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Capito to chair House financial services subcommittee

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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.