First in The Vault: Rep. French Hill (R-Ark.) continues to rake in significant campaign contributions for the 2024 cycle. It’s an effort that comes as the Arkansas native steps up his push to be the next top Republican on the House Financial Services Committee.
Hill will report a $1.8 million haul for Q3 across his reelection, leadership and joint fundraising committees, in addition to funds raised personally by Hill for other members, according to a person familiar with his political operation. That’s a nearly 40% jump from Q2, when Hill raised $1.3 million from the same sources. That Q2 number was itself a big jump from what Hill reported in Q1.
That brings Hill’s total for the 2024 cycle to about $6.7 million, including $2.5 million deposited with the NRCC.
Hill has raised, contributed or bundled a total of $1.75 million this cycle for other GOP candidates, and he’s helped raise another $1 million through “special guest” appearances at fundraisers for colleagues.
These numbers have just about everything to do with the race to lead the Republican side of the House’s banking panel.
Hill has been one of the leading contenders to be the top Republican on the House Financial Services Committee since the gavel race kicked off in earnest late last year after Reps. Patrick McHenry (R-N.C.) and Blaine Luetkemeyer (R-Mo.) announced their retirements.
But the race remains deeply unsettled with the future of House Republican leadership uncertain after the 2024 election.
Contribution numbers like this are one of the only discrete and public ways we can track the relative strength of each contender. Hill’s prolific fundraising this year has helped keep him near the top spot, but he’s getting competition from Reps. Andy Barr (R-Ky.), Bill Huizenga (R-Mich) and Frank Lucas (R-Okla.)
Meanwhile in the credit card wars: Advocates are launching a fresh TV blitz this week. Congress isn’t the big worry anymore.
The Electronic Payment Coalition has set its sights on Illinois after the state enacted legislation that would ban banks from charging interchange fees on the tax and gratuity portions of a given transaction. Several financial trade associations sued Illinois in August to block the law from going into effect, and they’ve received some backing from national bank regulators at the Office of the Comptroller of the Currency.
The new ad campaign dropping this week tells viewers to “Guard Your Card Illinois,” calling the law “untested.” The industry’s real fear is that the Illinois law could be adopted by other states. Watch the first ad here.