The American representative French Hill, R-Little Rock, is the new president of the House Financial Services Committee, an influential panel that supervises the banking and securities sectors of the country. Hill described his change priorities at the 119th congress in a recent Talk Business & Politics interview.
When he campaigned for the chairmanship of the Chamber Committee, Hill deployed a set of ideas entitled “Make the Community Bank again” to explain how he would guide the panel and put pressure for new legislation. A former head of the US Treasury of the Administration George HW Bush, the member of the Congress of the 2nd district of Arkansas, said that he wanted to see regulations better linked to the size of the banks.
“I firmly believe in sewing regulations. So the greater and complex your commercial strategy, the more regulatory monitoring and control. The smallest and simpler in your business, you should have a lighter touch of regulation. You always comply with the regulations, but you have it less expensive for the institution, “he said.
“I have an effort to do so for community banks. One way to do so would be to increase the definition of a community banking business beyond $ 10 billion to a much larger number. I think it would really help the same with regional banks, perhaps increase this number to approximately $ 100 billion which derive the regulatory directives which lead to part of the regulatory burden for institutions. So, sewing regulations are really a higher goal that I have, ”added Hill.
Hill said that legislation is already being developed to respond to these changes and more.
“We have invoices that do this. They modify banking acts to give this flexibility to regulators in order to provide this relief to small banks. I have a bill called The Fair Exam Act which creates a mediator for community banks who have experienced an examination that was not exact. They want to have a second opinion on work with their federal regulator. This is something else that we have heard regularly from banks across the country, “he said.
Another area of legislative change which will likely involve discussions and coordination with the new Trump administration focuses on cryptocurrency. Hill said he thought that the new congress would make significant changes in this space.
“So two things are different from the last congress. During the last congress, the Chamber’s Financial Services Committee voted on a sustained stable part of a dollar. It would be a tokenized payment in dollars, a digital payment that could be used in an international blockchain request to regulate people under US law.
“The second thing we did was that we had a bill which was the regulatory structure of the crypto. How to collect funds for crypto? How are you regulated in digital assets? What is a commodity? What is security? These two bills adopted the Committee and our regulatory framework. The bill adopted the whole Chamber with strong democratic support, “he said. “What is different for this congress is the administration. The Trump administration has an innovation program for financial technology, including digital assets. And in the Senate, Tim Scott, the new president of the banking committee, John Boozman of Arkansas, the new president of the Agriculture Committee also supports this agenda.
“So, in this congress, we have, I think that the ability to advance these two things. A stable bill under American law which, I think, extends the value of the dollar worldwide and a regulatory market structure for the crypto, “said Hill.
The interview with Hill was recorded before Trump imposed prices in Mexico, Canada and China as well as before the Trump Press Conference Boarding Dei (diversity, equity and inclusion) for the accident of ‘Mortal air at Reagan national airport in Washington, DC
Hill commented controversy earlier in the week when Trump’s executive orders caused confusion in certain states on federal payments, such as Snap, Medicaid and other rivers. He said that the executive decrees were “confusing” and not well planned, but said the administration should have a limited examination of these Congress expenses.
“It struck me a little” ready, the fire, the goal “that the idea that the executive power would examine very carefully, all the expenses taking place thanks to subsidy programs. I think it’s a good idea. I mean article one, the legislative assembly approves money through the credits process, but we question article two of article two to faithfully implement these laws, “said Hill .
“They have the right to review and see if they think that the executive power is a good job on this subject. Second, we have a deficit of 2 billions of dollars. And so if they want to be more discreet in the way they spend money for taxpayers, I think it’s intelligent too. But I think it was an example of the release of themselves. They had not communicated this very well. Even in a new cycle, they have changed their mind several times on it, “he said.
You can watch Hill’s full interview in the video below.
https://www.youtube.com/watch?v=LQDR_TVQ0YK
