WASHINGTON — The top Republican and Democratic spots on the House Financial Services Committee will remain unchanged in the new Congress.

Rep. Jeb Hensarling, R-Texas, was reelected Tuesday to a second term as the committee's chairman after the House Republican Conference ratified the recommendation of Hensarling by the Republican Steering Committee. There had been speculation Hensarling could face a challenge for the gavel from Rep. Frank Lucas, R-Okla., but Lucas dropped out of the running earlier this month.

"I am humbled by the support and trust of my colleagues as I continue my service as chairman of the Financial Services Committee. House Republicans know the only real way to grow the economy is from Main Street up, not Washington down," Hensarling said in a statement. "Our committee will continue to focus on promoting sensible solutions to hold both Washington and Wall Street accountable to the American people."

Rep. Maxine Waters, D-Calif., was also reelected for a second term as ranking member. She was the first African-American and woman to be selected as the ranking member on the committee when she was first elected in 2012.

"In the months and years to come, I will continue to push this committee to take action on legislation that will create jobs, help our small businesses, protect consumers and grow our economy," Waters said in a statement.

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