French HillChairman

Washington, April 1, 2025 -

Chairman French Hill (AR-02) and House Committee on Financial Services members sent letters to agencies requesting the rescission, modification, or re-proposal of specific Biden-Harris Administration actions. You can see the areas of inquiry and specific letters below:

Financial Institutions

Chairman Hill and Subcommittee Chairman Barr, along with the Members on the Subcommittee on Financial Institutions, sent letters to the Federal banking agencies on an interagency basis, the Federal Reserve Board, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Consumer Financial Protection Bureau (CFPB). These letters highlight the rules and guidance issued under the previous Administration that reduce competition and innovation and must be rescinded or significantly modified. These rules and guidance lacked proper cost-benefit analysis, would have significant negative economic consequences, and frequently ran afoul of statutorily-mandated procedures intended to ensure well-formulated rulemaking. 

• Read the interagency letter to Acting FDIC Chairman Travis Hill, Acting Comptroller of Currency Rodney Hood, and Federal Reserve Chairman Jerome Powell HERE.

• Read the letter to Acting CFPB Director Russ Vought HERE.

• Read the letter to Federal Reserve Chairman Jerome Powell HERE.

• Read the letter to Acting Comptroller of the OCC Rodney Hood HERE.

• Read the letter to Acting Chairman of the FDIC Travis Hill HERE.

Capital Markets

Chairman Hill and Subcommittee Chairman Wagner, along with the Members on the Subcommittee on Capital Markets, sent the following letter to the Securities and Exchange Commission. This letter calls on the SEC to withdraw several final and proposed rules promulgated under former Chair Gensler that run counter to the Commission’s core mission. These proposals and final rules have not only made our capital markets less attractive to companies considering going public but also have imposed undue burdens on existing public companies. As global economic competition escalates, it is incumbent upon the Commission to abandon misguided rulemakings and work to maintain our capital markets’ status as the envy of the world. 

• Read the letter to Acting Securities and Exchange Commission Chair Mark Uyeda HERE.

Digital Assets and Financial Technology

Chairman Hill and Subcommittee Chairman Steil, along with the Members on the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence, sent letters to the Federal banking agencies on an interagency basis and the Consumer Financial Protection Bureau. These letters urge these agencies to withdraw several regulatory actions that have stifled innovation, restricting financial institutions’ engagement in digital assets and hindering the growth of financial technology (fintech) companies. Over the past four years, the Biden Administration’s approach to digital assets and fintech has fostered regulatory uncertainty, discouraged entrepreneurship, and limited competition. As a result, consumers have had reduced access to innovative financial solutions that could enhance efficiency, lower costs, and expand economic opportunities for Americans.

• Read the interagency letter to Acting FDIC Chairman Travis Hill, Acting Comptroller of Currency Rodney Hood, and Federal Reserve Chairman Jerome Powell HERE.

• Read the letter to Acting CFPB Director Russ Vought HERE.

Financial Stability Oversight Council

Chairman Hill, along with the Subcommittee and Task Force Chairs, sent a letter to Secretary Bessent regarding FSOC’s decision – under the Biden Administration – to make it easier to subject nonbank financial companies to prudential supervision by the Federal Reserve through its updates to the Analytic Framework and Nonbank Designation Guidance. The letter requests that the updated guidance be rescinded and that FSOC should take a holistic approach to any designation process changes that emphasize cost-benefit analysis.

• Read the letter to Treasury Secretary Bessent in his capacity as Chairman of the Financial Stability Oversight Council HERE.