At a House Financial Services Committee hearing on Wednesday, Rep. David Scott (D-GA) questioned Sec. Scott Bessent.
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00:00Secretary Bitson, let me ask you this.
00:04Do you agree that the FDIC plays a very essential role
00:09in safeguarding our depositors,
00:13ensuring prudent bank supervisors,
00:16and maintaining the safety and soundness of our financial system?
00:22Congressman, I agree that a well-functioning FDIC
00:25is essential to the U.S. financial system.
00:27And on Monday, you said this, and I quote,
00:32you said this, that the president tasked you
00:37with helping him choose the leader of the financial regulators
00:42so that we are all aligned, all regulators,
00:47to be safe, sound, and smart.
00:50And you went on to list the key positions that you've done that,
00:55including a new vice chairman for supervision of the Fed,
01:00a new head of the OCC,
01:03and Paul Atkins of the Securities and Exchange Commission,
01:08and a new CFTC commission.
01:11But as of this morning, we have no FDIC chairman full-time.
01:23It is now under temporary leadership of an acting chair named Travis Hill,
01:30with the president having no current plans
01:36to either formally nominate him or find a replacement.
01:42The nation is watching us.
01:46Why we don't have the head of the FDIC.
01:53So my question is, have you not helped President Trump
02:01in selecting a chairman to lead the FDIC?
02:08Congressman, I would point out that under the previous administration,
02:12there was only an acting chair of the OCC for five years.
02:17Five years.
02:17Mr. Hill is the acting, and as a matter of fact,
02:22the head of the OCC, the head of the CFTC,
02:27have not been confirmed, so those are, in fact, acting also.
02:31Mr. Hill is a very capable regulator,
02:34having been on the board of the FDIC.
02:36Yeah, I'm not.
02:37You're filibustering here.
02:39We are pursuing personnel decisions with all deliberate speed.
02:43Have you been instructed by President Trump
02:50to refrain from offering a list of viable candidates to lead the FDIC?
02:59No, sir.
03:00I am constantly reviewing the list
03:02and thinking who is best to lead that important institution.
03:05Well, I want you to know that I wrote a letter
03:09to the Trump administration.
03:12Here it is, expressing grave concern
03:16with the erosion of financial regulatory agency independence.
03:24And, Mr. Chairman, I'd like to submit this for the record.
03:28Without objection.
03:30And we remain highly alarmed
03:33by this growing perception that our financial regulators
03:39have acquiesced to political pressure
03:44from this administration,
03:47perhaps even from the President of the United States.
03:53If I were president, I wouldn't have this vacancy
03:59at a time when we're running tariffs all over the country,
04:05when our economy is in these kinds of difficulties.
04:12The nation is watching us.
04:15Russia is operating us.
04:17As the president is going around the country,
04:21dealing with upsetting Canada,
04:27places around the world.
04:31So, I just want to know that,
04:35where are we going?
04:36When are we going to have it, Chairman?
04:41Are we going to have it?
04:43And answer me truthfully.
04:46Has President Trump asked you
04:50to delay this appointment?
04:54And if so, why?
04:57Sir, that statement is incorrect.
05:02He has not asked me to delay that appointment.
05:04And I believe that your question is,
05:07when are we going to have an FDIC nominee?
05:10And we have OCC nominees.
05:13We have a CFTC nominee.
05:15We have a Vice Chair...
05:16The gentleman's time has expired.
05:18Mr. Chairman, I'm an anxious student.
05:20I would ask you to urge your Senate colleagues
05:22to, on the Democratic side, to vote for them.
05:25Thanks, Secretary.
05:26Well, when is he going to do it?
05:27Mr. Scott, your time has expired.