Punchbowl News reported Thursday that Rep. French Hill will become the next chairman of the powerful House Financial Services Committee.
The Arkansas Republican was nominated for the role Thursday by the party's steering committee, which named leaders for various committees ahead of the start of the 119th Congress next year. Hill will replace Patrick McHenry of North Carolina. McHenry will retire after 20 years in Congress and leading Republicans on the Financial Services Committee for multiple terms.
In recent years, Hill has served as chair of the Digital Assets, Financial Technology, and Inclusion Subcommittee, which has led to the 21st Century Financial Innovation and Technology Act (FIT21), a market structure bill that many in the cryptocurrency industry had hoped would pass. Became a co-sponsor. He has also proposed or co-sponsored many other bills over the years that address various aspects of the crypto world.
McHenry led the House passage of multiple crypto bills, including FIT21. Over the past few years, he also worked on a stablecoin bill with his counterpart, California Representative Maxine Waters, but the bill was ultimately never introduced.
Waters will once again lead Democrats on a House committee after being “unanimously” elected by his caucus, according to a press release Wednesday.
“I am honored that the Democratic caucus has once again placed its trust in me,” Waters said in a statement.
“I will continue the fight to improve conditions for working families across the country,” she said. “Under my leadership over the past several years, we have made historic progress in expanding housing and solving homelessness, supporting small businesses, and protecting people from fraud. The work is not finished yet.”
Waters said Democrats on the committee oppose any efforts by President-elect Donald Trump to “raise costs for working families and eliminate hard-fought consumer protections.” Ta.
