120th Congress: What the Tax Writing Committee Shakeup Means for Financial Services

The 120th Congress will seat two of the most consequential tax-writing committees in recent memory, and a lot of the familiar faces won’t be there. Between retirements, primary losses, and gubernatorial bids, both the House Ways and Means Committee and Senate Finance Committee are losing members who were in the room for the Tax Cuts and Jobs Act, the Inflation Reduction Act, and nearly every major tax debate in between.  

House Ways and Means: Leadership Openings and Institutional Knowledge at Risk 

Of the five remaining Republicans who served on the committee when the Tax Cuts and Jobs Act was signed into law in 2017, two are not expected to return in the next Congress. Ways and Means Vice-Chairman Rep. Vern Buchanan (FL-16) is retiring at the end of his term, while Rep. David Schweikert (AZ-01) has launched a bid to run for governor of Arizona. Rep. Buchanan currently chairs the Health Subcommittee, and Rep. Schweikert chairs the Oversight Subcommittee, creating potential opportunities for down-dais members to move up the committee's leadership. Two additional Republicans are also departing for other offices: Rep. Randy Feenstra (IA-04), who was defeated in the June 2 Iowa gubernatorial primary, and Rep. Kevin Hern (OK-01), who secured the Republican nomination for the Oklahoma Senate seat formerly held by Homeland Security Secretary Markwayne Mullin.

Ways and Means member and House Budget Chairman Jodey Arrington (TX-19) has announced his retirement at the end of his term. His departure has set up an early contest for the Budget Committee gavel, with fellow Ways and Means members Rep. Blake Moore (UT-01) and Rep. Lloyd Smucker (PA-11) both announcing bids to succeed him as chairman in the next Congress. 

On the Democratic side, three veteran members of the committee have announced their retirements. Rep. Danny Davis (IL-07) and Rep. Lloyd Doggett (TX-37), who have served 15 and 16 terms in the House, respectively, will not return in the next Congress. Rep. Dwight Evans (PA-03) will also not return after battling a series of health issues. Rep. Doggett is currently the Ranking Member of the Health Subcommittee, while Rep. Davis is the top Democrat on the Work & Welfare Subcommittee. All three played key roles in advancing Democrats' signature reconciliation legislation, the Inflation Reduction Act, in 2022. 

Delegate Stacey Plaskett (VI-AL) is also leaving the committee, having opted to run for governor of the U.S. Virgin Islands.

The committee gavel will be up for grabs based on the outcome of the November election. If Republicans retain their House majority, Chairman Jason Smith (MO-08) is expected to continue leading the committee. Smith assumed the chairmanship on January 3, 2023, and under the House Republican Conference's six-year term limit for committee chairs, would remain eligible to serve in the next Congress. Should Democrats regain control of the House, Ranking Member Richard Neal (MA-01) would be in line to reclaim the gavel. Neal previously served as Chairman of the Ways and Means Committee from 2019 to 2023. Democratic control of the House would also bring an increase in Democratic committee seats and a reduction for Republicans.

Senate Finance: The Biggest Shakeup in Years 

Senate tax-writers are facing what may be the largest shakeup the Senate Finance Committee has seen in recent years. A number of the committee’s members have announced their retirements, been defeated in primary elections, or are pursuing other elected offices, setting the stage for substantial changes to the committee's composition in the next Congress. 

Among Republicans, Senators Bill Cassidy (R-LA) and John Cornyn (R-TX) have both been defeated in their respective primary elections and will not return next Congress. Both were on the Senate Finance Committee during the passage of the Tax Cuts and Jobs Act. 

Senators Thom Tillis (R-NC) and Steve Daines (R-MT) have also announced they would not be seeking reelection in 2026. 

Senator Marsha Blackburn (R-TN) is currently running for governor of Tennessee. Because she was reelected to the Senate in 2024, she is eligible to continue serving in the Senate if her gubernatorial bid is unsuccessful. 

Of the confirmed departing members, only Senator Cornyn currently holds a Senate Finance Committee subcommittee gavel, serving as Chairman of the Subcommittee on International Trade, Customs and Global Competitiveness. 

Senator Roger Marshall (R-KS) is the only other Republican currently facing reelection in 2026. 

On the Democratic side, Senator Tina Smith (D-MN) is the only Finance Committee member who has formally announced plans to retire at the conclusion of her current term. Senator Michael Bennet (D-CO) is running for governor of Colorado; however, similar to Senator Blackburn, he would be able to remain in the Senate if his gubernatorial bid is unsuccessful.

Senators Ben Ray Luján (D-NM) and Mark Warner (D-VA) are both up for reelection in 2026.

Senate Republicans now find themselves defending a more challenging election landscape in November than initially expected. If Republicans retain their Senate majority, Chairman Mike Crapo (R-ID) will continue leading the committee. Should Democrats regain control of the chamber, Ranking Member Ron Wyden (D-OR) would be positioned to reclaim the gavel. Wyden previously served as Chairman of the Finance Committee from 2021 to 2025 and remains the committee's most senior Democrat. 

Assuming incumbent members win reelection and candidates seeking other offices are successful, the following reflects the projected membership of the House Ways and Means Committee and Senate Finance Committee next Congress.

House Ways and Means Republicans

Jason Smith (MO-08)

Adrian Smith (NE-03)

Mike Kelly (PA-16)

Darin LaHood (IL-16)

Ron Estes (KS-04)

Lloyd Smucker (PA-11)

Carol Miller (WV-01)

Greg Murphy (NC-03)

David Kustoff (TN-08)

Brian Fitzpatrick (PA-01)

Greg Stuebue (FL-17)

Claudia Tenney (NY-24)

Michelle Fischbach (MN-07)

Blake Moore (UT-01)

Beth Van Duyne (TX-24)

Nicole Malliotakis (NY-11)

Mike Carey (OH-15)

Rudy Yakym (IN-02)

Max Miller (OH-07)

Aaron Bean (FL-04)

Nathaniel Moran (TX-01)

House Ways and Means Democrats

Richie Neal (MA-01)

Mike Thompson (CA-04)

John Larson (CT-01)

Linda Sanchez (CA-38)

Terri Sewell (Al-07)

Suzan DelBene (WA-01)

Judy Chu (CA-28)

Gwen Moore (WI-04)

Brendan Boyle (PA-02)

Don Beyer (VA-08)

Brad Schneider (IL-10)

Jimmy Panetta (CA-19)

Jimmy Gomez (CA-34)

Steven Horsford (NV-04)

Thomas Suozzi (NY-03)

Senate Finance Republicans

Mike Crapo (ID)

Chuck Grassley (IA)

John Thune (SD)

Tim Scott (SC)

James Lankford (OK)

Todd Young (IN)

John Barrasso (WY)

Ron Johnson (WI)

Roger Marshall (KS)

Senate Finance Democrats

Ron Wyden (OR)

Maria Cantwell (WA)

Mark Warner (VA)

Sheldon Whitehouse (RI)

Maggie Hassan (NH)

Catherine Cortez Masto (NV)

Elizabeth Warren (MA)

Bernie Sanders (VT)

Ben Ray Lujan (NM)

Raphael Warnock (GA)

Peter Welch (VT)

What This Means for Your Organization 

Which policymakers sit on these committees shapes what actually gets done over the next Congress. They decide which provisions get prioritized in tax legislation, how oversight hearings are structured, and who champions specific regulatory reforms. With so many senior members exiting, relationships and institutional knowledge will need to be rebuilt across both chambers. 

This is a moment that calls for proactive engagement. New committee members bring new priorities, and the window to establish credibility with incoming staff and members opens well before legislative activity picks up. 

FS Vector’s government relations team, including Principal Alex Monié, who previously served at the U.S. Department of the Treasury, the Senate Finance Committee, and the Ways and Means Committee, helps clients understand these shifts and engage at the right moment, with the right approach. 

Contact FS Vector to discuss how the 120th Congress transition may affect your policy and legislative strategy.