Banking Committee Democrats Call for Overdue, Statutorily Required Hearing of Trump's Prudential Regulators Before the End of Year
“Members of the Committee need answers from Trump’s prudential regulators, whose actions have drastic implications for the financial and economic security of our constituents.”
Washington, D.C. – Yesterday, U.S. Senators Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, Jack Reed (D-RI), Raphael Warnock (D-GA), Andy Kim (D-NJ), and Lisa Blunt Rochester (D-DE) urged Committee Chairman Tim Scott (R-SC) to hold an oversight hearing of the prudential regulators – including the Federal Reserve, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and National Credit Union Administration – prior to the end of the year. The prudential regulators have not collectively appeared before the Senate Banking Committee since May 16, 2024.
“Members of the Committee, as well as the American public, deserve to hear directly from the prudential regulators on how the deregulatory actions their agencies have taken since the start of the Trump administration affect the safety and soundness of the banks and credit unions that serve our communities,” wrote the Banking Democrats in their letter to Chairman Scott.
The Senators described how the economy has changed since the last oversight hearing of the prudential regulators: “Our economy is in a far different position than it was two years ago. Since taking office in January, President Trump’s failing economic policies and chaotic tariffs have driven families and small businesses to the brink. Prices are up across the board, and Americans are struggling to keep up with rising grocery bills, a softening job market, and soaring energy costs.”
They continued: “To make matters worse, President Trump’s prudential regulators are taking a hammer to an economy that is already cracking. The agencies have spent the past year slashing examination staff and undoing safeguards that ensure our banks and credit unions can survive periods of economic turbulence and continue offering financial services, while limiting the potential for destabilizing failures and taxpayer bailouts.”
The Banking Democrats concluded: “With only two weeks left in the year, it is critical that you hold this long overdue, statutorily required oversight hearing. Conducting oversight of the nation’s banking and credit union regulators is a core responsibility of the Senate Banking Committee. Members of the Committee need answers from Trump’s prudential regulators, whose actions have drastic implications for the financial and economic security of our constituents.”
###
Next Article Previous Article