Jeb Hensarling
   HOME

TheInfoList



OR:

Thomas Jeb Hensarling (born May 29, 1957) is an American politician who served as the U.S. representative for Texas's 5th congressional district from 2003 to 2019. A member of the Republican Party, he chaired the House Republican Conference from 2011 to 2013 and House Financial Services Committee from 2013 until 2019. The
Los Angeles Times The ''Los Angeles Times'' is an American Newspaper#Daily, daily newspaper that began publishing in Los Angeles, California, in 1881. Based in the Greater Los Angeles city of El Segundo, California, El Segundo since 2018, it is the List of new ...
described Hensarling, "a fervent believer in free market ideology" and that he was "a pivotal player in the GOP effort to reduce financial regulation in the Trump Era". The
Wall Street Journal ''The Wall Street Journal'' (''WSJ''), also referred to simply as the ''Journal,'' is an American newspaper based in New York City. The newspaper provides extensive coverage of news, especially business and finance. It operates on a subscriptio ...
called him "a driver of economic policy in the house". Hensarling has close ties to
Wall Street Wall Street is a street in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It runs eight city blocks between Broadway (Manhattan), Broadway in the west and South Street (Manhattan), South Str ...
, having received campaign donations from every major Wall Street bank as well as various payday lenders. On October 31, 2017, Hensarling announced that he would not seek reelection in
2018 Events January * January 1 – Bulgaria takes over the Presidency of the Council of the European Union, after the Estonian presidency. * January 4 – SPLM-IO rebels loyal to Chan Garang Lual start a raid against Juba, capital of ...
. In 2019, he revealed he was joining UBS Group AG as executive vice chairman for the Americas region. In 2023, he stepped down from that position.


Early life

Hensarling was born in Stephenville, the
seat of government The seat of government is (as defined by ''Brewer's Politics'') "the building, complex of buildings or the city from which a government exercises its authority". In most countries, the nation's Capital city, capital is also seat of its governmen ...
of Erath County in
Central Texas Central Texas is a region in the U.S. state of Texas roughly bordered on the west by San Saba, to the southeast by Bryan- College Station, the south by San Marcos and to the north by Hillsboro. Central Texas overlaps with and includes part ...
; he was reared on the family farm in College Station. Jeb Hensarling has one brother, James Andrew Hensarling (born 1954) now deceased, and a sister, Carolyn Hensarling Arizpe. He is an
Episcopalian Anglicanism, also known as Episcopalianism in some countries, is a Western Christian tradition which developed from the practices, liturgy, and identity of the Church of England following the English Reformation, in the context of the Protes ...
. Like his late father, Jeb Hensarling graduated from Texas A&M University; he received a
bachelor's degree A bachelor's degree (from Medieval Latin ''baccalaureus'') or baccalaureate (from Modern Latin ''baccalaureatus'') is an undergraduate degree awarded by colleges and universities upon completion of a course of study lasting three to six years ...
in
economics Economics () is a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interac ...
in 1979. In 1982, he earned a
Juris Doctor A Juris Doctor, Doctor of Jurisprudence, or Doctor of Law (JD) is a graduate-entry professional degree that primarily prepares individuals to practice law. In the United States and the Philippines, it is the only qualifying law degree. Other j ...
degree from the
University of Texas School of Law The University of Texas School of Law (Texas Law) is the Law school in the United States, law school of the University of Texas at Austin, a public university, public research university in Austin, Texas. According to Texas Law’s American Bar ...
at
Austin Austin refers to: Common meanings * Austin, Texas, United States, a city * Austin (given name), a list of people and fictional characters * Austin (surname), a list of people and fictional characters * Austin Motor Company, a British car manufac ...
.


Political career

Prior to serving in Congress, Hensarling was State Director for Texas
Senator A senate is a deliberative assembly, often the upper house or Legislative chamber, chamber of a bicameral legislature. The name comes from the Ancient Rome, ancient Roman Senate (Latin: ''Senatus''), so-called as an assembly of the senior ...
Phil Gramm William Philip Gramm (born July 8, 1942) is an American economist and politician who represented Texas in both chambers of United States Congress, Congress. Though he began his political career as a Democratic Party (United States), Democrat, Gr ...
from 1985 until 1989. He also managed Gramm's re-election campaign in 1990. From 1991 to 1993, he served as executive director of the Republican Senatorial Committee. Hensarling next served as a vice president at two companies before becoming owner of San Jacinto Ventures in 1996 and
CEO A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...
of Family Support Assurance Corporation in 2001. He served as vice president of Green Mountain Energy from 1999 to 2001. Hensarling was elected to his first term in 2002, defeating Democratic opponent Ron Chapman with 58 percent of the vote. He was reelected in 2004 with 64 percent of the vote over Democratic challenger Bill Bernstein. In 2006, he was reelected with 62% of the votes over Charlie Thompson (D) with 36%, and in 2008 with 84% against Ken Ashby (L) with 16%. In 2010, Hensarling was reelected with 71% of the votes, in 2012 with 64% and in 2014 with 85%. In 2016 Hensarling gained a total of 80% of the votes and defeated Ken Ashby, who had received 20% of the votes. A December 31, 2005, article in ''
National Review ''National Review'' is an American conservative editorial magazine, focusing on news and commentary pieces on political, social, and cultural affairs. The magazine was founded by William F. Buckley Jr. in 1955. Its editor-in-chief is Rich L ...
'' profiled his work as the country's "budget nanny", saying that he replaced his mentor, former Senator
Phil Gramm William Philip Gramm (born July 8, 1942) is an American economist and politician who represented Texas in both chambers of United States Congress, Congress. Though he began his political career as a Democratic Party (United States), Democrat, Gr ...
, in this role. Hensarling's proposed legislation was said to be intended to force Congress to "decide how much money they can afford to spend, and then prioritize within those limits." The article said that "the chief problem with any proposal to reform the budget process is that it excites almost nobody." Hensarling was elected chairman of the Republican Study Committee following the 2006 congressional elections, defeating Todd Tiahrt. From 2011 to 2013, Hensarling was chairman of the House Republican Conference. He served on the Congressional Oversight Panel of the Troubled Asset Relief Program, the
National Commission on Fiscal Responsibility and Reform The National Commission on Fiscal Responsibility and Reform (often called Simpson–Bowles or Bowles–Simpson from the names of co-chairs Alan K. Simpson, Alan Simpson and Erskine Bowles; or NCFRR) was a bipartisan Presidential Commission (Unite ...
. Hensarling was also co-chair of the
Joint Select Committee on Deficit Reduction A joint or articulation (or articular surface) is the connection made between bones, ossicles, or other hard structures in the body which link an animal's skeletal system into a functional whole.Saladin, Ken. Anatomy & Physiology. 7th ed. McGraw- ...
. After the 2012 election, Hensarling was elected as chairman of the House Committee on Financial Services, succeeding Rep. Spencer Bachus (R-Ala.). After the election of Donald Trump as president, Hensarling met with him in Trump Tower and was considered for Secretary of the Treasury. Eventually, Steven Mnuchin was given the position. Later Hensarling became one of the earliest and most vocal critics of the Trump administration's trade policies.


Legislation

Hensarling shepherded over 80 bills into law during his three terms as chairmen. These included the Economic Growth Regulatory Relief and Consumer Protection Act which rewrote numerous provisions of the Dodd-Frank Act and the bipartisan JOBS 2.0 legislation which facilitated capital formation for start ups and early growth companies. His committee also passed the Foreign Investment Risk Review Modernization Act of 2018 which provided major reforms to the Committee on Foreign Investment in the United States (CIFIUS), the government agency responsible for reviewing pending foreign investment for national security implications. Hensarling opposed the Homeowner Flood Insurance Affordability Act of 2013 (H.R. 3370; 113th Congress), a bill that would delay some of the reforms to the
National Flood Insurance Program The National Flood Insurance Program (NFIP) is a program created by the Congress of the United States in 1968 through the National Flood Insurance Act of 1968 (P.L. 90-448). The NFIP has two purposes: to share the risk of flood losses through fl ...
. Hensarling criticized the bill, saying the bill would "postpone actuarially sound rates for perhaps a generation ... (and) kill off a key element of risk-based pricing permanently, which is necessary if we are to ever transition to market competition." Hensarling criticized the National Flood Insurance Programs for regularly underestimating flood risk. Hensarling is an opponent of the
Dodd–Frank Wall Street Reform and Consumer Protection Act The Dodd–Frank Wall Street Reform and Consumer Protection Act, commonly referred to as Dodd–Frank, is a United States federal law that was enacted on July 21, 2010. The law overhauled financial regulation in the aftermath of the Great Reces ...
.


Committee assignments

* Committee on Financial Services (Chair) ** Subcommittee on Capital Markets, Insurance, and Government-Sponsored Enterprises ** Subcommittee on Financial Institutions and Consumer Credit *
Joint Select Committee on Deficit Reduction A joint or articulation (or articular surface) is the connection made between bones, ossicles, or other hard structures in the body which link an animal's skeletal system into a functional whole.Saladin, Ken. Anatomy & Physiology. 7th ed. McGraw- ...
(Co-chair)


Voting record

During his Congressional tenure, Hensarling maintained a
conservative Conservatism is a cultural, social, and political philosophy and ideology that seeks to promote and preserve traditional institutions, customs, and values. The central tenets of conservatism may vary in relation to the culture and civiliza ...
voting record as evidenced by his 97% lifetime rating from the
American Conservative Union The American Conservative Union (ACU) is an American political organization that advocates for Conservatism in the United States, conservative policies, ranks politicians based on their level of conservatism, and organizes the Conservative Poli ...
. Hensarling served on the House Committee on the Budget and chaired the
House Committee on Financial Services A house is a single-unit residential building. It may range in complexity from a rudimentary hut to a complex structure of wood, masonry, concrete or other material, outfitted with plumbing, electrical, and heating, ventilation, and air c ...
. Hensarling was co-author of a
constitutional amendment A constitutional amendment (or constitutional alteration) is a modification of the constitution of a polity, organization or other type of entity. Amendments are often interwoven into the relevant sections of an existing constitution, directly alt ...
(known as the Spending Limit Amendment) that would prohibit federal spending from growing faster than the economy. Hensarling campaigned for Congress to enact a one-year moratorium on all Congressional earmarks, saying that the process needs to be overhauled. In 2007, he introduced the
Taxpayer Bill of Rights The Taxpayer Bill of Rights (abbreviated TABOR) is a concept advocated by conservative and free market libertarian groups, primarily in the United States, as a way of limiting the growth of government. It is not a charter of rights but a provisi ...
. He also co-authored the Taxpayer Choice Act. A vocal critic of the
Consumer Financial Protection Bureau The Consumer Financial Protection Bureau (CFPB) is an independent agency of the United States government responsible for consumer protection in the financial sector. CFPB's jurisdiction includes banks, credit unions, securities firms, Payday lo ...
(CFPB), he received $210,500 from the payday lending industry (directly and through his political action committee) during the 2013-2014 election cycle, according to a report from the nonprofit Americans for Financial Reform.


2008

In January 2008, Hensarling was co-author of the Economic Growth Act of 2008. In May 2008, Hensarling campaigned for the Republican party leadership in the House to agree to a special session to give lawmakers to air their views on a new policy platform and share ideas on how to define themselves to better advantage going into the 2008 election.


2010

On January 29, 2010, during President
Barack Obama Barack Hussein Obama II (born August 4, 1961) is an American politician who was the 44th president of the United States from 2009 to 2017. A member of the Democratic Party, he was the first African American president in American history. O ...
's meeting with House Republicans, Hensarling challenged Obama's position on the budget, asserting that the Obama White House was increasing the national deficit at the same rate per month that the previous President had increased it per year. President Obama responded with the following: "the whole question was structured as a talking point for running a campaign. ... e fact of the matter is that when we came into office, the deficit was $1.3 trillion. So when you say that suddenly I've got a monthly budget that is higher than the annual – or a monthly deficit that's higher than the annual deficit left by Republicans, that's factually just not true, and you know it's not true." The Congressional Budget Office issued a projection in January 2009, before Obama took office, that the budget deficit would reach $1.2 trillion that year.


Financial bailout

In September 2008, Hensarling led House Republican efforts to oppose Secretary
Henry Paulson Henry "Hank" Merritt Paulson Jr. (born March 28, 1946) is an American investment banker and financier who served as the 74th United States secretary of the treasury from 2006 to 2009. Prior to his role in the Department of the Treasury, Paulson ...
and Chairman
Ben Bernanke Ben Shalom Bernanke ( ; born December 13, 1953) is an American economist who served as the 14th chairman of the Federal Reserve from 2006 to 2014. After leaving the Federal Reserve, he was appointed a distinguished fellow at the Brookings Insti ...
's $700 billion financial bailout, and urged caution before Congress rushed to approve the plan. After voting against the bill, Hensarling said, Following September 29 House vote, the
Dow Jones Industrial Average The Dow Jones Industrial Average (DJIA), Dow Jones, or simply the Dow (), is a stock market index of 30 prominent companies listed on stock exchanges in the United States. The DJIA is one of the oldest and most commonly followed equity indice ...
dropped 777 points in a single day, its largest single-day point drop ever. The House subsequently passed the bill in a second vote on October 3. On November 19, 2008, Hensarling was appointed by United States House of Representatives Minority Leader
John Boehner John Andrew Boehner ( ; born , 1949) is an American politician who served as the 53rd speaker of the United States House of Representatives from 2011 to 2015. A member of the Republican Party, he served 13 terms as the U.S. representative ...
to serve on the five-member Congressional Oversight Panel created to oversee the implementation of the Emergency Economic Stabilization Act. He was the lone dissenting member on the "Accountability for the Troubled Asset Relief Program" report issued by the panel on January 9, 2009.


House leadership

In 2008, Hensarling was mentioned as a possible candidate for Republican Conference Chairman, then the number three position in the House Republican leadership. However, Hensarling instead endorsed former Republican Study Committee Chairman
Mike Pence Michael Richard Pence (born June 7, 1959) is an American politician and lawyer who served as the 48th vice president of the United States from 2017 to 2021 under President Donald Trump. A member of the Republican Party (United States), Repub ...
, a longtime friend and ally. After the 2010 elections, Pence stepped down from the House to run for Governor of Indiana. Hensarling succeeded Pence as Conference Chairman, becoming the fourth-ranking Republican, as the Republican Party had won control of the House of Representatives in 2010. Hensarling stepped down from leadership after the 2012 elections to become Chairman of the House Financial Services Committee. Prior to
Eric Cantor Eric Ivan Cantor (born June 6, 1963) is an American lawyer and former politician who represented Virginia's 7th congressional district in the United States House of Representatives from 2001 to 2014. A Republican, Cantor served as House Mino ...
's primary defeat, Hensarling was mentioned as a potential rival to Cantor to succeed
John Boehner John Andrew Boehner ( ; born , 1949) is an American politician who served as the 53rd speaker of the United States House of Representatives from 2011 to 2015. A member of the Republican Party, he served 13 terms as the U.S. representative ...
as leader of the House Republicans.


References


External links

* * , - , - , - , - {{DEFAULTSORT:Hensarling, Jeb 1957 births American chief executives American Episcopalians Episcopalians from Texas Living people People from College Station, Texas People from Erath County, Texas People from Stephenville, Texas Republican Party members of the United States House of Representatives from Texas Texas A&M University alumni 21st-century members of the United States House of Representatives