WASHINGTON -- U.S. Rep. French Hill, R-Ark., is one step closer to chairing the House Financial Services Committee in the next Congress after receiving support Thursday from the House Republican Steering Committee.

The steering panel backed Hill, of Little Rock, following presentations from the congressman and three other Republican lawmakers -- Kentucky's Andy Barr, Michigan's Bill Huizenga and Oklahoma's Frank Lucas -- on the post. The full House Republican Conference must approve the nomination.

The House Financial Services Committee has jurisdiction over policies affecting banking, securities and exchanges, international finances, and housing.

Hill would hold the gavel following a tenure as the committee's vice chair. Hill launched his bid to lead the committee in March, as the current chairman, North Carolina Republican Patrick McHenry, will retire from Congress' lower chamber at year's end.