Rep. French Hill Named as the Next Chair of the House Financial Services Committee
The House Financial Services Committee will have a new chairman next year, as Arkansas Republican Congressman French Hill was appointed to the role by the party’s Steering Committee on Thursday.
A New Era in Financial Services
Hill, who has chaired the Digital Assets, Financial Technology, and Inclusion subcommittee over the past few years, will succeed North Carolina’s Patrick McHenry, who has announced his retirement after 20 years in Congress and multiple terms as the Republicans’ leader on the committee.
A Longstanding Advocate for Financial Innovation
Hill has been a consistent advocate for financial innovation, particularly in the crypto and fintech spaces. He has cosponsored the Financial Innovation and Technology for the 21st Century Act (FIT21), a market structure bill that has been widely supported by the cryptocurrency industry. Additionally, he has introduced or cosponsored several other bills focused on various aspects of the crypto world.
A Collaborative Approach to Financial Services
Mchenry, on the other hand, has taken a more collaborative approach to financial services, working across the aisle to push legislation through the House. Over the past few years, he has worked with California Representative Maxine Waters on stablecoin legislation, although the bill was ultimately not introduced.
Waters’ Commitment to Democratize Financial Services
Waters, the ranking Democrat on the committee, will remain in her position under the new chairmanship. She has pledged to continue the fight to improve conditions for working families across the country, citing the committee’s achievements in expanding housing and addressing homelessness, supporting small businesses, and protecting people from fraud.
Committee Leadership in the Face of Trump’s Policies
Under her leadership, Waters emphasized the committee’s commitment to standing up against any efforts by incoming President Donald Trump to raise costs for working families and eliminate hard-won consumer protections.
FAQs
- What does the House Financial Services Committee do?
The House Financial Services Committee is responsible for oversight of the financial services and consumer protection agencies, as well as the regulation of the financial sector. - Who is Congressman French Hill?
French Hill is a Republican Congressman from Arkansas and will be the next chairman of the House Financial Services Committee. - Who is Congressman Patrick McHenry?
Patrick McHenry is a Republican Congressman from North Carolina who has announced his retirement after 20 years in Congress and multiple terms as the Republicans’ leader on the committee. - What is the Financial Innovation and Technology for the 21st Century Act (FIT21)?
FIT21 is a market structure bill aimed at promoting financial innovation, particularly in the crypto and fintech spaces. - What is Representative Maxine Waters’ approach to financial services?
Representative Maxine Waters has taken a more collaborative approach to financial services, working across the aisle to push legislation through the House.
