It is all but certain that Rep. French Hill, R-Ark., will chair the House Financial Services Committee in the next Congress. Hill was selected on December 12 by the House Republican steering committee, although his selection still must be approved by House Republicans in the next Congress. That approval is considered to be pro forma.

Hill would replace current Chair Rep. Patrick McHenry, R-N.C., who is retiring from the House.

Hill is a former banker. Before being elected to the House, he was the founder, Chair, and Chief Executive Officer of Delta Trust & Banking Corporation.

Currently Hill serves as the Vice Chair of the House Financial Services Committee and as Chair of the new Digital Assets, Financial Technology and Inclusion subcommittee.

Before his election to the House, Hill also served as Deputy Assistant Secretary of the Treasury for Corporate Finance, as well as Executive Secretary to the President’s Economic Policy Council.

The Financial Services chair position has been one of the most hotly contested leadership races among House Republicans. In receiving the steering committee nod, Hill defeated Republican Reps. Andy Barr of Kentucky, Bill Huizenga of Michigan and Frank Lucas of Oklahoma.

Rep. Maxine Waters, D-Calif., will continue to serve as ranking Democrat on the panel.