Ex-GOP congressman heads to investment bank

UBS has hired former Rep. Jeb Hensarling (R-Texas), ex-chairman of the House Financial Services Committee, as executive vice chairman of the Americas region.

Hensarling’s work will be based in Dallas, the Dallas Morning News reported, where he was first elected in 2002 before leaving at the end of last Congress.

The Texas Republican chaired the Financial Services Committee from 2013 to 2019 and was chairman of the House Republican Conference was 2011 to 2013. He was also the co-chair of the Joint Select Committee on Deficit Reduction.

{mosads}Hensarling will now be colleagues with his former boss, ex-Sen. Phil Gramm (R-Texas).

Gramm, former chairman of the Senate Banking Committee, is vice chairman of UBS’s investment bank division. Hensarling served as his state director from 1985 to 1989 and managed his 1992 re-election campaign.

Gramm joined UBS in 2002 after he retired from the Senate.

Hensarling is part of a list of former House committee chairs who have recently gone to the private sector. Former Rep. Lamar Smith (R-Texas), who was most recently chairman of the House Science, Space and Technology Committee, is now in Akin Gump Strauss Hauer & Feld LLP’s Washington office, and former Rep. Bill Shuster (R-Pa.), who served as chairman of the Transportation and Infrastructure Committee, is at Squire Patton Boggs.