Republican Representative from Arkansas, French Hill, has been elected as the new chairman of the powerful House Financial Services Committee. According to a report by Punchbowl News, Hill was appointed by the party’s Steering Committee as committee leaders were determined ahead of the upcoming 119th Congress starting next year.
Hill’s Previous Experiences
In recent years, Hill has chaired the Subcommittee on Digital Assets, Financial Technology, and Inclusion, co-designing a market structure bill supported by the cryptocurrency industry called the Financial Innovation and Technology Act (FIT21). Furthermore, he has introduced or supported numerous legislative proposals addressing various aspects of the crypto world in recent years.
With 20 years of congressional experience, Hill assumes the chairmanship of the House Financial Services Committee. The previous chairman, Patrick McHenry, will retire after serving in this role. McHenry passed several cryptocurrency laws in the House of Representatives, including FIT21, and collaborated with California Representative Maxine Waters on a stablecoin bill that ultimately was not introduced.
Maxine Waters’ New Role
Maxine Waters has been unanimously selected by the caucus among Democrats to be the new leader of the House Financial Services Committee.
Waters expressed, “I am honored that the Democratic caucus continues to trust me. The fight to improve working families’ conditions will continue.”
She added, “In recent years, we have made historic progress in housing expansion, solving homelessness, supporting small businesses, and protecting people from fraud. However, our work is not yet finished.”
Waters emphasized that Democrats will resist efforts by former President Donald Trump to increase financial burdens on working families and dismantle consumer protections.
She asserted that the committee will focus on housing, small businesses, and consumer protection in its future work, alongside developing policies aimed at reducing the financial burdens on working families.
The leadership transition of the House Financial Services Committee could have significant implications for financial technology and cryptocurrency sectors. Hill’s expertise in these areas may play a critical role in the committee’s policy development, while the Democratic leadership seems poised to prioritize protecting working families’ interests and ensuring consumer safety through financial regulations.
