Scott Garrett has been selected to serve as the Chairman of the Subcommittee on Capital Markets and Government-Sponsored Enterprises for the House Financial Services Committee for the 112th Congress.
As Chairman, Garrett will be the top Republican on the subcommittee with jurisdiction over the Securities and Exchange Commission and government-sponsored enterprises Fannie Mae and Freddie Mac. The subcommittee also handles all matters related to the Federal Housing Finance Agency, capital markets activities such as business capital formation and venture capital, and derivative instruments.
"I am honored Chairman Bachus has invited me to join his team on the Financial Services Committee," said Garrett after the announcement. "While there will be a number of very important issues on the subcommittee's plate during the 112th Congress, winding down Fannie Mae and Freddie Mac will be priority number one. With the American taxpayers already on the hook for $150 billion and counting to bail them out, we need to be taking concrete steps to reduce the ongoing financial risk they pose to the country and eradicating the bailout culture of Capitol Hill."
"Since coming to Congress in 2003, Scott Garrett has developed an unparalleled expertise on financial services issues and proven to be a dedicated member of the Republican team," said Financial Services Committee Chairman-elect Spencer Bachus. "His commitment to the protection of free market capitalism from government overreach will be an important asset to the committee as we monitor the implementation of Dodd-Frank and look for solutions to reform Fannie Mae and Freddie Mac."
Garrett possesses more than 20 years of experience dealing with issues related to securities, finance and insurance. He has been a member of the Financial Services Committee since his election to Congress in 2002, serving on the Subcommittees on Capital Markets, Insurance, and Government-Sponsored Enterprises; Financial Institutions and Consumer Credit; Housing and Community Opportunity; and Oversight and Investigations. His notable legislative achievements include easing the burden placed on small business by Sarbanes-Oxley and lessening the reliance on credit rating agencies by removing their reference in statute and regulation. In addition, he continues in his efforts to rein in the size and scope of Fannie Mae and Freddie Mac, and promoting the creation of a covered bond market in the U.S. Prior to his election to Congress, Garrett served in the New Jersey General Assembly as the Chairman of the Banking and Insurance Committee.