The U.S. Senate Committee on Banking, Housing, and Urban Affairs released Chairman Tim Scott’s opening remarks from a nominations hearing in which he pressed for swift Senate action on President Trump’s nominees for four senior economic policy and financial regulator positions. The nominees are Dr. Stephen Miran to serve as Chairman of the Council of Economic Advisers, Jeffrey Kessler to serve as Under Secretary of Commerce for Industry and Security, William Pulte to serve as Director of the Federal Housing Finance Agency, and Jonathan McKernan to serve as Director of the Bureau of Consumer Financial Protection. Scott tied his case for rapid confirmations to his critique of the prior administration’s economic record, citing price increases of over 20% overall, with energy up 34%, transportation up 31%, and groceries up 22%, and argued that the FHFA’s oversight of Fannie Mae, Freddie Mac and the Federal Home Loan Bank system is central to mortgage market liquidity and housing affordability. He also argued that the CFPB has exceeded its authority and that new leadership should rein in what he described as excessive regulation affecting small banks and lenders.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2025-02-27
U.S. Senate Committee on Banking, Housing, and Urban Affairs Chair Tim Scott urges rapid confirmation of Trump nominees for top economic and financial regulator posts
The U.S. Senate Committee on Banking, Housing, and Urban Affairs released Chairman Tim Scott’s remarks urging swift Senate confirmation of President Trump’s nominees for key economic and regulatory positions. Scott linked the need for rapid confirmations to criticisms of the previous administration's economic performance, highlighting price increases and the importance of FHFA and CFPB leadership in addressing mortgage market liquidity and regulatory overreach.