Rep. French Hill, R-Ark., is wasting no time prepping to take the gavel of the House Financial Services Committee by staffing up and shoring up an alliance with Speaker Mike Johnson who held his position after a nail-biting reelection last Friday.
"Over the next two years, I look forward to working closely with Speaker Johnson, a Republican-led Senate, and President Trump in ensuring a strong economy, getting our fiscal house in order, and maintaining America as the leading economy in the world and the preferred location for technology research and development, global capital formation, and entrepreneurship," said Hill via a statement.
Hill has represented Arkansas's second Congressional District since 2015 and served as the Finance Committee Vice Chair under Patrick McHenry, who announced his retirement from Congress in 2024.
Hill's rise inspires hope in the muni community, thanks to his financial background.
"He's a former banker, extremely knowledgeable, likes to talk about fixed income and other banking issues, so I think that's a solid voice to be added to House leadership," said Brett Bolton, VP, of federal legislative and regulatory policy at the Bond Dealers of America.
Prior to his move into Congress Hill was the founder and CEO of Delta Trust & Banking Corporation. He also worked for the U.S. Treasury Department as Deputy Assistant Secretary for Corporate Finance from 1989 to 1991.
He picks up the gavel while bearing a reputation as regulation cutter while also supporting a "fair-minded regulatory structure," for cryptocurrency.
"We need a market structure for digital assets," said Hill during a CNBC interview. "We don't have rules of the road. Under Chairman Gensler, we had regulation by enforcement."
President-elect Trump embraced legitimizing cryptocurrency on the campaign trail and supports establishing a Bitcoin reserve fund, which could expose taxpayer money to the whims of an uncertain market.
The muni community is still treading cautiously around the world of crypto as the Government Finance Officers Association and advisors with Hilltop Securities advise issuers to
Despite the warnings, some states including Wisconsin and Michigan, are putting pension funds at risk by buying into exchange traded funds that include positions in cryptocurrency. ETFs help reduce risk by offering investors a basket of securities to hedge against downturns.
"Congressman Hill has real-world experience and unparalleled policy expertise in all areas of financial services, which makes him the right person for the job at the right time," said ASA President and CEO Chris Iacovella.
"We are thrilled to see him elevated into the Chairman role and look forward to continuing to work with him to advance an economic opportunity agenda that supports working families, small businesses, and every American investor."
Last Thursday, Hill announced that Allison Behuniak will serve as his policy director.
"Allison and I have worked closely together for many years, including our critical work in driving forward policies for digital assets that will keep innovation in America while protecting consumers and investors," he said via a statement.
Hill also announced that Ben Johnson, a nearly 10-year veteran on Capitol Hill will serve as his staff director.
Kim Betz will serve as Hill's deputy staff director and general counsel, she formerly served as Chairman Patrick McHenry's staff director and chief counsel.
