Oklahoma Congressman Frank Lucas of Cheyenne will not be the top Republican on the House Financial Services Committee, which oversees Wall Street, the Federal Reserve, and cryptocurrency. The committee’s decisions regarding banks and financial institutions have significant implications for energy industry funding.

Despite being the longest-serving Republican on the committee, Lucas was passed over in favor of Arkansas Rep. French Hill, who has reportedly been chosen as chairman. Lucas, Hill, and Michigan Rep. Bill Huizenga were all vying for the position under the incoming Trump administration.

Arkansas Business reported that Hill, considered a front-runner along with Rep. Andy Barr, ultimately won the GOP Steering Committee's recommendation. Barr, known for his playful campaign idea to distribute red baseball hats reading “Make Financial Services Great Again,” fell short. Outgoing Chairman Rep. Patrick McHenry endorsed Hill, whose campaign emphasized support for community banks and reducing regulatory burdens on smaller financial institutions.

Hill’s selection is expected to be ratified soon by the House Republican Conference.

While Lucas will not lead the committee, he remains its longest-serving Republican and continues to serve on the Digital Assets, Financial Technology, and Inclusion Subcommittee, as well as the Capital Markets Subcommittee.