Bank Watch

Thom Tillis named to powerful Senate Banking Committee

The U.S. Senate Banking Committee announced Tuesday the appointment of N.C. Sen. Thom Tillis to its roster. Photo: Tillis speaks in Raleigh on Aug. 4, 2016.
The U.S. Senate Banking Committee announced Tuesday the appointment of N.C. Sen. Thom Tillis to its roster. Photo: Tillis speaks in Raleigh on Aug. 4, 2016. cliddy@newsobserver.com

U.S. Sen. Thom Tillis has been named to the powerful Senate Banking Committee, putting two Carolinians on a panel that could be closely watched under a new administration that’s vowed to scale back financial sector regulations.

The 23-member Banking, Housing and Urban Affairs Committee announced the assignment of the Charlotte Republican on Tuesday. Tim Scott, a South Carolina Republican, remains on the committee, the panel said.

Tillis’ appointment comes as banks wait to see how President-elect Donald Trump will follow through on his promise to “dismantle” the 2010 Dodd-Frank financial overhaul law. Trump’s official transition website has declared the act a “sprawling and complex piece of legislation that has unleashed hundreds of new rules and several new bureaucratic agencies,” adding that “the Dodd-Frank economy does not work for working people.”

In a Tuesday op-ed in the Observer, Tillis briefly touched on Dodd-Frank, saying Democrats under President Obama “rammed through” policies like Dodd-Frank and ObamaCare with little if any bipartisan support.

A senator since 2015, Tillis also serves on the Senate’s armed services, judiciary, veterans affairs and aging committees. Under the new Congress, he will no longer serve on the Senate’s agriculture committee.

Earlier this month, the House Financial Services Committee announced its new roster, a list that no longer includes Republican Rep. Mick Mulvaney, a Lancaster County resident whom Trump has nominated for his budget director.

Despite the loss of Mulvaney, the committee’s ranks continue to include three Carolinians, all Republicans.

Patrick McHenry, of Denver, remains vice chairman of the committee. Robert Pittenger, of Charlotte, also remains on the committee.

The third is Ted Budd, a gun shop opener from Davie County who’s serving his first term in Congress.

Deon Roberts: 704-358-5248, @DeonERoberts

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