French Hill to Chair House Financial Services Committee #FrenchFinance

U.S. Rep. French HillR-Ark., is set to become the next chairman of the House Financial Services Committee (HFSC) after being elected by the House Republican Steering Committee.

Hill announced his election in a Thursday (Dec. 12) press releasesaying that he looks forward to working with others “to bring common-sense economic policies that will produce a new era of American prosperity shared by all our citizens across our land.”

Hill beat three other members of the HFSC in the election by the steering committee, Politico reported Thursday. His selection must now be ratified by the full conference.

His chairmanship will begin after the new congressional class is sworn into office in JanuaryThe Wall Street Journal reported Thursday.

Hill is currently vice chairman of the HFSC and chairman of the HFSC’s Subcommittee on Digital Assets, Financial Technology and Inclusion, according to the committee’s website.

Current HFSC Chairman Patrick McHenry, R-N.C., released a statement Thursday congratulating Hill and highlighting his experience in the private sector, the Treasury Department and his current roles at the HFSC.

“With French Hill at the helm, Republicans will build on our work from this Congress to finally enact a clear regulatory framework and robust consumer protections for the digital asset ecosystem,” McHenry said in the statement.

McHenry said in December 2023 that he would not seek re-election when his current term is up.

Rep. Andy BarrR-Ky., who ran against Hill in the election for the chairmanship, congratulated him in a Thursday post on X and said: “I look forward to working with him to advance President Trump’s agenda and deliver results for the American people.”

Rep. Frank LucasR-Okla., another contender for the chairmanship, said in a Thursday post on X that he looks forward to working alongside Hill.

“We find ourselves in a unique position to enact a robust policy agenda under the new Republican trifecta,” Lucas said in his post.

American Fintech Council CEO Phil Goldfeder said in a Thursday statement that Hill is “a longtime supporter of responsible financial innovation and clear fintech industry guidelines.”

“We particularly appreciate his advocacy pushing the FDIC to prioritize greater understanding of responsible fintech innovation after the agency reorganized its FDITech office, as well as his support for clear and consistent regulations governing bank-fintech relationships,” Goldfeder said.