Changes Coming For House Financial Committees Regardless of Election Outcome - TheStreet

Regardless of which political party wins control of Congress in this year's midterm elections, House committees focusing on appropriations, budget and taxation issues will be seeing changes in senior leadership.

That's because several senior Republicans on the committees are leaving Congress ahead of a possible takeover by Democrats in Tuesday's voting, while others are caught up in tight races for re-election.

Two key committee chairmen are departing: Rep. Rodney Frelinghuysen, R-N.J., the chairman of the House Appropriations committee, and Rep. Jeb Hensarling, R-Texas, the chairman of the House Financial Services committee. Rep. Maxine Waters, D-Calif., is the senior Democrat currently on the Financial Services committee.

Two subcommittee chairmen from the House Ways & Means are also heading for the exits: Sam Johnson, R-Texas, the chairman of the subcommittee on Social Security and David Reichert, R-Wash., the chairman of the subcommittee on Trade.

Two Financial Services subcommittee chairmen are running in races rated as tossups by Politico. They are Rep. Garland Barr, R-Ky., who heads the subcommittee on Monetary Policy and Trade, and Rep. Randy Hultgren, R-Ill., who heads up the subcommittee on Capital Markets, Securities and Investment.

The most secure House Republican involved in economic policy making appears to be Rep. Kevin Brady, R-Texas, chairman of the House Ways & Means committee. Brady also serves as chair of the House and Senate Joint Economic Committee and as a member of the Joint Committee on Taxation.

Changes in leadership of financial committees in the Senate appear less likely. Democrats aren't given as much chance of winning back control of the Senate because they are defending more seats than Republicans, many in states which Donald Trump won in the 2016 presidential election. Only one of the senior Republicans on the committees, Sen. Orin Hatch, R-Utah, is leaving. Hatch chairs the Senate Finance committee.