Congressman Patrick McHenry of Gaston County will have new oversight responsibilities over financial services agencies in Congress next year.
He has been named chairman of the Oversight and Investigations Subcommittee replacing Rep. Randy Neugebauer of Texas. That is a subcommittee of the House Financial Services Committee.
That will give McHenry power to monitor the Federal Reserve, Treasury, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Department of Housing and Urban Development, the Federal Housing Finance Agency, and the Export-Import Bank.
"Government regulators need proper oversight in order to avoid bureaucratic overreach," McHenry said in a statement. "I'm excited to exert greater influence over that process and look forward to ensuring that small businesses across Western North Carolina are able to access the capital they need to grow and expand.''
McHenry, 38, will be beginning his fifth term in the House. He also served a term in the state legislature. He worked two years as a real estate broker before entering politics.