Capito to chair House financial services subcommittee - WTRF 7 News Sports Weather - Wheeling Steubenville

Capito to chair House financial services subcommittee

Posted: Updated:
  • GovernmentGovernment

  • Wednesday, May 22 2013 12:59 PM EDT2013-05-22 16:59:52 GMT
    Credit: MountainStateUniversity.edu
    Gov. Earl Ray Tomblin has announced Karen Bowling of Beckley as Cabinet Secretary of The West Virginia Department of Health and Human Resources, starting July 1.
    Gov. Earl Ray Tomblin has announced Karen Bowling of Beckley as Cabinet Secretary of The West Virginia Department of Health and Human Resources, starting July 1.
  • Tuesday, May 21 2013 1:43 PM EDT2013-05-21 17:43:57 GMT
    The three locks on the upper Monongahela River will be open to recreational boaters this weekend during limited hours.
    The three locks on the upper Monongahela River will be open to recreational boaters this weekend during limited hours.
  • Monday, May 20 2013 2:50 PM EDT2013-05-20 18:50:08 GMT
    Helen Holt, now 99, was West Virginia's first female secretary of state. She received an honorary Doctorate of Humane Letters from WVU during Sunday's commencement.
    Helen Holt, now 99, was West Virginia's first female secretary of state. She received an honorary Doctorate of Humane Letters from WVU during Sunday's commencement.

Rep. Shelley Moore Capito, R-W.Va., has been named the new chairwoman of the House Subcommittee on Financial Institutions and Consumer Debt for the 113th Congress.

Capito previously chaired the committee in the most recent session of Congress. The subcommittee has jurisdiction over federal financial regulatory agencies including the Federal Deposit Insurance Corp., the Federal Reserve, the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau. The subcommittee oversees the country's depository institutions, federal deposit insurance, matters related to consumer credit and the safety and soundness of the nation's financial system.

In addition, Capito will serve on the Insurance and Housing Subcommittee, which has jurisdiction over insurance, including private mortgage insurance and government-sponsored insurance programs, such as the National Flood Insurance program. It also oversee the Department of Housing and Urban Development, the Federal Housing Administration and activities of the National Government Mortgage Association and issues related to rural housing and community development.

Capito said she will use her role on the committees to fight to get the nation's economy back on track.

"Over the last two years, we have learned a lot about the challenges facing community banks and credit unions with play a critical role in deploying capital to small businesses across the nation," she said. "If we are going to get our economy back on track, we need to promote a regulatory environment that recognizes the importance of preserving the ability of small financial institutions to drive economic growth in their communities. I will continue making it a priority in the 113th Congress."

The House Financial Services full committee is chaired by Rep. Jeb Hensarling, R-Texas.