House Financial Services Committee receives new leadership with French Hill as its chairman
New House Financial Services Committee Chairman Advocates for Crypto Regulation and Community Banking Reform
Rep. French Hill (R-AR) has been chosen as the new chairman of the House Financial Services Committee, succeeding Rep. Patrick McHenry (R-NC) who retired at the end of his term. Hill's tenure will see a focus on crypto regulation, community banking reform, and promoting U.S. leadership in financial technology.
Hill's plan for the committee includes tailoring bank mergers and acquisitions to prevent regulators from indefinitely delaying mergers. He is a strong advocate for clear, bipartisan digital asset regulation, as demonstrated by his leadership in passing cryptocurrency legislation like the CLARITY Act and the GENIUS Act. Hill has urged the Senate to swiftly pass these bills to provide regulatory clarity and promote U.S. leadership in financial technology.
Regarding cryptocurrencies, Hill supports a balanced regulatory framework that fosters innovation and investor protection. This aligns with the White House’s July 2025 report advocating for U.S. competitiveness in digital financial technology, including decentralized finance (DeFi). The GENIUS Act and CLARITY Act form a legislative package to regulate stablecoins and digital assets, aiming to secure clear rules for banks and market participants.
On community banking and broader financial oversight, Hill's emphasis on letting bank supervisors and securities regulators issue implementing rules suggests he supports empowering regulatory bodies with guided authority rather than imposing broad new restrictions directly through legislation. His community banking plan, titled "Make Community Banking Great Again," advocates for regulatory tailoring for community banks, with regulators customizing their oversight based on each bank's specific characteristics.
Industry leaders have praised Hill's community banking plan, stating that it would ease regulations on community banks and help them thrive in a competitive marketplace. Hill's plan also addresses access to capital, revisiting bank resolution procedures, and welcoming innovation related to banks' third-party relationships.
Hill's FIT21 legislation, which received bipartisan approval in the House in May, aims to create a comprehensive regulatory framework for digital assets that protects consumers and investors while maintaining the country's competitive edge in blockchain innovation.
Before entering Congress, Hill worked in the Treasury Department as deputy assistant secretary of corporate finance from 1989 to 1991. He also served as CEO of Delta Trust & Banking Corp. Rajashree Chakravarty wrote an article about Rep. French Hill's courtship of the House Financial Services Committee's top post with his community banking plan, titled "French Hill courts House panel's top post with community banking plan."
As the chairman of the House Financial Services Committee, Hill will oversee several federal departments, including the Department of the Treasury, the Federal Reserve, the Securities and Exchange Commission, and government-sponsored entities such as Fannie Mae and Freddie Mac. Hill is a member of the House Permanent Select Committee on Intelligence and the House Foreign Affairs Committee.
Hill has spearheaded a focused legislative agenda termed "Crypto Week," including the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act, reflecting a stance against a central bank digital currency without congressional approval and prioritizing robust crypto market infrastructure and investor protection.
In summary, Rep. French Hill’s stance features advocacy for swift passage of bipartisan crypto legislation (CLARITY Act, GENIUS Act), support for regulatory clarity via coordinated efforts of banking regulators, SEC, and CFTC, promotion of U.S. leadership in digital assets and financial technology innovation, opposition to unauthorized Federal Reserve digital currencies (Anti-CBDC Surveillance State Act), a legislative agenda in the House Financial Services Committee focused on crypto market structure and balanced regulation, and a commitment to community banking reform.
- The new House Financial Services Committee Chairman, Rep. French Hill (R-AR), is a strong proponent of clear, bipartisan digital asset regulation, as demonstrated by his leadership in passing cryptocurrency bills like the CLARITY Act and the GENIUS Act.
- Hill, in his role as chairman of the House Financial Services Committee, also prioritizes community banking reform, advocating for tailored regulations to empower community banks and thrive in a competitive marketplace.
