Rep. French Hill to Lead House Financial Services Committee
December 17, 2024
Congressman French Hill (R-AR) won a four-way race to become chairman of the House Financial Services Committee (HFSC) in the next Congress. Hill will replace retiring Rep. Patrick McHenry (R-NC) who served as the lead HFSC Republican since 2019 and as chairman for the past two years.
Why it matters: Rep. Hill brings a deep knowledge of financial markets as he takes the committee gavel. He was a founder and CEO of Delta Trust and Banking Corp., and he was Deputy Assistant Secretary of the Treasury for Corporate Finance from 1989 to 1991.
- Hill was first elected to Congress in 2014 and has served on HFSC in a variety of leadership capacities, including as the current committee vice chair and chair of the Digital Assets Subcommittee.
- CREFC has a strong relationship with Rep. Hill, who has been a key ally on issues like Basel Capital rules, Conflicts of Interest in Securitization, and 15c2-11.
- In his pitch for the chairmanship, Hill laid out his “Make Community Banking Great Again” plan, which includes a number of proposals to tailor and reduce regulatory burdens on financial institutions.
Go deeper: The House GOP selects its committee leaders via the Steering Committee, which includes the chamber leadership (Speaker, majority leader, etc.) and other rank-and-file members selected from various regions.
The race to succeed McHenry was among the most closely contested in this cycle as Hill faced off against other senior committee members:
- Rep. Andy Barr (R-KY) was first elected in 2012 and currently serves as HFSC Financial Institutions Subcommittee Chair;
- Rep. Bill Huizenga (R-MI) was first elected in 2010 and currently serves as HFSC Oversight Subcommittee Chair; and
- Rep. Frank Lucas (R-OK) was first elected in 1994 and currently serves as Chairman of the House Space, Science, and Technology Committee. Lucas also had been the lead Republican on the House Agriculture Committee.
What they’re saying: Toward the end of the campaign, insiders saw the race tighten between Hill and Barr, with some expecting Barr to take the gavel given Hill’s close ties to ousted Speaker Kevin McCarthy (R-CA). Barr is also seen as a favorite to succeed Sen. Mitch McConnell (R-KY) should he choose not to run for re-election in 2026.
The bottom line: The HFSC contest was not acrimonious and observers noted that Republicans had strong options in all the candidates. Former HFSC chair Rep. Jeb Hensarling told Politico: