In the News

Hill getting ready to wield gavel for House Financial Services Committee

by Alex Thomas
Arkansas Democrat-Gazette
December 13, 2024

WASHINGTON -- U.S. Rep. French Hill's career has been building to a committee chairmanship.

A former banker with public sector experience before entering the House of Representatives, the Republican from Little Rock finds himself preparing to lead the House Financial Services Committee once the new Congress convenes in January.

Reflecting on his climb toward chairing one of Congress' most powerful committees, Hill told the Arkansas Democrat-Gazette on Thursday he never imagined serving in such a position.

"My ambitions post-college were to definitely be in business and to be in finance," said Hill, an alumnus of Vanderbilt University. "It just never crossed my mind that I would be on Capitol Hill and chair the House Financial Services Committee."

The House Republican Steering Committee recommended Hill for the position Thursday. Hill received the nod over Reps. Andy Barr of Kentucky, Bill Huizenga of Michigan and Frank Lucas of Oklahoma.

The House Republican Conference will need to support the selection. If approved, Hill will succeed North Carolina Republican Patrick McHenry as the committee chair. Hill has served as the committee's vice chair under McHenry, leading a subcommittee handling policies impacting digital assets like cryptocurrencies.

McHenry is retiring from Congress in the coming weeks and described Hill on Thursday as "the right person to guide this talented group of lawmakers," adding the committee will be in "good hands" under Hill.

The House Financial Services Committee has jurisdiction over policies affecting banking, international finance, securities and exchanges, and digital assets, including cryptocurrencies.

"If I were to put a descriptor on the committee, I would call it the access to capital committee," Hill said. "You can't start a business, you can't grow your business, you can't go out and buy a home for your family if you don't have access to available and affordable capital."

Hill entered the chair race in March with a message drawing attention to his resume. He worked as an aide under late Sen. John Tower, R-Texas, in the early 1980s before joining the Treasury Department during George H.W. Bush's presidency. Hill later was part of the President's Economic Policy Council in the first Bush administration to work on public policy.

"That didn't translate into the ambition that I would potentially serve as a committee chairman here," Hill said. "It convinced me that I love public service and that I love policy development, but you don't have to be in Congress and you don't have to be a committee chairman to realize success in those areas."

In Arkansas, Hill founded Delta Trust & Banking Corp. in 1999. As the bank's chairman and CEO for 15 years, Hill oversaw a growth in assets from $61 million to $430 million.

Simmons First National Corp. acquired Delta Trust & Banking Corp. in March 2014 amid Hill's first congressional campaign. After Hill won his first race the following November, he was named an incoming member of the House Financial Services Committee.

Hill credited his public and private sector work as the elements leading to the successful recommendation. He further mentioned his understanding of the committee process as another factor.

"When you're running one of the House committees, it's a big management exercise," he said. "Managing a calendar, managing a project list, managing a legislative development process."

Hill played an influential role in the current Congress preparing legislation, crafting a regulatory framework for digital assets. The House approved the measure -- the Financial Innovation and Technology for the 21st Century Act -- in May through a bipartisan vote.

"We had a good Congress in educating members in both the House and the Senate on a bipartisan basis about the need for regulations and a market structure for digital assets, including cryptocurrencies, and the design of a U.S. legal structure for a dollar-backed stablecoin," Hill said. "Those things are fundamental in a digital marketplace, and I want America to be a leader."

Hill wants the next Congress to focus on digital asset policy. The congressman additionally has set his sights on reviewing the regulatory framework for commercial banking and providing policies creating more affordable housing.

In the weeks leading to the House Republican Steering Committee's decision, Hill published an outline of principles on community banking, which includes proposed actions tailoring regulations to these financial institutions and steps for improving community banks' access to capital.

Hill emphasized Thursday the importance of working with his Senate GOP counterparts and Donald Trump's incoming administration. Sen. Tim Scott, R-S.C., is expected to lead the Senate Banking Committee when Republicans take Congress' upper chamber next month. Hill has already had conversations with Scott Bessent, the president-elect's nominee for treasury secretary.

"I think it will be important to work closely to set those priorities before the Congress turns over and the president is sworn in Jan. 20," Hill said.

Hill would be one of two Arkansans to chair a House committee in the new Congress. Rep. Bruce Westerman, R-Ark., is preparing for a second term wielding the gavel on the House Natural Resources Committee.

Rep. Rick Crawford, R-Ark., entered the race to lead the House Transportation and Infrastructure Committee in March, but the Republican from Jonesboro withdrew his name from consideration Wednesday.