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The following statement was delivered before the U.S. Senate Committee on Banking, Housing, and Urban Affairs.
Thank you Chairman Scott, Ranking Member Warren, and members of the Committee. It is a tremendous honor to have been nominated by President Trump to serve as Chairman of the Board of Directors of the Federal Deposit Insurance Corporation, and to appear before you today.
Joining me this morning are my wife Lauren and children Wesley and Whitney, while my son Wade is busy at preschool. I am also joined by my parents, John and Nicole, who are visiting from New York. I am continually grateful for all their support over the years.
I have served as Acting Chairman of the FDIC for the past nine months. During this time, we have been hard at work to improve many aspects of our regulatory and supervisory approach across a number of different areas, while continuing to fulfill our core mission of promoting the safety and soundness of banks and the stability of the banking system. 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.
Previously, I served as Vice Chairman of the FDIC beginning in January 2023. During my time as Vice Chairman, the banking system experienced three of the largest bank failures in U.S. history, leaving us with many important lessons; the FDIC considered several significant rulemakings; and the FDIC began efforts to remediate deep-seated workforce culture issues, which remains a key priority for the agency today.
From 2018 to 2022, I served as an advisor to FDIC Chairman Jelena McWilliams and as her Deputy for Policy. In this role, I led numerous policymaking initiatives, including a number of rulemakings and other policy efforts in response to the COVID-19 pandemic. Overall, I have spent close to seven years at the FDIC in various capacities, and I have developed a deep understanding of, and appreciation for, the agency, its workforce, its storied history, and the important role the FDIC plays in our economy and financial system.
Prior to joining the FDIC, I spent five and half years working as a staff member for this Committee. I am extremely grateful to Senator Crapo and former Senator Shelby for those opportunities and for their leadership. During that time, I was heavily involved in a number of legislative efforts, including the Economic Growth, Regulatory Relief, and Consumer Protection Act, or S. 2155, which was signed into law by President Trump in May 2018, and which continues to guide many of our regulatory efforts today. Through my experience at the Committee, I developed a thorough understanding of our statutory and regulatory framework for banking policy, an awareness of the difficult tradeoffs that policymaking often entails, and a deep appreciation of the vital oversight role that Congress plays.
Over the course of my career, I have observed the importance of a well-tailored regulatory framework that strikes an appropriate balance between allowing banks to take risks to power economic growth and serve their communities while ensuring a safe, sound, and resilient banking system.
If confirmed, I look forward to working with members of this Committee to ensure the FDIC continues to fulfill its critical mission.
Thank you, and I look forward to your questions.
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