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House committees take shape; McHenry creates crypto subcommittee
House Republicans began recommending members to committees this week. House Financial Services Committee (HFSC) Chairman Rep. Patrick McHenry, R-N.C., released the list of Republicans recommended to serve on the committee, and also announced a new subcommittee that will focus on cryptocurrency.
McHenry spoke about the future of the HFSC during NAFCU’s 2022 Congressional Caucus, which included stablecoins and fintech. Rep. French Hill, R-Ark., is set to chair the new subcommittee that will cover issues related to digital assets, financial technology, and inclusion. Hill has been a leading voice in Congress as it explores the possibility of a central bank digital currency (CBDC).
While NAFCU is supportive of a clear regulatory framework for cryptocurrency and other financial technologies, the association has consistently opposed the creation of a CBDC, arguing that the costs outweigh the benefits and that credit unions represent a superior and safer alternative for advancing financial inclusion goals and promoting affordable access to payments. The association has shared its concerns with the Fed, Treasury, Commerce Department, and Congress.
The chairs of other HFSC subcommittees include:
- Rep. Ann Wagner, R-Mo., for capital markets;
- Rep. Andy Barr, R-Ky., for financial institutions and monetary policy (Barr was among the members NAFCU met with on Capitol Hill earlier this month);
- Rep. Blaine Luetkemeyer, R-Mo., for national security, illicit finance, and international financial institutions;
- Rep. Bill Huizenga, R-Mich., for oversight and investigations; and
- Rep. Warren Davidson, R-Ohio, for housing and insurance. Warren will also serve as vice chair on the new cryptocurrency panel.
Additionally, House Ways and Means Committee Chairman Rep. Jason Smith, R-Mo., announced his list of Republicans recommended to serve on the committee, as did House Appropriations Committee Chairwoman Kay Granger, R-Texas. Committee appointments will be finalized later this month; House Democrats have yet to announce their committee rosters and ranking members.
The Senate is expected to set its committee lineups when the chamber returns to session Jan. 23.