Republican lawmaker French Hill from Arkansas has been named the new chairman of the powerful House Financial Services Committee. The report, reported by Punchbowl News on Thursday, stated that Hill was appointed by the party’s Steering Committee, which determines committee leaders ahead of the 119th Congress, which begins next year.
Hill’s Previous Experiences
Hill has chaired the Digital Assets, Financial Technology and Inclusion subcommittee for the past several years and co-designed a cryptocurrency industry-backed market structure bill called the Financial Innovation and Technology for the 21st Century Act (FIT21). Additionally, Hill has introduced or supported many legislative proposals addressing various aspects of the crypto world in recent years.
Hill begins chairing the House Financial Services Committee after 20 years as a member of Congress. The previous president, Patrick McHenry, will retire after serving in this role. McHenry has passed several crypto bills in the House of Representatives, including FIT21, and worked on stablecoin legislation with California representative Maxine Waters, but that bill was ultimately not introduced.
Maxine Waters’ New Role
Maxine Waters, who was unanimously chosen by the Democratic caucus, will be the new leader of the House Financial Services Committee.
“I am honored that the Democratic caucus has once again placed their trust in me,” said Maxine Waters. “The fight to improve the conditions of working families will continue,” he said.
“We have made historic progress in recent years on expanding housing, solving homelessness, supporting small businesses and protecting people from fraud,” Waters said. But our work is not over yet.” he said.
Waters said Democrats on the committee will fight against incoming US President Donald Trump’s efforts to increase financial burdens on working families and eliminate consumer protections.
Waters emphasized that the committee’s future work will focus on areas such as housing, small businesses and consumer protection. He also added that they will develop policies to reduce financial liabilities for working families.
The change in leadership of the House Financial Services Committee could have significant impacts on the financial technology and cryptocurrency fields. Hill’s experience in crypto and financial technology could play a critical role in the committee’s development of policies in these areas. The Democrats’ leadership, on the other hand, seems to focus on protecting the interests of working families and ensuring consumer safety through financial regulations.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
