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McHenry announces crypto subcommittee

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Banking, Government Oversight, Legislation
Tuesday, January 17, 2023

As one of his first acts as chair of the House Financial Services Committee, Rep. Patrick McHenry (R-N.C.) announced the chairs of the House Financial Services subcommittees, including creating a new subcommittee focused on cryptocurrency.

According to McHenry’s announcement, the subcommittee on digital assets, financial technology, and inclusion is set to be chaired by Rep. French Hill (R-Ark.).

The new subcommittee will cover, among other things:

  • Providing clear rules of the road among federal regulators for the digital asset ecosystem.
  • Developing policies that promote financial technology to reach underserved communities.
  • Identifying best practices and policies that continue to strengthen diversity and inclusion in the digital asset ecosystem.

“I am delighted that in the 118th Congress, I will serve in the pioneering role of the chairman of the subcommittee on digital assets, financial technology, and inclusion of the House Financial Services Committee. Since joining Congress in 2015, I have been a member of this committee and am humbled to continue this important work after having led two subcommittees, as well as the task forces on financial technology and artificial intelligence,” said Hill. “At a time of major technological advancement and change in the financial sector, it is our job to work across the aisle and promote responsible innovation while encouraging fintech innovation to flourish safely and effectively in the United States.”

The chairs for the other House Financial Services Committee subcommittees include:

  • Rep. Ann Wagner (R-Mo.) for the subcommittee on capital markets.
  • Rep. Andy Barr (R-Ky.) for the subcommittee on financial institutions and monetary policy.
  • Rep. Blaine Luetkemeyer (R-Mo.) for the subcommittee on national security, illicit finance, and international financial institutions.
  • Rep. Bill Huizenga (R-Mich.) for the subcommittee on oversight and investigations.
  • Rep. Warren Davidson (R-Ohio) for the subcommittee on housing and insurance.

“Committee Republicans are ready to deliver on our promises made to the American people,” McHenry said in the press release announcing these appointments. “This slate of subcommittee chairs will be the drivers of our policy agenda centered around economic prosperity for all Americans. Whether that is increasing opportunities for all investors, expanding access to innovative financial products, or ensuring the safety and soundness of our financial system—this committee’s leadership team is ready to meet the moment. I am honored to have these talented leaders—who represent the diverse experiences and expertise of our conference—by my side as we get to work.”

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