Wall Street wants Patrick McHenry to be the House’s permanent speaker

House Speaker Pro Tempore Patrick McHenry is the favored candidate of the financial services industry to become the next permanent speaker of the House of Representatives, according to multiple reports.

McHenry assumed his current role after Kevin McCarthy was removed from office as speaker on Oct. 3 following the passage of a motion to vacate the chair sponsored by Republican Rep. Matt Gaetz of Florida, with bipartisan support from all House Democrats. McHenry, who some members believe needs to be temporarily appointed speaker in order to pass urgent legislation, has been cheered on by financial industry executives as an ideal head of the body amid economic pressures.

“Patrick McHenry is the best. He would be the No. 1 draft pick for Wall Street,” Anthony Scaramucci, who leads SkyBridge Capital Management and previously served as the White House communications director for 10 days during the Trump administration, said in a statement to Politico. “Someone holding a hand grenade going to Wall Street looking for money — that would be like the Jim Jordans of the world. I don’t think that works. Somebody like Patrick, the door’s always open for him. I think that would be a very smart choice for the country, and hopefully, it would put down what is now going on in the Republican Party, which is the tyranny of the minority.”

I look forward to voting for Jim Jordan for Speaker today! pic.twitter.com/uM6UcDlBHV

— Rep. Mary Miller (@RepMaryMiller) October 20, 2023

Jordan is the House Republican Conference’s current nominee but has failed to win the job after two votes.

“When he started, he was a rabble-rouser. Now, he’s a real leader,” Warren Tyron, a partner with the lobbying firm, told Bloomberg News.

“Patrick has been the facilitator and the voice of reason inside an unbelievably fractious and angry Republican conference,” Democratic Rep. Jim Himes of Connecticut, who also served as a vice president of Goldman Sachs, told Politico.

McHenry’s acquaintanceship with the financial industry has been noted by left-wing groups, as well.

“Patrick McHenry as speaker means putting someone in place who is tightly interwoven with the financial giants,” Lisa Gilbert, an executive with Public Citizen, a left-wing litigation group founded by Ralph Nader, told Bloomberg News. “As the chair of the Financial Services Committee, his ear is held by the biggest banks, and he has proven his worth by pushing to undercut tougher capital standards and endlessly critiquing the Securities and Exchange Commission. He is only moderate in contrast to Jim Jordan.”

McHenry’s likelihood of becoming the permanent speaker was diminished on Thursday after the House Republican Conference declined to present a resolution to elevate him, according to The Wall Street Journal. Members of the Conference said that the measure lacked unanimous support amid Jordan’s ongoing candidacy and that Republicans did not want to rely on Democrats to elevate McHenry.

Jordan and McHenry did not immediately respond to a request for comment.

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