The hope in the business world is that having Rep. Patrick McHenry at the helm of the House might add some stability as a government shutdown looms next month.
It’s a prospect so enticing that some executives have been afraid to jinx it on the record: Wall Street’s most trusted Republican might run the U.S. House.— the temporary speaker who may be tapped to be more than just a caretaker — is one of the House GOP’s top liaisons with the business community, thanks to his long-time leadership role at the Financial Services Committee., he’s emerged in recent years as a pragmatic, bipartisan dealmaker.
McHenry’s rise comes as the finance industry has become increasingly accustomed to Washington dysfunction. Fitch RatingsDuring this year’s debt-limit impasse, McHenry emerged asmove by holding U.S. borrowing authority hostage in exchange for spending cuts, citing the reality that Treasury debt is “the lifeblood of the global economy.”
“Patrick has been the facilitator and the voice of reason inside an unbelievably fractious and angry Republican conference,” said Rep.McHenry has been a top recipient of campaign contributions from the securities and investment, banking and insurance industries, according to analyses from the nonprofit OpenSecrets. He’s also one of Congress’ most powerful allies of the cryptocurrency industry.
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