Representative French Hill, a former banker and Arkansas Republican, is set to become the next chairman of the House Financial Services Committee, according to multiple reports. This committee, a key congressional body, oversees legislation for the financial sector, including banks, and is likely to play a significant role in regulating the cryptocurrency market, which is expected to be a priority for Republicans during President-elect Donald Trump’s second term. The panel often hosts testimony from top bankers and regulators, such as Federal Reserve Chairman Jerome Powell.
Hill’s appointment follows the retirement of Representative Patrick McHenry at the end of the current Congress. Hill won the recommendation of the House Republican steering panel, beating out other contenders for the position. The selection is expected to be formally approved by House Republicans soon.
Hill, who founded a community bank in Arkansas before entering Congress in 2015, has been a longtime member of the committee and most recently chaired its subcommittee on digital assets. A strong proponent of a lighter regulatory approach, he is well-regarded within industry circles. His selection as chairman has already received praise from various financial industry groups, reflecting his alignment with Republican priorities of deregulation and fostering a favourable business environment.
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