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closely watched Financial Services committee race to elect a new chairman is now over after weeks of speculation our next guest is going to be the leader of that committee wields the most influence over Banks and Bank Regulators joing this right now is Congressman french hill good morning to you Congressman um congratulations on this new role want to understand if if you were just to sort of lay out top three priorities from your perspective now that you're in the you're in the top spot what are they well Andrew great to be with you and Joe I think first we want to look back at the trouble it is to start at ano bank or to maintain a a high quality return on equity and attract Capital into the Commercial Banking business and also look at the dir of companies that have gone public a couple weeks ago in Barons I I read that the Wilshire 5000 our broadest index in the American publicly traded companies only has 3,700 companies in it and that's because it's been come so hard and so expensive to become public companies are staying private longer and becoming much much larger before they decide to go public I think that discriminates against small entrepreneurs I think it makes it harder for families and 401K plans and union pension plans to have more investment options so issue one is let's make Community Banking and Commercial Banking competitive Again by removing some of the calcification in the regulatory system that's made it so hard to be profitable serve customers and be safe and sound and let's remove some of the Barnacles on the ship of State when it comes to Capital formation and uh make it easier to go public and stay public in a more affordable way to make returns for your shareholders where does that priority lie relative to your support for example for crypto yeah well I'd say the third one you asked for three I wanted to stop and give you a chance to talk but the the third one is digital assets yeah we need a market structure for digital assets we don't have rules of the road under chairman guinsler we had just regulation by enforcement this is not helping America succeed not helping technological Advance Innovation for web 3 the use of blockchain both in publicly traded companies and in financial services so that is the the top priority for us and uh our Majority Leader Steve scalise has it on his first 100 days of the house is to move a regulatory structure bill for digital assets and I also believe a dollar back payment stable coin uh for under us law as well you believe in a uh a Bitcoin Reserve you know I don't really uh I don't I have to say I was I know Cynthia Lumis from wyomi I heard her give her speech at the Bitcoin conference in Nashville uh I understand why some people are attracted to that I'd have to think long and hard about what the value of that is to the United States or the treasury but but I am certain of this that we need a fair-minded fit for-purpose regulatory structure for digital Assets in this country um so you mentioned your top priority uh or maybe we were going through the list of uh three but I think we might have skipped over number two well I said Capital formation on the public publicly traded space under the SEC that's two yeah the banking issue is is for uh Banks of all sizes you know the Biden Harris Administration got away from tailoring which is to say have the right regulatory approach for the right risk and the right size institution based on complexity and they've gone to again much more one siiz fits all broadly speaking do you believe that we have too many banks in America I know it's almost sacriligious to say because we do care deeply about uh communities and Community Banks and the relationship between the banking system and communities and small business but there's also an argument to made that you know on a relative basis to most countries we have more Banks than just about anybody well I don't believe we have too many banks I think the market ought to determine how many banks we need across the country we have counties that have no physical banking practice and while on the east and west coast people can Bank on their phone and get a commercial loan on their phone I have counties in my state where there's no cell service there's no broadband and so the idea that you're going to bank on your phone and get a loan for your new startup small business on a phone is ridiculous we need physical distribution of financial services capabilities in many many places in the country where we don't have them but as I say I think the market ought to set the financial structure of how many banks we need out there and that's based on that return I believe we would have a more competitive banking Market if we didn't have the regulatory structure that actually pushes consolidation in the banking industry to the largest banks because nobody can cope with the regulatory burden what do you make of of fintex and you know arguably if you if you were to spend some time with some of the CEOs of the big Banks they would say look it's crazy we're being they would say we're being over regulated and the fexs are being underregulation uh and they're trying to basically do the same thing that we're doing except they're doing it without all of the regulations that come with being a bank so you know who's right which should it be well I think there's I think there I think in my examples if you look at public companies why are there more private companies because it's too expensive and painful to be a public company if you say why are there so many big Banks it's because it's too expensive and too painful to grow a small bank and that's all at the heart of too much overregulation and misdirected regulation that goes beyond simple safety and soundness fch should be able to partner with banks in a safe and sound way and allow their knowledge of AI or fintech applications to either find new customers or serve customers better or do compliance in a more effective way that ought to be available to small and mediumsized and Regional Banks because that will make them more competitive give them more options to compete with the largest banks in the country that have their own it and AI departments