Kanjorski Elected Chair of Subcommittee on Capital Markets

Kanjorski Elected Chair of Subcommittee on Capital Markets

Congressman Paul E. Kanjorski (PA-11) was elected by his colleagues on the House Financial Services Committee to serve as Chairman of the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises. For the past 12 years, Congressman Kanjorski has served as the most senior Democrat on this Subcommittee, which has jurisdiction over securities, exchanges, entities like Fannie Mae and Freddie Mac, and most insurance matters, except for health insurance. Prior to that, Congressman Kanjorski chaired the Subcommittee on Economic Growth and Credit Formation of the old House Committee on Banking, Finance and Urban Affairs.

"I am honored that my colleagues on the Financial Services Committee have elected me to serve as chairman of the Capital Markets Subcommittee. We have an opportunity in the 110th Congress to think creatively about the real problems facing average Americans - problems like ensuring in retirement a sufficient income stream from investments for Americans, obtaining insurance at affordable rates, and lowering the costs of purchasing a home. We also have a great chance to develop thoughtful ways to address these problems," Congressman Kanjorski said. "Additionally, I look forward to the opportunity to work in a bipartisan manner to ensure that our capital markets are strong, fair and transparent, and to build consensus to advance reforms if they are indeed necessary."

Congressman Kanjorski's immediate plans include an extension of the Terrorism Risk Insurance Act (TRIA), which provides insurance to protect against terrorism risks, because it expires at the end of 2007. He also intends to work with his colleagues on reforming the regulation of the housing government sponsored enterprises (GSEs).

Congressman Kanjorski is the second most senior Democratic member of the full House Committee on Financial Services, which is comprised of 37 Democrats and 33 Republicans. The full committee adopted its rules and formally appointed subcommittee members today.

Congressman Kanjorski is also a member of the Committee on Oversight and Government Reform, ranking fourth in seniority among 22 Democrats. In the 110th Congress, he serves on two subcommittees: the Subcommittee on Government Management, Organization and Procurement and the Subcommittee on Information Policy, Census and National Archives.

Additionally, Congressman Kanjorski is a member of the House Committee on Science and Technology, which has jurisdiction over non-defense federal research and development. He serves on the Subcommittee on Energy and Environment, which oversees issues related to environmental science and U.S. energy policy. Of the 435 members of the U.S. House of Representatives, Congressman Kanjorski ranks 43rd in seniority.

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