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Financial Planning > Behavioral Finance

Dodd-Frank Critic to Chair House Financial Institutions Panel

By David Baumann

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Rep. Blaine Luetkemeyer (R-Mo.), a staunch Dodd-Frank opponent, will chair the House Financial Institutions and Consumer Credit Subcommittee during the 115th Congress, House Financial Services Committee Chairman Jeb Hensarling announced Friday.

Rep. Keith Rothfus (R-Pa.) an attorney who formerly was in private practice, will serve as subcommittee vice-chairman.

Luetkemeyer was first elected to the House in 2008.

From 1999 to 2005, Luetkemeyer was a Missouri State Representative and served as Chairman of the Financial Services Committee. He has been a farmer, a loan officer and vice president of the Bank of Saint Elizabeth, a community bank in his home state. He also has been the owner of an insurance agency and a banking regulator.

Luetkemeyer was a cosponsor of Hensarling, Financial CHOICE Act during the last Congress.

That bill would have overhauled Dodd-Frank. The bill would have expanded the NCUA board to five members and made the agency’s budget subject to the appropriations process. It also contained several provisions to rein in the CFPB.

The legislation would have provided regulatory relief for banks and credit unions meeting an asset level of 10%. CUNA President/CEO Jim Nussle said last year that about 65% of credit unions would be eligible for that regulatory relief.

At the time Nussle said he was concerned that the bill provided more regulatory relief for banks than for credit unions.

Hensarling is expected to reintroduce the legislation during the 115th Congress.

Throughout his career, Luetkemeyer’s campaigns have received financial support from the financial community. For instance, in his 2016 campaign, Luetkemeyer received $10,000 from CUNA’s political action committee.

Hensarling also announced that the Financial Services Committee will have a new subcommittee that will probe the financial support networks used by terrorists and others who threaten national security.

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