U.S. Rep. French Hill said to be in running for Treasury, Fed jobs

FILE — U.S. Rep. French Hill
FILE — U.S. Rep. French Hill

WASHINGTON -- President Donald Trump is looking at an Arkansas congressman for money-related posts, according to recent press accounts.

U.S. Rep. French Hill, a Republican from Little Rock, is being considered for a spot on the board of governors of the Federal Reserve System, Bloomberg and Reuters reported this month.

Two other media outlets, Dow Jones and American Banker, say Hill is one of the candidates to serve as deputy treasury secretary.

None of the four named the sources of their information. Hill, who serves on the House Financial Services Committee, has declined to comment on any of the reports.

The seven members of the Federal Reserve board help set the nation's monetary policy, ensure the United States' financial stability and regulate its banks.

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Bloomberg said Hill, a community-bank founder, might fill a slot that is reserved for people with community-banking experience. Reuters said Hill might be tapped to serve as the board's vice chairman for supervision.

Others see Hill working under Steven Mnuchin, the former Goldman Sachs partner and Trump's nominee to lead the Treasury Department.

The deputy treasury secretary is the department's second-highest-ranking official.

While speaking well of Hill, Bill Holmes, president and chief executive officer of the Arkansas Bankers Association, said he has mixed feelings about the congressman potentially changing jobs.

Hill, Holmes said, is a valuable member of the House, in part because he understands the challenges facing the industry.

"We would hate to lose him from Congress, but he'd be marvelous at [either] of those positions if he were nominated and accepted," Holmes said.

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"It would be a big loss for us and a gain for the country."

Hill, 60, is the former chairman and chief executive officer of Delta Trust and Banking Corp., a Little Rock financial institution he founded and led before its purchase in 2014 by Simmons First National Corp. of Pine Bluff.

A 1979 graduate of Vanderbilt University, Hill was a staff member on the Senate Banking, Housing and Urban Affairs Committee during President Ronald Reagan's administration. After the election of President George H.W. Bush, Hill served as deputy assistant secretary of the Treasury for corporate finance from 1989-91. In 1991, he was named special assistant to the president and executive secretary to the Economic Policy Council.

Earlier this month, Financial Services Committee Chairman Jeb Hensarling added Hill to his leadership team, naming Hill the majority whip.

He also appointed Hill to serve on subcommittees dealing with capital markets, securities and investment; monetary policy and trade; and terrorism and illicit finance.

If Trump picked the Arkansan for one of the high-ranking posts, the nomination would need to be confirmed by the U.S. Senate. Were that to happen, a special election would be scheduled to pick Hill's replacement.

Talk of a potential opening is already circulating at the state Capitol.

Sen. Jeremy Hutchinson, R-Little Rock, said he'd consider running if the seat became vacant.

"It would be a lot of thought and prayer, but I'm interested," he said.

Sen. Jason Rapert, on the other hand, said he isn't ready to weigh in on a potential run.

"I need to focus on this session," the Republican from Bigelow said.

"French Hill is my friend and I hope he's my congressman for a long time, and the rest of that speculation will all just play itself out in the future," he said. "Anything said at this time is premature."

House Speaker Jeremy Gillam, R-Judsonia, said he would visit with people and get their input about a potential bid should a vacancy occur.

"As of right now, it's not on my agenda to run for Congress," he said.

Democrats, who haven't won the seat since 2008, said they're eager to reclaim it.

"Without naming the names of people I think would jump in that race, I think I can safely say that there would be a healthy competition in a Democratic primary to fill that seat," said Democratic Party of Arkansas spokesman H.L. Moody.

In November, Hill defeated Democratic nominee Dianne Curry, capturing 58 percent of the vote, but he narrowly lost the state's most populous county.

"The one thing the Dianne Curry campaign taught us, if nothing else, is that Pulaski County is still a strongly Democratic county, and with some work in some of the other counties, I think that seat is winnable," Moody said.

A Section on 01/31/2017

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