf of the community banking sector something else:
"Since my term as Chairman of the House Financial Services Committee comes to an end next year, the time seems right for my departure," he wrote in a statement. "Although I will not be running for reelection, there are 14 months left in my congressional term to continue the fight for individual liberty, free enterprise, and limited constitutional government - the causes for which I remain passionate."
Based on his time in Congress, and his vacation choices away from Congress, it appears that the 60-year-old Hensarling is passionate about banks staying unregulated and profitable. And since Hensarling is retiring at the age of 60, one would think that he would have ample time to pursue that passion on Capitol Hill, and on Park City slopes, going forward. Not that the retiring Hensarling (who is sixty) is done with his anti-Dodd-Frank campaign as an elected official quite yet:
"Much work remains at the House Financial Services Committee in the areas of housing finance reform, regulatory relief, cyber security and capital formation to name just a few," he said. "Furthermore, important work remains in the Congress as a whole - especially pro-growth tax reform. I look forward to continuing this work on behalf of the people of the 5th District of Texas and all Americans."
And we feel quite certain that Hensarling will spend those 14 months building that bridge to a safer financial future for American banks, and maybe the customers they serve, almost as certain as we are that he will be simultaneously building a personal bridge of his own that leads all the way to K Street.
Republican Jeb Hensarling won't run for re-election [Dallas Morning News]