Rep. Patrick McHenry, R-N.C., has been named the next chair of the House Financial Services Committee.

The House Republican Steering Committee, which determines committee leadership positions, made it official for McHenry, who currently holds the top Republican spot on the committee and was widely expected to become the next chair once Republicans won a majority in the House of Representatives after the midterm elections. The North Carolina Republican has been especially active on financial technology policy, helping craft early crowdfunding legislation, the JOBS Act. He more recently has played a lead role in negotiations to pass a comprehensive framework around stablecoins.