10/09/2026
At the beginning of the week, the Democratic Congressional Campaign Committee announced six new additions to their “Red to Blue” list, a signal of support from the party. The average margin of victory for Donald Trump in 2024 in these six seats was more than 16 points. But that’s not what caught my eye; it was the presence on the list of Arkansas’s Second Congressional District, which includes the majority of Little Rock and its suburbs.
My colleague Zachary Groz wrote about the U.S. Senate race in Arkansas, where Sen. Tom Cotton is fending off a challenge from a populist farmer named Hallie Shoffner. But this House seat that popped up on Red to Blue is particularly significant, and for one reason: It’s held by French Hill. He’s the current chair of the House Financial Services Committee. He’s Wall Street’s congressman.
That gives him access to a veritable ocean of cash. Hill has received $1.46 million in PAC donations this cycle, according to the website Open Secrets. Four of the top five industries that have contributed to him directly are commercial banks ($430,000), security brokers and investment firms ($247,000), crypto companies ($174,000), and life insurance companies ($165,000). The other top industry is “retired,” a perennial for old Republicans boosted by other old Republicans. Online trading app Robinhood, insurer MetLife, crypto exchange Coinbase, energy trader Virtu, and the Mortgage Bankers Association are Hill’s biggest donors. Blackstone CEO Stephen Schwarzman and Charles Schwab himself have maxed out. All that was as of the end of June.
Yet it hasn’t been enough to stop the bleeding, as Democrat Chris Jones tries to pull off the upset. There’s been $1.5 million in Republican support for Hill since August, Punchbowl News reported. This includes half a million from an obscure group formed in July called the “Committee for American Leadership,” which has compared Jones to AOC and Bernie Sanders in one attack ad, while another made vague claims of corruption. Defend American Jobs, a D.C.-area conservative PAC, is spending a similar amount boosting Hill.
https://buff.ly/7juU8Uq
Several pro-bank Republicans on the House Financial Services Committee are in trouble. Crypto’s cash may not break through, either.