Rep. Jeb Hensarling (R-Texas), the heir apparent to chair the House Financial Services Committee, was approved for the post by House Republican leadership and could be confirmed this week.
Hensarling has been the frontrunner for months to take over the post in 2013 from Rep. Spencer Bachus (R-Ala.), who has served the maximum six years allowed under party rules as either chairman or ranking minority member.
Hensarling drew applause when called the CFPB and Dodd-Frank Act a "legislative drive-by shooting" for financial institutions at the NAFCU Congressional Caucus in September.
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