The Arkansas Republican will lead the committee after current chair Patrick McHenry, R-NC, retires at the end of his term.
The earlier-than-expected green light will let the Canadian lender proceed to Phase 2 of its investment — a $2 billion infusion and the right to name two directors to the Cleveland bank’s board.
The roughly $2 billion deal is the second banking investment or combination to which the central bank has given its blessing in as many days.
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