House Financial Services Committee Chairman Jeb Hensarling, R-Texas, announced on Tuesday that he won't seek re-election in 2018, but he stated that "much work remains" during his remaining 14 months on the job.
With his term as chairman expiring next year, Hensarling said the time was right to head back home and spend some time with his two teenagers. "I want to be there for those years," he said.
What could be next? Don't expect official word on Hensarling's next move until next fall at the earliest, said Jaret Seiberg, financial services and housing policy analyst for Cowen Washington Research Group.
But likely moves include replacing Federal Housing Finance Agency director Mel Watt, as his term expires in January 2019, or becoming the next director of the Consumer Financial Protection Bureau.
"Hensarling has shown much greater interest in housing finance," Seiberg said. "And running the CFPB is likely to be a giant headache for the first Republican director as Democrats have staffed up the agency and established its corporate culture."
Hensarling said in a note released by his personal office regarding his retirement that "much work remains at the House Financial Services Committee in the areas of housing finance reform, regulatory relief, cybersecurity and capital formation to name just a few. Furthermore, important work remains in the Congress as a whole — especially pro-growth tax reform."
