According to a report by Punchbowl News on Thursday, Congressman French Hill is slated to become the next chair of the House Financial Services Committee, a powerful congressional panel. Hill's appointment was announced by the party's Steering Committee, which selects committee leaders ahead of the 119th Congress. He will succeed Patrick McHenry, who will retire after serving 20 years in Congress and multiple terms as the Republican leader on the Financial Services Committee. Hill has previously chaired the subcommittee on Digital Assets, Financial Technology and Inclusion, and has co-sponsored the Financial Innovation and Technology for the 21st Century Act (FIT21), a bill aimed at restructuring the market.
He has also introduced or co-sponsored several other bills related to the cryptocurrency industry over the years. McHenry has played a key role in guiding multiple crypto-related bills through the House of Representatives, including FIT21. In recent years, he collaborated with his counterpart, Representative Maxine Waters, on stablecoin legislation, although the bill was not ultimately introduced. Waters will once again lead the Democratic party on the House committee, having been unanimously chosen by the caucus.
In a statement released on Wednesday, Waters expressed her gratitude and commitment to continuing the fight for the betterment of working families across the country. Under her leadership, the committee has made significant progress in expanding housing, addressing homelessness, supporting small businesses, and protecting consumers from fraud.
Waters also stated that Democrats on the committee would resist any attempts by the incoming administration to increase costs for working families and eliminate hard-won consumer protections.