Scott, Hill, Colleagues Underscore Importance of Filling Federal Reserve Vacancy
Washington, D.C. – Senate Banking Committee Chairman Tim Scott (R-S.C.) and House Financial Services Committee Chairman French Hill (R-Ark.) led a letter to Treasury Secretary Scott Bessent highlighting the need to quickly fill the role of Vice Chair for Supervision of the Board of Governors of the Federal Reserve System.
Banking Committee Republican Senators Mike Crapo (R-Idaho), Thom Tillis (R-N.C.), Cynthia Lummis (R-Wyo.), and Bernie Moreno (R-Ohio) joined the letter. House Financial Services Committee Republican Representatives Bill Huizenga (R-Mich.), Pete Sessions (R-Texas), Ann Wagner (R-Mo.), Roger Williams (R-Texas), Tom Emmer (R-Minn.), Barry Loudermilk (R-Ga.), Warren Davidson (R-Ohio), Bryan Steil (R-Wis.), William Timmons (R-S.C.), Marlin Stutzman (R-Ind.), Dan Meuser (R-Pa.), Young Kim (R-Calif.), Andrew Garbarino (R-N.Y.), Scott Fitzgerald (R-Wis.), Mike Flood (R-Neb.), Mike Lawler (R-N.Y.), Monica De La Cruz (R-Texas), Zachary Nunn (R-Iowa), Lisa McClain (R-Mich.), Maria Salazar (R-Fla.), Troy Downing (R-Mont.), Mike Haridopolos (R-Fla.), and Tim Moore (R-N.C.) also signed on.
In the letter, Chairman Scott and his colleagues wrote, “We respectfully request that you fill the role of VCS with a strong leader as soon as possible to ensure that the important tasks of (i) unwinding the politicized regulations promulgated by the Board during the Biden administration, (ii) ensuring that there is accountability at the Board, and (iii) right-sizing the regulatory and supervisory work of the Board are not delayed…Past gaps and poor leadership within the VCS role on the Board’s Committee on Supervision and Regulation has led to disfunction at the Board and contributed to the second, third, and fourth largest bank failures in our nation’s history. Only a VCS empowered in that position can effect necessary changes at the Board as quickly as is possible.”
To read the full letter, click here.
BACKGROUND:
On January 6, 2025, the Federal Reserve Board announced that Michael Barr would resign as Vice Chair for Supervision, effective February 28, 2025. Chairman Scott highlighted that Barr had “failed to meet the responsibilities of his position” and emphasized the importance of having responsible financial regulators at the helm of the Federal Reserve Board.
###
Previous Article