Oklahoma Congressman Frank Lucas apparently will not be the top Republican on the House Financial Services Committee that oversees Wall Street, the Federal Reserve and cryptocurrency. The committee’s actions regarding banks and other financial institutions affect funding for the energy industry.
Even though Rep. Lucas is the longest serving Republican on the Committee, Arkansas Rep. French Hill reportedly has been chosen to serve as chairman. Reps. Lucas and Hill along with Rep. Bill Huizenga of Michigan were in competion to lead the committee under the incoming Trump administration.
Barr and Hill were considered the front-runners in the competition and Barr had plans to hand out red baseball hats promising to “Make Financial Services Great Again.”
However, Arkansas Business reported the GOP steering committee gave its nod to Congressman Hill. He also had received the support of outgoing Chairman Rep. Patrick McHenry. As Arkansas Business reported, Hill’s campaign for chairmanship focused on supporting community banks and reducing regulatory burdens for smaller financial institutions.
Hill’s selection is expected to be ratified in the next few days by the House Republican Conference.
Rep. Lucas served longer on the committee than any other Republican and is a member of the Digital Assets, Financial Technology and Inclusion Subcommittee as well as the Capital Markets Subcommittee.