WEBVTT - Rep. French Hill Talks Crypto, Finance

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<v Speaker 1>It's going to be a busy week here in Washington

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<v Speaker 1>as the one hundred and eighteenth Congress tries to wrap

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<v Speaker 1>up its work for the year. That of course, will

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<v Speaker 1>include finding a way to keep the government open past

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<v Speaker 1>midnight on Friday, where the deadline is, and we have

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<v Speaker 1>no deal yet as to how exactly that happens. We

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<v Speaker 1>know it will be a stopgap measure of some time,

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<v Speaker 1>likely going into March. We just don't know how exactly

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<v Speaker 1>the sausage is going to be made and what compromise

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<v Speaker 1>the Democrat and Republican leaders in both chambers will reach,

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<v Speaker 1>But we do know what does need to get done

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<v Speaker 1>and get a signature from President Biden by that deadline

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<v Speaker 1>on Friday, so that when we come back in January

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<v Speaker 1>and the one hundred and nineteenth Congress takes its seats,

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<v Speaker 1>they can get started on their to do list, and

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<v Speaker 1>certainly the incoming chairs of the various committees in the

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<v Speaker 1>House have to do lists of their own, and one

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<v Speaker 1>of them is joining us now here on Bloomberg TV

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<v Speaker 1>and Radio. He was just named the incoming chair of

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<v Speaker 1>the House Financial Services Committee, and his Live with Me

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<v Speaker 1>from Capitol Hill. Congressman French Hill of Arkansas. Congratulations sir,

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<v Speaker 1>first and foremost for getting the gabble here, and I

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<v Speaker 1>do want to get into everything you want to accomplish

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<v Speaker 1>in financial services in the two years ahead. Could we

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<v Speaker 1>just begin, though, with what exactly is going to happen

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<v Speaker 1>this week? Is there's not a lot of time to

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<v Speaker 1>work with here, and I wonder if the seventy two

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<v Speaker 1>hour rule to read this stopgap legislation after its released

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<v Speaker 1>is going to have to be waived.

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<v Speaker 2>Well, Kayley, it's always good to be with you. Thanks

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<v Speaker 2>for having me. Usually we hope to have that bill

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<v Speaker 2>posted over the weekend, and we didn't see it, so

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<v Speaker 2>you're right, we may be confronted with a tight time

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<v Speaker 2>frame in order to review it before we have to

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<v Speaker 2>vote on it and get the Senate to approve it

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<v Speaker 2>before Friday.

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<v Speaker 1>Well, that certainly is true. And when we talk about

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<v Speaker 1>it being a deal making here, we understand that the

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<v Speaker 1>Speaker is looking for economic aid to farmers and might

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<v Speaker 1>need to offer out something else to Democrats in exchange

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<v Speaker 1>for that. Are you concerned at all about what additional

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<v Speaker 1>provisions do Democrats want could work its way into this

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<v Speaker 1>continuing resolution?

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<v Speaker 2>Well? Sure, because the real issue is that the continuing

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<v Speaker 2>resolution be done at the Fiscal Responsibility Act levels. This

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<v Speaker 2>is the agreement. I think the Speaker's done an outstanding

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<v Speaker 2>job negotiating that. But our farm counties in this country

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<v Speaker 2>are facing a crisis. The last three years have been

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<v Speaker 2>bad on pricing. There were high supplies and number of

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<v Speaker 2>commodities this year which depressed price furthers. So they've had

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<v Speaker 2>high costs from the Ukraine invasion plus now low prices

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<v Speaker 2>this year. So it's tough to be refinanced if you've

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<v Speaker 2>had three bad years of a row. I was an

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<v Speaker 2>ag lender many many years ago in banking, so I

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<v Speaker 2>know how tough that is. The Speakers trying to get

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<v Speaker 2>a deal where we just simply help the farm economy.

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<v Speaker 2>I don't know why the Democrats are trying to take

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<v Speaker 2>advantage of farmers who are hurting. This is not like

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<v Speaker 2>it's a Republican policy, It's an American policy and try

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<v Speaker 2>to help these farmers get through a tough period.

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<v Speaker 1>Well, I'm glad you raised your background is once being

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<v Speaker 1>a lender and community banker, sir, as we understand that

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<v Speaker 1>is one of the reasons why you were able to

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<v Speaker 1>win the gavel in what was a competitive race for

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<v Speaker 1>the Chairmanship of Financial Services. So let's get into what

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<v Speaker 1>you want to accomplish. I'd like to begin with crypto

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<v Speaker 1>as this is Bloomberg TV and Radio. We obviously saw,

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<v Speaker 1>as you shared the Digital Asset Subcommittee, through your committee

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<v Speaker 1>and the House, the passage of the FIT twenty one

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<v Speaker 1>Act Crypto Market Structure legislation that divvied up responsibilities between

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<v Speaker 1>the CFTC and SEC. Are you going to start there

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<v Speaker 1>and make changes or would you rather start from scratch

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<v Speaker 1>when it comes to crypto market structure?

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<v Speaker 2>Well, first, Dusty Johnson from South Dakota and Gt. Thompson

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<v Speaker 2>of Pennsylvania, both on the AD Committee, were my partners.

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<v Speaker 2>They'll be my partners again in this Congress. We don't

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<v Speaker 2>have a learning curve here. We can take the lessons

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<v Speaker 2>that we learned in one hundred and eighteenth Congress by

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<v Speaker 2>producing FIT, which was a bill that got seventy one

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<v Speaker 2>Democratic votes here in the House, and the work that

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<v Speaker 2>Jerman McKenny did with the ranking Member Maxine Waters on

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<v Speaker 2>a stable coin bill. Both those will be priorities coming

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<v Speaker 2>into the new Congress. We want to work with the

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<v Speaker 2>Trump administration and Senate Banking Committee Chairman Tim Scott and

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<v Speaker 2>try to get all of us on the same page

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<v Speaker 2>as to how do we proceed in the one hundred and nineteenth.

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<v Speaker 2>We've got new interest in the Senate. Bill Haggerty of

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<v Speaker 2>Tennessee introduced his own bill in and around digital assets

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<v Speaker 2>just before the election.

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<v Speaker 1>Well, so what we consider though the actual market structure

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<v Speaker 1>questions here? Obviously when FIT twenty one was passed, Gary

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<v Speaker 1>Gensler was the chair of the secs he is now

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<v Speaker 1>that will be changing in the new administration. Presumably it

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<v Speaker 1>will be Paul Atkins, and I wonder if you're more

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<v Speaker 1>comfortable with the SEC having greater authority over crypto compared

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<v Speaker 1>to the CFTC under that kind of regime, if it's

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<v Speaker 1>no longer going to be Gary Gensler at the HELM.

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<v Speaker 2>Well, we didn't draft the FIT twenty one legislation because

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<v Speaker 2>Gary Gensler was the chairman of the SEC. We drafted

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<v Speaker 2>it because we thought there needed to be clear, transparent,

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<v Speaker 2>transparent fit for purpose rules of the road for digital

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<v Speaker 2>asset companies so that tokens that are on a decentralized

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<v Speaker 2>functioning blockchain are treated differently. They're not treated as securities.

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<v Speaker 2>And we put that in law and to find exactly

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<v Speaker 2>how to do it. And I think that's still important

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<v Speaker 2>for the SEC under President Trump and Paul Adkins as

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<v Speaker 2>the chairman elect, because there's some things you can do

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<v Speaker 2>by exemptive relief at the SEC, but there are other

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<v Speaker 2>things that you actually need statutory work for. We're prepared

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<v Speaker 2>to work with the new chairman the new Commission, but

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<v Speaker 2>permanent changes come from making legal changes, not just doing

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<v Speaker 2>exemptive relief at the Commission. So I prefer a legislative solution,

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<v Speaker 2>but I want to work with the chairman and see

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<v Speaker 2>how we can work together well.

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<v Speaker 1>And I do wonder about the working It's not just

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<v Speaker 1>other chairmen in the House and in the Senate, but

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<v Speaker 1>others in this administration, like say David Sachs, Congressman, what

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<v Speaker 1>is your relationship like with him or with other agencies

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<v Speaker 1>that we understand? The White House we'll be giving a

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<v Speaker 1>voice here in the shaping of crypto policy.

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<v Speaker 2>We had a great relationship with the banking regulators, the Treasury,

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<v Speaker 2>and the White House and the Biden administration on this topic,

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<v Speaker 2>and I expect this will be even better in the

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<v Speaker 2>Trump administration. The National Economic Council with Kevin Hastrett and

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<v Speaker 2>Treasury Secretary Designate miscent the banking supervisors that President Trump

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<v Speaker 2>will appoint, all of us will work together along with

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<v Speaker 2>the SEC Chairman on crafting the best policy for digital assets.

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<v Speaker 2>We want America to have a growth policy and a

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<v Speaker 2>fairness and a transparent policy on how to have a

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<v Speaker 2>digital asset economy here in America that produces growth. We

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<v Speaker 2>want to add employees here. We don't want this business

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<v Speaker 2>driven offshore as we witness during the Gensler and Biden

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<v Speaker 2>Harris regime.

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<v Speaker 1>Well, we know the President elect has talked about making

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<v Speaker 1>the US the bitcoin capital of the world. He's also

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<v Speaker 1>floated this notion, Sir, of a bitcoin reserve. Do you

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<v Speaker 1>have any concerns with an establishment of that?

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<v Speaker 2>Well, actually, I think Senator Loomis floated the idea of

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<v Speaker 2>the reserve, and President Trump heard about it when he

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<v Speaker 2>was at the Bitcoin conference in Nashville during July. This

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<v Speaker 2>is something that has to be looked at carefully if

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<v Speaker 2>that has benefits to the US Treasury and to the

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<v Speaker 2>US balance sheet, and I'm sure Congress and members on

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<v Speaker 2>both sides of the capital will do that.

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<v Speaker 1>As we get into other banking matters as well, would

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<v Speaker 1>you support a move to abolish the FDIC and to

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<v Speaker 1>fold its duties into the Treasury Department.

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<v Speaker 2>I think you've got to look at whatever proposals that

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<v Speaker 2>the incoming administration has as part of a matrix, like

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<v Speaker 2>what is the big picture objective here? Most people in

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<v Speaker 2>Congress want outstanding, coordinated, harmonized supervision of our financial institutions

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<v Speaker 2>that encourage new banks, encourage growth, encourage of fair minded

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<v Speaker 2>rules and capital standards. And they don't want to create

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<v Speaker 2>a situation where our community banks are going out of

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<v Speaker 2>business because they can't comply with all the rules. And

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<v Speaker 2>we want tailoring, that is, we want smaller banks with

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<v Speaker 2>simpler balance sheets and simpler strategies to be treated differently

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<v Speaker 2>than a big, large, complex company like City Bank or

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<v Speaker 2>JP Morgan Chase. But we're willing to listen to what

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<v Speaker 2>proposals that the administration has on supervisory changes.

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<v Speaker 1>So that's not a no that you wouldn't necessarily be

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<v Speaker 1>opposed from the start on abolishing the FDIC or shifting

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<v Speaker 1>the way in which that insurance mechanism actually happens in

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<v Speaker 1>the US.

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<v Speaker 2>Well, I don't personally, I've never seen anybody submit an

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<v Speaker 2>idea like that. I've read about it in the news,

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<v Speaker 2>but I think deposit insurance is an important feature. We

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<v Speaker 2>want to make sure it's run right. The FDIC has

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<v Speaker 2>a poor leadership right now, but it's been an institution

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<v Speaker 2>that's carried out its mission in a very tailored way.

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<v Speaker 2>And I would just argue that we have, mostly in

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<v Speaker 2>the Biden Harris regime, a personnel problem, not a structural problem.

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<v Speaker 2>But the supervisory process in our country between state and

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<v Speaker 2>federal supervisors has gotten convoluted. It's gotten in conflict with

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<v Speaker 2>each other, it's not harmonized, it's not coordinated, and so

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<v Speaker 2>there are a lot of improvements that need to be

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<v Speaker 2>made in my view and bank supervision. So again I'm

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<v Speaker 2>open minded about how those could be made. But just

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<v Speaker 2>taking one out of context and saying that you should

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<v Speaker 2>do away with the FDIC, I don't think so particularly

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<v Speaker 2>the right way to go about it.

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<v Speaker 1>Well, if it is to stick around, what do you

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<v Speaker 1>see whoever Trump taps to lead the FDIC and the

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<v Speaker 1>OCC for that matter, as their chief priority, what would

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<v Speaker 1>you hoe hope that they deal with first?

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<v Speaker 2>Well, first tailoring, following the law, making sure that their

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<v Speaker 2>light touch regulation where it's deserved, and heavy complex tux

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<v Speaker 2>regulation where it's merited because of the nature of the business. Further,

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<v Speaker 2>I think they have to understand that fintech is here,

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<v Speaker 2>and AI is here, and they need to deal with

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<v Speaker 2>that reality and make sure that all banks of all

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<v Speaker 2>sizes and broker dealers of all sizes are treated in

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<v Speaker 2>the right way according with their business plan. But de

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<v Speaker 2>banking businesses because they're involved in the fintech or the

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<v Speaker 2>crypto business is not a good approach, and that's what

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<v Speaker 2>we've seen in the Biden Harris administration, and in my

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<v Speaker 2>view that's a key point to get changed as we

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<v Speaker 2>change administrations. We do not want customers debanked because they're

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<v Speaker 2>in a legal business, and we don't want to see

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<v Speaker 2>banks and thrifts or credit unions or broker dealers treated

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<v Speaker 2>inappropriately by the supervisors.

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<v Speaker 1>Well, certainly we've seen a number of pursuits during this

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<v Speaker 1>administration in regard to banking, including of course the initial

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<v Speaker 1>proposal of the BOSL three un gained by the FEDS

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<v Speaker 1>Vice Chair of Supervision Michael Barr, that obviously is now

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<v Speaker 1>being changed. It's unclear what form it's ultimately going to take, sir,

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<v Speaker 1>and I do wonder how you at the Financial Services

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<v Speaker 1>Committee are hoping to shape ultimately that endgame and what's

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<v Speaker 1>going to happen to capital requirements, assuming Michael Barr is

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<v Speaker 1>still going to be the guy in this role.

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<v Speaker 2>Well, look, the Board of Governors is responsible for obviously

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<v Speaker 2>that decision, and I don't believe that the Board of

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<v Speaker 2>Governors is supportive of Basil three end game as proposed.

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<v Speaker 2>I think President Trump should withdraw that rule and repropose

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<v Speaker 2>whatever the right more balanced approach is. It'd got thousands

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<v Speaker 2>of comments, they were all negative, and I don't believe

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<v Speaker 2>that the Biden Harris' effort to just simply tweak the

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<v Speaker 2>proposal and re release it is the way to go.

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<v Speaker 2>I think it should be withdrawn and then be reconsidered

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<v Speaker 2>by the Trump administration.

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<v Speaker 1>As we consider other Biden era banking policies. Would you

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<v Speaker 1>support a congressional review through the Congressional Review Act of

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<v Speaker 1>any of them?

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<v Speaker 2>Well, we have. We've done that for the Small Business

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<v Speaker 2>Data Reporting, which is Section ten seventy one, that was

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<v Speaker 2>a CFPB proposal. We've done that for the current the

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<v Speaker 2>Corporate Transparency Act, which I still hope gets put in

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<v Speaker 2>the cr this week to delay that. This is this

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<v Speaker 2>beneficial ownership reporting for thirty two million American small businesses

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<v Speaker 2>that I believe is the wrong approach and handled in

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<v Speaker 2>an incorrect way. So I hope that we can use

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<v Speaker 2>We've used the CRA for that, and we want to

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<v Speaker 2>try to delay the implementation of that for a year

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<v Speaker 2>since to give us an opportunity to reconsider. We'll use

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<v Speaker 2>the Congressional Review Act. We'll use our Article one power

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<v Speaker 2>on funding through looking at activities in the Financial Services

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<v Speaker 2>Committee that are not currently authorized, and so we're going

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<v Speaker 2>to use all the oversight authorities that we have at

0:13:15.880 --> 0:13:19.680
<v Speaker 2>house financial Services to roll back what we believe to

0:13:19.720 --> 0:13:24.480
<v Speaker 2>be an inappropriate level of regulation proposed by Biden. Harris.

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<v Speaker 1>I'd like to ask you, as well a Congressman, about

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<v Speaker 1>something we're hearing a lot about in Washington these days

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<v Speaker 1>as we get ready for the second administration and for

0:13:32.720 --> 0:13:36.080
<v Speaker 1>the doge to make their recommendations. It's this idea of

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<v Speaker 1>remote work, or perhaps a return to working in the

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<v Speaker 1>office instead of working remotely for those who work in

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<v Speaker 1>Washington through federal agencies. Is there anything Congress can do

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<v Speaker 1>to help the administration this incoming administration see through that

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<v Speaker 1>goal of having people return to the office, even if

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<v Speaker 1>there's existing union contracts that allow them to work from home.

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<v Speaker 2>And this is the advantage of the DOGE process with

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<v Speaker 2>Vivek and Elon. I think it's good to have for

0:14:07.480 --> 0:14:12.400
<v Speaker 2>profit business executives look at the sedimentary regulatory burden that's

0:14:12.440 --> 0:14:15.200
<v Speaker 2>been built up over years, and also the HR and

0:14:15.280 --> 0:14:19.600
<v Speaker 2>work practices in the bureaucracy and try to find ways

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<v Speaker 2>to do things in a more effective way efficient way,

0:14:22.000 --> 0:14:24.280
<v Speaker 2>and we're possible to get out of certain businesses that

0:14:24.320 --> 0:14:28.400
<v Speaker 2>are not necessary. We have a real issue here in Washington,

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<v Speaker 2>d C. I think the last number I saw Kayley

0:14:31.040 --> 0:14:34.480
<v Speaker 2>was only about forty percent of the federal workforce, and

0:14:34.560 --> 0:14:37.960
<v Speaker 2>the District Columbia is in the office, and so the

0:14:38.040 --> 0:14:41.480
<v Speaker 2>question is is that appropriate or inappropriate based on the

0:14:41.560 --> 0:14:44.560
<v Speaker 2>kind of work that they're doing. We've seen since the

0:14:44.640 --> 0:14:50.480
<v Speaker 2>pandemic the whole economy shift workflows, and so from a

0:14:50.480 --> 0:14:54.440
<v Speaker 2>federal government point of view, maybe they don't need to

0:14:54.520 --> 0:14:58.440
<v Speaker 2>do that in some areas, like if you're working in

0:14:58.480 --> 0:15:01.240
<v Speaker 2>an auditing capacity, you're on the road a lot or

0:15:01.320 --> 0:15:03.600
<v Speaker 2>working from a computer, and you want to do that

0:15:04.000 --> 0:15:07.320
<v Speaker 2>from home. But that's the kind of good, straightforward look

0:15:07.360 --> 0:15:10.840
<v Speaker 2>I think we'll get from DOJE in Vavek and Elon

0:15:10.880 --> 0:15:14.680
<v Speaker 2>as they work with these Cabinet secretaries to assess workloads,

0:15:14.840 --> 0:15:18.720
<v Speaker 2>management techniques, the use of technology, and the use of

0:15:18.880 --> 0:15:20.560
<v Speaker 2>where people should be during the workday.

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<v Speaker 1>All right, Congressman, thank you so much for being generous

0:15:24.680 --> 0:15:27.000
<v Speaker 1>with your time on Bloomberg TV and radio today. That's

0:15:27.040 --> 0:15:30.680
<v Speaker 1>Republican Congressman French Hill of Arkansas, the incoming chairman of

0:15:30.720 --> 0:15:33.400
<v Speaker 1>the House Financial Services Committee. Happy holidays to you, sir,

0:15:33.440 --> 0:15:35.480
<v Speaker 1>and will see you in one hundred and nineteenth when he,

0:15:35.560 --> 0:15:37.560
<v Speaker 1>of course, will be taking that gavel