Representative French Hill on Bloomberg Surveillance

REP. HILL ON BLOOMBERG SURVEILLANCE: WHEN YOU MANDATE THIS KIND OF A PRICE CAP, YOU ARE GOING TO DENY DEPOSIT SERVICES AND OVERDRAFT PRIVILEGE SERVICES TO MILLIONS OF LOW-INCOME AMERICAN FAMILIES

WASHINGTON, D.C. - Today, Rep. French Hill (AR-02) joined Bloomberg Surveillance to discuss President Trump's work to make America competitive again, his Overdraft CRA, and more.

To watch the full interview, please visit HERE.

Topline Quotes:

• "When you mandate this kind of a price cap, you are going to deny deposit services and overdraft privilege services to millions of low-income American families – that is why the CFPB rule is wrong. I want the competition to handle that as it is today."

• "Every customer I had at my company in the Mississippi Delta was a smart consumer of how to balance their capital and income needs for their family every month, and what Rohit Chopra does is take that privilege away from millions of people."

• "The President is focused on bringing broad manufacturing back to the United States, and I think the United States is the single best location for foreign direct investment in the world... Europe is not surging, Europe is slumping, and I am glad to see that actions taken by the U.S. are encouraging, maybe, a change economically and militarily in Europe."

Representative Hill introduces legislation to protect American hostages from financial penalties

WASHINGTON, D.C. – Rep. French Hill (AR-02), Co-Chair of the Hostage Task Force in the House, today introduced the Stop Tax Penalties on American Hostages Act alongside Rep. Dina Titus (NV-01). This bipartisan legislation provides financial relief to Americans wrongfully detained abroad. Senator Chris Coons (D-DE) recently introduced companion legislation in the Senate. 

Rep. Hill said, "After returning home, American hostages and wrongful detainees should not have to face penalties for taxes missed while held abroad. I am proud to introduce this bipartisan legislation that will correct a crucial gap in our laws that burdens these Americans with penalties and fines from the IRS after they return home."

Rep. Titus said, “It goes without saying that no one who has endured wrongful detention or been taken hostage abroad should face the additional trial of navigating onerous tax burdens they incurred through no fault of their own when they return. This commonsense, bicameral, bipartisan legislation will eliminate that unthinkable possibility by simplifying the tax code to postpone tax deadlines and refund late fees to support wrongful detainees, hostages, and their families.”

Further Background:

Stop Tax Penalties on American Hostages Act: This legislation postpones tax deadlines, refunds late penalties, and exempts forgiven debts from taxation for Americans who were wrongly or illegally detained abroad, helping ease this financial burden when they return

Cotton, Scott, Hill, and colleagues to Uyeda: Review approach to consolidated audit trail

Washington, D.C. — Senator Tom Cotton (R-Arkansas), Senate Banking Committee Chairman Tim Scott (R-South Carolina), and House Financial Services Committee Chairman French Hill (Arkansas-02) today sent a letter to Acting Chairman of The Securities and Exchange Commission Mark Uyeda to launch a comprehensive review of all aspects of the Consolidated Audit Trail.

Audit Trail - Optiver Image

Additional signers of the letter included Senator Boozman (R-Arkansas), Senator Bill Hagerty (R-Tennessee), Senator John Kennedy (R-Louisiana), Congressman Bill Huizenga (Michigan-04), Congresswoman Ann Wagner (Missouri-02), and Congressman Barry Loudermilk (Georgia-11).

In part, the lawmakers wrote:

“The prohibition on collecting investor PII must be formally codified (rather than via rescindable exemptive relief) and already-collected PII must be expunged.  Cybersecurity measures for the remaining data must be enhanced.  And the CAT’s bloated out-of-control budget must be addressed... . Further, it would appear appropriate for the Commission to pause and reconsider its position with respect to ongoing litigation related to the CAT, as it has done for other cases commenced during the Biden administration.”

Full text of the letter may be found here and below.

February 28, 2025

Mr. Mark Uyeda

Acting Chairman

U.S. Securities and Exchange Commission

100 F Street NE

Washington, DC 20549

The Consolidated Audit Trail (CAT) has been a highly controversial endeavor that has raised many concerns from Members of Congress, including with respect to (i) the unwarranted collection of personally identifiable information (PII) from millions of American investors, (ii) potential cybersecurity vulnerabilities, and (iii) its inequitable funding structure.

We are pleased that you and fellow Commissioner Peirce have repeatedly acknowledged these longstanding concerns and applaud the Commission for its recent steps to protect the financial privacy of American investors.

However, there is more work to be done. The prohibition on collecting investor PII must be formally codified (rather than via rescindable exemptive relief) and already-collected PII must be expunged.  Cybersecurity measures for the remaining data must be enhanced.  And the CAT’s bloated out-of-control budget must be addressed.

Given these continuing concerns, the Commission should launch a comprehensive review that covers all aspects of the CAT.  In doing so, the Commission should take additional steps to pause the CAT’s most controversial elements—not only the collection of customer PII, but also the problematic funding structure that a majority of the current Commission voted against. Further, it would appear appropriate for the Commission to pause and reconsider its position with respect to ongoing litigation related to the CAT, as it has done for other cases commenced during the Biden administration.

Thank you for your prompt attention to this matter.

U.S. Representative French Hill introduces bill to expand Flatside Wilderness Area

WASHINGTON, D.C. – Rep. French Hill (AR-02) today reintroduced the Flatside Wilderness Additions Act, which will add 2,215 U.S. Forest Service acres to the Flatside Wilderness area. In 2019, Flatside was initially expanded by over 600 acres under Rep. Hill’s original bill, H.R. 5636, the Flatside Wilderness Enhancement Act. In the 118th Congress, identical legislation from Rep. Hill was unanimously approved by the House Natural Resources Committee.

"As a ninth-generation Arkansan and a lifelong outdoorsman, I believe that all Arkansans should have the opportunity to experience the natural beauty of our state. In 2019, my Flatside Wilderness Enhancement Act added over 600 acres to Flatside Wilderness, known as Bethune Woods, and I also commissioned a study of all possible qualifying additions to Flatside.

“I am proud to reintroduce my Flatside Wilderness Additions Act, which will complete my work on the final expansion of Flatside Wilderness by adding 2,215 acres of existing U.S. Forest Service land. Finishing this expansion will bring more opportunities for Arkansans and visitors to explore more of our state’s natural qualities and further boost our outdoor recreation economy."

Further Background:

Flatside Wilderness Additions Act – This bill will designate an additional 2,215 acres to Flatside Wilderness. This area is a part of the Ouachita National Forest and is in Perry County, Arkansas, which is in the Second Congressional District. At the direction of Congress, this addition was thoroughly studied and evaluated by the U.S. Forest Service. They issued their report in May of 2021. This legislation is designed based on their analysis and findings. This legislation has support from local and state agencies, as well as numerous outside organizations, including:

• Arkansas Governor Sarah Huckabee Sanders

• Pulaski County Judge Barry Hyde

• Perry County Judge Larry Blackmon

• Arkansas Game and Fish Commission

• The National Wildlife Federation

• The PEW Charitable Trusts

• Backcountry Hunters and Anglers

• The Ozark Society

• Southern Environmental Law Center

• The Wilderness Society

Flatside Wilderness Area

Representative French Hill announces new Director of Military and Veterans Affairs in Little Rock

David Witte

LITTLE ROCK, AR - Rep. French Hill (AR-02) today announced that David Witte has joined his staff in Little Rock in the role of Director of Military and Veterans Affairs.

David holds a Bachelor of Arts in Political Science and a Bachelor of Arts in Secondary Education from Concordia University, a Master of Divinity from Liberty University, and a Master of Arts in Public History from the University of Arkansas - Little Rock. He most recently worked as Deputy District Director for Military and Veterans Affairs in the office of Congressman Bruce Westerman. Prior to that, David was a District Representative in the office of former Second District Congressman Tim Griffin. David also serves as a Lieutenant Colonel in the Arkansas National Guard as a Domestic Operations Chaplain.

"David's years of experience and service to our country make him an outstanding addition to my team," said Rep. Hill. "I look forward to working with him to assist and improve the lives of the men and women who have selflessly served our country."

Rep. Hill outlines priorities for bank regulatory changes, cryptocurrency

by Roby Brock (roby@talkbusiness.net)

U.S. Rep. French Hill, R-Little Rock, is the new chairman of the House Financial Services Committee, an influential panel that oversees the nation’s banking and securities sectors. Hill outlined his priorities for change in the 119th Congress in a recent Talk Business & Politics interview.

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When he campaigned for the House committee chairmanship, Hill rolled out a package of ideas titled “Make Community Banking Great Again” to explain how he would guide the panel and push for new legislation. A former U.S. Treasury official in the George H.W. Bush administration, Arkansas’ 2nd District Congressman said he wants to see regulations better tied to bank size.

“I believe strongly in tailoring regulations. So the more large and complex your business strategy, the more regulatory surveillance and scrutiny that you ought to have. The smaller and more straightforward your business, you ought to have a lighter touch of regulation. You still comply with the regulations, but you have it in a less costly way to the institution,” he said.

Rep. Hill outlines priorities for bank regulatory changes, cryptocurrency

Chairman Hill taps Dan Schneider and Brooke Nethercott to lead the Communications Team of the House Financial Services Committee

WASHINGTON, D.C. – House Financial Services Committee Chairman French Hill (R-AR) today announced that Dan Schneider will serve as his Communications Director and Brooke Nethercott as his Deputy Communications Director of the House Financial Services Committee. Nethercott is serving as Acting Communications Director until Schneider joins the Committee later this month. 

Brad Schneider - Wikipedia Image

As Communications Director, Schneider will be responsible for driving messaging for the Committee, overseeing the communication’s team, advising the Chairman, and liaising with Committee leadership, the GOP Conference at-large, and relevant Senate Committees and staff.  

As Deputy Communications Director, Nethercott will lead media relations and serve as a liaison with the press and reporters at-large for the Committee. She will be point of contact for all media requests for the Chairman, oversee written materials, and work closely with Schneider to advise the Chairman, amplify messaging for the Committee, and drive the Chairman’s priorities. 

Schneider returns to Capitol Hill following two years at the Business Roundtable, where he served as Director, Communications. Previously, he spent over 10 years in the federal government, most recently as Communications Director for Chairman Hill from March 2021 to October 2022. Prior to that, Schneider served as Vice President of Communications at the Export-Import Bank of the United States, Associate Director for Communications at the White House Council on Environmental Quality, Press Secretary at the House Committee on Energy and Commerce under former Chairmen Greg Walden (R-OR) and Fred Upton (R-MI), and Press Secretary for Rep. Bill Johnson (R-OH).  

Brooke Nethercott - Linkedin Image

Nethercott has been Chairman Hill’s Communications Director since November 2022, spearheading communications strategy, managing the communications team, and leading media relations. Prior to the U.S. House of Representatives, Nethercott was a Senior Consultant in Strategic Communications at FTI Consulting. Before her time in Washington, she worked in digital media for WebMD and Pandora Music in New York. 

"Dan and Brooke have been my trusted advisors and top communications strategists during my tenure in Congress. Dan’s extensive communications experience in federal government, paired with Brooke’s outstanding media relations background, brings invaluable expertise to the Committee. Their time in the public and private sector equips them with the unparalleled skillsets and knowledge to drive the Committee’s successes forward. I am delighted that Dan and Brooke will lead my communications team of the House Financial Services Committee."

Incoming Chairman Hill announces new Staff Director of the House Financial Services Committee

WASHINGTON, D.C. – Incoming House Financial Services Committee Chairman French Hill (R-AR) today announced that Ben Johnson will serve as his Staff Director of the House Financial Services Committee.

Johnson has worked in the U.S. House of Representatives for nearly a decade. He most recently served as Staff Director for the House Small Business Committee, where he was responsible for managing the Committee staff and advancing Chairman Roger William’s priorities. Prior to joining the House Small Business Committee, Johnson handled the financial services portfolios for Rep. Roger Williams (R-TX) and Rep. Steve Pearce (R-NM).

New Staff Director of the House Financial Services Committee Ben Johnson

“I have known Ben throughout my decade in Congress and have watched his impressive career progress. From his early days managing the financial services portfolios of Rep. Williams and Rep. Pearce to his most recent role as Staff Director on the House Small Business Committee, Ben possesses a deep understanding of American businesses, families, and seniors having access to business capital, mortgage credit, and investment advice and services. His time on the House Small Business Committee, paired with his decade of deep legislative knowledge in Congress, will make him an outstanding Staff Director of the House Financial Services Committee. I look forward to working with him as my Staff Director and watching his career continue to evolve as a leader on my Committee.”  

All four of Arkansas’ GOP U.S. House members re-elected

by Talk Business & Politics staff (staff2@talkbusiness.net)

In deep red Arkansas, outcomes of races in the state’s four Congressional districts provided no surprises, with all four of the GOP incumbents coasting to easy reelection wins. But as of late Tuesday night, it was unclear if they were returning to the majority in the U.S. House.

In the 1st Congressional District, U.S. Rep. Rick Crawford, R-Jonesboro, defeated Democrat Rodney Govens and Libertarian Steve Parsons. As of 11 p.m., and with 81% of precincts reporting, Crawford received 72.8% of the vote, Govens had 24.9%, and Parsons was at 3.04%. The win sends Crawford to Congress for his eighth two-year term.

In the 2nd Congressional District, U.S. Rep. French Hill, R-Little Rock, defeated Democrat Marcus Jones. As of 11 p.m., and with 75% of precincts reporting, Hill received 57.1% of the vote, and Jones had 42.9%. Hill returns to Congress for his sixth two-year term.

All four of Arkansas’ GOP U.S. House members re-elected

Representative Hill introduces legislation to address America's housing crisis

WASHINGTON, D.C. – Rep. French Hill (R-AR) today introduced the Renewing Opportunity in the American Dream (ROAD) to Housing Act, which is designed to reverse decades of ineffective housing policies and implement targeted reforms to improve access to affordable, quality housing for all Americans. Senator Tim Scott (R-SC) recently introduced companion legislation in the Senate.

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Rep. Hill said, “Americans are struggling to find affordable housing to live in. For years, federal housing policy under the Biden-Harris Administration has been burdened by ineffective solutions and excessive bureaucracy. With the ROAD to Housing Act, we are taking real steps toward creating a housing market that benefits everyone—renters, homeowners, and families striving for stability. I thank my friend Senator Tim Scott for spearheading this legislation in the Senate and my colleagues Rep. John Rose, Rep. Dan Meuser, Rep. Scott Fitzgerald, Rep. Mike Lawler, and Rep. Zach Nunn for leading this legislation with me in the House.”

Sen. Scott said, “I’m the son of a single mother – growing up, we lived with family until we were able to rent a small place of our own. I know firsthand the importance of access to quality, affordable housing. Unfortunately, Democrats’ solution for years has been to spend trillions on programs that have yielded little results, especially for minorities as homeownership rates for African Americans have barely changed in over 50 years. Costs to buy a home and to rent continue to increase, and homelessness is at record levels. It’s past time for Congress to take serious action to reverse decades of failed housing policies and put all Americans on the road to housing.” 

Further Background:

ROAD To Housing Act: This legislation offers a wide-ranging approach to reforming federal housing policy. The key pillars of this bill are to increase access to affordable housing, promote opportunity, incentivize local solutions, and ensure proper oversight and accountability over federal housing programs. Rep. John Rose (R-TN), Rep. Dan Meuser (R-PA), Rep. Scott Fitzgerald (R-WI), Rep. Mike Lawler (R-NY), and Rep. Zach Nunn (R-IA) are original co-sponsors of this legislation. 

Arkansas Attorney General Tim Griffin welcomes more than 1,600 to Cybersecurity Summit featuring federal CISA Director

LITTLE ROCK – Attorney General Tim Griffin today issued the following statement at the opening of his Cybersecurity Summit at the Statehouse Convention Center in cooperation with the FORGE Institute and featuring the Director of the federal Cybersecurity and Infrastructure Security Agency (CISA), Jen Easterly:

“You don’t have to look far to understand why cybersecurity matters. Look on the front page of today’s newspaper about China hacking three American telecom companies. Today, so much of our life is connected to each other: government, individuals, businesses, for example. I don’t think anyone can question the need for cybersecurity now.

“There are a lot of people out there who want to do you harm. Some are individuals that aren’t that smart and will get caught quickly. Some of them are highly sophisticated entities—such as criminal cartels—that want to do you harm. Some of them are aggressive nation-state actors, including China, Russia and Iran. If you have a home computer and a printer, and it’s connected to the Internet, you need to be cyber-secure. If you’re a big company or a small company, you need to be cyber-secure.

“When it comes to cybersecurity, we are only as strong as our weakest link. Success on this front requires a collective defense built on cooperation and collaboration.”

In addition to the opening chat between Griffin and Easterly about the role of CISA and tools being provided to Arkansas, speakers on the first day of the two-day summit included Congressman French Hill (AR-02), member of the House Intelligence Committee; Senator Tom Cotton (AR), member of the Senate Intelligence Committee; and Lee Watson, founder of the FORGE Institute. Congressman Rick Crawford (AR-01) will be the opening speaker on the second day of the summit on October 8.

Arkansas Attorney General Tim Griffin at 2024 Cybersecurity Summit in Little Rock, AR

Representative French Hill responds to Harris' outrageous economic plan

LITTLE ROCK, AR - Rep. French Hill (AR-02) released the following statement in response to Kamala Harris' catastrophic plan she laid out for our economy, including housing proposals.

Kamala Harris (Wikimedia Image)

“Kamala Harris claims her economic agenda represents the ‘future’ and a ‘new path forward,’ but, in fact, her proposals are old, failed economically illiterate duds like price controls we’ve seen from President Nixon to President Biden. Her economic vision is just warmed up Biden leftovers. 

“Instead of freezing prices and blaming corporations for inflation caused by Bidenomics and Kamala Harris herself, let’s instead unleash the American economy in a way that bolsters a dominant ‘all of the above’ energy strategy; cuts regulatory burdens at the local, state, and federal levels to unleash American productivity and innovation; and maintains and enhances tax policies for families and small businesses.

“Regarding housing specifically, our nation already has significant existing state and federal incentives for first time homebuyers to obtain down payment assistance and attractive mortgage terms. What’s really crushing our first time buyers - and all other American families - is the punishing impact of the Biden-Harris inflation, which has nearly doubled mortgage interest rates since they took office. Higher rates mean higher mortgage payments and tougher down payments making the reality of achieving homeownership much more difficult. Harris’ mandates and price controls are going to make housing more expensive – not less.

“It’s well past time we return economic sanity to our nation by implementing policies that we know work instead of following ones that we know don’t. The American people have suffered for far too long and deserve financial security in their everyday lives.” 

Representatives Hill, Turner, Green press for answers on terror watchlist individuals crossing our southern border

WASHINGTON, D.C. - Rep. French Hill (R-AR), House Permanent Select Committee on Intelligence Chairman Mike Turner (R-OH), and House Homeland Security Committee Chairman Mark Green (R-TN) released the following statement after the House Judiciary Committee released a report that showed nearly 100 individuals on the terror watchlist were released into the United States after crossing our southern border.

“It’s unacceptable that the Biden-Harris Administration has left our southern border open and that they don’t know who is coming into our country or where they are once here – including potential terrorists.

“We recently sent a letter to the Government Accountability Office (GAO) to look into the process of identifying which terrorist watchlist individuals are trying to come into our country and where they are once released. The FBI and DHS have yet to answer these most basic questions.

“Since the Biden-Harris Administration’s failed open border policies have welcomed potential terrorists into our nation, we’re working to combat these threats and safeguard Americans in their own backyards. The FBI and DHS must answer our requests.”

U.S. Congressman French Hill

House Permanent Select Committee on Intelligence Chairman Mike Turner (R-OH)

House Homeland Security Committee Chairman Mark Green (R-TN)

Further Background:

Rep. Hill, Chairman Turner, and Chairman Green sent the following letter to the GAO on April 30, 2024, to investigate the process of finding terror watchlist individuals entering the United States and identify where they are after they are released into our country. This letter was sent as a next step following the lawmakers’ prior efforts in pressing for answers because of the lack of responsiveness from FBI Director Christopher Wray and Secretary of Homeland Security (DHS) Alejandro Mayorkas. 

Representatives French Hill and Haley Stevens respond to the release of four Americans wrongfully detained in Russia

WASHINGTON, D.C. - Rep. French Hill (R-AR) and Rep. Haley Stevens (D-MI), Co-Chairs of the Hostage Task Force in the House, commended the release of Americans Paul Whelan, Evan Gershkovich and Alsu Kurmasheva, along with U.S. Green Card holder Vladimir Kara-Murza, from Russia. 

“I am overjoyed that Paul, Evan, Alsu, and Vladimir are coming home,” said Rep. Hill. “After being wrongfully detained by Russia for far too long, our fellow Americans are going to reunite with their families and loved ones. Putin has a pattern of wrongfully detaining Americans, and this cannot continue. Russia must be held accountable, and the U.S. must do more to stop this trend that you can take and wrongfully hold an American with impunity. As Co-Chairs of the Hostage Task Force in the House, we remain committed to being a voice for Americans held hostage or wrongfully detained around the world.” 

“Paul, Evan, Alsu, and Vladimir, welcome home! For too long, each of you was held as a political pawn, with your liberty stripped away,” said Rep. Stevens. “You have each lost so much, but we are looking forward to helping you rebuild your lives. Thank you to President Biden and our allies who made this remarkable exchange possible.”

U.S. Congressman French Hill urges Federal Reserve to make payments easier for American families and small businesses

WASHINGTON, D.C. - Rep. French Hill (AR-02) led a bipartisan, bicameral letter to Federal Reserve Chair Jay Powell with Senator Cynthia Lummis (R-WY), Senator Chris Van Hollen (D-MD), Rep. Young Kim (R-CA), Rep. Ayanna Pressley (D-MA), and Rep. Nikema Williams (D-GA) about modernizing our nation’s existing payments infrastructure by expanding the operating days and hours of interbank settlement services to support operations over weekends and holidays, and ultimately 24 hours a day, 7 days a week, 365 days a year.

In their letter to Chair Powell, the lawmakers write:

Dear Chair Powell, 

We write to you about modernizing our nation’s existing payments infrastructure by expanding the operating days and hours of interbank settlement services to support operations over weekends and holidays, and ultimately 24x7x365.

We were pleased to see the Federal Reserve Board announce last month that it is taking steps to expand the operating days and hours of the National Settlement Service (NSS) and Fedwire Funds Service (Fedwire) to 22x7x365 in 2027.

The Federal Reserve’s 2015 report titled Strategies for Improving the U.S. Payment System acknowledged that this expansion “has the potential to empower private-sector innovation around solutions for making payments faster, safer, and more efficient” for consumers and businesses. In the last nine years since the publishing of this report, the Federal Reserve has made progress on several key priorities. Since the report’s publication, we have seen multiple expansions in the operating days and hours of interbank settlement services to accommodate faster and more efficient interbank payments.

The ACH Network currently processes and clears payments 23¼ hours every banking day, but private-sector ACH operators can only conduct interbank settlement when the wholesale payment services are open and available. Expanding the operating days and hours of the NSS and Fedwire will further allow the ACH Network to settle payments during additional days and times of the week, and it will enable the continued adoption of real-time payments.

This would benefit workers and consumers by enabling people to receive funds for payroll Direct Deposits on weekends and holidays, which is especially important for gig workers and those working shifts. It would also allow Americans to transfer money between accounts at night and on weekends and holidays, something they currently cannot do. Enabling ACH payments to settle on weekends and holidays through expanded days and hours can help consumers manage their own cash flow, pay their bills on time, and avoid late fees, as well as reduce the overall cost of payments to consumers. Expanding the days and hours of interbank settlement services would also especially benefit small businesses by allowing for quicker access to funds from card sales instead of having to wait for the next banking day.

As the Federal Reserve’s own staff memo to the Board of Governors states, expanding the operating hours would “improve the nation’s payment and settlement infrastructure … [and] support the safety and efficiency of the U.S. payments system.” Doing so would also bring other benefits such as “improving the credit risk and operational efficiency of … retail payment arrangements, spurring innovation in new or enhanced private-sector payment solutions, and supporting more efficient cross-border payment flows, among others.”

We believe it is important for the Federal Reserve to prioritize its work and act swiftly to expand the operating days and hours of the NSS and Fedwire. Please respond to the following questions by July 31, 2024:

• How did the Federal Reserve Board reach its decision to propose expanding the operating hours no sooner than 2027? Please describe the rationale in detail, including why the Board proposed a two-year delay following the implementation of the ISO 20022 message format for Fedwire in March 2025, and whether any other time periods were considered.

• What factors would the Federal Reserve consider as it potentially expands the operating hours sooner than 2027?

• How is the Federal Reserve thinking about an expansion of operating hours to the full 24x7x365 versus 22x7x365? What kind of feedback will the Federal Reserve consider regarding the constraints, preferences, and demand related to full 24x7 operating hours?

• What technological, operational, infrastructure, staffing, resource, risk, and other factors are the Federal Reserve analyzing as it considers expanding the operating days and hours of its wholesale payment services? Please expand on the “operational and technical changes” that expanded hours would impose on the Reserve Banks and participants.

U.S. Rep. French Hill introduces legislation to protect wilderness area near Ouachita

KUAR | By Ronak Patel

Last week, U.S Rep. French Hill, R-Little Rock, introduced the Flatside Wilderness Additions Act.

Ouachita National Forest - Wikimedia

The Flatside Wilderness Additions Act would protect the area near Ouachita National Forest, according to the Arkansas Democrat-Gazette. Hill testified to the U.S House subcommittee on the need for preserving the 2,200 acres of wilderness.

“Flatside is a beautiful area of the Natural State, noted for its ridges, summits, and part of the Ouachita Mountains that rises above the forest and provides visitors with amazing views,” Hill said.

U.S. Rep. French Hill introduces legislation to protect wilderness area near Ouachita

Representative French Hill champions vital provisions for Nation's defenders

WASHINGTON, D.C. - Rep. French Hill (AR-02) today released the following statement after the House passed the 2025 National Defense Authorization Act (NDAA), which includes important provisions for military bases throughout Arkansas.

“My vote today underscores my steadfast dedication to the courageous men and women of our armed forces both at home in central Arkansas and abroad safeguarding our freedoms. Among the key provisions of this bill are substantial investments in Arkansas’s military infrastructure including funding for more training at Camp Robinson, increased production capacity in Camden for the Iron Dome system, and $73 million for an F-35 Academic Training Center at Ebbing Air National Guard Base - all of which mean creating and sustaining good paying jobs for the hardworking people of Arkansas.”

Further Background:

H.R. 8070 - 2025 National Defense Authorization Act (NDAA): This bill includes a 4.5% pay increase for service members, counters our foreign adversaries, and supports our military and industrial base readiness.

For military spouses, this legislation makes it easier for them to transfer professional licenses across states and expands Department of Defense programs that provide employment support to spouses.

Additionally, this bill tackles waste by saving $30 billion by cutting inefficient programs and outdated weapons and cuts $4.3 billion in programs that aren’t meeting requirements. 

Arkansas House Delegation to McDonough: The politicization of the VA is inappropriate

Washington, D.C. — Congressmen Rick Crawford (AR-01), French Hill (AR-02), Steve Womack (AR-03), and Bruce Westerman (AR-04) sent a letter to U.S. Department of Veterans Affairs (VA) Secretary Denis McDonough voicing concern for the encouragement of VA facilities to display Pride flags at the taxpayers’ expense. The letter calls on McDonough to immediately remove any flag other than the American flag, flag of the VA, state flags, and the POW-MIA recognition flag from VA facilities.

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In part, the lawmakers wrote:

“The Pride flag is once again flying over the VA facility in Little Rock, and our constituents and veterans across Arkansas have called on us to inquire about why the VA is expressing a clear political leaning. Your continuation of this policy demonstrates the continued disregard for the opinions of veterans you showed last year. The men and women who have served our country deserve to enter a facility that is free from discrimination and political posturing, and we should strive to provide them with an apolitical VA when they seek the care, benefits, and services they have earned.”

Click here for the full letter.

Arkansas delegation supports governor’s request for major disaster declaration

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Washington, D.C. — U.S. Senators John Boozman and Tom Cotton—along with Congressmen Steve Womack, Rick Crawford, French Hill and Bruce Westerman—wrote to President Joe Biden urging him to support Arkansas Governor Sarah Huckabee Sanders’ request for a major disaster declaration as a result of severe storms in Benton, Boone and Marion Counties on May 26.

“We encourage the president to quickly approve federal aid to help speed up recovery efforts in Arkansas,” members said. 

The letter can be found here and below:

Dear Mr. President:

On behalf of the State of Arkansas, we are writing to support Governor Sarah Huckabee Sanders’ request to declare a major disaster, pursuant to the Robert T. Stafford Disaster Relief Act, as a result of severe storms, tornadoes, and flooding that began on May 24, 2024, and are continuing.

As Governor Sanders noted in her request, the severity of this event created disastrous amounts of debris, severe infrastructure damage, and resulted in the deaths of at least nine citizens and injured countless others. Arkansans will continue to feel the destructive impact of this storm as we work to rebuild.  

Preliminary damage estimates conducted by the Federal Emergency Management Agency show major impacts to local jurisdictions in Benton, Boone, and Marion Counties exceeding an estimated $6.4 million in damages. At least 217 homes were destroyed with an additional 94 sustaining major damage. In total, over 478 homes were affected by the storms, leaving a large number of Arkansans displaced and many counties left without power for days. 

Despite facing significant hardships from the severe storm, Arkansans have demonstrated remarkable resourcefulness and resilience. Communities from across the state have come together to support one another during this challenging time. But as it stands, we believe the magnitude of this weather event warrants supplemental federal assistance. The above-mentioned counties have seen homes, businesses, and important infrastructure severely damaged, and federal government resources will be critical in restoration efforts.

The entire Arkansas delegation is eager to assist in any way possible to ensure expedited evaluation of this request. Please do not hesitate to contact our offices with any questions. We thank you for your support, and respectfully ask for your attention and assistance in providing the resources necessary to ensure the safety and full recovery of Arkansans.

Representative French Hill presses Secretaries Yellen and Blinken to swiftly implement the REPO Act to support Ukraine

WASHINGTON, D.C. - Rep. French Hill (R-AR), alongside House Financial Services Committee Ranking Member Rep. Maxine Waters (D-CA) and House Foreign Affairs Committee Ranking Member Rep. Greg Meeks (D-NY), sent a letter to Treasury Secretary Janet Yellen and Secretary of State Antony Blinken urging for the swift and full implementation of the Rebuilding Prosperity and Opportunity for Ukrainians Act, or the REPO Act, a bipartisan piece of legislation signed into law ordering the seizure of Russian sovereign assets held in the United States. These assets will be transferred to help with Ukraine’s reconstruction and recovery from the harm caused by Russia’s invasion.

 Read the full letter:

 Dear Secretary Yellen and Secretary Blinken:

We are writing to commend the Administration for its March 14th statement at the Kyiv Polytechnical Institute committing the Administration to seizing all Russian sovereign assets in the United States to help Ukraine as authorized by the bipartisan Rebuilding Prosperity and Opportunity for Ukrainians Act (REPO Act, Public Law 118-50). We also applaud Secretary Blinken’s statement to work with our G7 allies to ensure that all Russian assets worldwide are seized to maximize the amount of funds used as the initial payment to Ukraine for damages inflicted by Russia’s illegal aggression under international law in 2014 and again in 2022.

We have been sponsors and champions of this legislation since it was first introduced. With your assistance, we want to see it swiftly and fully implemented by the President in order to maximize the Russian sovereign assets that the United States can provide to Ukraine for its reconstruction and recovery. The REPO Act provides the President with statutory authority to seize, confiscate, vest, and then transfer Russian sovereign assets as effectively and efficiently as possible to help bolster Ukraine’s economy and infrastructure. Moreover, this will help to ensure Ukraine’s continued existence as a free democracy and sovereign nation. In this respect, the economic war facing Ukraine from Russia is as critical to win as the military campaign in which they now have been engaged for more than ten years after Russia’s first illegal act of aggression in 2014.

As part of our Constitutional responsibility to oversee the Executive branch of our government, we are writing to inform you that we intend to exercise our authority to hear from you and other senior Administration witnesses in order to maximize the chances for success in Ukraine. We look forward to receiving and reviewing the required reports, notifications, and Presidential certifications as required by the new law.

We urge you to work promptly and directly with the President to launch the first required reporting requirements required under the law through an Executive Order or other means under the new law. Specifically, we believe it is crucial to get timely, accurate, and actionable information on the amounts and sources of all Russian sovereign assets as defined in Section 2(6) that are within the jurisdiction and reach of the United States. As you know, this definition includes not only assets of the Russian Central Bank, National Wealth Fund, and Ministry of Finance, but also any other funds or property of the Russian government, including any subdivision, agency, or instrumentality.

We wish to stress that the definition in the new law includes all Russian sovereign assets held in U.S. financial institutions and other financial institutions defined in the new law, including all correspondent banking accounts and offshore partnerships maintained by U.S. financial institutions. As you know, once fully implemented by the Administration, the new law requires all covered financial institutions to report to the Treasury Department any Russian sovereign asset in their accounts that are subject to sanctions. U.S. institutions are necessarily involved in the management of Russian sovereign assets in the form of U.S. dollars produced by coupons on securities or dollars deposited when U.S. securities matured. Whether already segregated or commingled with other funds for management on behalf of a foreign financial institution, the U.S. institution must work with its foreign partners to identify and report on these holdings that are subject to sanctions, both for reasons of prudential risk management as well as compliance with the new law. The U.S. institutions must also segregate such holdings for the full range of possible actions contemplated in Section 104. Properly implemented, this new law bolsters the U.S. ability to exert its full and complete authority over overseas Russian assets that interact with the jurisdiction of the United States. Any action by U.S. or foreign banks to conceal Russian sovereign assets covered by this law could be a form of criminal sanctions evasion.

As you draft the required orders, licenses, and/or regulations that will be issued to comply with Section 104(a) and Section 106 of the new law and meet the 90-day reporting deadline, if not sooner, we urge you to ensure that the reporting requirements issued by the Administration cover all possible Russian sovereign assets subject to our jurisdiction. This includes not just the Russian Central Bank reserves, estimated by the Administration at various times to be in the range of $5 to 8 billion, but also all other Russian sovereign assets as enumerated in the law and described above.

Swift action to launch the new reporting requirements will also help further our common objective of clearly identifying and reporting all available assets as a first step toward their transfer, seizure, or confiscation to vest in the new Ukraine Support Fund. By proceeding in this manner deliberately and quickly, we also ensure that the U.S. Government is protecting U.S. taxpayer interests by using Russian money first to compensate Ukraine for the damages Russian President Vladimir Putin has and continues to inflict upon Ukraine due to Russian illegal aggression. We also hope that you will use your good offices with the President to accelerate these reporting requirements so you are in a position to provide us with the required reports well in advance of the 90-day requirement, which is July 23, 2024.

Further, your swift action—already applauded by many policy makers in Europe—will spur the EU and member states to also act swiftly. The overwhelmingly unanimous vote on April 16 by the Parliamentary Assembly of the Council of Europe to adopt a resolution calling for frozen Russian assets to be used for Ukraine’s benefit, as well as the recent introduction of a similar measure to the REPO Act in the UK House of Commons, provide that full indication. Given that the great majority of Russian sovereign assets are held in Europe, effective diplomacy is absolutely essential for aiding Ukraine. Acting in coordination with our European counterparts also protects our economy and financial system here at home.

Thank you for your consideration of our views. We look forward to working closely with you as Congress begins its oversight of the Administration’s implementation of the REPO for Ukrainians Act in ways that will optimize the benefits for our citizens as well as the people of Ukraine.