Jeb Hensarling
Thomas Jeb Hensarling (born May 29, 1957) is an American politician who served as the U.S. representative for Texas's 5th congressional district from 2003 to 2019. A member of the Republican Party, he chaired the House Republican Conference from 2011 to 2013 and House Financial Services Committee from 2013 until 2019. A leading opponent of regulating the financial industry, Hensarling has close ties to Wall Street, having received campaign donations from every major Wall Street bank as well as various payday lenders.[1][2]
Jeb Hensarling | |
|---|---|
| Member of the U.S. House of Representatives from Texas's 5th district | |
| In office January 3, 2003 – January 3, 2019 | |
| Preceded by | Pete Sessions |
| Succeeded by | Lance Gooden |
| Chair of the House Financial Services Committee | |
| In office January 3, 2013 – January 3, 2019 | |
| Preceded by | Spencer Bachus |
| Succeeded by | Maxine Waters |
| Chair of the House Republican Conference | |
| In office January 3, 2011 – January 3, 2013 | |
| Deputy | Cathy McMorris Rodgers |
| Leader | John Boehner |
| Preceded by | Mike Pence |
| Succeeded by | Cathy McMorris Rodgers |
| Personal details | |
| Born | Thomas Jeb Hensarling May 29, 1957 Stephenville, Texas, U.S. |
| Political party | Republican |
| Spouse | Melissa Hensarling |
| Children | 2 |
| Education | Texas A&M University (BA) University of Texas, Austin (JD) |
On October 31, 2017, Hensarling announced that he would not seek reelection in 2018.[3] In 2019, he revealed he was joining UBS Group AG as executive vice chairman for the Americas region.[4]
Early life
Hensarling was born in Stephenville, the seat of government of Erath County in Central Texas; he was reared on the family farm in College Station.[5] He is the son of Mary Ann (Brock) and Charles Andrew "Chase" Hensarling (1928–2014), a 1949 graduate of Texas A&M University and a United States Army officer, who was engaged in the poultry business. His parents married in 1953.[5] Jeb Hensarling has one brother, James Andrew Hensarling (born 1954), and a sister, Carolyn Hensarling Arizpe.[6] He is an Episcopalian.[7]
Like his late father,[8] Jeb Hensarling graduated from Texas A&M University; he received a bachelor's degree in economics in 1979.[9] In 1982, he earned a Juris Doctor degree from the University of Texas School of Law at Austin.[10]
Political career
Prior to serving in Congress, Hensarling was State Director for Texas Senator Phil Gramm from 1985 until 1989. He also managed Gramm's re-election campaign in 1992.[11] From 1991 to 1993, he served as executive director of the Republican Senatorial Committee.[12]
Hensarling next served as a vice president at two companies before becoming owner of San Jacinto Ventures in 1996[13] and CEO of Family Support Assurance Corporation in 2001.[citation needed] He served as vice president of Green Mountain Energy from 1999 to 2001.[11]
Hensarling was elected to his first term in 2002, defeating Democratic opponent Ron Chapman with 58 percent of the vote.[14] He was reelected in 2004 with 64 percent of the vote over Democratic challenger Bill Bernstein.[15] In 2006, he was reelected with 62% of the votes over Charlie Thompson (D) with 36%,[16] and in 2008 with 84% against Ken Ashby (L) with 16%.[17] In 2010, Hensarling was reelected with 71% of the votes,[18] in 2012 with 64%[19] and in 2014 with 85%.[20] In 2016 Hensarling gained a total of 80% of the votes and defeated Ken Ashby, who had received 20% of the votes.[21]
A December 31, 2005, article in National Review profiled his work as the country's "budget nanny", saying that he replaced his mentor, former Senator Phil Gramm, in this role. Hensarling's proposed legislation was said to be intended to force Congress to "decide how much money they can afford to spend, and then prioritize within those limits." The article said that "the chief problem with any proposal to reform the budget process is that it excites almost nobody."[22]
Hensarling was elected chairman of the Republican Study Committee[23] following the 2006 congressional elections, defeating Todd Tiahrt.[24]
From 2011 to 2013, Hensarling was chairman of the House Republican Conference.[25] He served on the Congressional Oversight Panel of the Troubled Asset Relief Program, the National Commission on Fiscal Responsibility and Reform. Hensarling was also co-chair of the Joint Select Committee on Deficit Reduction.[26]
After the 2012 election, Hensarling was elected as chairman of the House Committee on Financial Services, succeeding Rep. Spencer Bachus (R-Ala.).[27][28]
After the election of Donald Trump as president, Hensarling met with the transition team and left thinking he had been selected to be secretary of the treasury. Eventually, Steven Mnuchin was given the position.
Legislation
Hensarling opposed the Homeowner Flood Insurance Affordability Act of 2013 (H.R. 3370; 113th Congress), a bill that would delay some of the reforms to the National Flood Insurance Program.[29] Hensarling criticized the bill, saying the bill would "postpone actuarially sound rates for perhaps a generation ... (and) kill off a key element of risk-based pricing permanently, which is necessary if we are to ever transition to market competition."[29] Hensarling criticized the National Flood Insurance Programs for regularly underestimating flood risk.[29] Hensarling is an opponent of the Dodd–Frank Wall Street Reform and Consumer Protection Act.[1]
Committee assignments
- Committee on Financial Services (Chair)
- Joint Select Committee on Deficit Reduction (Co-chair)
Voting record
Hensarling maintained a conservative voting record: he consistently voted against pro-choice legislation, stem cell research, same-sex marriage and hate crimes legislation, and consistently supported free trade policies, the PATRIOT Act, and a constitutional amendment against flag burning.[30]
Hensarling served on the House Committee on the Budget and chaired the House Committee on Financial Services.[31] Hensarling was co-author of a constitutional amendment (known as the Spending Limit Amendment) that would prohibit federal spending from growing faster than the economy.[32] Hensarling campaigned for Congress to enact a one-year moratorium on all Congressional earmarks, saying that the process needs to be overhauled.[citation needed] In 2007, he introduced the Taxpayer Bill of Rights. He also co-authored the Taxpayer Choice Act.[citation needed]
A vocal critic of the Consumer Financial Protection Bureau (CFPB), he received $210,500 from the payday lending industry (directly and through his political action committee) during the 2013-2014 election cycle, according to a report from the nonprofit Americans for Financial Reform.[33][34][35]
2008
In January 2008, Hensarling was co-author of the Economic Growth Act of 2008.[citation needed]
In May 2008, Hensarling campaigned for the Republican party leadership in the House to agree to a special session to give lawmakers to air their views on a new policy platform and share ideas on how to define themselves to better advantage going into the 2008 election.[citation needed]
2010
On January 29, 2010, during President Barack Obama's meeting with House Republicans, Hensarling challenged Obama's position on the budget, asserting that the Obama White House was increasing the national deficit at the same rate per month that the previous President had increased it per year. President Obama responded with the following: "the whole question was structured as a talking point for running a campaign. ... [t]he fact of the matter is that when we came into office, the deficit was $1.3 trillion. So when you say that suddenly I've got a monthly budget that is higher than the annual – or a monthly deficit that's higher than the annual deficit left by Republicans, that's factually just not true, and you know it's not true."[36] The Congressional Budget Office issued a projection in January 2009, before Obama took office, that the budget deficit would reach $1.2 trillion that year.[37]
Financial bailout
In September 2008, Hensarling led House Republican efforts to oppose Secretary Henry Paulson and Chairman Ben Bernanke's $700 billion financial bailout, and urged caution before Congress rushed to approve the plan. After voting against the bill, Hensarling said,
no one truly knows if this plan will work – though we all hope that it does. No one knows the true amount of taxpayer exposure. Treasury could spend $700 billion in no time flat and come right back to Congress for $700 billion more. Some believe the taxpayer will actually make money in the deal and I hope that proves true. But history as a guide, I have strong fears it will not. At what point do we finally bailout the American taxpayer from the unconscionable burden he or she faces from out of control Washington spending? I fear that the legislation passed by Congress remains more of a bailout than a work out. I fear it undermines the ethic of personal responsibility. I fear that it rewards bad behavior and punishes good. But my greatest fear is that it changes the role of the federal government in our free market economy, which despite its current problems, remains the envy of the world. How can we have capitalism on the way up and socialism on the way down? If we lose our ability to fail will we not in turn lose our ability to succeed? If Congress bails out some firms and sectors, how can it say no to others? We must always be very careful to ensure that any remedy does allow short-term gain to come at the cost of even greater long-term pain – that being the slippery slope to socialism. The thought of my children growing up in America with less freedom and less opportunity is a long-term pain I cannot bear.[citation needed]
Following September 29 House vote, the Dow Jones Industrial Average dropped 777 points in a single day, its largest single-day point drop ever.[38] The House subsequently passed the bill in a second vote on October 3.[39]
On November 19, 2008, Hensarling was appointed by United States House of Representatives Minority Leader John Boehner to serve on the five-member Congressional Oversight Panel created to oversee the implementation of the Emergency Economic Stabilization Act. He was the lone dissenting member on the "Accountability for the Troubled Asset Relief Program" report issued by the panel on January 9, 2009.[40][41]
House leadership
In 2008, Hensarling was mentioned[by whom?] as a possible candidate for Republican Conference Chairman, then the number three position in the House Republican leadership. However, Hensarling instead endorsed former Republican Study Committee Chairman Mike Pence, a longtime friend and ally.[42] After the 2010 elections, Pence stepped down from the House to run for Governor of Indiana. Hensarling succeeded Pence as Conference Chairman, becoming the fourth-ranking Republican, as the Republican Party had won control of the House of Representatives in 2010. Hensarling stepped down from leadership after the 2012 elections to become Chairman of the House Financial Services Committee.[43][44]
Prior to Eric Cantor's primary defeat, Hensarling was mentioned as a potential rival to Cantor to succeed John Boehner as leader of the House Republicans.[45][46]
References
- ^ a b "Meet the Banking Caucus, Wall Street's secret weapon in Washington". Center for Public Integrity. Retrieved 2018-05-15.
- ^ Hicken, Blake Ellis and Melanie. "Payday lenders throw millions at powerful politicians to get their way". CNNMoney. Retrieved 2018-05-15.
- ^ Ackerman, Andrew (October 31, 2017). "GOP Rep. Jeb Hensarling of Texas Won't Seek Re-Election". The Wall Street Journal. New York. Retrieved October 31, 2017.
- ^ "Former US Congressman Jeb Hensarling to Join UBS in Dallas". Sovereign Wealth Fund Institute. April 12, 2019. Retrieved April 19, 2019.
- ^ a b Texas Birth Index (2002). "U.S. Public Records Index". Family Search. Retrieved September 27, 2015.
- ^ "Hensarling, Charles". Bryan-College Station Eagle. Retrieved December 16, 2014.
- ^ Paulsen, David (November 9, 2017). "Episcopalians bring faith perspectives to Congress on both sides of political aisle". Episcopal News Service. Retrieved January 16, 2021.
- ^ Sponsored Stories (1928-07-22). "Charles Hensarling, father of Rep. Jeb Hensarling, dies at 86 | Politics". Dallas News. Retrieved 2017-06-14.
- ^ "Former Student Elected Officials". Texas A&M University. Retrieved 2018-06-19.
- ^ "Great Legal Minds" (PDF). University of Texas Las School. Retrieved 2018-06-19.
- ^ a b "Jeb Hensarling - Candidate for U.S. President, Republican Nomination - Election 2012". WSJ.com. Retrieved 2018-05-07.
- ^ "This Congressman Could Turn the Dodd-Frank Financial Reforms Upside Down". Fortune. Retrieved 2018-05-07.
- ^ "Relationship with Wyly brothers helped launch Jeb Hensarling; could it now hinder him?". Dallas News. 2010-08-12. Retrieved 2018-05-20.
- ^ "2002 General Election". Office of the Secretary of State. 2002-11-05. Retrieved 2018-05-20.
- ^ "2004 General Election". Office of the Secretary of State. 2004-11-02. Retrieved 2018-05-20.
- ^ "2006 General Election". Office of the Secretary of State. 2006-11-07. Retrieved 2018-06-29.
- ^ "2008 General Election". Office of the Secretary of State. 2008-11-04. Retrieved 2018-06-29.
- ^ "2010 General Election". Office of the Secretary of State. 2010-11-02. Retrieved 2018-06-29.
- ^ "2012 General Election". 2012-11-06. Retrieved 2018-06-29.
- ^ "2014 General Election". Office of the Secretary of State. 2014-11-04. Retrieved 2018-06-29.
- ^ "2016 General Election". Office of the Secretary of State. 2016-11-08. Retrieved 2018-06-29.
- ^ Kobrzynski, Zuzanna; McAfee, Melonyce; Wilson, Blake (2005-12-23). "Talk About a Thankless Job". Slate. ISSN 1091-2339. Retrieved 2018-06-17.
- ^ "Member List". Republican Study Committee. Retrieved 21 December 2017.
- ^ Wasson, Erik (2012-11-15). "GOP Rep. Scalise elected RSC chairman, pledges to pull leadership 'to the right'". TheHill. Retrieved 2018-06-21.
- ^ "Republican Conference Chairmen | US House of Representatives: History, Art & Archives". history.house.gov. Retrieved 2018-06-21.
- ^ "Biography". Congressman Jeb Hensarling. 2012-12-11. Retrieved 2018-07-04.
- ^ . The Office of Rep. Jeb Hensarling. 2012-11-28. Archived from the original on December 11, 2012. Retrieved January 11, 2013.
- ^ Elliott, Justin (April 30, 2013). "House Finance Chair Hensarling Goes on Ski Vacation with Wall Street". ProPublica. Retrieved September 15, 2013.
- ^ a b c Kasperowicz, Pete (March 4, 2014). "House retreats from 2012 flood reforms". The Hill. Retrieved March 6, 2014.
- ^ "Jeb Hensarling on the Issues". www.ontheissues.org. Retrieved 2018-12-12.
- ^ "This Congressman Could Turn the Dodd-Frank Financial Reforms Upside Down". Fortune. Retrieved 2018-06-17.
- ^ "Chairman Jeb Hensarling | House Committee on Financial Services". financialservices.house.gov. Retrieved 2018-06-17.
- ^ "Payday lenders throw millions at powerful politicians to get their way". money.cnn.com. 2014-12-18. Retrieved 2016-05-15.
- ^ "New AFR Report: Payday Pay-to-Play". Americans for Financial Reform. 2015-06-01. Retrieved 2016-05-15.
- ^ "Payday Pay-to-Play" (PDF). Americans for Financial Reform. 2015-06-01. Retrieved 2016-05-15.
- ^ "Hensarling questions Obama at House GOP conference". washingtonpost.com. 2010-01-29. Retrieved 2010-08-29.
- ^ "Obama vows cutback in Social Security". Washington Times. 2009-01-08. Retrieved 2010-08-29.
- ^ Perman, Cindy (September 29, 2008). "Dow Falls 777 as Market Reels From House Vote". CNBC.
- ^ Herszenhorn, David M. (October 3, 2008). "House Approves Bailout on Second Try". The New York Times.
- ^ "Hensarling Votes No, Issues Dissenting Views on COP Report". Congressman Jeb Hensarling Representing the 5th District of Texas official website. October 9, 2009.
- ^ Accountability for the Troubled Asset Relief Program
- ^ . Mike Pence Congressmean for the 6th District of Indiana official website. November 17, 2008. Archived from the original on November 8, 2010. Retrieved November 5, 2010.
- ^ Allen, Jonathan (January 29, 2012). "Jeb Hensarling eyes financial panel chairmanship". Politico. Retrieved June 20, 2014.
- ^ McGrane, Victoria (November 28, 2012). "Hensarling to Head House Financial Services Committee". Wall Street Journal. Retrieved June 20, 2014.
- ^ House, Billy (March 5, 2014). "A Battle Is Brewing to Succeed John Boehner". National Journal. Retrieved March 6, 2014.
- ^ Sherman, Jake (March 6, 2014). "Young Guns gear up for next fight". Politico. Retrieved March 6, 2014.
External links
- Jeb Hensarling at Curlie
- Appearances on C-SPAN
- Biography at the Biographical Directory of the United States Congress
- Financial information (federal office) at the Federal Election Commission
- Legislation sponsored at the Library of Congress
- Profile at Vote Smart