Rep. Shelly Moore Capito(R-W.Va.) will chair the House subcommittee that has oversight over credit unions and other depository institutions, incoming Financial Services Chairman Spencer Bachus (R-Ala.) announced today.
Capito, who has been in Congress since 2001, has focused on housing policy and been active in the formulation of foreclosure prevention policies. The political action committees of CUNA and NAFCU have given her campaign contributions in recent years.
Rep. Scott Garrett (R-N.J.) will chair the panel's subcommittee on Capital Markets and Government Sponsored Enterprises. In that post, he will be a point person on efforts to reform Fannie Mae and Freddie Mac. Garrett, a House member since 2003, has been a strong critic of the structure of those organizations and was one of the most vocal opponents of efforts to rescue failing financial institutions. CUNA's PAC gave his campaign $3,000 during the last election and NAFCU's PAC gave him $1,000.