House Republicans on the Financial Services Committee created a new subcommittee this week, the Subcommittee on Digital Assets, Financial Technology, and Inclusion.
U.S. Rep. French Hill (R-AR), vice chair of the full Financial Services Committee, was tapped as the chair of this new subcommittee. The subcommittee will provide clear rules among federal regulators for the digital asset ecosystem; develop policies that promote financial technology to reach underserved communities; and identify best practices and policies that continue to strengthen diversity and inclusion in the digital asset ecosystem – among other functions.
“I am delighted that in the 118th Congress, I will serve in the pioneering role of the Chairman of the Subcommittee on Digital Assets, Financial Technology, and Inclusion of the House Financial Services Committee,” Hill said. “At a time of major technological advancement and change in the financial sector, it is our job to work across the aisle and promote responsible innovation while encouraging FinTech innovation to flourish safely and effectively in the United States. I also am proud to serve as the Vice-Chairman of the House Financial Services Committee, and I look forward to supporting Chairman McHenry in our work to promote economic prosperity and deliver on our Commitment to America.”
Hill has been a member of the House Financial Services Committee since joining Congress in 2015. He has led two other subcommittees, as well as the Task Forces on Financial Technology and Artificial Intelligence.
“I’m proud to announce Congressman French Hill as the Chairman of Congress’ first ever Digital Assets Subcommittee and Vice Chair of the full Committee. As a former community banker and U.S. Treasury official, Congressman Hill has the experience and expertise necessary to tackle this challenging undertaking. French is a team player, which is one of the reasons why there is no one I trust more, with one of my top priorities. FinTech—particularly digital assets—holds immense promise as a tool to build a more inclusive financial system. I look forward to working with him to provide clear rules of the road for this ecosystem that protect consumers while allowing innovation to thrive here in the U.S.,” Rep. Patrick McHenry (R-NC), chair of the House Financial Services Committee, said.