Rep. French Hill Selected as Next Chairman of House Financial Services Committee

On December 12, 2024, the House Republican Steering Committee selected Rep. French Hill (R-Ark.) to lead the House Financial Services Committee as its next Chairman. This decision, although subject to formal approval by House Republicans in the next Congress, is considered to be a pro forma approval.

Rep. Hill, who currently serves as the Vice Chair of the House Financial Services Committee and Chair of the Subcommittee on Digital Assets, Financial Technology and Inclusion, brings a wealth of experience to the role. Before his election to the House, Hill was the founder, Chair, and CEO of Delta Trust & Banking Corporation, and he also served as Deputy Assistant Secretary of the Treasury for Corporate Finance and Executive Secretary to the President’s Economic Policy Council.

Chairman Patrick McHenry (R-N.C.), who is retiring from the House, praised Hill’s selection, highlighting his leadership capabilities and experience. McHenry noted that Hill has proven his ability to lead the Committee, particularly in his role in spearheading the landmark FIT21 initiative and leading Committee Republicans on multiple occasions.

Hill defeated other strong contenders for the position, including Republican Reps. Andy Barr of Kentucky, Bill Huizenga of Michigan, and Frank Lucas of Oklahoma. His selection underscores his reputation and the trust placed in him by his colleagues to guide the Committee’s efforts, especially in regulating the digital asset ecosystem.

As the next Chairman, Hill is expected to continue and expand the Committee’s work on monetary and banking policies, with a particular focus on regulating digital assets such as cryptocurrency. Rep. Maxine Waters (D-Calif.) will continue to serve as the ranking Democrat on the panel.