The Dallas Morning News
Jeb Hensarling hired by Swiss banking giant
Dallas Republican once led House panel that oversees banking
Swiss banking giant UBS has hired Jeb Hensarling, the Dallas Republican who spent his final six years in Congress chairing the committee that oversees the financial sector.
WASHINGTON — Swiss banking giant UBS has hired Jeb Hensarling, the Dallas Republican who spent his final six years in Congress chairing the committee that oversees the financial sector.
Hensarling will serve as executive vice chairman of the Americas region, based in UBS’S Dallas office, the company announced Thursday.
The move mirrors the path taken by Hensarling’s political mentor and former boss, Phil Gramm, who had chaired the Senate Banking Committee before joining UBS Investment Bank as vice chairman. Gramm spent three terms representing Texas in the U.S. Senate.
Hensarling chaired the House Financial Service Committee, which deals with housing finance, bank regulation, monetary policy and securities.
He crusaded for years to defang Doddfrank, the 2010 Obamaera rules imposed on Wall Street after the 2008 financial meltdown. He tried unsuccessfully to end the federal role in housing finance, tangling for years with Fannie Mae.
He brings to the new job a deep understanding of markets and regulation and strong political network. Two of his closest friends in Congress became GOP nominees for vice president: Mike Pence, who won that job in 2016, and Paul Ryan, who became House speaker after the 2012 contest, leaving office in January.
News of Hensarling’s new job set off criticism, with detractors asserting that he had long pushed an antiregulatory agenda on behalf of big banks.
Hensarling rose to the No. 4 leadership post in the House after chairing an influential conservative bloc that Pence, too, had led. When John Boehner quit as speaker, he was viewed as a contender to replace him.
President Donald Trump considered him for the post of treasury secretary but picked Steven Mnuchin instead. Part of the appeal was that Hensarling is not a creature of Wall Street. He’s an Aggie whose father was a chicken farmer. He was also among the first House committee chairmen to back him, after Trump had forced Texas’ Sen. Ted Cruz from the race. But Trump reportedly felt that he didn’t have a high enough profile.
‘A great addition’
“Jeb will work closely with our leadership team, Financial Advisors and bankers to build and strengthen our most important client relationships across our businesses,” said Tom Naratil, president of UBS Americas and copresident of Global Wealth Management. “With a long career in both politics and business, Jeb will be a great addition to our shared efforts to deliver insights and ideas that differentiate UBS in the eyes of our clients.”
“I’m looking forward to starting a new career in banking and am grateful for the opportunity to join UBS Americas,” Hensarling said in a statement issued by UBS. “It is exciting for me to be able to join the world’s leading wealth management firm and to work with some of the most talented people in the financial services industry.”
Freshman Rep. Lance Gooden, Rterrell, won the seat Hensarling left behind, representing a sprawling district that runs from East Dallas to East Texas.
Hensarling was elected to Congress eight times, starting in 2002.
He had studied economics at Texas A&M under Gramm, who retired from UBS in 2012, and would end up working for him as the former professor rose in politics. He served as Gramm’s state director and campaign manager, and as executive director at the National Republican Senatorial Committee — the party’s Senate campaign arm — when Gramm was chairman.