September 29, 2015

Shelby Opening Remarks at Nominations Hearing

WASHINGTON, DC – Tuesday, September 29, 2015 – U.S. Senator Richard Shelby (R-Ala.), Chairman of the United States Senate Committee on Banking, Housing, and Urban Affairs, today delivered the following opening statement during a full committee hearing on the nomination of Mr. Adewale Adeyemo, of California, to be an Assistant Secretary for International Markets and Development, U.S. Department of the Treasury; Mr. Amias Moore Gerety, of Connecticut, to be an Assistant Secretary for Financial Institutions, U.S. Department of the Treasury; and Mr. Jay Neal Lerner, of Illinois, to be Inspector General, Federal Deposit Insurance Corporation. 
The text of Chairman Shelby’s remarks, as prepared, is below.  
“This morning we will hear testimony on several nominations.
“Mr. Adeyemo is nominated to be Assistant Secretary of the Treasury for International Markets and Development, which is primarily a national security position.
“He has served as Deputy Chief of Staff of the Treasury Department since 2012.
“He was also the Chief of Staff at the Consumer Financial Protection Bureau for 16 months in 2010 and 2011.
“As the Assistant Secretary he would directly oversee the process by which foreign persons seek approval to purchase controlling interests in U.S. businesses with national security implications.
“In this position, he would also support the management of Treasury’s portfolio on international financial services, regulation, trade, banking and securities, development, and technical assistance.
“Mr. Amias Gerety is nominated to be Assistant Secretary of the Treasury for Financial Institutions.
“Mr. Gerety has been working in the Treasury Department since January of 2009.
“He has recently served as the Deputy Assistant Secretary for the Financial Stability Oversight Council and is currently serving as the acting Assistant Secretary for Financial Institutions.
“If confirmed, he will be responsible for managing Treasury’s efforts regarding regulation and legislation affecting financial institutions including systemic risk designations.
“He will also be responsible, among other things, for coordinating Treasury’s initiatives on financial education policy as well as overseeing the Terrorism Risk Insurance Program and the Community Development Financial Institutions Fund.
“The Committee will also consider the nomination of Mr. Jay Lerner for Inspector General of the Federal Deposit Insurance Corporation.
“Mr. Lerner has extensive experience in law enforcement at the Department of Justice as well as in other government oversight and supervisory roles. 
“The Committee looks forward to receiving testimony from the nominees and their responses to our questions.”