23 THE NAFCU JOURNAL March–April 2023 With Republican control of the U.S. House of Representatives in the 118th Congress, changes are in store for the House Financial Services Committee (HFSC). North Carolina Republican Rep. Patrick McHenry took the helm from California Democrat Maxine Waters, who chaired the committee since 2019 and will continue as the ranking member, a role she held prior to becoming chair. McHenry, who was once one of the youngest Members of Congress when he was elected at age 29 in 2004, is now in his 10th term and has four years of experience working with Waters at the top of the dais. As a close ally of House Speaker Kevin McCarthy, R-Calif., McHenry was a top negotiator for McCarthy during the protracted Speaker election. The new chairman has built a strong reputation in his 18 years on the committee and has been a close friend of NAFCU and credit unions throughout his Congressional tenure. Last September, McHenry sat down with NAFCU President and CEO Dan Berger during our 2022 Congressional Caucus to discuss what his outlook for the Committee would be if he were to become chairman. At that time, he listed some of his top priorities as data privacy, capital formation and giving clarity to digital assets. During that conversation, when discussing fintech, McHenry emphasized the importance of the partnership model to spur innovation while protecting institutions’—like credit unions— ability to offer consumers more choices. “Without consumer choice, we’re worse off. We do not want to look like Europe, with fewer options and larger institutions, which leads to a less dynamic economy,” explained McHenry. “I think it’s important that we embrace innovation and drive for innovation,” stated the congressman, who noted that any other management of the partnership model for fintech innovation is wrong-headed, inappropriate and “must be checked.” In one of his first moves as chairman this year, McHenry announced the creation of a new Subcommittee on Digital Assets, Financial Technology and Inclusion. NAFCU President and CEO Dan Berger with HFSC Chairman Patrick McHenry.
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