FDIC Acting Chairman Travis Hill today appeared before the Senate Banking Committee for his nomination hearing, where he once again pledged to refocus agency supervision on material financial risks.
Hill has led the FDIC since January as acting chairman, but he was only recently nominated by President Trump for the chairman position. In prepared remarks, Hill pointed to his previous experience as vice chairman of the FDIC as well as his leadership as the agency has embarked on a deregulatory agenda.
“Our ongoing work includes, among other items, reforming supervision to focus more on material financial risks and less on process, improving our readiness to resolve large financial institutions, and making a range of adjustments to our capital framework,” Hill said.
Committee members from both parties pressed Hill on FDIC workplace culture issues that began before his tenure, while Democrats were critical of staff reductions at the agency as well as recent regulatory rollbacks. The committee will vote on Hill’s nomination at a later date.
The committee also heard testimony from other nominees, including Joseph Gormley to be president of the Government National Mortgage Association in the Department of Housing and Urban Development; Francis Cassidy to be assistant secretary, HUD; and Paul Hollis to be director of the U.S. Mint. Bryce McFerran had been nominated to be first VP of the Export-Import Bank, but he withdrew his nomination before the hearing.
