Washington D.C. – Following majority staff announcements for the House Financial Services Committee from Chairman Patrick McHenry, a new analysis from government watchdog Accountable.US found at least eight of these key aides have histories of representing, lobbying for, or otherwise working for the banking industry or major corporations. This includes figures tied to the American Bankers Association and JPMorgan Chase; major corporate law firms that have represented corporate clients against government oversight and consumer lawsuits; and even the embattled cryptocurrency industry.
While Rep. McHenry is a well-known financial industry sympathizer and hostile critic of federal efforts to protect consumers from industry mistreatment, the Chairman’s hiring spree of staff with ties to industries he now oversees further confirms the MAGA House majority intends to put industry’s bottom line above consumers’ interests this Congress.
“In both words and actions, it’s clear Chairman McHenry sees consumer protection efforts as nothing but a drag on higher profits for his biggest donors in the financial industry. The fact McHenry is stacking his staff with insiders from the industries he’s supposed to oversee is a major red flag that consumers will fall even further behind in the MAGA majority’s priory list. For years, McHenry has been openly hostile against federal crackdowns of harmful industry behavior like predatory lending and abusive junk fees, all while reaping massive donations from many of the worst offenders. But it could just be the beginning of McHenry’s conflicts of interest. The more lobbyists and corporate shills Patrick McHenry surrounds himself with, the more likely he’ll allow the financial industry to write their own rules at the expense of working families.”
Accountable.US’ Director of Economic Security and Corporate Power, Liz Zelnick
Additionally, Accountable.US’ analysis found the industry hiring surge comes after McHenry’s campaign contributions doubled to about $940,000—largely from the financial services sector —in the quarter he announced he would seek the HFSC Chairmanship rather than a position in House leadership. All told, McHenry has taken over $9.4 million in contributions from industries regulated and overseen by his committee, including the finance, insurance, and real estate sectors.