Chairman Hill opens first legislative markup focusing on regulation and innovation

Today, the House Financial Services Committee, chaired by French Hill (AR-02), conducted its first legislative markup of the 119th Congress. Chairman Hill emphasized a focus on balancing regulatory oversight with promoting innovation and competitiveness in the U.S. financial services sector over the next two years.

Hill highlighted that, with substantial support from committee members, subcommittee chairs have already organized hearings or roundtables on various policy areas. "The Financial Services Committee – under Republican leadership – has legislative priorities that we will conduct hearings and pursue solutions in each of our Subcommittees and Task Force," he stated.

He encouraged bipartisan collaboration: "We will do the hard work to find solutions and I encourage all members– Republican and Democrat– to bring ideas to your Subcommittee Chairs and Ranking Members."

Addressing recent challenges posed by China, Hill noted a commitment to defending U.S. interests through several bipartisan measures included in this markup. He expressed confidence that "the U.S. will prevail over China."

The agenda includes initiatives like safeguarding the financial system against fentanyl trafficking, addressing risks in China's financial system, supporting Taiwan at international institutions, and financing global energy infrastructure alongside allies.

Hill also mentioned considering a Congressional Review Act resolution to nullify the CFPB's overdraft rule, which he described as harmful due to its imposition of price caps reducing consumer choice. He referenced a Federal Reserve Bank of New York report stating: “That overdraft fee caps hinder financial inclusion.”

"The resolution simply reverses the CFPB’s overreach," Hill said, urging his colleagues across party lines to reconsider the impact of the rule.

Hill concluded by yielding back his time after urging members to consider how these issues affect their constituents.