WASHINGTON (12/16/14)--On Monday, U.S. Senate Republicans announced their committee assignments for the 114th Congress, which convenes Jan. 13, 2015. The announcement includes four new Republican members for the Senate Banking Committee.

Due to the Republican victory in claiming majority party status in the Senate after the November elections, the GOP gets 12 seats on the banking panel, up from 10. Also, committee members Sens. Mike Johanns (R-Neb.) and Tom Coburn (R-Okla.) are retiring from Congress when this session concludes this week.

The new committee Republicans will be Tim Scott of South Carolina, Tom Cotton of Arkansas, Mike Rounds of South Dakota and Ben Sasse of Nebraska.

The panel's Republican makeup will include:

• Richard Shelby, Alabama;
• Mike Crapo, Idaho;
• Bob Corker, Tennessee;
• David Vitter, Louisiana;
• Pat Toomey, Pennsylvania;
• Mark Kirk, Illinois;
• Jerry Moran, Kansas;
• Dean Heller, Nevada;
• Cotton;
• Rounds;
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Senate Republicans will have to ratify committee assignments at the beginning of next year, as well as designate chairs. The chairs will have to be approved by the Republican conference.