Oklahoma
Congressman Frank Lucas of Cheyenne will not be the top Republican on
the House Financial Services Committee, which oversees Wall Street,
the Federal Reserve, and cryptocurrency. The committee’s decisions
regarding banks and financial institutions have significant
implications for energy industry funding.
Despite
being the longest-serving Republican on the committee, Lucas was
passed over in favor of Arkansas Rep. French Hill, who has reportedly
been chosen as chairman. Lucas, Hill, and Michigan Rep. Bill Huizenga
were all vying for the position under the incoming Trump
administration.
Arkansas
Business reported that Hill, considered a front-runner along with
Rep. Andy Barr, ultimately won the GOP Steering Committee’s
recommendation. Barr, known for his playful campaign idea to
distribute red baseball hats reading “Make Financial Services Great
Again,” fell short. Outgoing Chairman Rep. Patrick McHenry endorsed
Hill, whose campaign emphasized support for community banks and
reducing regulatory burdens on smaller financial institutions.
Hill’s
selection is expected to be ratified soon by the House Republican
Conference.
While
Lucas will not lead the committee, he remains its longest-serving
Republican and continues to serve on the Digital Assets, Financial
Technology, and Inclusion Subcommittee, as well as the Capital
Markets Subcommittee.
