Hearings to examine the nominations of Joseph Gormley, of Maryland, to be President, Government National Mortgage Association, Francis Cassidy, of Pennsylvania, to be an Assistant Secretary of Housing and Urban Development, Paul Hollis, of Louisiana, to be Director of the Mint for a term of five years, and Travis Hill, of Maryland, to be Chairperson of the Board of Directors of the Federal Deposit Insurance Corporation for a term of five years.

Banking, Housing, and Urban Affairs Committee

2025-10-30

Summary

This meeting served as a hearing for several presidential nominees to key financial and housing agencies, where senators questioned their qualifications, policy stances, and commitment to public service amidst broader political and economic debates[ 00:25:38-00:25:45 ]

. The discussion encompassed critical issues such as financial regulation, housing affordability, and workplace culture within federal institutions[ 00:27:31-00:28:49 ] .

Themes

Nominee Qualifications and Commitment to Public Service

Several nominees outlined their extensive professional backgrounds and commitment to serving the American people[ 00:25:38 ]

. Joseph Gormley highlighted his career in financial services, including roles at HUD and in the private sector, preparing him to lead Ginnie Mae in making homeownership accessible[ 00:37:08-00:37:48 ] . Francis Cassidy shared his personal experience as an FHA homeowner and his private sector background in housing finance, emphasizing his dedication to expanding homeownership opportunities[ 00:42:48-00:43:31 ] . Paul Hollis, nominated for Director of the U.S. Mint, spoke of a lifelong passion for numismatics and a career combining public service with a deep understanding of coinage history. Travis Hill detailed his nearly seven years at the FDIC and five years on the Senate Banking Committee staff, underscoring his understanding of banking policy and regulatory frameworks.

Political Divisions and Challenges for Nominees

The hearing revealed significant political divides, with Senator Tim Scott noting that nominees faced opposition primarily because they were nominated by Donald J. Trump, regardless of their qualifications[ 00:25:45-00:25:59 ]

. Senator Elizabeth Warren echoed this sentiment, expressing concern that nominees would merely "rubber stamp Trump's agenda". Senator Scott questioned what had changed since Travis Hill's unanimous confirmation in 2022, attributing current opposition to the polarized political climate in Washington[ 00:50:15-00:50:54 ] . Senator Bernie Moreno suggested that concerns raised by Democrats were politically motivated, pointing out that issues like FDIC workplace culture were not raised until exposed by the press. Senator Katie Britt also critiqued the "newfound concern" from colleagues about FDIC culture, given the long tenure of former Chairman Gruenberg, who was associated with the reported issues.

Housing Affordability and FHA/Ginnie Mae Roles

Housing affordability emerged as a central theme, with differing views on its current state and solutions. Senator Scott highlighted the nominees' roles in ensuring a stable and accessible housing market and supporting affordable housing initiatives[ 00:27:31-00:28:12 ]

. Senator Warren countered that housing costs are rising, blaming the Trump administration's policies and expressing concern that nominees would further increase costs and dismantle protections for American families. Senator Tina Smith questioned Francis Cassidy about recent cuts to HUD's Office of Housing Counseling, arguing it would undermine efforts to expand homeownership. Cassidy responded that the administration aims to streamline programs and work with local entities, emphasizing that housing is a local issue. Senator Moreno contended that housing has become more affordable based on a National Association of Realtors index, attributing affordability challenges in some areas to local blue-state policies. Senator Raphael Warnock expressed concern over the rising median age of first-time homebuyers and sought commitments from Cassidy to boost homeownership for those without large down payments.

FDIC Culture and Regulatory Practices

The toxic workplace culture at the FDIC was a significant point of contention. Senator Tim Scott pressed Travis Hill on his plans to change the culture inherited from the previous leadership[ 00:50:55 ]

. Hill outlined measures such as prioritizing accountability, establishing new offices for professional conduct and equal employment opportunity, implementing new anti-harassment training, and making leadership changes. Senator Warren accused Hill of contributing to recent bank failures by relaxing oversight of big banks and decreasing the number of bank examiners. Hill disputed these claims, stating examiner cuts were minimal and aimed at preserving safety and soundness[ 00:56:27-00:56:29 ] . Senator John Neely Kennedy read aloud disturbing allegations of sexual harassment and discrimination from a report on the FDIC, demanding a report on actions taken within 30 days. Hill committed to providing the requested report and reiterated his dedication to cleaning up the agency[ 01:04:55 ] .

U.S. Mint and Currency Integrity

Paul Hollis's nomination to the U.S. Mint led to questions regarding the integrity of U.S. currency, particularly in light of reports about a potential coin featuring Donald Trump. Senator Chris Van Hollen questioned Hollis about the 1866 law prohibiting the likeness of living persons on currency and asked for assurance that he would comply with the law. Hollis affirmed his commitment to always following the law and consulting legal staff[ 01:19:02-01:19:07 ]

. Senator Catherine Cortez Masto expressed concern that legislation she sponsored might be misused to feature the current president on a circulating dollar coin, contrary to her original intent.

Government Shutdown Impact

The ongoing federal government shutdown was a recurring point of concern, with several senators highlighting its negative effects. Senator Warren referred to the shutdown as having lasted 30 days due to President Trump's refusal to negotiate. Senator Tim Scott called it the "Schumer shutdown" and criticized the left for refusing to negotiate, emphasizing the financial hardship faced by unpaid federal employees, including law enforcement, staff, and air traffic controllers, and the impending cessation of SNAP benefits for millions. Senator Russell Brooks also acknowledged the pain inflicted on his constituents by the government shutdown[ 01:58:48 ]

Tone of the Meeting

The tone of the meeting was largely contentious and partisan, particularly during exchanges regarding the FDIC's workplace culture, housing affordability, and the political motivations behind criticisms of the nominees. While there were moments of respect for the nominees' willingness to serve, the underlying political divisions and current governmental challenges, such as the shutdown, heavily influenced the dialogue.