Congressman Blain Luetkemeyer, a favorite on Wall Street, is set to assume a role of great importance if his Republican Pary remains in control of the House. The position that will become available to Luetkemeyer is Chairman of the Financial Services Committee. This powerful committee is vital to the functions on Wall Street and in the House of Representatives as a whole.
The Democratic Party is favored slightly in voter polls to take control over the House of Representatives. If polls prove to be an accurate indicator, then a long-time Wall Street antagonist, Rep. Maxine Waters, will take over at the helm of the committee.
Wall Street is hopeful the Democratic advantage in the polls continues to decrease and Luetkemeyer, an ally of the banking industry, is the person to become the leader of the Financial Services Committee.
Luetkemeyer first entered Congress in 2009. However, he has remained relatively unknown to the national public. The congressman is well-known to Wall Street, however, for his views regarding the effects of banking regulations on the economy.
Luetkemeyer has received over $300,000 in donations from commercial banks to aid in his bid for re-election. The 66-year-old explains that his past experiences have given him a keen insight into banking industry problems. Luetkemeyer was previously the head man at a community bank owned by his family. He also served a stint as a regulator for the state of Missouri.
Luetkemeyer frequently explains to constituents and media sources that he is one of few members of Congress who have experience at both sides of the table.
The influence Luetkemeyer wields over finance for the Republican Party is likely to grow regardless of which party gains control of the House. The reason for this is the expected retirement of current Financial Services Committee Chairman Jeb Hensarling at the end of the year.
Luetkemeyer became a member of the committee in 2011. He has been the chair of numerous sub-committees on a variety of topics that include, housing, insurance, and consumer credit. Luetkemeyer has been a champion for the rights of bankers regarding accounting rules, lending restrictions, and oversight by the Federal Reserve.
Luetkemeyer explained during a recent interview that he favors economic freedom. He also stated a belief that the American economic system is working for all involved. He says that the performance of the system will improve with less government interference.