House Democrat Foster seeks capital markets subcommittee gavel

Rep. Bill Foster (D-Ill.) will seek the House Financial Services subcommittee gavel overseeing capital markets, according to a letter obtained by POLITICO that's heading to fellow members this afternoon.

Foster isn't the first lawmaker to announce a run for the chair position that opened after Democrats selected New York Rep. Carolyn Maloney to head the House Oversight Committee following the death of Rep. Elijah Cummings (D-Md.). California Democrat Brad Sherman announced on Nov. 22 he would run for the subcommittee chair position.

In Foster's letter requesting his colleagues' support, he highlighted his tenure on the committee that began when he won a special election to Congress in 2008; his 23 years of experience as a high energy particle physicist; and his role as co-chairman on the Blockchain Caucus that focuses on cryptocurrency issues.

"I understand both the technology and the entrepreneurial spirit that are the focuses of this Subcommittee, and the increasingly complex and technologically-driven issues that face our markets and our investors," Foster said.

In his own letter seeking support from his colleagues, Sherman cited the backing of members including Financial Services Chairwoman Maxine Waters (D-Calif.), Maloney and Rep. David Scott (D-Ga.), who was another potential contender based on seniority.

Rep. Emanuel Cleaver (D-Mo.) has also expressed interest in the chair position.