Rep. Jeb Hensarling (R-Texas) has been selected by House Republicans to serve a third term as chairman of the House Financial Services Committee.

Once Republicans maintained control of the House, Hensarling's re-election had been expected.

Hensarling has made it clear that one of his priorities next year is to enact his financial CHOICE Act, which would replace most of Dodd-Frank with a new financial institution regulatory regime.

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