By Pete Schroeder
WASHINGTON (Reuters) – Representative French Hill, a former banker and Arkansas Republican, is set to serve as the next chairman of the House Financial Services Committee, according to multiple media reports.
WHY IT’S IMPORTANT
The Financial Services Committee is a powerful congressional panel charged with overseeing and writing legislation for banks and the overall financial sector. That likely also includes the cryptocurrency market, which is expected to be a priority for Republicans under President-elect Donald Trump’s second term. The panel regularly receives testimony from top bankers and regulators, including Federal Reserve Chairman Jerome Powell.
CONTEXT
Hill will take the committee gavel following Representative Patrick McHenry, who is retiring at the end of the current Congress. He beat out several other competitors for the post, winning the recommendation of the House Republican steering panel, according to reports. A spokesperson for Hill did not immediately respond to a request for comment, and the selection will be formally approved by House Republicans in the coming days.
Hill previously was a banker himself, founding a community bank in Arkansas before joining Congress in 2015. He has been a longtime member of the panel, and most recently chaired its digital assets subcommittee. Like most Republicans, he has advocated for a lighter regulatory touch on the financial sector, and his selection was quickly praised by industry groups.
Hill also served in the Treasury Department under President George H.W. Bush.
(Reporting by Pete Schroeder; Editing by Alistair Bell)
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