The start of the new GOP- controlled Congressbringswith it new faces to key congressional committees that hold sway over
a variety of issues impacting advisors.
Rep. Jeb Hensarling, R-Texas,
resumes his spot as chairman of the
House Financial Services Committee,
while Rep. Scott Garrett, R-N.J., also
retains his post as head of the committee’s Capital Markets Subcommittee.
Both lawmakers vow a full court
press on introducing bills to roll back
the Dodd-Frank financial reform law
(despite the fact that President Obama
vows to veto them if they reach his desk).
Hensarling and Garrett also recently
nixed the likelihood of passage this year
of a House bill that would allow the
SEC to collect user fees from advisors
to fund their exams. However, industry
trade groups will continue to lobby for
introduction of a bipartisan user-fees
bill in the Senate.
Such backers may likely come from
the Senate Banking Committee, which
is now headed by Sen. Richard Shelby,
R-Ala. The Senate Banking and House
Financial Services committees share
oversight responsibilities for the SEC.
The House Financial Services
Committee’s 2015 oversight agenda,
released in mid-January, said the committee will “review the SEC’s regulation and oversight” of broker-dealers
and investment advisors, as well as how
the SEC is spending taxpayer’s money.
“We will do everything within our
power to make sure the agencies under
our jurisdiction treat the funds that
are appropriated, the funds they have
at their disposal, taxpayer funds—that
they treat them with respect. It is not
Washington’s money; it’s the taxpayers’
money,” Hensarling said.
Rep. Paul Ryan, R-Wis., is the new
chairman of the powerful tax-writing
House Ways and Means Committee.
At a mid-January hearing, Ryan said
that his committee will be “command
central” leading the charge on some of
the “biggest issues” facing the nation’s
economy: tax reform, trade agreements
and health care.
Like new Senate Finance Committee
chair Sen. Orrin Hatch, R-Utah, Ryan
will push for legislation to reform
President Obama’s health care law.
Both Ryan and Hatch’s priorities also
include “comprehensive” tax reform.
Ryan “will run the committee with
an iron fist,” ASPPA’s Political Director
Jim Dornan said on a recent webcast.
ASPPA CEO Brian Graff added on the
webcast that under Ryan’s leadership,
House Ways and Means will start to
issue “meaningful [tax reform] propos-
als in early spring.”
By Melanie Waddell
Key Congressional Committees
Get new Leaders
GOP-dominated Congress will focus on tax
reform, regulation of advisors and brokers, DOL
fiduciary redraft and more
Rep. Paul Ryan, R-Wis., will lead the House Ways and Means Committee.