French HillChairman

Washington, April 2, 2025 -

Today, the House Financial Services Committee, led by Chairman French Hill (AR-02), is holding a legislative markup for various bills, including the STABLE Act.

Watch Chairman Hill’s opening remarks here.

Read Chairman Hill’s opening remarks as prepared for delivery:

"Good morning. Since we kicked off the 119th Congress, our members have been hard at work, crafting legislative solutions to difficult problems.

"Today, we will consider several bills to promote financial innovation and expand access to financial services.

"Three of the bills are part of our ongoing efforts to promote financial innovation through sound digital asset policy, while the other two seek to enhance access to credit by removing compliance burdens and fostering competition through new bank formations.

"Payment stablecoins present a new and flexible payment innovation. This largely frictionless finance will simplify the ability to move money around the world in an instant.

"But, as with all new technologies, new and different risks can emerge. In this Committee, we have openly discussed the potential risks surrounding digital assets.

"Members in this room – on both sides of the aisle – have spent years collaborating on stablecoin legislation, including under the leadership of Ranking Member Waters.

"We’ve all come to an important conclusion: Innovation needs guardrails, not roadblocks.

"The STABLE Act – championed by Subcommittee Chair Bryan Steil – is just that.

"To date, state regulation has allowed a stablecoin ecosystem to develop in the United States, but for payment stablecoins to reach their full potential, a clear federal framework must be an option.  

"Moreover, several foreign jurisdictions have established or are developing regulatory frameworks for payment stablecoins, making the enactment of a U.S. framework essential for global competitiveness.

"Blockchain technology continues to transform how money moves. The fact is: policymakers, regulators, and law enforcement must keep up with these changes.

"Representatives Nunn and Himes’s leadership on the Financial Technology Protection Act will ensure the government is informed, equipped, and coordinated on emerging financial technologies.

"The Working Group established under the bill will bring law enforcement and firms in the digital asset ecosystem together to come up with ideas to improve anti-money laundering, counter-terrorist, and other counter-illicit financing efforts.

"Committee Republicans have been clear: digital asset policies must promote private sector innovation and foster competition to ensure the United States maintains the world’s leader in global payments.

"The Federal Reserve cannot issue a digital currency without Congressional authority.

"Whip Emmer’s Anti-CBDC Surveillance State Act represents years of work and ensures Americans' financial privacy by prohibiting the Federal Reserve from issuing a CBDC without explicit congressional authorization.

"In this Committee, we are committed to increasing access to financial services for small businesses and consumers. Small Business Committee Chairman Williams’ 1071 Repeal to Protect Small Business Lending Act is crucial to ensure small businesses have access to competitive, cost-effective credit from their local financial institutions.

"Importantly, Financial Institutions Subcommittee Chair Barr’s Promoting New Bank Formation Act creates a phase-in period for de novo financial institutions to meet capital requirements, helping to promote in a prudential manner new entrants to serve growing communities.

"The reality is: small financial institutions have struggled mightily under an increasingly heavy regulatory burden since the 1990s.

"Allowing new bank entrepreneurs, the time and flexibility to open their doors will boost competition and expand access to credit for financially vulnerable Americans and communities.

"I look forward to the discussion today and thank the members for their work on these important pieces of legislation.

"I yield back."