Representative French Hill is slated to take over the powerful House Financial Services Committee following the exit of popular Chairman Patrick McHenry. Multiple news outlets are reporting the selection of Hill, who has edged out several others interested in the chairman position.
The Digital Chamber of Commerce, a digital asset advocacy group, issued the following statement welcoming Hill on X:
“The Digital Chamber proudly congratulates Congressman French Hill on his appointment as Chairman of the House Financial Services Committee for the 119th Congress. Chairman-elect Hill’s leadership and vision have been pivotal in shaping the future of digital assets and financial services. As the author of the Financial Innovation and Technology for the 21st Century Act (FIT21) – a historic, bipartisan achievement, has demonstrated mastery of complex financial policy and the ability to forge consensus on critical issues. Further, Chairman-elect Hill has been a relentless advocate for fair banking access, fighting to end discriminatory practices that exclude lawful digital asset businesses from essential financial services. As the current chairman of the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, as the former Republican lead on the Committee’s FinTech Task Force, and as an engaged member of the Congressional Blockchain Caucus, Chairman-elect Hill’s leadership and track record on digital assets policy is nothing short of exemplary.”
The group said Hill is the leader in this transformative era in finance needs. Axios reported that the House Republican Conference will ratify his selection in the coming days.
The Financial Technology Association (FTA) joined in welcoming Hill:
“We congratulate Chairman French Hill and Ranking Member Maxine Waters on their elections to lead the House Financial Services Committee in the next Congress. As technology continues to transform the financial services landscape, we are committed to working with the Committee to foster innovation, ensure consumer protection, and promote policies that modernize our financial system. The next Congress will be a critical time for shaping the future of finance, and we are excited to collaborate with the Committee on a bipartisan basis to drive meaningful progress,” ” said Penny Lee, President and CEO of the FTA.
The American Fintech Council (AFC) CEO, Phil Goldfeder, said Hill is a longtime supporter of responsible financial innovation and clear Fintech industry guidelines.
“As Vice Chairman of the committee and Chairman of the Subcommittee on Digital Assets, Financial Technology and Inclusion, he has demonstrated a keen understanding of the complex realities of the financial industry, and the need to craft smart, effective, and pragmatic policies,” said Goldfeder, adding that consumers have won a great advocate in Chairman Hill.
Outgoing Chairman McHenry issued a statement on the selection:
“Congratulations to my longtime ally and current Committee Vice Chairman French Hill on being selected as the next Chairman of House Financial Services Committee. French’s experience in the private sector, the Treasury Department, and as Vice Chair have prepared him for this role. From stepping in on my behalf multiple times to lead Committee Republicans to spearheading the landmark FIT21, Congressman Hill has proven his capacity to lead this Committee. 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 added that the Committee will be in good hands and Hill is the person to lead the guide the lawmakers on the Commitee.
Hill, a Republican from Arkansas, is the current Vice Chairman of the Financial Services Committee and has been Chairman of the Subcommittee on Digital Assets, Financial Technology, and Inclusion. He also sits on the Subcommittee on Capital Markets. Prior to joining Congress in 2015, Hill was the founder, Chairman, and Chief Executive Officer of Delta Trust & Banking Corporation. Hill also served in the (HW) Bush Administration as a Deputy Assistant Secretary of the Treasury. He graduated from Vanderbilt University with a degree in economics.
Representative Patrick McHenry revealed his intent not to seek re-election to Congress in late 2023. While chairman of the committee, McHenry played an iconic role in advocating for Fintech and supporting entrepreneurs. Unfortunately, a Democrat-controlled Senate blocked much of his success, undermining Fintech innovation. This will change as the Senate flips to Republican control, and Rep. French should be able to be a key policymaker, supporting digital assets, Fintech, and capital formation.