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U.S. Senator Bob Menendez. (Photo: Kevin Sanders for New Jersey Globe.)

Menendez gets key Senate banking subcommittee chairmanship

By David Wildstein, March 02 2021 6:26 pm

In addition to chairing the powerful U.S. Senate Foreign Relations Committee, New Jersey’s Bob Menendez will head the Senate Banking, Housing and Urban Affairs Subcommittee on Securities, Insurance, and Investment.

The post puts Menendez in control of legislation holding CEOs accountable and jurisdiction over pensions, retirement funds, and transparency of financial exchanges and markets.

He has pledged to use his subcommittee chairmanship to expand access for the banking and insurance industries to state-authorized cannabis businesses.

According to Menendez, the committee will “focus on basic, kitchen table issues that affect the lives and livelihoods of everyday people and hardworking families” under the new Democratic majority.

“I will continue to fight for New Jersey priorities and be a consistent voice for the little guy against corporate bad actors,” Menendez said.  “As the chair of the securities subcommittee, I will work to create greater transparency for investors, diversity and inclusiveness in our workplaces, and accountability in our financial sector.”

Menendez is the third ranking majority member of the full committee and the new Democratic majority puts him in a position to advance New Jersey’s position on the Gateway tunnel project.

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