Hearings to examine the nominations of Andrew Hughes, of Texas, to be Deputy Secretary, David Woll, of Virginia, to be General Counsel, both of the Department of Housing and Urban Development, Michelle Bowman, of Kansas, to be Vice Chairman for Supervision of the Board of Governors of the Federal Reserve System, John Hurley, of California, to be Under Secretary for Terrorism and Financial Crimes, Department of the Treasury, and David Fogel, of Connecticut, to be Assistant Secretary, and Director General of the United States and Foreign Commercial Service, and Landon Heid, of Missouri, to be an Assistant Secretary, both of the Department of Commerce.

Banking, Housing, and Urban Affairs Committee

2025-04-10

Source: Congress.gov

Summary

This hearing convened to consider six nominees for key leadership positions across various federal agencies, including the Department of Housing and Urban Development, the Federal Reserve, the Department of the Treasury, and the Department of Commerce. Nominees presented their qualifications and discussed their priorities, while committee members raised questions on critical economic, financial, and foreign policy issues, reflecting a highly partisan atmosphere regarding the current administration's policies. The meeting began with a recognition of the Chief Clerk, Cameron Ricker, for his exemplary service to the committee and the country, emphasizing his non-partisan dedication to public service. <citation data-start-id="3.1" data-end-id="7.2"></citation>

Themes

Nominee Qualifications and Priorities

The six nominees introduced their backgrounds and outlined their priorities if confirmed. Andrew Hughes, nominated for Deputy Secretary of HUD, highlighted his working-class upbringing and commitment to increasing housing supply and affordability. <citation data-start-id="18.1" data-end-id="18.34"></citation> David Wolf, for HUD General Counsel, emphasized his extensive legal experience in federal prosecution and enforcement, pledging to uphold the law. <citation data-start-id="24.1" data-end-id="24.41"></citation> Michelle Bowman, nominated as Federal Reserve Vice Chair for Supervision, stressed her community banking experience and her focus on reforming supervision, regulatory tailoring, and promoting innovation and transparency in the banking system. <citation data-start-id="28.1" data-end-id="28.32"></citation> John Hurley, for Treasury Undersecretary, detailed his national security and financial intelligence background, aiming to disrupt financial networks supporting terrorism and organized crime. <citation data-start-id="31.1" data-end-id="31.24"></citation> David Fogel, for Commerce Assistant Secretary for Global Markets, shared his experience in international business and government, focusing on helping U.S. companies compete globally and addressing non-tariff barriers. <citation data-start-id="33.1" data-end-id="33.34"></citation> Landon Hyde, for Commerce Assistant Secretary for Export Administration, highlighted his diplomatic and congressional experience in countering the Chinese Communist Party's technological ambitions through export controls. <citation data-start-id="35.1" data-end-id="35.33"></citation>

Economic Policy and Tariffs

Discussions frequently revolved around the economic impact of President Trump's tariff policies. Senator Moreno and other Republican members praised the current administration's economic record, citing low inflation, falling energy and agricultural prices, and secure borders as positive indicators. <citation data-start-id="37.7" data-end-id="37.39"></citation> <citation data-start-id="395.1" data-end-id="404.3"></citation> Mr. Hughes agreed that a secure border could help alleviate the housing supply crisis. <citation data-start-id="38.3" data-end-id="38.6"></citation> Mr. Fogel expressed optimism that the President's policies would lead to economic growth and job creation. <citation data-start-id="288.2" data-end-id="288.15"></citation> In contrast, Ranking Member Warren and other Democrats voiced strong concerns about the tariffs, describing them as chaotic and detrimental, causing higher prices, lower wages, and potential job losses. <citation data-start-id="13.7" data-end-id="13.19"></citation> <citation data-start-id="54.11" data-end-id="54.15"></citation> <citation data-start-id="287.2" data-end-id="287.8"></citation> Governor Bowman, when pressed on the risks of tariffs to financial stability, affirmed the economy's strength and stated the effects were currently unclear. <citation data-start-id="55.1" data-end-id="55.3"></citation> <citation data-start-id="61.1" data-end-id="61.2"></citation> Concerns were also raised about potential insider trading related to tariff announcements and the impact on housing costs, with Senator Warren citing estimates of significant increases in new home prices due to tariffs. <citation data-start-id="289.2" data-end-id="289.5"></citation> <citation data-start-id="379.3" data-end-id="379.6"></citation>

Financial Regulation and Federal Reserve Independence

A significant portion of the hearing addressed financial regulation, particularly the Federal Reserve's role and independence. Governor Bowman reaffirmed the Fed's need to operate independently and apolitically in its supervisory responsibilities. <citation data-start-id="212.3" data-end-id="212.4"></citation> <citation data-id="213.1"></citation> Senators Kennedy and Tillis questioned the necessity of new regulations like Basel III Endgame, arguing that existing stress tests and capital standards should suffice, while emphasizing the importance of regulatory tailoring for banks of different sizes. <citation data-start-id="76.1" data-end-id="76.2"></citation> <citation data-start-id="80.3" data-end-id="80.6"></citation> <citation data-start-id="123.1" data-end-id="123.5"></citation> The committee also scrutinized the Fed's supervisory failures leading to recent bank collapses, such as Silicon Valley Bank. <citation data-id="118.2" data-id="118.3"></citation> Governor Bowman committed to investigating supervisory practices and ensuring accountability if confirmed. <citation data-start-id="348.1" data-end-id="348.4"></citation> <citation data-id="351.1" data-id="352.1"></citation>

HUD Operations and Housing Affordability

Discussions also focused on the Department of Housing and Urban Development's operations and strategies for housing affordability. Mr. Hughes committed to increasing housing supply and removing unnecessary barriers to homeownership. <citation data-start-id="18.35" data-end-id="18.36"></citation> Mr. Wolf pledged to ensure proper stewardship of HUD funds and adherence to the law as General Counsel. <citation data-id="142.1" data-id="142.2"></citation> However, committee members raised concerns about past handling of hurricane relief funds for Puerto Rico and current staffing cuts in HUD field offices, which could impact federal land sales for housing. <citation data-start-id="135.1" data-end-id="135.5"></citation> <citation data-start-id="143.6" data-end-id="143.11"></citation> Senator Warnock questioned how these cuts, along with canceled grants for disabled individuals and weakened fair housing enforcement, would genuinely lower housing costs for constituents. <citation data-start-id="233.6" data-end-id="233.8"></citation> <citation data-start-id="239.2" data-end-id="239.3"></citation> <citation data-start-id="243.1" data-end-id="243.6"></citation>

Combating Foreign Adversaries and Illicit Finance

The committee explored strategies to counter foreign adversaries and illicit financial activities. Mr. Hurley discussed disrupting financial networks of terrorist groups and organized crime. <citation data-start-id="31.17" data-end-id="31.17"></citation> Mr. Hyde outlined his focus on countering China's technological ambitions through robust export controls. <citation data-start-id="35.7" data-end-id="35.11"></citation> <citation data-start-id="35.17" data-end-id="35.19"></citation> Concerns were raised about North Korea's use of cryptocurrency and Hong Kong's role in helping China evade sanctions against Russia. <citation data-start-id="176.4" data-end-id="176.6"></citation> <citation data-start-id="192.8" data-end-id="192.16"></citation> Nominees committed to tightening enforcement and closing loopholes in export control laws. <citation data-start-id="180.1" data-end-id="180.5"></citation> <citation data-start-id="162.1" data-end-id="162.10"></citation>

Treatment of Federal Employees

Questions were also posed regarding the administration's treatment of federal employees. Senator Alsobrooks inquired about HUD's alleged refusal to provide back pay and health benefits to probationary employees who were illegally fired and then reinstated, urging nominees to comply with legal rulings. <citation data-start-id="420.6" data-end-id="420.15"></citation> Both Mr. Hughes and Mr. Wolf committed to following the law regarding employee compensation and benefits. <citation data-id="423.1" data-id="423.2"></citation> <citation data-start-id="424.1" data-end-id="424.4"></citation> Senator Alsobrooks further questioned whether downsizing supervisory staff at federal regulatory agencies could jeopardize the safety and soundness of the banking system, to which Governor Bowman acknowledged the critical importance of examination staff. <citation data-start-id="427.4" data-end-id="427.8"></citation> <citation data-start-id="428.2" data-end-id="428.3"></citation>

Tone of the Meeting

The tone of the meeting was largely partisan and contentious, particularly during exchanges regarding economic policy and the independence of the Federal Reserve. Democratic senators frequently challenged nominees on the potential negative impacts of President Trump's policies, while Republican senators offered strong defenses. <citation data-start-id="13.7" data-end-id="13.19"></citation> <citation data-start-id="37.7" data-end-id="37.39"></citation> <citation data-start-id="54.11" data-end-id="54.15"></citation> <citation data-start-id="66.1" data-end-id="66.5"></citation> <citation data-start-id="287.2" data-end-id="287.8"></citation> <citation data-start-id="395.1" data-end-id="404.3"></citation> Several nominees were perceived by some members as evading direct answers to politically sensitive questions, leading to pointed follow-ups. <citation data-start-id="58.1" data-end-id="58.3"></citation> <citation data-start-id="62.1" data-end-id="62.2"></citation> <citation data-start-id="237.1" data-end-id="237.3"></citation> <citation data-start-id="378.3" data-end-id="378.6"></citation> Despite the frequent criticisms and tense exchanges, the overall decorum remained formal. <citation data-id="56.1" data-id="56.2"></citation> <citation data-id="60.1" data-id="60.2"></citation> <citation data-id="66.1" data-id="66.2"></citation> <citation data-id="237.1" data-id="237.3"></citation> <citation data-start-id="337.1" data-end-id="337.2"></citation> The meeting concluded with an acknowledgement of the staff and the formal process for submitting additional questions. <citation data-start-id="433.1" data-end-id="433.6"></citation>

Participants

Transcript

We'll call this hearing to order, this committee to order.
Good morning, everyone.
Before we begin today's hearing, I want to take a moment to recognize someone who has served this committee and this institution with extraordinary integrity and commitment, our Chief Clerk, Cameron Ricker.
Will you stand, Cameron?   Cameron has decided to stay.  He didn't know it either, by the way.  Cameron has worked under three different chairmen, Senator Mike Crapo, Senator Sherrod Brown, and now me, and has served each of us with distinction.  On behalf of the entire committee, thank you, Cameron, for your service to our country,
to this committee and to our institution.
It is very challenging to find folks who serve not in a bipartisan fashion,
But just as an American who wants to do the right thing for the country, and you were agnostic to red and blue, left or right, and that, in my opinion, makes you an outstanding asset for the committee and a strong example of what it means to put this nation before politics.  Thank you for your service.  We will miss you.   We are here today to consider a strong slate of nominees put forward by President Trump to serve in key leadership positions across the federal government.  These roles are not ceremonial.  They are not optional.  These are positions that directly impact the lives of American families, especially those who feel like Washington too often forgets them.  As chairman of the Senate Banking Committee, I believe deeply that our job   is not just to debate policies but to deliver results.   That means confirming qualified, capable public servants who are ready to go to work and get to work on the issues that matter the most to the American people.  The nominees we will hear from today will serve in agencies that touch on every single aspect of our economy, from housing affordability to fighting illicit finance to expanding American exports to ensuring sound supervision in our banking system.   Let me take a moment to recognize the nominees before us.  Mr. Andrew Hughes, nominated to be the Deputy Secretary of the Department of Housing and Urban Development, brings with him valuable operational experience that will help improve HUD.
Mr. David Wolf, nominated to be the General Counsel at HUD, has decades of legal and policy experience in housing and is well positioned to provide the department with sound legal guidance as it works to expand opportunity for vulnerable Americans.
The Honorable Michelle Bowman, nominated to serve as Vice Chairman for Supervision at the Federal Reserve, has already proven herself.
to have the ability and the character, and she has distinguished herself.   She understands that financial regulators play an important role in our economy.  When supervisors of banks fail to do their job, everyday Americans pay the price.  So our financial regulators must be held to a very high standard.  As vice chair for supervision, Governor Bowman will bring accountability and transparency to the Fed and ensure it operates as an independent institution   void of politics.  John Hurley, nominated for Undersecretary for Terrorism and Financial Crimes at the Department of the Treasury.
is being called to lead one of our government's most important national security and intelligence arms, from fighting money laundering and terrorist financing to levying and enforcing economic sanctions.  This role is essential to protecting the integrity of our markets and holding maligned foreign actors accountable.  Mr. David Fogel.
Nominated to be Assistant Secretary of Commerce for Global Markets and Director General of the US and Foreign Commercial Service, brings a wealth of international business experience that will help American companies compete and win all across the globe.   And finally, Mr. Landon Hyde, nominated to be the Assistant Secretary of Commerce for Export Administration, has the background and perspective needed to ensure that the United States maintains its technological overmatch over competitors like China.
These six nominees are well qualified, well prepared, and ready to serve.   And the truth is, you're also very much needed in your positions today.   The American people deserve a government that is focused on delivering solutions, not simply headlines.  I look forward to hearing from each of the nominees today, and I encourage my colleagues to join me in advancing their confirmations so they can get to work on behalf of the American people.  Thank you for your willingness to serve your country, our country, and ranking member Warren, you are now recognized.   Thank you, Mr. Chairman.  So it has taken Donald Trump less than three months to bring the ghosts of the 2008 financial crisis back to life.   The S&P 500 and Dow Jones are trading like meme coins.  Treasury securities, the global safe haven in periods of turmoil, are being sold off.  Businesses have put investments on hold.  Companies are already announcing layoffs.  Consumers are anticipating brutal price hikes on everyday goods.   The economy is teetering because President Trump indiscriminately slapped massive tariffs on pretty much every country in the world for pretty much every product they sell to the United States.

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